Document:

EXHIBIT 10.18

	
  

 	
  

 
	
  

 	
 EXECUTION COPY

 
	
  

 	
 Rev. 5

 

	
  

 
	

 

 
	

 

 
	
  

 
	
 CREDIT AGREEMENT

 
	
  

 
	
 DATED AS OF JUNE 30, 2010

 
	
  

 
	
 COMERICA BANK

 
	
  

 
	

 

 
	

 

 

TABLE OF CONTENTS

	
 

 	
 

 	
 

 	
 

 	
 

 
	
1. 

 	
DEFINITIONS 

 	
  

 	
1 

 
	
  

 	
  

 	
  

 	
  

 
	
2. 

 	
REVOLVING
CREDIT 

 	
  

 	
15 

 
	
  

 	
2.1
Revolving Credit Commitment 

 	
  

 	
15 

 
	
  

 	
2.2 Accrual
of Interest and Maturity 

 	
  

 	
15 

 
	
  

 	
2.3 Requests
for Advance 

 	
  

 	
16 

 
	
  

 	
2.4 Sweep to
Loan 

 	
  

 	
16 

 
	
  

 	
2.5
Prepayment 

 	
  

 	
16 

 
	
  

 	
2.6
Reduction of Indebtedness 

 	
  

 	
17 

 
	
  

 	
2.7 Letters
of Credit 

 	
  

 	
17 

 
	
  

 	
2.8 Facility
Fee 

 	
  

 	
17 

 
	
  

 	
2.9 Use of
Proceeds 

 	
  

 	
18 

 
	
  

 	
2.10 

 	
Reduction or
Termination of Revolving Credit Commitment 

 	
  

 	
18 

 
	
  

 	
2.11 

 	
Mandatory
Prepayment of the Revolving Credit 

 	
  

 	
18 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
3. 

 	
[RESERVED] 

 	
  

 	
19 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
4. 

 	
MARGIN
ADJUSTMENTS 

 	
  

 	
19 

 
	
  

 	
4.1 Margin
Adjustments 

 	
  

 	
19 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
5. 

 	
CONDITIONS 

 	
  

 	
20 

 
	
  

 	
5.1
Effective Date 

 	
  

 	
20 

 
	
  

 	
5.2
Continuing Conditions to all Advances 

 	
  

 	
20 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
6. 

 	
REPRESENTATIONS
AND WARRANTIES 

 	
  

 	
21 

 
	
  

 	
6.1
Corporate Authority 

 	
  

 	
21 

 
	
  

 	
6.2 Due
Authorization; Non-Contravention; Binding Obligations 

 	
  

 	
21 

 
	
  

 	
6.3 Good
Title; Property; Leases; No Liens 

 	
  

 	
21 

 
	
  

 	
6.4 No
Litigation 

 	
  

 	
21 

 
	
  

 	
6.5
Compliance with Laws 

 	
  

 	
22 

 
	
  

 	
6.6 ERISA 

 	
  

 	
22 

 
	
  

 	
6.7 Accuracy
of Information 

 	
  

 	
22 

 
	
  

 	
6.8 Taxes 

 	
  

 	
23 

 
	
  

 	
6.9
Subsidiaries 

 	
  

 	
23 

 
	
  

 	
6.10 

 	
Environmental
and Safety Matters 

 	
  

 	
23 

 
	
  

 	
6.11 

 	
No
Investment Company or Margin Stock 

 	
  

 	
23 

 
	
  

 	
6.12 

 	
Conditions
Affecting Business or Properties 

 	
  

 	
24 

 
	
  

 	
6.13 

 	
Solvency 

 	
  

 	
24 

 
	
  

 	
6.14 

 	
Capitalization 

 	
  

 	
24 

 
	
  

 	
6.15 

 	
Supplier
Relationships 

 	
  

 	
24 

 
	
  

 	
6.16 

 	
Employee
Matters 

 	
  

 	
24 

 
	
  

 	
6.17 

 	
Governmental
Authorization; Other Consents 

 	
  

 	
25 

 
	
  

 	
6.18 

 	
Parcel 2 

 	
  

 	
25 

 

i

	
 

 	
 

 	
 

 	
 

 	
 

 
	
7. 

 	
AFFIRMATIVE
COVENANTS 

 	
  

 	
25 

 
	
  

 	
7.1
Financial Statements; Certificate; Other Information 

 	
  

 	
25 

 
	
  

 	
7.2 Payment
of Obligations 

 	
  

 	
26 

 
	
  

 	
7.3
Maintenance of Property; Insurance 

 	
  

 	
27 

 
	
  

 	
7.4
Inspection of Property; Books and Records 

 	
  

 	
27 

 
	
  

 	
7.5 Notices 

 	
  

 	
27 

 
	
  

 	
7.6
Compliance With Laws 

 	
  

 	
28 

 
	
  

 	
7.7 Conduct
of Business 

 	
  

 	
28 

 
	
  

 	
7.8 ERISA 

 	
  

 	
28 

 
	
  

 	
7.9 Further
Assurances 

 	
  

 	
29 

 
	
  

 	
7.10 

 	
Operating
Accounts 

 	
  

 	
29 

 
	
  

 	
7.11 

 	
Environmental
Compliance 

 	
  

 	
29 

 
	
  

 	
7.12 

 	
Use of
Proceeds 

 	
  

 	
30 

 
	
  

 	
7.13 

 	
Future
Subsidiaries; Additional Collateral 

 	
  

 	
30 

 
	
  

 	
7.14 

 	
Fixed Charge
Coverage Ratio 

 	
  

 	
31 

 
	
  

 	
7.15 

 	
Pledge of
Capital Stock of Loan Parties 

 	
  

 	
31 

 
	
  

 	
7.16 

 	
Discharge
and Termination of Parcel 2 Encumbrances 

 	
  

 	
31 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
8. 

 	
NEGATIVE
COVENANTS 

 	
  

 	
32 

 
	
  

 	
8.1
Limitations on Debt 

 	
  

 	
32 

 
	
  

 	
8.2
Limitations on Merger, Dissolution or Sales of Assets 

 	
  

 	
33 

 
	
  

 	
8.3
[RESERVED] 

 	
  

 	
34 

 
	
  

 	
8.4
Limitations on Acquisitions 

 	
  

 	
34 

 
	
  

 	
8.5
Limitations on Liens 

 	
  

 	
35 

 
	
  

 	
8.6
Restricted Payments 

 	
  

 	
35 

 
	
  

 	
8.7
Transactions with Affiliates 

 	
  

 	
36 

 
	
  

 	
8.8
Limitation on Investments, Loans and Advances 

 	
  

 	
37 

 
	
  

 	
8.9
Limitation on Other Restrictions 

 	
  

 	
38 

 
	
  

 	
8.10 

 	
Prepayment
of Debt 

 	
  

 	
38 

 
	
  

 	
8.11 

 	
Amendment of
Debt Documents 

 	
  

 	
38 

 
	
  

 	
8.12 

 	
Amendment to
Organizational Documents 

 	
  

 	
39 

 
	
  

 	
8.13 

 	
Change in
Business 

 	
  

 	
39 

 
	
  

 	
8.14 

 	
Fiscal Year 

 	
  

 	
39 

 
	
  

 	
8.15 

 	
Limitation
on Capital Expenditures 

 	
  

 	
39 

 
	
  

 	
8.16 

 	
Modification
of Senior Note Documents 

 	
  

 	
39 

 
	
  

 	
8.17 

 	
Prepayment
of Senior Notes 

 	
  

 	
39 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
9. 

 	
EVENTS OF
DEFAULT 

 	
  

 	
39 

 
	
  

 	
9.1 Event of
Default 

 	
  

 	
39 

 
	
  

 	
9.2 Exercise
of Remedies 

 	
  

 	
42 

 
	
  

 	
9.3
Application of Proceeds 

 	
  

 	
42 

 
	
  

 	
9.4 Rights
Cumulative 

 	
  

 	
42 

 
	
  

 	
9.5 Set-Off 

 	
  

 	
43 

 
	
  

 	
9.6 Waiver
of Defaults 

 	
  

 	
43 

 
	
  

 	
9.7 Waiver
by Borrower of Certain Laws 

 	
  

 	
43 

 
	
  

 	
  

 	
  

 	
  

 
	
10. 

 	
MISCELLANEOUS 

 	
  

 	
43 

 

ii

	
 

 	
 

 	
 

 	
 

 	
 

 
	
  

 	
10.1
Successors and Assigns 

 	
  

 	
43 

 
	
  

 	
10.2 Costs
and Expenses 

 	
  

 	
44 

 
	
  

 	
10.3
Accounting Principles 

 	
  

 	
44 

 
	
  

 	
10.4
Indulgence 

 	
  

 	
44 

 
	
  

 	
10.5 Notices 

 	
  

 	
44 

 
	
  

 	
10.6 Law of
Michigan; Consent to Jurisdiction 

 	
  

 	
45 

 
	
  

 	
10.7
Amendment and Waiver 

 	
  

 	
46 

 
	
  

 	
10.8
Payments 

 	
  

 	
46 

 
	
  

 	
10.9 Interest 

 	
  

 	
47 

 
	
  

 	
10.10 

 	
WAIVER OF
JURY TRIAL 

 	
  

 	
47 

 
	
  

 	
10.11 

 	
Counterparts 

 	
  

 	
47 

 
	
  

 	
10.12 

 	
Complete
Agreement; Conflicts 

 	
  

 	
47 

 
	
  

 	
10.13 

 	
Severability 

 	
  

 	
48 

 
	
  

 	
10.14 

 	
Independence
of Covenants 

 	
  

 	
48 

 
	
  

 	
10.15 

 	
Reliance on
and Survival of Various Provisions 

 	
  

 	
48 

 
	
  

 	
10.16 

 	
Indemnification 

 	
  

 	
48 

 
	
  

 	
10.17 

 	
USA Patriot
Act Notice 

 	
  

 	
49 

 
	
  

 	
10.18 

 	
Counterparts 

 	
  

 	
49 

 
	
  

 	
10.19 

 	
Confidentiality 

 	
  

 	
49 

 

iii

	
  

 	
  

 
	
 EXHIBITS:

 	
  

 
	
  

 	
  

 
	
 Exhibit A

 	
 Form of
 Covenant Compliance Report

 
	
 Exhibit B

 	
 Form of
 Mortgage

 
	
 Exhibit C

 	
 Form of
 Revolving Credit Note

 
	
 Exhibit D

 	
 Form of
 Security Agreement

 
	
 Exhibit E

 	
 Form of
 Guaranty

 
	
  

 	
  

 
	
 SCHEDULES:

 	
  

 
	
  

 	
  

 
	
 Schedule 1

 	
 Pricing
 Matrix

 
	
 Schedule 1.1

 	
 Parcel 2
 Encumbrances

 
	
 Schedule 2

 	
 Non-Recurring
 Expenses

 
	
 Schedule
 6.3(b)

 	
 Real
 Property

 
	
 Schedule 6.5

 	
 Compliance
 with Laws

 
	
 Schedule 6.6

 	
 ERISA

 
	
 Schedule 6.9

 	
 Subsidiaries
 of Borrower

 
	
 Schedule
 6.10

 	
 Environmental

 
	
 Schedule
 6.14

 	
 Capitalization

 
	
 Schedule
 6.16

 	
 Union
 Contracts

 
	
 Schedule 8.1

 	
 Debt

 
	
 Schedule 8.5

 	
 Liens

 
	
 Schedule 8.7

 	
 Affiliate
 Transactions

 
	
 Schedule 8.8

 	
 Investments

 

iv

CREDIT AGREEMENT

          THIS
CREDIT AGREEMENT (this “Agreement”), made as of the 30th day of June, 2010, by
and among GREEKTOWN SUPERHOLDINGS, INC.,
a Delaware corporation (“Borrower”), and COMERICA BANK (“Bank”).

RECITALS

          A.
Borrower desires to obtain a $30,000,000 revolving credit facility.

          B.
Bank is willing to extend such credit to Borrower on the terms and conditions
herein set forth.

          NOW,
THEREFORE, Bank and Borrower agree as follows:

	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 DEFINITIONS

 

          For
the purposes of this Agreement the following terms will have the following
meanings:

          “Advance”
shall mean a borrowing requested by the Borrower and made by Bank under Section
2 of this Agreement.

          “Affiliate”
shall mean, with respect to any Person, any other Person directly or indirectly
controlling (including but not limited to all directors and officers of such
Person), controlled by, or under direct or indirect common control with such
Person. A Person shall be deemed to control a corporation for the purposes of this
definition if such Person possesses, directly or indirectly, the power (i) to
vote 10% or more of the securities having ordinary voting power for the
election of directors or managers of such corporation or (ii) to direct or
cause the direction of the management and policies of such corporation, whether
through the ownership of voting securities, by contract or otherwise.

          “Applicable
Letter of Credit Fee Rate” shall mean a per annum letter of credit fee with
respect to the undrawn amount of each Letter of Credit issued pursuant to
Section 2.7 (based on the amount of each Letter of Credit) determined by
reference to the appropriate columns in the pricing matrix attached to this
Agreement as Schedule 1.

          “Applicable
Margin” shall mean, as of any date of determination thereof, the applicable
interest rate margin, determined by reference to the appropriate columns in the
pricing matrix attached to this Agreement as Schedule 1.

          “Applicable
Facility Fee Rate” shall mean fifty (50) basis points per annum.

          “Asset
Sale” shall mean the sale, transfer, lease or other disposition by Borrower or
any of its Subsidiaries of any asset to any Person (other than to a Borrower or
any Guarantor).

          “Bank
Product” shall mean any one or more of the following types of services or
facilities extended to the Loan Parties by Bank: (i) credit cards, (ii) credit
card processing services, (iii) debit cards, (iv) purchase cards, (v) Automated
Clearing House (ACH) transactions, (vi) cash management, including controlled
disbursement services, and (vii) establishing and maintaining deposit accounts.

          “Business
Day” shall mean any day on which commercial banks are open for domestic and
international business (including dealings in foreign exchange) in Detroit,
London and New York.

          “Capital
Expenditures” shall mean, for any period, with respect to any Person, the
aggregate of all expenditures by such Person and its Subsidiaries for the
acquisition or leasing (pursuant to a Capitalized Lease) of fixed or capital
assets or additions to equipment, plant and property that should be capitalized
under GAAP on a Consolidated balance sheet of such Person and its Subsidiaries
including, without limitation, amounts paid or payable under any conditional
sale or other title retention agreement or under any lease or other periodic
payment arrangement which is of such a nature that payment obligations of the
lessee or obligor thereunder would be required by GAAP to be capitalized and
shown as liabilities on the balance sheet of such lessee or obligor, but
excluding expenditures made in connection with the replacement, substitution or
restoration of assets to the extent (a) financed from insurance proceeds (or
similar recoveries) paid on account of the loss of or damage to the assets
being replaced or restored or (b) financed with awards of compensation arising
from the taking by eminent domain or condemnation of the assets being replaced.

          “Capital
Stock” means:

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 in the case
 of a corporation, corporate stock; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

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

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

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

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 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, but excluding from all of the foregoing any debt securities
 convertible into Capital Stock, whether or not such debt securities include
 any right of participation with Capital Stock.

 

          “Capitalized
Lease” shall mean any lease of any property (whether real, personal or mixed)
by any Person as lessee which, in conformity with GAAP, is or is required to be
accounted for as a capital lease on the balance sheet of such Person, together
with any renewals of such leases (or entry into new leases) on substantially
similar terms.

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

2

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 the direct
 or indirect sale, lease, transfer, conveyance or other disposition (other
 than by way of merger or consolidation), in one or a series of related
 transactions, of all or substantially all of the properties or assets of
 Borrower and its Subsidiaries taken as a whole to any Person (including any
 “person” (as that term is used in Section 13(d)(3) or 13(d)(5) of the
 Exchange Act (as defined in the Current Indenture)) other than a Permitted
 Holder (as defined in the Current Indenture));

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 the adoption
 of a plan relating to the liquidation or dissolution of Borrower other than
 in a transaction which complies with the provisions of this Agreement;

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 the
 consummation of any transaction (including, without limitation, any merger or
 consolidation), the result of which is that any Person (including any
 “person” (as defined above)) other than a Permitted Holder, becomes the
 beneficial owner, directly or indirectly, of more than 50% of the Capital
 Stock of Borrower, or any of its direct or indirect parent companies,
 measured by voting power rather than number of shares; or

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 the first
 day on which a majority of the members of the Board of Directors (as defined
 in the Current Indenture) of Borrower are not Continuing Directors (as
 defined in the Current Indenture).

 

          “Collateral”
shall mean all property or rights in which a security interest, mortgage, Lien
or other encumbrance for the benefit of Bank is or has been granted or arises
or has arisen, under or in connection with this Agreement, the other Loan
Documents, or otherwise to secure the Indebtedness.

          “Collateral
Access Agreement” shall mean an agreement in form and substance satisfactory to
Bank in its reasonable discretion, pursuant to which a mortgagee or lessor of
real property on which Collateral is stored or otherwise located acknowledges
the Liens under the Security Agreement or the Mortgage, as applicable, and
subordinates or waives any Liens held by such Person on such property, and
includes such other agreements with respect to the Collateral as Bank may
require in its sole discretion, as the same may be amended, restated or
otherwise modified from time to time.

          “Collateral
Assignments” shall mean the Collateral Assignments dated as of the date hereof,
granted by certain of the Loan Parties to Bank with respect to the certain of
the Parcel 2 Encumbrances, as the same may be amended, restated or otherwise
modified from time to time.

          “Condemnation
Proceeds” shall mean the cash proceeds received by any Loan Party in respect of
any condemnation proceeding net of reasonable fees and expenses (including without
limitation attorneys’ fees and expenses) incurred in connection with the
collection thereof.

          “Consolidated”
shall mean, when used with reference to any financial term in this Agreement,
the aggregate for two or more Persons of the amounts signified by such term for
all such Persons determined on a consolidated or combined, as applicable, basis
in accordance with GAAP. Unless otherwise specified herein, references to
Consolidated financial statements, 

3

information or
data of Borrower shall be deemed to mean the financial statements, information
and data of Borrower in consolidation with its Subsidiaries in accordance with
GAAP.

          “Covenant
Compliance Report” shall mean a Covenant Compliance Report, substantially in
the form of Exhibit A attached hereto.

          “Current
Indenture” shall mean the Indenture as in effect on the date hereof, without
giving effect to any amendment not consented to by Bank.

          “Debt”
shall mean as to any Person, without duplication (a) all Funded Debt of such
Person, (b) all Guarantee Obligations of such Person, (c) all obligations of
such Person under conditional sale or other title retention agreements relating
to property or assets purchased by such Person, (d) all indebtedness of such
Person arising in connection with any Hedging Transaction entered into by such
Person, (e) all recourse Debt of any partnership of which such Person is the
general partner and (f) all Off-Balance Sheet Liabilities.

          “Default”
shall mean any condition or event which, with the giving of notice or the
passage of time, or both, would constitute an Event of Default under this
Agreement.

          “Domestic
Subsidiary” shall mean any Subsidiary of Borrower incorporated or organized
under the laws of the United States of America, or any state or other political
subdivision thereof or which is considered to be a “disregarded entity” for
United States federal income tax purposes and which is not a “controlled
foreign corporation” as defined under Section 956 of the Internal Revenue Code,
in each case provided such Subsidiary is owned by Borrower or a Domestic
Subsidiary of Borrower, and “Domestic Subsidiaries” shall mean any or all of
them.

          “EBITDA”
shall mean for any period of determination, Net Income for the applicable
period plus, without duplication and only to the extent deducted in determining
Net Income, (i) depreciation and amortization expense for such period, (ii)
Interest Expense, whether paid or accrued, for such period, (iii) all Income
Taxes for such period, and (iv) for any fiscal quarter ending on or before June
30, 2011, the non-recurring expenses listed on Schedule 2.

          “Effective
Date” shall mean the date on which all the conditions precedent set forth in
Section 5.1 have been satisfied.

          “Environmental
Laws” shall mean all federal, state and local laws including statutes,
regulations, ordinances, codes, rules, and other governmental restrictions and
requirements, relating to environmental pollution, contamination or other impairment
of the environment or any hazardous or toxic substances of any nature,
including but not being limited to the Federal Solid Waste Disposal Act, the
Federal Clean Air Act, the Federal Clean Water Act, the Federal Resource
Conservation and Recovery Act of 1976, the Federal Comprehensive Environmental
Response, Compensation and Liability Act of 1980, and the Federal Superfund
Amendments and Reauthorization Act of 1986, each as amended from time to time.

          “ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended, or
any successor act or code.

          “Event
of Default” shall mean any of the events of default specified in Section 9.1
hereof.

4

          “Fixed
Charge Coverage Ratio” shall mean as of each Test Date, the ratio of (a) EBITDA
for the Measuring Period then ending to (b) Fixed Charges for such Measuring
Period.

          “Fixed
Charges” shall mean, for any period, the sum, without duplication, of (i) all
cash Interest Expense paid or payable in respect of such period on the Funded
Debt of Borrower and its Subsidiaries on a Consolidated basis, plus (ii) all
installments of principal or other sums paid or due and payable during such
period by Borrower or any of its Consolidated Subsidiaries with respect to Funded
Debt (other than the Advances and the original principal payment made with
respect to Permitted Refinancing Indebtedness), plus (iii) all Income Taxes
paid or payable in cash during such period, plus (iv) all Restricted Payments
paid or payable in cash in respect of such period by Borrower (other than
dividends on Capital Stock of the Borrower that were accrued and not paid),
plus (v) all unfinanced Capital Expenditures of Borrower and its Consolidated
Subsidiaries for such period, plus (vi) all capitalized rent and lease expense
of Borrower and its Consolidated Subsidiaries for such period, plus, all as
determined in accordance with GAAP. For the Measuring Periods ending on
September 30, 2010, December 31, 2010 and March 31, 2011, the unfinanced Capital
Expenditures included in the calculation of Fixed Charges will not exceed
$3,000,000, $6,000,000 and $9,000,000, respectively.

          “Foreign
Subsidiary” shall mean any of Borrower’s Subsidiaries, other than a Domestic
Subsidiary, and “Foreign Subsidiaries” shall mean any or all of them.

          “Funded
Debt” of any Person shall mean (a) all indebtedness of such Person for borrowed
money or for the deferred purchase price of property or services as of such
date (other than operating leases and trade liabilities incurred in the
ordinary course of business and payable in accordance with customary practices
and equipment purchased for which the purchase price is due and payable less
than one year from the date the equipment is delivered to such Person) or which
is evidenced by a note, bond, debenture or similar instrument, (b) the
principal component of all obligations of such person under Capitalized Leases,
(c) all reimbursement obligations (actual, contingent or otherwise) of such
Person in respect of letters of credit, acceptances or similar obligations
issued or created for the account of such Person and which are the functional
equivalent of indebtedness for borrowed money, (d) all liabilities secured by
any consensual Liens on any property owned by such Person as of such date even
though such Person has not assumed or otherwise become liable for the payment
thereof, and (e) all Guarantee Obligations of such Person in respect of any
liability which constitutes Funded Debt, in each case determined in accordance
with GAAP; provided, however, that so long as such Person is not personally
liable for any such liability, the amount of such liability shall be deemed to
be the lesser of the fair market value at such date of the property subject to
the Lien securing such liability and the amount of the liability secured,
provided further, however that Funded Debt shall not include any indebtedness
under any Hedging Transaction entered into by such Person prior to the
occurrence of a termination event with respect thereto.

          “GAAP”
shall mean, as of any applicable date of determination, generally accepted
accounting principles consistently applied in the United States of America.

          “Gaming
Authority” means any agency, authority, board, bureau, commission, department,
office or instrumentality of any nature whatsoever of the United States federal
government, any foreign government, any state, province or city or other
political subdivision or

5

otherwise,
whether now or hereafter in existence, or any officer or official thereof, or
any other agency, in each case, with authority to regulate any gaming or racing
operation (or proposed gaming or racing operation) owned, managed or operated
by Borrower and its Subsidiaries.

          “Gaming
Facility” means any gaming or parimutuel wagering establishment and other
property or assets directly ancillary thereto or used in connection therewith,
including any building, restaurant, hotel, theater, parking facilities, retail
shops, land, golf courses and other recreation and entertainment facilities,
vessel, barge, ship and equipment, owned or operated by Borrower or its
Subsidiaries.

          “Gaming
Law” means the provisions of any gaming or racing laws or regulations of any
jurisdiction or jurisdictions to which any of Borrower and its Subsidiaries is,
or may at any time after the date of this Agreement, be subject.

          “Gaming
License” means any license or permit required to own, lease, operate or
otherwise conduct gaming or racing activities of Borrower and its Subsidiaries.

          “Governmental
Authority” shall mean the government of the United States, the State of
Michigan or any other state, or any political subdivision thereof, whether
state or local, and any agency, authority, instrumentality, regulatory body,
court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government.

          “Governmental
Obligations” means noncallable direct general obligations of the United States
of America or obligations the payment of principal of and interest on which is
unconditionally guaranteed by the United States of America.

          “Guarantee
Obligations” shall mean as to any Person (the “guaranteeing person”) any
obligation of the guaranteeing person in respect of any obligation of another
Person (the “primary obligor”) (including, without limitation, any bank under
any letter of credit), the creation of which was induced by a reimbursement
agreement, counter indemnity or similar obligation issued by the guaranteeing
person, in any case guaranteeing or in effect guaranteeing any Debt, leases,
dividends or other obligations (the “primary obligations”) in any manner,
whether directly or indirectly, including, without limitation, any obligation
of the guaranteeing person, whether or not contingent, (i) to purchase any such
primary obligation or any property constituting direct or indirect security
therefor, (ii) to advance or supply funds (1) for the purchase or payment of
any such primary obligation or (2) to maintain working capital or equity
capital of the primary obligor or otherwise to maintain the net worth or
solvency of the primary obligor, (iii) to purchase property, securities or
services primarily for the purpose of assuring the owner of any such primary
obligation of the ability of the primary obligor to make payment of such
primary obligation or (iv) otherwise to assure or hold harmless the owner of
any such primary obligation against loss in respect thereof; provided, however,
that the term Guarantee Obligation shall not include endorsements of
instruments for deposit or collection in the ordinary course of business. The
amount of any Guarantee Obligation of any guaranteeing person shall be deemed
to be the lower of (a) an amount equal to the stated or determinable amount of
the primary obligation in respect of which such Guarantee Obligation is made
and (b) the maximum amount for which such guaranteeing person may be liable
pursuant to the terms of the instrument

6

embodying such
Guarantee Obligation, unless such primary obligation and the maximum amount for
which such guaranteeing person may be liable are not stated or determinable, in
which case the amount of such Guarantee Obligation shall be such guaranteeing
person’s maximum reasonably anticipated liability in respect thereof as
determined by Company in good faith.

          “Guarantor”
shall mean each Person executing the Guaranty, or any future guaranty of the
Indebtedness.

          “Guaranty”
shall mean the Guaranty, in the form of Exhibit E to this Agreement, executed
and delivered by each Domestic Subsidiary, as the same may be amended from time
to time.

          “Hazardous
Materials” shall mean and include any hazardous, toxic or dangerous waste,
substance or material defined as such in (or for purposes of) the Environmental
Laws.

          “Hedging
Transaction” means each interest rate swap transaction, basis swap transaction,
forward rate transaction, equity transaction, equity index transaction, foreign
exchange transaction, cap transaction, floor transaction (including any option
with respect to any of these transactions and any combination of any of the
foregoing) (but excluding any commodity hedging agreement of any kind) entered
into by Borrower or any Subsidiary from time to time, but only for risk
management purposes and not for speculative purposes.

          “Income
Taxes” shall mean for any period the aggregate amount of taxes based on income
or profits for such period of the operations of Borrower and its Consolidated
Subsidiaries determined in accordance with GAAP, including, without limitation,
the Michigan Business Tax (to the extent such income and profits were included
in computing Consolidated Net Income).

          “Indebtedness”
shall mean all loans, advances, indebtedness, obligations and liabilities of
any Loan Party to Bank under this Agreement or any of the other Loan Documents,
together with all other indebtedness, obligations and liabilities whatsoever of
such Loan Party to Bank arising under or in connection with this Agreement, or
otherwise, whether matured or unmatured, liquidated or unliquidated, direct or
indirect, absolute or contingent, joint or several, due or to become due, now
existing or hereafter arising, and any renewals or refinancing of the same, and
any liabilities or obligations of any Loan Party to Bank arising out of any
Bank Product.

          “Indenture”
shall mean the Greektown Superholdings, Inc. Indenture dated as of the date
hereof, among Borrower, the Guarantors (as defined therein) and the Trustee, as
amended from time to time.

          “Initial
Reinvestment Period” shall mean a 365-day period during which reinvestment must
be commenced under Section 2.11(a) or (c) of this Agreement.

          “Insurance
Proceeds” shall mean the cash proceeds received by any Loan Party from any
insurer in respect of any damage or destruction of any property or asset net of
reasonable fees and expenses (including without limitation attorneys fees and
expenses) incurred solely in connection with the recovery thereof.

7

          “Intercreditor
Agreement” shall mean the Collateral Agency and Intercreditor Agreement dated
as of the date hereof, among the Borrower, its Domestic Subsidiaries, Bank, as
First Lien Collateral Agent, Bank, as First Lien Administrative Agent,
Wilmington Trust FSB as Second Lien Trustee and Wilmington Trust FSB as Second
Lien Collateral Agent, as amended from time to time.

          “Interest
Expense” shall mean for any period Consolidated interest expense of Borrower
and its Subsidiaries (including that attributable to Capitalized Leases),
determined in accordance with GAAP.

          “Investment”
shall mean, when used with respect to any Person, (a) any loan, investment or
advance made by such Person to any other Person (including, without limitation,
any Guarantee Obligation) in respect of any Capital Stock, Debt, obligation or
liability of such other Person and (b) any other investment made by such Person
(however acquired) in Capital Stock in any other Person, including, without
limitation, any investment made in exchange for the issuance of Capital Stock
of such Person and any investment made as a capital contribution to such other
Person.

          “Laws”
shall mean, collectively, (a) all Gaming Laws, all Environmental Laws, and all
other federal, state and local statutes, treaties, rules, regulations,
ordinances, codes and administrative or judicial precedents or authorities, in
each case to the extent binding upon any relevant Person, (b) any
interpretation or administration of the items described in clause (a) by any
Governmental Authority which has the binding force of law, and (c) all
applicable administrative orders, licenses, authorizations and permits of, and
agreements with, any Governmental Authority which any relevant Person is
obligated to conform to as a matter of law.

          “Letter(s)
of Credit” shall mean Standby Letter(s) of Credit. 

          “Letter
of Credit Agreement(s)” shall mean, in respect of each Letter of Credit, the
application and related documentation consistent with this Agreement executed
by the Borrower, and all amendments, restatements or other modifications
thereto from time to time, in each case in form and substance acceptable to
Bank.

          “Letter
of Credit Reserve” shall mean as of any date of determination, an amount equal
to the aggregate undrawn face amount of all issued, outstanding and unexpired
Letters of Credit issued by Bank for the account of the Borrower under and
pursuant to this Agreement and the amount of all draws under Letters of Credit
paid by Bank and not reimbursed by the Borrower.

          “Letter
of Credit Sublimit” shall mean Five Million Dollars ($5,000,000).

          “Leverage
Ratio” shall mean, as of the last day of any fiscal quarter of Borrower, the
ratio of Consolidated Senior Funded Debt as of such date to Consolidated EBITDA
for the four fiscal quarters then ending.

          “Lien”
shall mean any security interest in or lien on or against any property arising
from any pledge, assignment, hypothecation, mortgage, security interest,
deposit arrangement, trust receipt, conditional sale or title retaining
contract, sale and leaseback transaction, Capitalized Lease, consignment or
bailment for security, or any other type of lien, charge, encumbrance, title

8

exception,
preferential or priority arrangement affecting property (including with respect
to stock, any stockholder agreements, voting rights agreements, buy-back
agreements and all similar arrangements), whether based on common law or
statute.

          “Loan
Documents” shall mean collectively, this Agreement, the Note, the Security
Agreement (and any joinders thereto), the Guaranty, the Letter of Credit
Agreements, the Mortgage, the Collateral Assignments, any documents executed in
connection with any Hedging Transaction with Bank, and any other instruments or
agreements executed at any time pursuant to or in connection with any of the
documents described in this definition, and any and all amendments, renewals,
replacements, substitutions, extensions or other modifications of any of the
foregoing.

          “Loan
Parties” shall mean collectively, Borrower and its Domestic Subsidiaries, and
“Loan Party” shall mean any one of them, as the context indicates or otherwise
requires.

          “Material
Adverse Effect” shall mean a material adverse effect on (a) the business,
operations, property, or financial condition of the Loan Parties taken as a
whole, (b) the ability of any Loan Party to perform its respective obligations
under this Agreement, the Note or any other Loan Document to which it is a
party, or (c) the validity or enforceability of this Agreement, the Note or any
of the other Loan Documents or the rights or remedies of Bank hereunder or
thereunder.

          “Measuring
Period” shall mean (a) for all fiscal quarters ending on or before March 31,
2011, the period beginning on the Effective Date and ending on the relevant
quarter-end, and (b) for each fiscal quarter ending thereafter, the four fiscal
quarters then ending.

          “Mortgage”
shall mean the Mortgage, in the form of Exhibit B to this Agreement, executed
and delivered by Greektown Casino, L.L.C., Realty Equity Company, and Contract
Builders Corporation, as the same may be amended from time to time.

          “Net
Cash Proceeds” shall mean the aggregate cash payments received by any Loan
Party from any Asset Sale, the issuance of Capital Stock or the issuance of
Debt, as the case may be, net of the ordinary and customary direct costs
incurred in connection with such sale or issuance, as the case may be, such as
legal, accounting and investment banking fees, sales commissions, and other
third party charges, and net of property taxes, transfer taxes and any other
taxes paid or payable by such Loan Party in respect of any sale or issuance.

          “Net
Income” shall mean the net income (or loss) of Borrower and its Consolidated
Subsidiaries for any period determined in accordance with GAAP.

          “Note”
shall mean the Revolving Credit Note.

          “Off-Balance
Sheet Liability(ies)” of a Person shall mean (i) any repurchase obligation or
liability of such Person with respect to accounts or notes receivables sold by
such Person, (ii) any liability under any sale and leaseback transaction which is
not a Capitalized Lease, (iii) any liability under any so-called “synthetic
lease” transaction entered into by such Person, or (iv) any obligation arising
with respect to any other transaction not included in any of the liabilities
set forth in subsections (i)-(iii) of this definition, but which does not
constitute a liability on the

9

balance sheets
of such Person and is required to be accounted for as a liability in Borrower’s
balance sheet by the rules and regulations of the Securities and Exchange Commission.

          “Parcel
2” shall mean the real property currently owned by Greektown Casino, L.L.C..,
described as “Parcel 2” on Exhibit A to the Mortgage, constituting one of the
sixteen parcels subject to the Mortgage. Parcel 2 includes retail space in the
area formerly known as “Trappers Alley” and a portion of the Gaming Facility.

          “Parcel
2 Encumbrances” shall mean the mortgages, assignments of leases and rents,
subordination agreements, affidavits and other agreements described on Schedule
1.1 attached hereto.

          “PBGC”
is defined in Section 6.6.

          “Pension
Plan” is defined in Section 6.6.

          “Permitted
Investments” shall mean with respect to any Person:

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 Governmental
 Obligations;

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 Obligations
 of a state or commonwealth of the United States or the obligations of the
 District of Columbia or any possession of the United States, or any political
 subdivision of any of the foregoing, which are described in Section 103(a) of
 the Internal Revenue Code and are graded in any of the highest three (3)
 major grades as determined by at least one Rating Agency; or secured, as to
 payments of principal and interest, by a letter of credit provided by a
 financial institution or insurance provided by a bond insurance company which
 in each case is itself or its debt is rated in one of the highest three (3)
 major grades as determined by at least one Rating Agency;

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 Banker’s
 acceptances, commercial accounts, demand deposit accounts, certificates of
 deposit, other time deposits or depository receipts issued by or maintained
 with Bank, or any bank, trust company, savings and loan association, savings
 bank or other financial institution whose deposits are insured by the Federal
 Deposit Insurance Corporation and whose reported capital and surplus equal at
 least $250,000,000, provided that such minimum capital and surplus
 requirement shall not apply to demand deposit accounts maintained by any Loan
 Party in the ordinary course of business;

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 Commercial
 paper rated at the time of purchase within the two highest classifications
 established by not less than two Rating Agencies, and which matures within
 270 days after the date of issue;

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 Secured
 repurchase agreements against obligations itemized in paragraph (a) above,
 and executed by a bank or trust company or by members of the association of
 primary dealers or other recognized dealers in United States government
 securities, the market value of which must be maintained at levels at least
 equal to the amounts advanced; and

 

10

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 Any fund or
 other pooling arrangement which exclusively purchases and holds the
 investments itemized in (a) through (e) above.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 “Permitted
 Liens” shall mean:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 Liens held
 by Bank;

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 Liens
 securing the Senior Notes and all future Parity Lien Debt and other Parity
 Lien Obligations (as such terms are defined in the Current Indenture),
 provided that all such Liens are subject to the Intercreditor Agreement or
 another intercreditor agreement reasonably satisfactory to Bank;

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 Liens in
 favor of the Borrower or the Guarantors; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 Liens to
 secure the performance of statutory obligations, insurance, surety or appeal
 bonds, workers compensation obligations, performance bonds, bids, leases,
 governmental contracts, trade contracts, performance and return of money
 bonds and other obligations of a like nature incurred in the ordinary course
 of business (including Liens to secure letters of credit issued to assure
 payment of such obligations);

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 Liens to
 secure Debt (including Debt in respect of Capitalized Leases) permitted by
 Section 8.1(d) covering only the assets acquired with or financed by such
 Debt;

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 Liens for
 taxes, assessments or governmental charges or claims that are not yet delinquent
 or that are being contested in good faith by appropriate proceedings promptly
 instituted and diligently concluded; provided, that any reserve or other
 appropriate provision as is required in conformity with GAAP has been made
 therefor;

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (g)

 	
 Liens
 imposed by law, such as carriers’, warehousemen’s, landlord’s and mechanics’
 Liens, in each case, incurred in the ordinary course of business;

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (h)

 	
 survey
 exceptions, easements or reservations of, or rights of others for, licenses,
 rights-of-way, sewers, electric lines, telegraph and telephone lines and
 other similar purposes, or zoning or other restrictions as to the use of real
 property that were not incurred in connection with indebtedness and that do
 not in the aggregate materially adversely affect the value of said properties
 or materially impair their use in the operation of the business of such
 Person;

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 Liens
 securing any Permitted Refinancing Indebtedness permitted to be incurred
 under this Agreement; provided, however, that:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (i)

 	
 the new Lien
 is limited to all or part of the same property and assets that secured or,
 under the written agreements pursuant to which the original Lien arose, could
 secure the original Lien (plus improvements and accessions to, such property
 or proceeds or distributions thereof); and

 

11

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (ii)

 	
 the
 indebtedness secured by the new Lien is not increased to any amount greater
 than the sum of (x) the outstanding principal amount, or, if greater,
 committed amount, of the indebtedness renewed, refunded, refinanced,
 replaced, defeased or discharged with such Permitted Refinancing Indebtedness
 and (y) an amount necessary to pay any fees and expenses, including premiums,
 related to such renewal, refunding, refinancing, replacement, defeasance or discharge;
 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (j)

 	
 Liens on
 insurance policies and proceeds thereof, or other deposits, to secure
 insurance premium financings;

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (k)

 	
 filing of
 Uniform Commercial Code financing statements as a precautionary measure in
 connection with operating leases;

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (l)

 	
 bankers’
 Liens, rights of setoff, Liens arising out of judgments or awards not
 constituting an Event of Default and notices of lis pendens and associated
 rights related to litigation being contested in good faith by appropriate
 proceedings and for which adequate reserves have been made;

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (m)

 	
 Liens on
 specific items of inventory or other goods (and the proceeds thereof) of any
 Person securing such Person’s obligations in respect of bankers’ acceptances
 issued or created in the ordinary course of business for the account of such
 Person to facilitate the purchase, shipment or storage of such inventory or
 other goods;

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (n)

 	
 grants of
 software and other technology licenses in the ordinary course of business;

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (o)

 	
 Liens
 arising out of conditional sale, title retention, consignment or similar
 arrangements for the sale of goods entered into in the ordinary course of
 business;

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (p)

 	
 grants of
 leases and subleases in the ordinary course of business that do not
 materially interfere with the ordinary course of business of the lessor or
 detract from the value of its relative assets;

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (q)

 	
 Liens
 securing Hedging Transactions held by a Person other than Bank, so long as
 (a) the related Debt is permitted to be incurred under Section 8.1 of this
 Agreement and (b) such Lien is subordinate to the Liens of the Bank pursuant
 to a subordination agreement reasonably satisfactory to Bank;

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (r)

 	
 any
 attachment, award or judgment Lien, provided, that the judgment it secures
 shall, within 60 days after the entry thereof, have been discharged or stayed
 pending appeal, or shall have been discharged within 60 days after the
 expiration of any such stay, provided, that the holder of such Lien has not
 commenced foreclosure proceedings in respect of any such Lien;

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (s)

 	
 Liens
 incurred in the ordinary course of business of the Company or any Restricted
 Subsidiary of the Company with respect to obligations that do not exceed
 $5,000,000 at any one time outstanding, provided that such Liens are

 

12

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 subordinated
 to the Liens securing the Indebtedness pursuant to a subordination agreement
 satisfactory to Bank; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (t)

 	
 Liens
 incurred in the ordinary course of business of the Company or any Subsidiary
 of the Company with respect to obligations that do not exceed $2,000,000 at
 any one time outstanding.

 
	
  

 	
  

 	
  

 
	
           “Permitted
 Refinancing Indebtedness” means any Debt of Borrower or any of its
 Subsidiaries issued in exchange for, or the net proceeds of which are used to
 renew, refund, refinance, replace, defease or discharge other Debt of
 Borrower or any of its Subsidiaries (other than intercompany Debt); provided,
 that: 

 
	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 the
 principal amount (or accreted value, if applicable) of such Permitted
 Refinancing Indebtedness does not exceed the principal amount (or accreted
 value, if applicable) of the Debt renewed, refunded, refinanced, replaced,
 defeased or discharged (plus all accrued interest on the Debt and the amount
 of all fees and expenses, including premiums, incurred in connection
 therewith);

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 such
 Permitted Refinancing Indebtedness has a final maturity date later than the
 final maturity date of, and has a weighted average life to maturity that is
 (a) equal to or greater than the weighted average life to maturity of, the Debt
 being renewed, refunded, refinanced, replaced, defeased or discharged or (b)
 more than 90 days after the Revolving Credit Maturity Date; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 if the Debt
 being renewed, refunded, refinanced, replaced, defeased or discharged is
 subordinated in right of payment to the Indebtedness, such Permitted
 Refinancing Indebtedness is subordinated in right of payment to the
 Indebtedness on terms at least as favorable to Bank as those contained in the
 documentation governing the Debt being renewed, refunded, refinanced,
 replaced, defeased or discharged; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 such Debt is
 incurred either by Borrower or the Subsidiary that was the obligor on the
 Debt being renewed, refunded, refinanced, replaced, defeased or discharged
 and is guaranteed only by Persons who were obligors on the Debt being
 renewed, refunded, refinanced, replaced, defeased or discharged.

 

          “Person”
or “person” shall mean any individual, corporation, partnership, joint venture,
limited liability company, association, trust, unincorporated association,
joint stock company, government, municipality, political subdivision or agency,
or other entity.

          “Rating
Agencies” shall mean Moody’s Investor Services, Inc., Standard and Poor’s
Ratings Services, their respective successors or any other nationally
recognized statistical rating organization which is acceptable to Bank.

          “Reinvest”
or “Reinvestment” shall mean, with respect to any Net Cash Proceeds, Insurance
Proceeds or Condemnation Proceeds received by any Person, the application of
such monies to (i) repair, improve or replace any tangible personal (excluding
inventory) or real property of the Loan Parties or any intellectual property
reasonably necessary in order to use or

13

benefit from
any property or (ii) acquire any such property (excluding inventory) to be used
in the business of such Person.

          “Reinvestment
Certificate” is defined in Section 2.11(a) hereof.

          “Reinvestment
Period” shall mean a 500-day period during which Reinvestment must be completed
under Section 2.11(a) and (c) of this Agreement.

          
“Reportable Event” shall mean an event described in Section 4043(c) of ERISA
with respect to a Pension Plan other than those events as to which the
thirty-day notice period is waived under subsection 22, 23, 25, 27, 28 or 29 of
PBGC Regulation Section 4043.

          “Restricted
Payment” is defined in Section 8.6(a).

          “Revolving
Credit Commitment” shall initially mean Twenty Million Dollars ($20,000,000),
provided that if the Borrower has satisfied all of the conditions and
requirements set forth in Section 7.16 hereof within the time and in the manner
required thereby, effective on the date Borrower has satisfied all such
conditions and requirements the Revolving Credit Commitment shall be increased
to Thirty Million Dollars ($30,000,000), in each case subject to reduction or
termination under Sections 2.10 or 9.2 hereof.

          “Revolving
Credit Maturity Date” shall mean December 30, 2013.

          “Revolving
Credit Note” shall mean the Revolving Credit Note described in Section 2.1
hereof made by the Borrower to the Bank in the form attached to this Agreement
as Exhibit D, as such note may be amended, renewed, replaced, extended or
supplemented from time to time.

          “Security
Agreement” shall mean the Pledge and Security Agreement in the form of Exhibit
D to this Agreement executed and delivered by the Borrower and each Domestic
Subsidiary of Borrower, as the same may be amended, restated or otherwise
modified from time to time.

          “Senior
Funded Debt” shall mean, as of any date and for any Person, an amount equal to
the sum of all Funded Debt of such Person, excluding all Subordinated Debt of
such Person. “Senior Funded Debt” shall include the outstanding principal balance
of the Indebtedness and all Senior Note Debt.

          “Senior
Notes” shall mean the $280,167,000 Series A 13% Senior Secured Notes due 2015
and the $ 104,833,000 Series
B 13% Senior Secured Notes due 2015, issued pursuant to the Indenture.

          “Senior
Note Debt” shall mean, as of any date, the outstanding principal balance of the
Senior Notes.

          “Senior
Note Documents” shall mean the Senior Notes, the Indenture, and all Security
Documents (as such term is defined in the Indenture), as amended from time to
time.

14

          “Standby
Letter(s) of Credit” shall mean all irrevocable standby letters of credit
pursuant to which Bank agrees to make payments for the account of the Borrower
in respect to obligations of Borrower incurred pursuant to contracts made or
performance undertaken or to be undertaken or matters relating to contracts to
which a Borrower is or proposes to become a party in the ordinary course of its
business. 

          “Subsidiary(ies)”
shall mean any other corporation, association, joint stock company, business
trust, limited liability company or any other business entity of which more
than fifty percent (50%) of the outstanding voting stock, share capital,
membership or other interests, as the case may be, is owned either directly or
indirectly by any Person or one or more of its Subsidiaries, or the management
of which is otherwise controlled, directly, or indirectly through one or more
intermediaries, or both, by any Person and/or its Subsidiaries. Unless
otherwise specified to the contrary herein or the context otherwise requires,
Subsidiary(ies) shall refer to the Subsidiary(ies) of Borrower. 

          “Subordinated
Debt” shall mean any Debt that is subordinated to the payment of the
Indebtedness pursuant to a subordination agreement reasonably satisfactory to
Bank. 

          “Term
Sheet” shall mean the “Summary of Terms and Conditions $30,000,000 of Senior
Secured Revolving Credit Facility for Greektown Superholdings, Inc.” dated
April 26, 2010, attached to the Bank’s commitment letter dated April 26, 2010. 

          “Test
Date” shall mean (a) the last day of each fiscal year of Borrower, and (b) the
last day of any fiscal quarter of Borrower if either (i) the sum of the average
daily amount of the outstanding Advances plus the Letter of Credit Reserve
during such quarter exceeded $7,500,000, or (ii) there are any outstanding
Advances on the last day of such fiscal quarter. 

          “Trustee”
shall mean Wilmington Trust FSB, or any successor trustee under the Indenture. 

          2.
REVOLVING CREDIT 

          2.1
Revolving Credit Commitment. Subject to the terms and conditions of this
Agreement, Bank agrees to make Advances to Borrower at any time and from time
to time from the Effective Date until the Revolving Credit Maturity Date, in an
aggregate principal amount not to exceed at any one time outstanding the
Revolving Credit Commitment. All of the Advances under this Section 2 shall be
evidenced by the Revolving Credit Note under which Advances, repayments and
readvances may be made, subject to the terms and conditions of this Agreement. 

          2.2
Accrual of Interest and Maturity. The Revolving Credit Note and all
principal and interest outstanding thereunder shall mature on the Revolving
Credit Maturity Date and each Advance from time to time outstanding thereunder
shall bear interest as provided in the Revolving Credit Note. The amount and
date of each Advance, and the amount and date of any repayment shall be noted
on Bank’s records, which records will be conclusive evidence thereof absent
manifest error. 

15

          2.3
Requests for Advance. (a) Borrower may request an Advance under this
Section 2 upon the delivery to Bank of a request for advance executed by
authorized officers of Borrower as provided under the terms of the Revolving
Credit Note; 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 each Request
 for Advance shall constitute a certification by Borrower, as of the date
 thereof that: 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (i)

 	
 both before
 and after such Advance, the obligations of the Loan Parties in this Agreement
 and the other Loan Documents to which such Persons are parties are valid,
 binding and enforceable obligations of such Persons; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (ii)

 	
 all
 conditions to Advances have been satisfied and shall remain satisfied to the
 date of such Advance (both before and after giving effect to such Advance); 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (iii)

 	
 there is no
 Default or Event of Default in existence, and none will exist upon the making
 of such Advance (both before and after giving effect to such Advance); and 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (iv)

 	
 the
 representations and warranties contained in this Agreement and the other Loan
 Documents are true and correct in all material respects and shall be true and
 correct in all material respects as of the making of such Advance (both
 before and after giving effect to such Advance), other than any representation
 or warranty that expressly speaks only as of a different date. 

 

          Bank
may, at its option, lend under this Section 2 upon the telephone or email
request of an authorized officer of the Borrower and, in the event Bank makes
any such Advance upon a telephone or email request, the requesting authorized
officer shall, if so requested by Bank, fax to Bank, on the same day as such
telephone or email request, a request for advance in form acceptable to Bank.
Borrower hereby authorizes Bank to disburse Advances under this Section 2
pursuant to the telephone or email instructions of any person(s) purporting to
be authorized officers of the Borrower and the Borrower shall bear all risk of
loss resulting from disbursements made upon any telephone or email request.
Each telephone or email request for an Advance shall constitute a certification
of the matters set forth in this Section 2.3. 

          2.4
Sweep to Loan. At the option of Bank, subject to revocation by Bank at
any time and from time to time, Borrower may utilize Bank’s sweep automated
system for obtaining Advances and making periodic repayments, subject to the
terms hereof. Each time an Advance is made using the sweep system, Borrower
shall be deemed to have certified to Bank the matters set forth in this
Agreement. Bank may revoke Borrower’s privilege to use the sweep system at any
time and from time to time for any reason and, immediately upon any such
revocation, the sweep system shall no longer be available to Borrower for the
funding of Advances hereunder (or otherwise) and the regular procedures set
forth for the making of Advances shall be deemed immediately to apply. 

          2.5
Prepayment. Borrower may prepay all or part of the outstanding balance
of the Advance(s) under the Revolving Credit Note as provided in the Revolving
Credit Note. 

16

          2.6
Reduction of Indebtedness. If at any time and for any reason (a) the
aggregate outstanding principal amount of Advances hereunder to Borrower, plus
the outstanding Letter of Credit Reserve, shall exceed the Revolving Credit
Commitment, or (b) the Letter of Credit Reserve exceeds the Letter of Credit
Sublimit, then, in the case of (a), Borrower shall immediately reduce any
pending request for an Advance on such day by the amount of such excess and, to
the extent any excess remains thereafter, immediately repay an amount of the
Indebtedness equal to such excess, and, to the extent any such excess
Indebtedness, attributable to any Letters of Credit, remains outstanding after
prepayment of the Advances, Borrower shall provide cash collateral upon demand
in an amount equal to the maximum amount that may be available to be drawn at
any time prior to the stated expiry of all outstanding Letters of Credit and,
in the case of (b), upon Bank’s demand, Borrower shall deposit with Bank cash
collateral in an amount equal to the excess. Borrower acknowledges that, in
connection with any repayment required hereunder, it shall also be responsible
for the reimbursement of any prepayment or other costs required under the terms
of the Revolving Credit Note. 

          2.7
Letters of Credit. In addition to Advances under the Revolving Credit
Note, but subject to the non-existence of any Default or Event of Default, the
Letter of Credit Sublimit and the other terms and conditions of this Agreement,
Bank may issue, or commit to issue, from time to time, Letters of Credit for
the account of Borrower in aggregate undrawn amounts not to exceed the Letter
of Credit Sublimit at any one time outstanding; provided, however, that after
giving effect to the Letter(s) of Credit requested, the sum of the aggregate
amount of Advances outstanding plus the Letter of Credit Reserve shall not
exceed at any time the Revolving Credit Commitment. No Letter of Credit shall,
by its terms, have an expiration date which is longer than the earlier of (i)
one year after the date of issuance of such Letter of Credit and (ii) the
Revolving Credit Maturity Date. In addition to the terms and conditions of this
Agreement, the issuance of any Letters of Credit shall also be subject to the
terms and conditions of any Letter of Credit Agreements. Borrower shall pay to
Bank quarterly in advance a per annum fee equal to the Applicable Letter of
Credit Fee Rate on the undrawn face amount of each Letter of Credit, determined
on the basis of the actual number of days elapsed using a year of 360 days. It
is expressly understood that the fees paid pursuant to this Section 2.7 shall
not be refundable under any circumstances. Upon any termination of this
Agreement, Borrower shall deposit with Bank cash collateral equal to 105% of
the Letter of Credit Reserve as of such date. 

          2.8
Facility Fee. From the Effective Date to the payment in full in cash of
all obligations under this Agreement and the termination of any obligation on
the part of Bank to extend Advances or issue Letters of Credit under this
Agreement or any Loan Document, Borrower shall pay to Bank a facility fee
quarterly in arrears commencing on July 1, 2010 (in respect of the prior fiscal
quarter or portion thereof), and on the first day of each fiscal quarter
thereafter; provided that, in connection with any reduction or termination of
the Revolving Credit Commitment under Section 2.10 hereof, the accrued facility
fee calculated for the period ending on such date shall also be paid on the
date of such reduction or termination, with, in the case of a reduction, the
subsequent quarterly payment being calculated on the basis of the period from
such reduction date to such quarterly payment date. Such facility fee shall be
determined by multiplying the Applicable Facility Fee Rate times the Revolving
Credit Commitment, determined without regard to usage thereof. The facility fee
shall be computed on the basis of a year of three hundred sixty (360) days and
assessed for the actual number of days elapsed. Whenever any payment of the
facility fee shall be due on a day which is not a Business Day, the 

17

date for
payment thereof shall be extended to the next Business Day. It is expressly understood
that the facility fee described in this Section 2.8 shall not be refundable
under any circumstances. 

          2.9
Use of Proceeds. Proceeds of Advances under the Note shall be used
solely for working capital and general corporate purposes of Borrower and its
Subsidiaries, including to pay all costs, fees and expenses due in connection
with the issuance of the Indebtedness. 

          2.10
Reduction or Termination of Revolving Credit Commitment. Borrower may,
upon at least five (5) Business Days’ prior written notice to Bank, permanently
reduce or terminate the Revolving Credit Commitment in whole at any time, or in
part from time to time, without premium or penalty, provided that: (i) each
partial reduction of the Revolving Credit Commitment shall be in an aggregate
amount equal to at least One Million Dollars ($1,000,000); (ii) each reduction
shall be accompanied by the payment of the facility fee, if any, accrued to the
date of such reduction attributable to the amount of such reduction; (iii) Borrower
shall prepay in accordance with the terms hereof the amount, if any, by which
the aggregate unpaid principal amount of Advances, plus the Letter of Credit
Reserve, exceeds the amount of the Revolving Credit Commitment, taking into
account the aforesaid reductions thereof, together with accrued but unpaid
interest on the principal amount of such prepaid Advances to the date of
prepayment; and (iv) no reduction shall reduce the amount of the Revolving
Credit Commitment to an amount which is less than the sum of the aggregate
undrawn amount of any Letters of Credit outstanding at such time. Reductions of
the Revolving Credit Commitment will not be available for reinstatement by or
readvance to Borrower and shall be permanent and irrevocable. 

          2.11
Mandatory Prepayment of the Revolving Credit. 

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 Immediately
 upon receipt by any Loan Party of any Net Cash Proceeds from any Asset Sale
 (other than Asset Sales permitted by Sections 8.2(a) – (f) and (h) – (m)
 hereof) which are not Reinvested as described in the following sentence,
 Borrower shall prepay the Revolving Credit Note by an amount equal to one
 hundred percent (100%) of such Net Cash Proceeds; provided, however, that
 Borrower shall not be obligated to make such prepayments if the following
 conditions are satisfied: (i) promptly following the sale, Borrower provides
 to Bank a certificate signed by an executive officer of the Borrower
 (“Reinvestment Certificate”) stating (x) that the sale has occurred, (y) that
 no Default or Event of Default has occurred and is continuing either as of
 the date of the sale or as of the date of the Reinvestment Certificate, and
 (z) a description of the planned Reinvestment of the proceeds thereof, (ii)
 the Reinvestment of such Net Cash Proceeds is commenced within the Initial
 Reinvestment Period and completed within the Reinvestment Period, and (iii)
 no Default or Event of Default has occurred and is continuing at the time of
 the sale and at the time of the application of such proceeds to Reinvestment.
 If any such proceeds have not been Reinvested at the end of the Reinvestment
 Period, Borrower shall promptly pay such proceeds to Bank, to be applied to
 repay the Revolving Credit. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 Immediately
 upon receipt by any Loan Party of Net Cash Proceeds from the issuance of any
 Capital Stock of such Person (other than Capital Stock under any stock option
 or employee incentive plans and transactions described in Section 

 

18

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 8.6(d)
 hereof) or Net Cash Proceeds from the issuance of any Debt after the Effective
 Date, Borrower shall prepay the Revolving Credit Note by an amount equal to
 one hundred percent (100%) of such Net Cash Proceeds. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 Immediately
 upon receipt by any Loan Party of any Insurance Proceeds or Condemnation
 Proceeds, Borrower shall be obligated to prepay the Revolving Credit Note by
 an amount equal to one hundred percent (100%) of such Insurance Proceeds or
 Condemnation Proceeds; provided, however, that any Insurance Proceeds or
 Condemnation Proceeds shall not be required to be used to prepay the
 Revolving Credit Note if they are Reinvested by the applicable Loan Party and
 the following conditions are satisfied: (i) promptly following the receipt of
 such Insurance Proceeds or Condemnation Proceeds, Borrower provides to Bank a
 Reinvestment Certificate stating (x) that no Default or Event of Default has
 occurred and is continuing either as of the date of the receipt of such
 proceeds or as of the date of the Reinvestment Certificate, (y) that such
 Insurance Proceeds or Condemnation Proceeds have been received, and (z) a
 description of the planned Reinvestment of such Insurance Proceeds or
 Condemnation Proceeds, (ii) the Reinvestment of such proceeds is commenced
 within the Initial Reinvestment Period and completed within the Reinvestment Period,
 and (iii) no Default or Event of Default shall have occurred and be
 continuing at the time of the receipt of such proceeds and at the time of the
 application of such proceeds to Reinvestment. If any such proceeds have not
 been Reinvested at the end of the Reinvestment Period, Borrower shall
 promptly pay such proceeds to Bank, to be applied to repay the Revolving
 Credit Note. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 Except as
 provided in Section 8.2(g) hereof, mandatory prepayments under this Section
 2.11 shall not reduce the Revolving Credit Commitment. 

 

          3.
[RESERVED]. 

          4.
MARGIN ADJUSTMENTS. 

          4.1
Margin Adjustments. Adjustments to the Applicable Margin and the
Applicable Letter of Credit Fee Rate based on Schedule 1 shall be implemented
quarterly as follows: 

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 Such
 adjustments shall be given prospective effect only, effective as of the first
 day of the first month following delivery of the financial statements under
 Sections 7.1(a) and (b) hereunder and the Covenant Compliance Report under
 Section 7.1(c), in each case establishing applicability of the appropriate
 adjustment, with no retroactivity or claw-back. If the Borrower fails timely
 to deliver such financial statements or the Covenant Compliance Report, then
 (but without affecting the Event of Default resulting therefrom) from the
 date delivery of such financial statements and report was required until such
 financial statements and report are delivered, the margins shall be at the
 highest level on the pricing matrix attached to this Agreement as Schedule 1.
 

 

19

	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 From the
 date of execution of this Agreement until the required date of delivery (or,
 if earlier, delivery) under Section 7.1(b) of Borrower’s financial statements
 and Covenant Compliance Report for the first fiscal quarter ending after the
 Borrower has satisfied all of the conditions and requirements set forth in
 Section 7.16 hereof within the time and in the manner required thereby, the
 margins shall be those set forth under the Level 3 column of the pricing
 matrix attached to this Agreement as Schedule 1. Thereafter, all margins
 shall be based upon Borrower’s financial statements and Covenant Compliance
 Report, subject to recalculation as provided in subsection 4.1(a) above. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 Notwithstanding
 the foregoing, however, if, prior to the payment and discharge in full (in
 cash) of the Indebtedness and the termination of any and all commitments
 hereunder, as a result of any restatement of or adjustment to the financial
 statements of Borrower and any of its Subsidiaries (relating to the current
 or any prior fiscal period) or for any other reason, Bank determines that the
 Applicable Margin as calculated by Borrower as of any applicable date of
 determination were inaccurate in any respect and a proper calculation thereof
 would have resulted in different pricing for any fiscal period, then (x) if
 the proper calculation thereof would have resulted in higher pricing for any
 such period, Borrower shall automatically and retroactively be obligated to
 pay to Bank, promptly upon demand, an amount equal to the excess of the
 amount of interest and fees that should have been paid for such period over
 the amount of interest and fees actually paid for such period and, if the
 current fiscal period is affected thereby, the Applicable Margin for the
 current period shall be adjusted based on such recalculation; and (y) if the
 proper calculation thereof would have resulted in lower pricing for such
 period, Bank shall have no obligation to recalculate such interest or fees or
 to repay any interest or fees to the Borrower. 

 

          5.
CONDITIONS. 

          5.1
Effective Date. The Effective Date shall be deemed to have occurred, and
the obligations of Bank to make Advances and issue Letters of Credit shall
arise, upon the satisfaction or waiver of each of the conditions described in
the “Conditions to Borrowing” portion of Section II of the Term Sheet, provided
if such conditions are not satisfied or waived by July 30, 2010, this Agreement
shall be null and void and have no further effect. 

          5.2
Continuing Conditions to all Advances. The obligations of Bank to make
Advances (including the initial Advance) under this Agreement and to issue any
Letters of Credit shall be subject to the continuing conditions that: 

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 No Default
 or Event of Default shall exist as of the date of the Advance or the request
 for the Letter of Credit; and 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 Each of the
 representations and warranties contained in this Agreement and in each of the
 other Loan Documents shall be true and correct in all material respects as of
 the date of the Advance or Letter of Credit as if made on and as of such date
 

 

20

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (other than
 any representation or warranty that expressly speaks only as of a different
 date certain). 

 

          6.
REPRESENTATIONS AND WARRANTIES. 

          Borrower
represents and warrants as follows and such representations and warranties
shall survive until the Revolving Credit Maturity Date and thereafter until the
expiration of all Letters of Credit and the final payment in full of the
Indebtedness and the performance by the Loan Parties of all other obligations
under this Agreement and the other Loan Documents (other than contingent
indemnification obligations to the extent no claim giving rise thereto has been
asserted): 

          6.1
Corporate Authority. Each Loan Party is a corporation (or other business
entity) duly organized and existing in good standing under the laws of the
jurisdiction of its organization; and each Loan Party is in good standing in
each jurisdiction in which it is required to be qualified to do business,
except where the failure to be so qualified would not have a Material Adverse
Effect. 

          6.2
Due Authorization; Non-Contravention; Binding Obligations. The
execution, delivery and performance of the applicable Loan Documents to which
any Loan Party is a party are within such Loan Party’s powers, have been duly
authorized, are not in contravention of Law or such Loan Party’s organizational
documents or of the unwaived terms of any material indenture, contract,
agreement or undertaking to which such Loan Party is a party or by which it is
bound, and do not require the consent or approval of any third party,
governmental body, agency or authority which has not been obtained; and the
Loan Documents and other documents and instruments required thereunder, when
issued and delivered, will be valid and binding on such Loan Party in
accordance with their terms, except as may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles
(whether enforcement is sought by proceedings in equity or law). 

          6.3
Good Title; Property; Leases; No Liens. 

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 Each Loan
 Party, to the extent applicable, has good and valid title (or, in the case of
 real property, good and marketable title) to all assets owned by it, and each
 Loan Party has a valid leasehold interest or interest as a licensee in all of
 its leased real property; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 The real
 property described in Schedule 6.3(b) hereof constitutes all of the real
 property owned or leased by the Loan Parties on the Effective Date; and 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 There are no
 Liens on and no financing statements on file with respect to any of the
 assets owned by the Loan Parties, except for the Liens permitted pursuant to
 Section 8.5 of this Agreement. 

 

          6.4
No Litigation. No litigation or other proceeding before any court or
administrative agency is pending, or to the best knowledge of the officers of
the Borrower is threatened, against any Loan Party, the outcome of which could
reasonably be expected to have a 

21

Material
Adverse Effect. There is not outstanding against any Loan Party, any judgment,
decree, injunction, rule, or order of any court, government, department,
commission, agency, instrumentality or arbitrator nor is any Loan Party in
violation of any applicable law, regulation, ordinance, order, injunction,
decree or requirement of any governmental body or court where such matters would
reasonably be expected to have a Material Adverse Effect. 

          6.5
Compliance with Laws. 

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 Except as
 disclosed on Schedule 6.5, each Loan Party has complied with all applicable
 Laws, including but not limited to all Gaming Laws, and the requirements of
 its own organizational documents except to the extent that failure to comply
 therewith could not reasonably be expected to have a Material Adverse Effect.
 Neither the extension of credit made pursuant to this Agreement or the use of
 the proceeds thereof will violate the Trading with the Enemy Act, as amended,
 nor any of the foreign assets control regulations of the United States
 Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any
 enabling legislation or executive order relating thereto, or The United and
 Strengthening America by Providing Appropriate Tools Required to Intercept
 and Obstruct Terrorism (USA Patriot Act) Act of 2001, Public Law 10756,
 October 26, 2001 or Executive Order 13224 of September 23, 2001 issued by the
 President of the United States (66 Fed. Reg. 49049 (2001)); 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 The Borrower
 and its Subsidiaries have received all Gaming Licenses and all other licenses
 and permits necessary for the operation of the Gaming Facilities. 

 

          6.6
ERISA. As of the Effective Date, no Loan Party maintains or contributes
to any employee pension benefit plan subject to title IV of ERISA, except those
set forth in attached Schedule 6.6 (each, a “Pension Plan”). There is no
material unfunded past service liability of any Pension Plan maintained by any
Loan Party, and there is no “accumulated funding deficiency” within the meaning
of Section 302 of ERISA, or any existing material liability with respect to any
Pension Plan owed to the Pension Benefit Guaranty Corporation (“PBGC”) or any
successor thereto, except any funding deficiency for which an application to
the PBGC for waiver is pending or for which a waiver has been granted by the
PBGC. 

          6.7
Accuracy of Information. The audited financial statements delivered to
Bank dated as of December 31, 2009 fairly present in all material respects the
financial condition of Greektown Holdings, L.L.C. and its Consolidated
Subsidiaries as of such date. The projections and pro forma financial
information delivered to Bank are based upon good faith estimates and
assumptions believed by management of the Borrower to be fair and reasonable at
the time made; it being acknowledged and agreed by Bank that projections as to
future events are not to be viewed as facts and that the actual results during
the period or periods covered by such projections may differ from the projected
results. Since said date there has been no material adverse change in the
financial condition of Borrower and its Consolidated Subsidiaries (other than the
execution and delivery of this Agreement, the related Loan Documents, and the
incurrence of the indebtedness under such documents). To the best of the
knowledge of the Borrower’s officers, as of the Effective Date, Borrower and
its Consolidated Subsidiaries do not have any material contingent obligations
(including any liability for taxes) required under GAAP 

22

to be, but
not, disclosed by or reserved against in the pro forma balance sheet as of the
Effective Date previously delivered to Bank, except as otherwise disclosed to
Bank in writing prior to the Effective Date. On the Effective Date there are no
material unrealized or anticipated losses from any present commitment of
Borrower or any of its Consolidated Subsidiaries that are not disclosed by or
reserved against in the pro forma balance sheet delivered to Bank, or otherwise
disclosed to Bank in writing prior to the Effective Date. 

          6.8
Taxes. All material tax returns and tax reports of the Loan Parties
required by law to have been filed have been duly filed or extensions in
respect thereof have been obtained, and all material taxes, assessments and
other governmental charges or levies (other than those presently payable
without penalty and those currently being contested in good faith for which
adequate reserves have been established) upon any Loan Party (or any of its
properties) which are due and payable and for which the failure to pay would
have a materially adverse effect on such Loan Party’s business or the value of
its property or assets have been paid. The charges, accruals and reserves on
the books of the Loan Parties in respect of U.S. Federal income tax for all
periods are adequate in all material respects in the opinion of the Borrower. 

          6.9
Subsidiaries. As of the Effective Date, Borrower has no Subsidiaries
except as listed in Schedule 6.9. 

          6.10
Environmental and Safety Matters. Except as set forth in Schedule 6.10
and except for such matters as could not reasonably be expected to have a
Material Adverse Effect: 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 all
 facilities and property owned or leased by the Loan Parties are in compliance
 with all Environmental Laws; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 to the best
 knowledge of the Borrower, there have been no unresolved and outstanding
 past, and there are no pending or threatened in writing: 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (i)

 	
 claims,
 complaints, notices or requests for information received by any Loan Party
 with respect to any alleged violation of any Environmental Law, or 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (ii)

 	
 written
 complaints, notices or inquiries to any Loan Party regarding potential
 liability of the Loan Parties under any Environmental Law; and 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 to the best
 knowledge of the Borrower, no conditions exist at, on or under any property
 now or previously owned or leased by the Loan Parties which, with the passage
 of time, or the giving of notice or both, would give rise to liability of the
 Loan Parties under any Environmental Law. 

 

          6.11
No Investment Company or Margin Stock. No Loan Party is an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.
No Loan Party is engaged principally, or as one of its important activities,
directly or indirectly, in the business of extending credit for the purpose of
purchasing or carrying margin stock, and none of the proceeds of any of the
loans hereunder will be used, directly or indirectly for any purpose which
would violate the provisions of Regulation U or X of the Board of Governors of
the Federal Reserve System. Terms for which meanings are provided in Regulation
U of the Board 

23

of Governors
of the Federal Reserve System or any regulations substituted therefor, as from
time to time in effect, are used in this paragraph with such meanings. 

          6.12
Conditions Affecting Business or Properties. None of the businesses or
the properties of any Loan Party is affected by any fire, storm, hail,
earthquake, explosion, accident, Act of God, strike, lockout, dispute, embargo,
or other casualty which, after giving effect to the Loan Party’s receipt of the
insurance proceeds therefor, to the extent applicable, could reasonably be
expected to have a Material Adverse Effect. 

          6.13
Solvency. After giving effect to the transactions contemplated by this
Agreement, each Loan Party will be solvent, able to pay all of its indebtedness
as it matures and will have capital sufficient to carry on its business and all
business in which it is about to engage. No Loan Party is insolvent, nor will
any Loan Party be rendered insolvent by its execution and delivery to Bank of this
Agreement, any Loan Document or by the consummation of the transactions
contemplated by this Agreement, or any Loan Document, and the capital and
monies remaining in the Loan Parties are not now and will not become so
unreasonably small as to preclude the Loan Parties from carrying on their
respective businesses. No Loan Party intends to nor does management of any Loan
Party believe it will incur debts beyond its ability to pay them as they
mature. No Loan Party contemplates filing a petition in bankruptcy or for an
arrangement or reorganization under Bankruptcy Code or any similar law of any
jurisdiction now or hereafter in effect relating to any Loan Party, nor does
any Loan Party have any knowledge of any threatened bankruptcy or insolvency
proceedings against a Loan Party. 

          6.14
Capitalization. Schedule 6.14 sets forth as of the Effective Date the
number of authorized, issued and outstanding shares of Capital Stock of each
Loan Party other than the Borrower, the par value of such Capital Stock and the
holders thereof. All issued and outstanding shares of Capital Stock of each
Loan Party are duly authorized and validly issued, fully paid, nonassessable,
free and clear of all Liens (except for the benefit of Bank and those Liens
permitted by this Agreement), and such Capital Stock was issued in compliance
with all applicable Laws. No Capital Stock of any Loan Party, other than the
Borrower and other than that described above, is issued and outstanding as of
the Effective Date. As of the Effective Date, except as disclosed on Schedule
6.14, there are no preemptive or other outstanding rights, options, warrants,
conversion rights or similar agreements or understandings for the purchase or
acquisition from any Loan Party, of any Capital Stock of any Loan Party other
than the Borrower. 

          6.15
Supplier Relationships. Borrower has no knowledge of any intention or
indication by a significant supplier of a Loan Party that such significant
supplier intends to limit or alter or terminate its business relationship with
any Loan Party, where such limitation, alteration or termination could have a
Material Adverse Effect. 

          6.16
Employee Matters. Set forth on Schedule 6.16 are all union contracts or
agreements to which any Loan Party is party as of the Effective Date and the
related expiration dates of each such contract. There are no slowdowns, unfair
labor practice complaints, strikes, grievances, work stoppages, arbitration
proceedings or controversies pending or, to the best knowledge of the Borrower,
threatened against any Loan Party, other than such grievances or 

24

controversies
which in the aggregate could not reasonably be expected to have a Material
Adverse Effect. 

          6.17
Governmental Authorization; Other Consents. No authorization, consent,
approval, order, license or permit from, or filing, registration or
qualification with (collectively, “Approvals”) any Governmental Authority is
required to authorize or permit under any Law the execution, delivery and
performance by the Loan Parties of the Loan Documents to which they are
parties, except such Approvals as have been obtained on or prior to the date
hereof. 

          6.18
Parcel 2. If Borrower were to lose legal title to, and possession of,
Parcel 2, whether as a result of foreclosure of any Parcel 2 Encumbrance or
otherwise, such loss will not (i) cause a Material Adverse Effect or (ii)
result in the loss, revocation or material impairment of any Gaming License.
None of the Loan Parties or any of their past or current Affiliates have been,
or are, borrowers, guarantors or otherwise obligated, whether directly or
indirectly, on any of the obligations relating to or secured by the Parcel 2
Encumbrances, except for (i) Trappers GC Partner, L.L.C., the obligor under the
“Wraparound Mortgage” described in paragraph 13 of Schedule 1.1 attached
hereto, and (ii) Greektown Casino, L.L.C., but only to the extent that
Greektown Casino, L.L.C. is deemed by operation of law to be liable for the
debt secured by such “Wraparound Mortgage”. Greektown Casino, L.L.C. is the
holder of (i) both the Parcel 2 Encumbrances described in paragraphs 1 and 2 of
Schedule 1.1 and the debt secured by such Parcel 2 Encumbrances, and (ii) a
first priority collateral assignment of both the Parcel 2 Encumbrance described
in paragraph 13 of Schedule 1.1 and the debt secured by such Parcel 2
Encumbrance. 

          7.
AFFIRMATIVE COVENANTS. 

          Borrower
covenants and agrees that it will and, as applicable, it will cause its
Subsidiaries to, until the termination or expiration of the Revolving Credit
Commitment and thereafter until the expiration of all Letters of Credit and the
irrevocable final payment in full of the Indebtedness and the performance by
the Loan Parties of all other obligations under this Agreement and the other
Loan Documents (other than contingent indemnification obligations to the extent
no claim giving rise thereto has been asserted): 

          7.1
Financial Statements; Certificate; Other Information. Furnish Bank: 

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 as soon as available,
 but in any event within ninety (90) days after the end of each fiscal year of
 Borrower a copy of the audited Consolidated balance sheet of Borrower and its
 Consolidated Subsidiaries as of the end of such fiscal year and the related
 audited statements of income, accumulated earnings, and cash flows for such
 fiscal year and underlying assumptions, setting forth in each case in
 comparative form the figures for the previous fiscal year, certified as being
 fairly presented in all material respects by a nationally recognized
 certified public accounting firm reasonably satisfactory to Bank; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 as soon as
 available, but in any event within forty-five (45) days after the end of each
 of Borrower’s fiscal quarters (other than the last fiscal quarter), Borrower
 prepared unaudited Consolidated financial statements of Borrower and its 

 

25

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Consolidated
 Subsidiaries as at the end of such quarter and the related unaudited
 statements of income and cash flows of Borrower and its Consolidated Subsidiaries
 for the portion of the fiscal year through the end of such quarter, setting
 forth in each case in comparative form the figures for the corresponding
 periods in the previous year and certified by the Borrower as being fairly
 presented in all material respects, subject to normal year-end adjustments
 and absence of footnote disclosures; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 concurrently
 with the delivery of the financial statements required by subsections (a) and
 (b) of this Section, a Covenant Compliance Report executed by the chief
 financial officer of the Borrower (or in such officer’s absence, a
 responsible officer of the Borrower); 

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 [RESERVED]; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 within
 thirty (30) days after the end of each fiscal year, financial projections for
 Borrower and its Consolidated Subsidiaries for the current fiscal year in
 form reasonably satisfactory to Bank; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 such
 information as required by the terms and conditions of any Loan Documents; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (g)

 	
 copies of
 all reports (including any financial reports) or notices delivered by the
 Borrower or any Subsidiary to the Trustee (or any other Person) pursuant to
 the Senior Note Documents, simultaneously with their delivery to the Trustee
 or such other Person; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (h)

 	
 such
 additional schedules, certificates and reports respecting all or any of the
 Collateral, all to such extent as Bank may reasonably request; and 

 
	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 promptly,
 and in form to be reasonably satisfactory to Bank, such other information as
 Bank may reasonably request from time to time. 

 

All financial
statements required to be delivered under this Section 7.1 (other than
projections which shall be reasonable in all material respects taking into
account all facts and information known or reasonably available to the
Borrower) shall be complete and correct in all material respects as of the date
when made and shall be prepared in accordance with GAAP throughout the periods
reflected therein, subject in the case of unaudited financial statements to
normal year-end adjustments and absence of footnote disclosures. 

          7.2
Payment of Obligations. Pay and discharge all taxes and other
governmental charges, and all contractual obligations calling for the payment
of money, before the same shall become overdue except (i) where the failure to
do so could not reasonably be expected to have a Material Adverse Effect, or
(ii) to the extent only that such payment is being contested in good faith by
appropriate proceedings and reserves in conformity with GAAP with respect
thereto have been provided upon the books of the Loan Parties, provided that,
in any event, Borrower will, and will cause its respective Subsidiaries to, pay
any such tax, charge or other obligation prior to the commencement of any
proceeding to foreclose any Lien securing the same. 

26

          7.3
Maintenance of Property; Insurance. (a) Keep all material property
necessary in its and its Subsidiaries’ business in working order (ordinary wear
and tear excepted) and (b) maintain, and cause its Subsidiaries to maintain,
insurance coverage on their physical assets against business risks in such
amounts and of such types as are customarily carried by companies similar in
size and nature, and in the event of acquisition of additional property, real
or personal, or of incurrence of additional risks of any nature, increase such
insurance coverage in such manner and to such extent as prudent business
judgment and present practice would dictate; and in the case of all policies
covering property mortgaged or pledged to Bank or property in which Bank shall
have a security interest of any kind whatsoever, all such insurance policies
shall provide that the loss payable thereunder shall be payable to the
applicable Loan Party and Bank (as mortgagee or lender loss payee, as
applicable) as their respective interests may appear, and all liability
policies shall name Bank as an additional insured, all such casualty and
liability policies, including all endorsements thereon or all copies thereof or
any insurance certificates relating thereto, to be deposited with Bank. 

          7.4
Inspection of Property; Books and Records. Upon reasonable advance
notice (unless a Default or Event of Default has occurred and is continuing in
which event such notice shall not be required) and during normal business
hours, permit Bank, through its authorized attorneys, accountants and
representatives, to examine each Loan Party’s books, accounts, records, ledgers
and assets of every kind and description at all reasonable times upon oral or
written request of Bank, which shall include but shall not be limited to
collateral audits of each Loan Party conducted by Bank, at Borrower’s cost and
expense, and to visit each Loan Party’s offices and discuss financial matters
with each Loan Party’s officers; provided that, unless an Event of Default shall
have occurred and be continuing, the Borrower shall not be required to pay the
costs and expenses of more than one collateral audit during any fiscal year.
Borrower hereby authorizes (and will cause each other Loan Party to authorize)
its independent certified public accountants to discuss the finances and
affairs of the Loan Parties (and agrees to request such accountants to so
discuss with the Bank) and to examine any of its or their books and other
corporate records, provided that Borrower is offered the opportunity to
participate in such discussions. 

          7.5
Notices. 

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 Promptly
 notify Bank of any condition or event which constitutes a Default or an Event
 of Default, and promptly inform Bank of the existence or occurrence of any
 condition or event (other than conditions having an effect on the economy in
 general) which could reasonably be expected to have a Material Adverse
 Effect. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 Promptly
 notify Bank of any litigation or other proceeding before any court or
 administrative agency that arises, or to the knowledge of the officers of the
 Borrower is threatened against any Loan Party after the Effective Date, the
 outcome of which could reasonably be expected to have a Material Adverse
 Effect. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 Deliver to
 Bank, not less than ten (10) Business Days prior to the proposed effective
 date thereof, copies of any proposed amendments, restatements or 

 

27

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 modifications
 (in substantially final form) made on or after the Effective Date to any
 Senior Note Documents. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 Provide Bank
 with copies of all notices of default or event of default by any Loan Party
 under or with respect to the Senior Note Documents, concurrently with
 delivery or promptly after receipt thereof. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 Provide
 written notice to Bank (i) of all new jurisdictions in which any Loan Party
 has become qualified in order to transact business promptly after such
 qualification has occurred, (ii) not less than ten (10) Business Days prior
 to the proposed effectiveness thereof, of the acquisition or creation of new
 Subsidiaries, and (iii) not less than ten (10) Business Days prior to the
 proposed effectiveness thereof, of any material change in the authorized and
 issued equity interests of any Loan Party other than the Borrower or the
 creation of any joint venture or any other material amendment to any Loan
 Party’s charter, by-laws or other organizational documents, such notice in
 each case to identify the applicable jurisdictions, capital structures or
 amendments, as applicable. 

 

          7.6
Compliance With Laws. Comply in all material respects with the
requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its business or property, except in such instances in
which (a) such requirement of law or order, writ, injunction or decree as being
contested in good faith by appropriate proceedings diligently conducted, or (b)
the failure to comply therewith could not reasonably be expected to have a
Material Adverse Effect. 

          7.7
Conduct of Business. Continue to engage in its business and operations
substantially similar to those conducted immediately prior to the Effective
Date, and, in the case of Borrower, continue to be solely a holding company and
not acquire any material operating assets, other than the receipt and holding
of cash and other than Capital Stock in the Loan Parties. 

          7.8
ERISA. Comply in all material respects, with all material requirements
imposed by ERISA or the Internal Revenue Code as presently in effect or
hereafter promulgated, including but not limited to, the minimum funding
standards under Section 302 of ERISA with respect to any Pension Plan and
promptly notify Bank after the occurrence thereof in writing of any of the
following events: 

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 the
 termination of a Pension Plan pursuant to Subtitle C of Title IV of ERISA or
 otherwise; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 the
 appointment of a trustee by a United States District Court to administer a
 Pension Plan; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 the
 commencement by the PBGC, or any successor thereto, of any proceeding to
 terminate a Pension Plan; 

 

28

	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 the failure
 of a Pension Plan to satisfy the minimum funding requirements for any plan
 year as established in Section 412 of the Internal Revenue Code of 1986, as
 amended; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 the
 withdrawal of any Loan Party from a “multi-employer” plan, as so defined in
 Section 4001(a)(3) of ERISA; or 

 
	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 a Reportable
 Event. 

 

          7.9
Further Assurances. Furnish Bank or cause to be furnished to Bank, upon
Bank’s request, in form and substance reasonably satisfactory to Bank, such
additional pledges, assignments, Lien instruments or other security instruments
covering any Loan Party’s personal property of every nature and description,
whether now owned or hereafter acquired and all Capital Stock in the
Subsidiaries and rights to acquire such interests (in each case as to all
property or Capital Stock to the extent a Lien for the benefit of Bank has been
made or is required to be made under this Agreement or any Loan Document), as
Bank may in its sole discretion require; and defend all Collateral pursuant to
the terms of the Security Agreement, the Mortgage, and any other related Loan
Documents, as applicable, from any Liens other than Liens permitted under
Section 8.5. 

          7.10
Operating Accounts. Commencing sixty (60) days after the Effective Date,
maintain all of the primary cash concentration, operating and general
disbursement accounts of the Loan Parties with Bank. 

          7.11
Environmental Compliance. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 Except as
 could not reasonably be expected to have a Material Adverse Effect, 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (i)

 	
 Use and
 operate all of its facilities and properties in compliance with all
 Environmental Laws, keep all necessary permits, approvals, certificates,
 licenses and other authorizations under Environmental Laws in effect and
 remain in compliance therewith, and handle all Hazardous Materials in
 compliance with all applicable Environmental Laws except where the failure to
 do so could not reasonably be expected to have a Material Adverse Effect; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (ii)

 	
 Promptly
 notify Bank and provide copies upon receipt of all written claims,
 complaints, notices or inquiries received by any Loan Party of a material
 nature relating to its facilities and properties or compliance with
 Environmental Laws, and shall promptly cure all violations of or
 noncompliance with all Environmental Laws to the extent that such violations
 could reasonably be likely to have a Material Adverse Effect and shall
 diligently undertake to have dismissed with prejudice to the satisfaction of
 Bank any actions and proceedings relating to compliance with Environmental
 Laws to which any Loan Party is named a party, other than such actions or
 proceedings being contested in good faith and with the establishment of a
 reasonable reserve; and 

 

29

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (iii)

 	
 To the
 extent necessary to materially comply with Environmental Laws, remediate or
 monitor contamination arising from a release or disposal of Hazardous
 Material; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 Provide such
 information and certifications which Bank may reasonably request from time to
 time to evidence compliance with this Section 7.11. 

 

          7.12
Use of Proceeds. Use all Advances as set forth in Section 2.9. 

          7.13
Future Subsidiaries; Additional Collateral. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 With respect
 to each Person which becomes a Domestic Subsidiary of Borrower (directly or
 indirectly) after to the Effective Date, whether by acquisition or otherwise,
 cause such new Domestic Subsidiary to execute and deliver to Bank: 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (i)

 	
 within
 thirty (30) days after the date such Person becomes a Domestic Subsidiary, a
 Guaranty; and 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (ii)

 	
 within
 thirty (30) days after the date such Person becomes a Domestic Subsidiary, a
 joinder agreement to the Security Agreement whereby such Domestic Subsidiary
 grants a Lien over its assets (other than Capital Stock which will be
 governed by (b) of this Section 7.13) as set forth in the Security Agreement,
 and such Domestic Subsidiary shall take such additional actions as may be
 necessary to ensure a valid first priority perfected Lien over such assets of
 such Domestic Subsidiary, subject only to the other Liens permitted by to
 Section 8.5 of this Agreement; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (iii)

 	
 within the
 time period specified in and to the extent required under clause (c) of this
 Section 7.13, a Mortgage, Collateral Access Agreement and/or other documents
 required to be delivered in connection therewith; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 With respect
 to the Capital Stock of each Person which becomes (whether by acquisition or
 otherwise) (i) a Domestic Subsidiary after the Effective Date, cause the Loan
 Party that holds such Capital Stock to execute and deliver a Security
 Agreement, or to amend its existing Security Agreement, and take such actions
 as may be necessary to ensure a valid first priority perfected Lien over one
 hundred percent (100%) of the Capital Stock of such Domestic Subsidiary held
 by such Loan Party, such Security Agreement or amendment to be executed and
 delivered within thirty (30) days after the date such Person becomes a
 Domestic Subsidiary; and (ii) a Foreign Subsidiary after the Effective Date,
 the Capital Stock of which is held directly by Borrower or one of its
 Domestic Subsidiaries, cause the Loan Party that holds such Capital Stock to
 execute and deliver such pledge agreements and take such actions as may be
 necessary to ensure a valid first priority perfected Lien over sixty-five
 percent (65%) of the Capital Stock of such Subsidiary, such pledge agreements
 to be executed and delivered within thirty (30) days after the date such
 Person becomes a Foreign Subsidiary; 

 

30

	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 (i) With
 respect to the acquisition of a fee interest in real property by any Loan
 Party after the Effective Date (whether by acquisition or otherwise), not
 later than thirty (30) days after the acquisition is consummated or the owner
 of such property becomes a Domestic Subsidiary, such Loan Party shall execute
 or cause to be executed a Mortgage covering such real property, together with
 such additional real estate documentation, environmental reports, title
 policies and surveys as may be reasonably required by Bank; and (ii) with
 respect to the acquisition of any leasehold interest in real property by any
 Loan Party after the Effective Date (whether by acquisition or otherwise),
 not later than thirty (30) days after the acquisition is consummated or the
 owner of the applicable leasehold interest becomes a Domestic Subsidiary, the
 applicable Loan Party shall deliver to the Bank a copy of the lease agreement
 and shall use commercially reasonable efforts to execute or cause to be
 executed a Collateral Access Agreement in form and substance reasonably
 acceptable to Bank together with such other documentation as may be
 reasonably required by Bank; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 in each case
 in form satisfactory to Bank in its reasonable discretion, together with such
 supporting documentation, including without limitation corporate authority
 items, certificates and opinions of counsel, as reasonably required by Bank.
 Upon Bank’s request, Loan Parties shall take, or cause to be taken, such
 additional steps as are necessary or advisable under applicable law to
 perfect and ensure the validity and priority of the Liens granted under this
 Section 7.13.

 

          7.14
Fixed Charge Coverage Ratio. Maintain a Fixed Charge Coverage Ratio as
of each Test Date, for the Measuring Period then ending, of not less than 1.05
to 1.0. 

          7.15
Pledge of Capital Stock of Loan Parties. Other than the Borrower, not
suffer to permit or exist any Lien in favor of the holders of the Senior Notes
or any other Person on its Capital Stock unless, concurrently with the creation
or granting of such Lien, Borrower causes its stockholders to grant to Bank a
Lien on such Capital Stock senior in priority to such other Lien, in each case
subject to the Intercreditor Agreement or another intercreditor agreement in
form and substance satisfactory to Bank. 

          7.16
Discharge and Termination of Parcel 2 Encumbrances. Not later than one
year after the date of this Agreement, deliver or cause to be delivered to
Bank, at Borrower’s expense, in form and substance satisfactory to Bank, all of
the following: 

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 With respect
 to all Parcel 2 Encumbrances, either (i) discharges and terminations of such
 Parcel 2 Encumbrances recorded with the Wayne County Register of Deeds, or
 (ii) a final, non-appealable order from the United States Bankruptcy Court
 for the Eastern District of Michigan, that the transfer of Parcel 2 under the
 confirmed plan of reorganization was free and clear of such Parcel 2
 Encumbrances or otherwise ordering the discharge and termination or removal
 of such Parcel 2 Encumbrances, which order shall have been recorded with the
 Wayne County Register of Deeds; and 

 

31

	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 An
 endorsement to the loan title insurance policy insuring the Bank’s Mortgage,
 eliminating all Parcel 2 Encumbrances as exceptions to title, and eliminating
 any other limitations on coverage related to the Parcel 2 Encumbrances
 (including any affirmative coverage endorsements which provide more limited
 coverage to Bank than would otherwise be afforded Bank under a policy that
 took no exception to the Parcel 2 Encumbrances), such that the policy as
 endorsed provides coverage to Bank, including without limitation, as to
 marketability of title, as if the Parcel 2 Encumbrances had been fully
 discharged and terminated of record prior to the date of this Agreement. 

 

          8.
NEGATIVE COVENANTS. 

          Borrower
covenants and agrees that it will not, and it will cause its Subsidiaries not
to, so long as Bank may make any Advance under this Agreement and thereafter
until the expiration of all Letters of Credit and the irrevocable final payment
in full of the Indebtedness and the performance by the Loan Parties of all
other obligations under this Agreement and the other Loan Documents (other than
contingent indemnification obligations to the extent no claim giving rise
thereto has been asserted): 

	
  

 	
  

 	
  

 
	
  

 	
 8.1 Limitations
 on Debt. Create, incur, assume or suffer to exist
 any Debt, except: 

 
	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 Indebtedness
 of any Loan Party to Bank under this Agreement and/or the other Loan
 Documents; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 any Debt
 existing on the Effective Date and set forth in Schedule 8.1 attached hereto;
 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 Debt
 created, incurred or assumed after the date hereof if the Fixed Charge
 Coverage Ratio (as defined in the Current Indenture) for the Borrower’s most
 recently ended four full fiscal quarters for which internal financial
 statements are available immediately preceding the date on which such
 additional Debt is incurred would have been at least 1.75 to 1.0, determined
 on a pro forma basis (including a pro forma application of the net proceeds
 therefrom), as if the additional Debt has been incurred at the beginning of
 such four-quarter period; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 any Debt of
 Borrower or any Subsidiary incurred to finance the acquisition of fixed or capital
 assets, whether pursuant to a loan or a Capitalized Lease, provided that both
 at the time of and immediately after giving effect to the incurrence thereof
 (i) no Default or Event of Default shall have occurred and be continuing, and
 (ii) the aggregate amount of all such Debt at any one time outstanding
 (including, without limitation, any Debt of the type described in this clause
 (d) which is set forth on Schedule 8.1 hereof) shall not exceed $20,000,000; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 Subordinated
 Debt in an aggregate principal amount at any time outstanding not to exceed
 $20,000,000; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 Debt under
 any Hedging Transactions, provided that such transaction is entered into for
 risk management purposes and not for speculative purposes; 

 

32

	
  

 	
  

 	
  

 
	
  

 	
 (g)

 	
 Debt owing
 to a Person that is a Loan Party, to the extent permitted under Section 8.7
 hereof; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (h)

 	
 Parity Lien
 Debt, as such term is defined in the Current Indenture; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 the guaranty
 by the Borrower or any Guarantor of Debt of Borrower or any Guarantor to the
 extent that the guaranteed Debt was permitted to be incurred by this Section
 8.1; provided, however, that if the Debt being guaranteed is subordinated to
 or pari passu with the Indebtedness, then such guaranty must be subordinated
 or pari passu, as applicable, to the same extent as the Debt guaranteed; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (j)

 	
 Debt of
 Borrower or a Subsidiary to current or former officers, directors and
 employees thereof, their respective estates, spouses or former spouses, in
 each case to finance the purchase or redemption of Capital Stock of Borrower;
 and 

 
	
  

 	
  

 	
  

 
	
  

 	
 (k)

 	
 the
 incurrence by Borrower or any Subsidiary of any Permitted Refinancing
 Indebtedness in exchange for, or the net proceeds of which are used to renew,
 refund, replace and defease or discharge any Debt permitted by this Section
 8.1.

 
	
  

 	
  

 	
  

 
	
           8.2 Limitations
 on Merger, Dissolution or Sales of Assets. Enter
 into any merger or consolidation or liquidate or dissolve, or sell, lease,
 assign, transfer, or dispose of all, substantially all, or any part of its
 assets, except: 

 
	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 the sale or
 lease of inventory in the ordinary course of business; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 the sale of
 uncollectible accounts receivable, obsolete, damaged, uneconomic or worn out
 machinery, parts, property or equipment, or property or equipment no longer
 used or useful in the conduct of the applicable Loan Party’s business; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 mergers or
 consolidations of any Subsidiary of Borrower with or into Borrower or any
 Guarantor so long as the Borrower or such Guarantor shall be the continuing
 or surviving entity; provided that at the time of each such merger or
 consolidation, both before and after giving effect thereto, no Default or
 Event of Default shall have occurred and be continuing or result from such
 merger or consolidation; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 any Subsidiary
 may liquidate or dissolve into Borrower or a Guarantor if Borrower determines
 in good faith that such liquidation or dissolution is in the best interests
 of Borrower, so long as no Default or Event of Default has occurred and is
 continuing or would result therefrom;

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 sales or
 transfers, including without limitation upon voluntary liquidation from any
 Loan Party to Borrower or a Guarantor, provided that the applicable Borrower
 or Guarantor takes such actions as Bank may reasonably request to ensure the
 perfection and priority of the Liens in favor of the Lenders over such
 transferred assets;

 

33

	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 Asset Sales
 (exclusive of asset sales permitted by other subsections of this Section 8.2)
 in which the sales price is at least equal to the fair market value of the
 assets sold and the consideration received is cash or cash equivalents or
 Debt of any Loan Party being assumed by the purchaser, provided that the
 aggregate amount of such Asset Sales does not exceed $2,000,000 in any fiscal
 year and no Default or Event of Default has occurred and is continuing at the
 time of each such sale (both before and after giving effect to such Asset
 Sale);

 
	
  

 	
  

 	
  

 
	
  

 	
 (g)

 	
 Asset Sales
 (exclusive of asset sales permitted by other subsections of this Section 8.2)
 in which the sales price is at least equal to the fair market value of the
 assets sold and the consideration received is cash or cash equivalents or
 Debt of any Loan Party being assumed by the purchaser, provided that (i) the
 aggregate amount of such Asset Sales does not exceed $1,500,000 in any fiscal
 year, (ii) no Default or Event of Default has occurred and is continuing at
 the time of each such sale (both before and after giving effect to such
 sale), (iii) the Net Cash Proceeds of such Asset Sales are used to prepay the
 Revolving Credit Note pursuant to Section 2.11(a), and (iv) the Revolving
 Credit Commitment is permanently reduced by the amount of such Net Cash
 Proceeds;

 
	
  

 	
  

 	
  

 
	
  

 	
 (h)

 	
 licenses and
 sublicenses by any of the Loan Parties of software or intellectual property
 in the ordinary course of business;

 
	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 any
 surrender or waiver of contract rights or settlement, release, recovery on or
 surrender of contract, tort or other claims in the ordinary course of
 business;

 
	
  

 	
  

 	
  

 
	
  

 	
 (j)

 	
 foreclosures
 on assets, transfers by reason of eminent domain or other similar involuntary
 transfers of assets;

 
	
  

 	
  

 	
  

 
	
  

 	
 (k)

 	
 the lease,
 assignment or sublease of any real or personal property in the ordinary
 course of business;

 
	
  

 	
  

 	
  

 
	
  

 	
 (l)

 	
 the sale or
 disposition of Permitted Investments and other cash equivalents in the
 ordinary course of business; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (m)

 	
 dispositions
 of owned or leased vehicles in the ordinary course of business.

 

          8.3
[RESERVED].

          8.4
Limitations on Acquisitions. Purchase or otherwise acquire or become
obligated for the purchase of all or substantially all or any material portion
of the assets or business interests or a division or other business unit of any
Person, or any Capital Stock of any Person or in any other manner effectuate or
attempt to effectuate an expansion of present business by such an acquisition,
except for acquisitions (i) made while no Event of Default shall have occurred
and be continuing, and (ii) in which the total consideration (including
indebtedness assumed and the value of any Capital Stock of the Borrower or any
Subsidiary issued as consideration thereof), plus the total consideration paid
or assumed in all other acquisitions during the same fiscal year, exceeds
$10,000,000 in any fiscal year.

34

          8.5
Limitations on Liens. Affirmatively pledge or mortgage any of its assets
(including any property or revenue), whether now owned or hereafter acquired,
or create, suffer or permit to exist any Lien, except:

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 Permitted
 Liens;

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 Liens
 created pursuant to the Loan Documents; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 other Liens,
 existing on the Effective Date, set forth on Schedule 8.5.

 

          8.6
Restricted Payments. Declare or make any distributions, dividend,
payment or other distribution of assets, properties, cash, rights, obligations
or securities on account of any of its Capital Stock, as applicable, or
purchase, redeem or otherwise acquire for value any of its Capital Stock, as
applicable, or any warrants, rights or options to acquire any of its Capital
Stock, now or hereafter outstanding (collectively, “Restricted Payments”),
except that:

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 each Loan
 Party may pay cash Restricted Payments to the Borrower or any Guarantor; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 each Loan
 Party may declare and make Restricted Payments payable in the Capital Stock
 of such Loan Party, provided that the issuance of such Capital Stock does not
 otherwise violate the terms of this Agreement and no Default or Event of
 Default has occurred and is continuing at the time of making such Restricted
 Payments or would result from the making of such Restricted Payments; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 each Loan
 Party may declare and make Restricted Payments permitted by the Current
 Indenture on or after January 1, 2011, if (i) the Fixed Charge Coverage Ratio
 for the Borrower’s most recently ended Measuring Period for which internal
 financial statements are available immediately preceding the date on which
 such Restricted Payment is made would have been at least 1.05 to 1.0,
 determined on a pro forma basis as if such Restricted Payment had been made
 at the beginning of such Measuring Period, (ii) no Default or Event of
 Default shall have occurred and be continuing, either before such Restricted
 Payment is made or after giving effect thereto, and (iii) the principal
 balance of the Note is $0, both before and after the Restricted Payment is
 made;

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 so long as
 no Default or Event of Default has occurred and is continuing, the making of
 any Restricted Payment in exchange for, or out of or with the Net Cash
 Proceeds of the substantially concurrent sale (other than to a Subsidiary of
 the Borrower) of, Capital Stock of the Borrower or from the substantially
 concurrent contribution of common equity capital to the Borrower, if, as of
 the date of such payment, the principal balance of the Note is $0; provided,
 however, that for purposes of this sub-section (d), Restricted Payments will
 be deemed to be substantially concurrent with any such sale or contributions
 if the Restricted Payment occurs within 30 days thereof;

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 so long as
 no Default or Event of Default has occurred and is continuing, the
 repurchase, redemption or other acquisition or retirement for value of any
 Capital 

 

35

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Stock of the
 Borrower or any Subsidiary of the Borrower held by any current or former
 officer, director or employee of the Borrower or any of its Subsidiaries
 pursuant to any equity subscription agreement, stock option agreement
 (including the repurchase of Capital Stock deemed to occur upon the exercise
 of stock options or vesting of employee equity to the extent such equity
 interests represent a portion of the exercise price of or are used to satisfy
 tax withholding with respect to those stock options), shareholders’ agreement
 or similar agreement; provided, however, that the aggregate amount of all such
 Restricted Payments may not exceed $1,500,000 in any twelve-month period; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 so long as
 no Default or Event of Default has occurred and is continuing, payments of
 cash, dividends, distributions, advances or other Restricted Payments by the Borrower
 or any of its Subsidiaries not in excess of $25,000 in any twelve month
 period to allow the payment of cash in lieu of the issuance of fractional
 shares upon (i) the exercise of options or warrants or (ii) the conversion or
 exchange of Capital Stock of any such Person.

 

          8.7
Transactions with Affiliates. Except as set forth in Schedule 8.7, enter
into any transaction, including, without limitation, any purchase, sale, lease
or exchange of property or the rendering of any service, with any Affiliates of
the Loan Parties except: (a) transactions with Affiliates that are the Borrower
or Guarantors; (b) transactions otherwise permitted under this Agreement; (c)
transactions in the ordinary course of a Loan Party’s business and upon fair
and reasonable terms no less favorable to such Loan Party than it would obtain
in a comparable arms length transaction from unrelated third parties; any
employment agreement, employee benefit plan, officer or director
indemnification agreement or any similar arrangement entered into by any Loan
Party in the ordinary course of business and payments pursuant thereto; (d)
payment of reasonable and customary fees and reimbursements of expenses
(pursuant to indemnity arrangements or otherwise) of officers, directors, employees
or consultants of any Loan Party; (e) any issuance of Capital Stock of the
Borrower to Affiliates of the Borrower; (f) Restricted Payments that comply
with Section 8.6; (g) payments or loans (or cancellation of loans) to officers,
directors, employees or consultants which are approved by a majority of the
independent directors of the Board of Directors of the Borrower in good faith;
(h) any agreement as in effect as of the date of this Agreement or any
amendment thereto (so long as any such agreement together with all amendments
thereto, taken as a whole, is not more disadvantageous to Bank in any material
respect than the original agreement as in effect on the date of this Agreement)
as determined in good faith by a majority of the independent directors of the
Board of Directors of the Borrower; (i) the existence of, or the performance by
any of the Loan Parties of its obligations under the terms of, the Plan of
Reorganization of Greektown Holdings, L.L.C., and its subsidiaries, any
stockholders agreement (including any registration rights agreement or purchase
agreement related thereto) to which it is a party as of the date of this
Agreement, and any transaction, agreement or arrangement described in this
offering memorandum and, in each case, any amendment thereto or similar
transactions, agreements or arrangements which it may enter into thereafter;
(j) any contribution to the capital of the Borrower; and (k) execution and
delivery or amendment or modification of any management agreement or payment of
consulting or management fees of any manager of any of the Loan Parties.

36

          8.8
Limitation on Investments, Loans and Advances. Make or allow to remain
outstanding any Investment (whether such investment shall be of the character
of investment in Capital Stock, evidences of indebtedness or other securities
or otherwise) in, or any loans or advances to, any Person other than:

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 Permitted
 Investments;

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 Investments
 existing on the Effective Date and listed on Schedule 8.8 hereof;

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 sales on
 open account in the ordinary course of business;

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 intercompany
 loans or intercompany Investments made by any Loan Party to or in any Loan
 Party; provided, however, that no Default or Event of Default shall have
 occurred and be continuing at the time of making such intercompany loan or
 intercompany Investment or result from such intercompany loan or intercompany
 Investment being made and that any intercompany loans shall be evidenced by
 and funded under a promissory note pledged to Bank under a Security
 Agreement;

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 Investments
 in respect of Hedging Transactions provided that such transaction is entered
 into for risk management purposes and not for speculative purposes;

 
	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 loans and
 advances to employees, officers and directors of any Loan Party for moving,
 entertainment, travel and other similar expenses in the ordinary course of
 business not to exceed $2,000,000 in the aggregate at any time outstanding;

 
	
  

 	
  

 	
  

 
	
  

 	
 (g)

 	
 acquisitions
 permitted by this Agreement and Investments in any Person acquired pursuant
 to such acquisitions;

 
	
  

 	
  

 	
  

 
	
  

 	
 (h)

 	
 any
 Investment made as a result of the receipt of non-cash consideration from an
 Asset Sale permitted by Section 8.2;

 
	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 any
 acquisition of assets or Capital Stock solely in exchange for the issuance of
 Capital Stock of Borrower;

 
	
  

 	
  

 	
  

 
	
  

 	
 (j)

 	
 any
 Investments received in compromise or resolution of (A) obligations of trade
 creditors or customers that were incurred in the ordinary course of business
 of Borrower or any Guarantor, including pursuant to any plan of
 reorganization or similar arrangement upon the bankruptcy or insolvency of
 any trade creditor or customer; or (B) litigation, arbitration or other
 disputes;

 
	
  

 	
  

 	
  

 
	
  

 	
 (k)

 	
 Investments
 acquired after the date of this Agreement as a result of the acquisition by
 Borrower or any Guarantor of the Capital Stock of another Person, including
 by way of a merger, amalgamation or consolidation with or into Borrower or
 any Guarantor in a transaction that is not prohibited by this Agreement to
 the extent that such Investments were not made in contemplation of such
 acquisition, merger, amalgamation or consolidation and were in existence on
 the date of such acquisition, merger, amalgamation or consolidation;

 

37

	
  

 	
  

 	
  

 
	
  

 	
 (l)

 	
 any
 Investment acquired by Borrower or any Subsidiary (a) in exchange for any
 other Investment or accounts receivable held by Borrower or any such
 Subsidiary in connection with or as a result of a bankruptcy, workout,
 reorganization or recapitalization of the issuer of such other Investment or
 accounts receivable or (b) as a result of a foreclosure by Borrower or any of
 its Subsidiaries with respect to any secured Investment or other transfer of
 title with respect to any secured Investment in default;

 
	
  

 	
  

 	
  

 
	
  

 	
 (m)

 	
 Investments
 consisting of the licensing or contribution of intellectual property pursuant
 to joint marketing arrangements with other Persons in the ordinary course of
 business;

 
	
  

 	
  

 	
  

 
	
  

 	
 (n)

 	
 Investments
 constituting deposits made in connection with the purchase of goods or
 services in the ordinary course of business; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (o)

 	
 other
 Investments not described above in any Person not an Affiliate of the
 Borrower provided that both at the time of and immediately after giving
 effect to any such Investment (i) no Default or Event of Default shall have
 occurred and be continuing or shall result from the making of such Investment
 and (ii) the aggregate amount of all such Investments shall not exceed
 $20,000,000 since the date of this Agreement.

 

In valuing any
Investments for the purpose of applying the limitations set forth in this
Section 8.8 (except as otherwise expressly provided herein), such Investment
shall be taken at the original cost thereof, without allowance for any
subsequent write-offs or appreciation or depreciation, but less any amount
repaid or recovered on account of capital or principal.

          8.9
Limitation on Other Restrictions. Except for this Agreement, any other
Loan Document or the Senior Note Documents, enter into any agreement, document
or instrument which would (i) restrict the ability of any Subsidiary to pay or
make dividends or distributions in cash or kind to Borrower or any Guarantor,
to make loans, advances or other payments of whatever nature to any Loan Party,
or to make transfers or distributions of all or any part of its assets to any
Loan Party; or (ii) restrict or prevent any Loan Party from granting Bank Liens
upon, security interests in and pledges of their respective assets, except to
the extent such restrictions exist in documents creating Liens permitted by
Section 8.5 hereof, other than, in each case, with respect to any assets
financed with Debt permitted by Section 8.1(d).

          8.10
Prepayment of Debt. Prepay, purchase, redeem or defease any Funded Debt,
except for (i) the Indebtedness, (ii) Permitted Refinancing Indebtedness, (iii)
Debt incurred pursuant to Sections 8.1(c) or (d), (iv) Subordinated Debt, to
the extent permitted by the applicable subordination agreement, and (v) to the
extent permitted by Section 8.17 hereof, the Senior Notes.

          8.11
Amendment of Debt Documents. Amend, modify or otherwise alter any of the
material terms and conditions of those documents or instruments evidencing or
otherwise related to any Funded Debt (other than the Senior Note Documents) in
a manner (i) that makes any term more onerous, restrictive or adverse to the
applicable Loan Party or the rights of Bank under this 

38

Agreement or
any other Loan Document, (ii) that would violate the terms and conditions of
this Agreement or any other Loan Document, or (iii) that could reasonably be
expected to have a Material Adverse Effect.

          8.12
Amendment to Organizational Documents. Make, permit or consent to any
amendment or other modification to the constitutional documents of any of the
Loan Parties except to the extent that any such amendment (i) does not violate
the terms and conditions of this Agreement or any of the other Loan Documents,
(ii) does not materially adversely affect the interest of Bank as creditor
under this Agreement or any other document or instrument in any respect and
(iii) could not reasonably be expected to have a Material Adverse Effect.

          8.13
Change in Business. (i) Change its name, (ii) change its jurisdiction of
incorporation or organization, or (iii) change its locations at which
Collateral is held or stored, or the location of its records concerning the
Collateral or its books, in each case without at least fifteen (15) days prior
written notice to Bank and after Bank’s written acknowledgment that any reasonable
action requested by Bank to continue the perfection of any Liens in favor of
Bank in any Collateral, has been completed or taken, and provided that any such
new location shall be in the continental United States.

          8.14
Fiscal Year. Permit the fiscal year of Borrower and its Subsidiaries to
end on a day other than December 31.

          8.15
Limitation on Capital Expenditures. Make or commit to make (by way of
the acquisition of securities of a Person or otherwise) any expenditure in
respect of the purchase or other acquisition of fixed or capital assets
(excluding any such asset acquired in connection with normal replacement and
maintenance programs properly charged to current operations) except Capital
Expenditures, the amount of which in any fiscal year shall not exceed an amount
equal to the sum of $20,000,000 and the amount of any Debt permitted to be
incurred under Section 8.1 the proceeds of which are used to make Capital
Expenditures, provided that the amount of any permitted Capital Expenditures
not used in any fiscal year (not to exceed $7,500,000) may be added, on a
non-cumulative basis, to the amount of permitted Capital Expenditures for the
next fiscal year.

          8.16
Modification of Senior Note Documents. Amend, modify or otherwise alter
any of the Senior Note Documents, except as permitted by the Intercreditor
Agreement.

          8.17
Prepayment of Senior Notes. Prepay, redeem or defease any of the Senior
Notes prior to their scheduled maturity, other than with Permitted Refinancing
Indebtedness; provided, however, that Borrower may prepay the Senior Notes in
accordance with Section 3.09 of the Current Indenture if (a) such prepayment
occurs within sixty (60) days after delivery to Bank of Borrower’s financial
statements and Covenant Compliance Report for the applicable fiscal year
pursuant to Sections 7.1(a) and (c), (b) at the time of such payment and after
giving effect thereto (i) no Default or Event of Default shall exist, and (ii)
the principal balance of the Note is $0.

          9. EVENTS
OF DEFAULT.

          9.1
Event of Default. The occurrence of any of the following events shall
constitute an Event of Default hereunder:

39

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 non-payment
 when due of (i) the principal or interest on the Indebtedness under this Agreement,
 or (ii) any reimbursement obligation with respect to any Letter of Credit, or
 (iii) any fees or other amounts payable by any Loan Party hereunder or under
 any other Loan Document, and in the case of interest payments or the amounts
 specified by clause (iii) hereof, continuance thereof for five (5) Business
 Days;

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 (i) default
 in the observance or performance of any of the conditions, covenants or
 agreements of Borrower set forth in Sections 7.1, 7.3(b), 7.4, 7.5(a) and
 (e), 7.7, 7.13, 7.14, 7.15, 7.16 or Article 8 in its entirety or any
 provision of any Collateral Assignment, provided that any Event of Default
 arising solely due to a breach of Section 7.5(a) shall be deemed cured upon
 the earlier of (x) the giving of the notice required by Section 7.5(a) and
 (y) the date upon which the Default or Event of Default giving rise to the
 notice obligation is cured or waived, and (ii) default in the observance or
 performance of the covenants in Section 7.1 and continuance thereof for a
 period of five (5) Business Days;

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 default in
 the observance or performance of any of the other conditions, covenants or
 agreements set forth herein or in any other Loan Document, and continuance
 thereof for a period of thirty (30) days after the earlier of notice from
 Bank or when a senior officer of any Loan Party obtains knowledge thereof;

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 any
 representation or warranty made by any Loan Party herein or in any Loan
 Document proves untrue in any material adverse respect when made or deemed
 made;

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 if the
 holder or purported holder of any Parcel 2 Encumbrance shall exercise any
 right or remedy under such Parcel 2 Encumbrance, including, but not limited
 to, foreclosure of such Parcel 2 Encumbrance, whether judicial or
 non-judicial, the exercise of any assignment of rents, or the institution of
 suit seeking appointment of a receiver (each an “Enforcement Action”), and
 any such Enforcement Action shall not have been dismissed, abandoned or
 terminated within sixty (60) days after it is commenced;

 
	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 default in
 the payment of any other obligations of any Loan Party for borrowed money in
 an aggregate amount in excess of $5,000,000 individually or in the aggregate
 when due (whether by acceleration or otherwise) and continuance thereof
 beyond any applicable period of cure, or in the observance or performance of
 any conditions, covenants or agreements related or given with respect to any
 obligations for borrowed money in an aggregate amount in excess of $5,000,000
 individually or in the aggregate which continues beyond any applicable period
 of cure and which is sufficient to permit the holder thereof to accelerate
 the maturity of such obligations;

 
	
  

 	
  

 	
  

 
	
  

 	
 (g)

 	
 judgments
 (not covered by insurance from a solvent insurer who is defending such action
 without reservation of rights) for the payment of money in excess of the sum
 of $5,000,000 in the aggregate shall be rendered against any Loan Party

 

40

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 and such
 judgments shall remain unpaid, unvacated, unbonded or unstayed by appeal or
 otherwise for a period of thirty (30) consecutive days from the date of its
 entry or any action shall be legally taken by a judgment creditor to levy
 upon assets or properties of any Loan Party to enforce such judgment;

 
	
  

 	
  

 	
  

 
	
  

 	
 (h)

 	
 the
 occurrence of any event, which is determined by the PBGC to constitute
 grounds for termination by the PBGC of any Pension Plan or for the
 appointment of a trustee (in the case of a Pension Plan, by the appropriate
 United States District Court) to administer such plan, and such event is not
 corrected and such determination is not revoked within sixty (60) days after
 notice thereof has been given to the plan administrator or any Loan Party; or
 the institution of proceedings by the PBGC (or, in the case of a Foreign
 Pension Plan, similar governmental or quasi-governmental entity) to terminate
 any such Pension Plan or to appoint a trustee to administer such plan; or the
 appointment of a trustee (in the case of a Pension Plan by the appropriate
 United States District Court) to administer any such Pension Plan;

 
	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 the
 occurrence of any Change in Control;

 
	
  

 	
  

 	
  

 
	
  

 	
 (j)

 	
 except as
 specifically permitted hereby, any Loan Party shall be dissolved or
 liquidated (or any judgment, order or decree therefor shall be entered); or
 if a creditors’ committee shall have been appointed for the business of any
 Loan Party; or if any Loan Party shall have made a general assignment for the
 benefit of creditors or shall have been adjudicated bankrupt and if not an
 adjudication based on a filing by a Loan Party it shall not have been
 dismissed within sixty (60) days, or shall have filed a voluntary petition in
 bankruptcy or for reorganization or to effect a plan or arrangement with
 creditors or shall fail to pay or shall admit in writing its inability or
 refusal to pay its debts generally as such debts become due in the ordinary
 course of business; or shall file an answer to a creditor’s petition or other
 petition filed against it, admitting the material allegations thereof for an
 adjudication in bankruptcy or for reorganization; or shall have applied for
 or permitted the appointment of a receiver or trustee or custodian for any of
 its property or assets; or such receiver, trustee or custodian shall have
 been appointed for any of its property or assets (otherwise than upon
 application or consent of any Loan Party) and shall not have been removed
 within sixty (60) days; or if an order shall be entered approving any
 petition for reorganization of any Loan Party and shall not have been
 reversed or dismissed within sixty (60) days; or any Loan Party shall take
 any action (corporate or other) authorizing or in furtherance any of the
 actions described above in this subsection;

 
	
  

 	
  

 	
  

 
	
  

 	
 (k)

 	
 any material
 provision of any Loan Document shall at any time for any reason cease to be
 valid, binding and enforceable against any Loan Party (other than in
 accordance with the terms thereof), (ii) the validity, binding effect or
 enforceability thereof shall be contested by any Loan Party, or (iii) any
 Loan Party shall deny that it has any further liability or obligation under
 any Loan Document, or any such Loan Document shall be terminated (other than
 in 

 

41

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 accordance
 with the terms thereof), invalidated, revoked or set aside or in any way
 cease to give or provide to Bank the benefits purported to be created
 thereby;

 
	
  

 	
  

 	
  

 
	
  

 	
 (l)

 	
 the
 occurrence of any event or circumstance which results in the prohibition of
 the Borrower or any of its Subsidiaries to conduct gaming activities at the
 Gaming Facilities for a period of greater than thirty (30) consecutive days;
 or

 
	
  

 	
  

 	
  

 
	
  

 	
 (m)

 	
 the loss or
 revocation of any Gaming License, if such loss or revocation is reasonably
 likely to cause a Material Adverse Effect.

 

          9.2
Exercise of Remedies. If an Event of Default has occurred and is
continuing hereunder: (a) Bank may declare the Revolving Credit Commitment
terminated; (b) Bank may declare the entire unpaid principal Indebtedness,
immediately due and payable, without presentment, notice or demand, all of
which are hereby expressly waived by Borrower; (c) upon the occurrence of any
Event of Default specified in subsection 9.1(j), above, and notwithstanding the
lack of any declaration by Bank, the entire unpaid principal Indebtedness shall
become automatically and immediately due and payable, and the Revolving Credit
Commitment shall be automatically and immediately terminated; (d) Bank may
demand immediate delivery of cash collateral, and Borrower agrees to deliver
such cash collateral upon demand, in an amount equal to the maximum amount that
may be available to be drawn at any time prior to the stated expiry of all
outstanding Letters of Credit, (e) Bank may exercise any remedy permitted by
this Agreement, the other Loan Documents or law.

          9.3
Application of Proceeds. All of the Indebtedness shall constitute one
loan secured by Bank’s security interest in the Collateral and by all other
security interests, mortgages, Liens, claims, and encumbrances now and from
time to time hereafter granted by any Loan Party to Bank. Upon the occurrence
and during the continuance of an Event of Default, to the extent permissible
under applicable law, but subject to the terms of the Intercreditor Agreement,
Bank may in its sole discretion apply the Collateral to any portion of the
Indebtedness. Subject to the terms of the Intercreditor Agreement, the proceeds
of any sale or other disposition of the Collateral authorized by this Agreement
shall be applied by Bank, first upon all expenses authorized by the Michigan
Uniform Commercial Code (or other applicable law) or otherwise in connection
with the sale and all reasonable attorneys’ fees and legal expenses incurred by
Bank; the balance of the proceeds of such sale or other disposition shall be
applied in the payment of the Indebtedness, first to interest, then to principal,
then to other Indebtedness and the surplus, if any, shall be paid over to the
applicable Loan Party or to such other Person or Persons as may be entitled
thereto under applicable law. Borrower shall remain liable for any deficiency,
which Borrower shall pay to Bank immediately upon demand.

          9.4
Rights Cumulative. The remedies provided for herein are cumulative to
the remedies for collection of the Indebtedness as provided by law, in equity
or by any mortgage, security agreement or other document contemplated hereby.
Nothing herein contained is intended, nor shall it be construed, to preclude
Bank from pursuing any other remedy for the recovery of any other sum to which
Bank may be or become entitled for the breach of this Agreement by Borrower.

42

          9.5
Set-Off. Subject to the terms of the Intercreditor Agreement, upon the
occurrence and during the continuance of any Event of Default, Bank may at any
time and from time to time, without notice to Borrower (any requirement for
such notice being expressly waived by Borrower), set off and apply against any
and all of the obligations of Borrower now or hereafter existing under this
Agreement, any and all deposits (general or special, time or demand,
provisional or final) at any time held and other indebtedness at any time owing
by Bank to or for the credit or the account of Borrower, irrespective of
whether or not such deposits held or indebtedness owing by Bank may be
contingent and unmatured and regardless of whether any Collateral then held by
Bank is adequate to cover the Indebtedness. Borrower hereby grants to Bank a
Lien on and security interest in all such deposits, indebtedness and property
as collateral security for the payment and performance of all of the
obligations of Borrower under this Agreement. The rights of Bank under this
Section 9.5 are in addition to the other rights and remedies (including,
without limitation, other rights of setoff) which Bank may have. 

          9.6
Waiver of Defaults. No Event of Default may be waived by Bank except in
a writing signed by an officer of Bank. No single or partial exercise of any
right, power or privilege hereunder, nor any delay in the exercise thereof,
shall preclude other or further exercise of its rights by Bank. No waiver of
any Event of Default shall extend to any other or further Event of Default. No
forbearance on the part of Bank in enforcing any of its rights shall constitute
a waiver of any of its rights. Borrower expressly agrees that this Section 9.6
may not be waived or modified by Bank by course of performance, estoppel or
otherwise. 

          9.7
Waiver by Borrower of Certain Laws. To the extent permitted by
applicable law, Borrower hereby agrees to waive, and does hereby absolutely and
irrevocably waive and relinquish the benefit and advantage of any valuation,
stay, appraisement, extension or redemption laws now existing or which may
hereafter exist, which, but for this provision, might be applicable to any sale
made under the judgment, order or decree of any court, on any claim for
interest on the Note, or any security interest or mortgage contemplated by or
granted under or in connection with this Agreement. These waivers have been
voluntarily given, with full knowledge of the consequences thereof. 

          10.
MISCELLANEOUS. 

          10.1
Successors and Assigns. This Agreement shall be binding upon and shall
inure to the benefit of the Borrower and Bank and their respective successors
and assigns, except that neither the credit provided for under this Agreement
nor any part thereof nor any obligation of Bank hereunder shall be assignable
or otherwise transferable by Borrower, and no assignment by Borrower of its
rights or duties hereunder shall be made (or be effective) in either case,
without the prior written approval of Bank. Bank may sell participating
interests in its rights under this Agreement and the other Loan Documents, and
may sell or assign such rights (a) to any Affiliate of Bank, and (b) with the
prior written consent of Borrower, to any other Person, provided that such
consent shall not be required during the continuance of a Default or Event of
Default. 

          Notwithstanding
the foregoing, Bank and Borrower acknowledge and agree that the Order of the
Michigan Gaming Control Board (“Board”) approving the execution and delivery by
Borrower of this Agreement and the other Loan Documents requires that: 

43

	
 

	
 

	
 

	
 

	
(a)

	
If Bank
sells participating interest in its rights under this Agreement and the other
Loan Documents, or sells or assigns such rights, Bank must file a quarterly
report, beginning in the first quarter during which such transaction occurs,
listing all participants or assignees and documenting the dollar amount held
by each participant or assignee and providing other information requested by
the Board, which report must be filed within thirty (30) days after the end
of each quarter; and 

	
 

	
 

	
 

	
 

	
(b)

	
In case of
any such assignment or participation, the agreement with the participant or
assignee must not permit the participant or assignee to take any independent
default-related action against Borrower or any of its Affiliates or any
action that is not pursuant to this Agreement or the other Loan Documents;
and Bank and all participants and assignees must cooperate with any request
from the Board for information regarding participants or assignees. 

          10.2
Costs and Expenses. Borrower shall pay all closing costs and expenses,
including, by way of description and not limitation, reasonable house and
outside attorney fees (without duplication of fees and expenses for the same
services), Lien search fees, approval fees and title policy fees incurred by
Bank in connection with the Revolving Credit Commitment and the consummation
and closing of this Agreement. All of said amounts required to be paid by Borrower
may, at Bank’s option if they remain unpaid for fifteen (15) days after payment
therefore is requested by Bank, be charged by Bank as an advance against the
proceeds of the Note. All costs, including reasonable attorney fees incurred by
Bank in protecting or enforcing any of its or any of Bank’s rights against
Borrower or any Collateral or in defending Bank from any claims or liabilities
by any party or otherwise incurred by Bank in connection with a Default or an
Event of Default or the enforcement of this Agreement or the related documents,
including by way of description and not limitation, such charges in any court
or bankruptcy proceedings or arising out of any claim or action by any person
against Bank which would not have been asserted were it not for Bank’s
relationship with Borrower hereunder, shall also be paid by Borrower. 

          10.3
Accounting Principles. Where the character or amount of any asset or
liability or item of income or expense is required to be determined or any
consolidation or other accounting computation is required to be made for the
purposes of this Agreement, it shall be done in accordance with GAAP. 

          10.4
Indulgence. No delay or failure of Bank in exercising any right, power
or privilege hereunder shall affect such right, power or privilege, nor shall
any single or partial exercise thereof preclude any further exercise thereof,
or the exercise of any other power, right or privilege. The rights of Bank
under this Agreement are cumulative and not exclusive of any right or remedies
which Bank would otherwise have. 

          10.5
Notices. Except as expressly provided otherwise in this Agreement, all
notices and other communications provided to any party hereto under this
Agreement shall be in writing and shall be given by personal delivery, by mail,
by reputable overnight courier, or by facsimile and addressed or delivered to
it at its address set forth below or at such other address as may be designated
by such party in a notice to the other parties that complies as to delivery
with the 

44

terms of this
Section 10.5. Any notice, if personally delivered or if mailed and properly
addressed with postage prepaid and sent by registered or certified mail, shall
be deemed given when received; any notice, if given to a reputable overnight
courier and properly addressed, shall be deemed given two (2) Business Days
after the date on which it was sent, unless it is actually received sooner by
the named addressee; and any notice, if transmitted by facsimile, shall be
deemed given when received (receipt confirmed in the case of telecopies). Bank
may, but shall not be required to, take any action on the basis of any notice
given to it by telephone, but Borrower shall promptly confirm such notice in
writing or by facsimile, and such notice will not be deemed to have been
received until such confirmation is deemed received in accordance with the
provisions of this Section set forth above. If such telephonic notice conflicts
with any such confirmation, the terms of such telephonic notice shall control. 

	
 

	
 

	
 

	
 

	
 

	
To Borrower:

	
 

	
 

	
 

	
 

	
 

	
Greektown
Superholdings, Inc.

	
 

	
 

	
555 East
Lafayette 

	
 

	
 

	
Detroit, MI
48226 

	
 

	
 

	
Attention:
Clifford J. Vallier 

	
 

	
 

	
Fax No:
(313) 962-9263 

	
 

	
 

	
 

	
 

	
 

	
To Bank: 

	
 

	
 

	
 

	
 

	
 

	
Comerica
Bank 

	
 

	
 

	
One Detroit
Center 

	
 

	
 

	
500 Woodward
Avenue – MC3242

	
 

	
 

	
Detroit, MI
48226 

	
 

	
 

	
Attention:
Group Manager, Metropolitan Banking – D 

	
 

	
 

	
Fax No.:
(313) 222-3756 

          Any
party sending a notice under this Agreement shall, concurrently with the
sending of such notice, send a copy to the Michigan Gaming Control Board at the
following address: 

	
 

	
 

	
 

	
 

	
 

	
Michigan
Gaming Control Board

	
 

	
 

	
3062 West
Grand Blvd., L-700 

	
 

	
 

	
Detroit, MI
48202-6062 

	
 

	
 

	
Attention:
Executive Director and Deputy Director of Licensing 

	
 

	
 

	
Fax No.:
(313) 456-4200 

          10.6
Law of Michigan; Consent to Jurisdiction. This Agreement and the Note
have been delivered at Detroit, Michigan, and shall be governed by and
construed and enforced in accordance with the laws of the State of Michigan.
Whenever possible each provision of this Agreement shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision
of this Agreement shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining
provisions of this Agreement. Borrower and Bank hereby irrevocably submit to
the non-exclusive jurisdiction of any United States Federal Court or Michigan
state court sitting in Detroit, Michigan in any action or 

45

proceeding
arising out of or relating to this Agreement or any of the Loan Documents and
Borrower and Bank hereby irrevocably agree that all claims in respect of such
action or proceeding may be heard and determined in any such United States
Federal Court or Michigan state court. Borrower irrevocably consents to the
service of any and all process in any such action or proceeding brought in any
court in or of the State of Michigan by the delivery of copies of such process
to Borrower at its address specified herein or by certified mail directed to
such address or such other address as may be designated by the Borrower in a
notice to the other parties that complies as to delivery with the terms of
Section 10.5. Nothing in this Section shall affect the right of Bank to serve
process in any other manner permitted by law or limit the right of Bank to
bring any such action or proceeding against any Loan Party or any of its or
their property in the courts with subject matter jurisdiction of any other
jurisdiction. Borrower hereby irrevocably waives any objection to the laying of
venue of any such suit or proceeding in the above described courts. 

          10.7
Amendment and Waiver. No amendments or waiver of any provisions of this
Agreement nor consent to any departure by Borrower therefrom shall in any event
be effective unless the same shall be in writing and signed by Bank and the
Borrower, and then such amendment, waiver or consent shall be effective only in
the specific instance and for the specific purpose for which given. No
amendment, waiver or consent with respect to any provision of this Agreement
shall affect any other provision of this Agreement. 

          10.8
Payments. 

	
 

	
 

	
 

	
 

	
(a)

	
All sums payable
by Borrower to Bank under this Agreement or the other documents contemplated
hereby shall be paid directly to Bank at its principal office set forth in
Section 10.5 hereof in immediately available United States funds, without set
off, deduction or counterclaim. In its sole discretion if a Default or Event
of Default has occurred and is continuing, Bank may charge any and all
deposit or other accounts (including without limit an account evidenced by a
certificate of deposit) of Borrower with Bank for all or a part of any
Indebtedness then due; provided, however, that this authorization shall not
affect Borrower’s obligation to pay, when due, any Indebtedness whether or
not account balances are sufficient to pay amounts due. 

	
 

	
 

	
 

	
 

	
(b)

	
Any payment
of the Indebtedness made by mail will be deemed tendered and received only
upon actual receipt by Bank at the address designated for such payment,
whether or not Bank has authorized payment by mail or any other manner, and
shall not be deemed to have been made in a timely manner unless received on
the date due for such payment, time being of the essence. Borrower expressly
assumes all risks of loss or liability resulting from non-delivery or delay
of delivery of any item of payment transmitted by mail or in any other
manner. Acceptance by Bank of any payment in an amount less than the amount
then due shall be deemed an acceptance on account only, and the failure to
pay the entire amount then due shall be and continue to be a Default or an
Event of Default, and at any time thereafter and until the entire amount then
due has been paid, Bank shall be entitled to exercise any and all rights
conferred upon it herein upon the occurrence of a Default or an Event of
Default. Upon the occurrence and during 

46

	
 

	
 

	
 

	
 

	
 

	
the
continuance of an Event of Default, Borrower waives the right to direct the
application of any and all payments at any time or times hereafter received
by Bank from or on behalf of Borrower. Upon the occurrence and during the
continuance of an Event of Default, Borrower agrees that Bank shall have the
continuing exclusive right to apply and to reapply any and all payments
received at any time or times hereafter against the Indebtedness in such
manner as Bank may deem advisable, notwithstanding any entry by Bank upon any
of its books and records. Borrower expressly agrees that to the extent that
Bank receives any payment or benefit and such payment or benefit, or any part
thereof, is subsequently invalidated, declared to be fraudulent or
preferential, set aside or is required to be repaid to a trustee, receiver,
or any other party under any bankruptcy act, state or federal law, common law
or equitable cause, then to the extent of such payment or benefit, the
Indebtedness or part thereof intended to be satisfied shall be revived and
continued in full force and effect as if such payment or benefit had not been
made and, further, any such repayment by Bank, to the extent that Bank did
not directly receive a corresponding cash payment, shall be added to and be additional
Indebtedness payable upon demand by Bank.

          10.9
Interest. In the event Borrower’s obligation to pay interest on the
principal balance of the Note is or becomes in excess of the maximum interest
rate which Borrower is permitted by law to contract or agree to pay, giving due
consideration to the execution date of this Agreement, then, in that event, the
rate of interest applicable shall be deemed to be immediately reduced to such
maximum rate and all previous payments in excess of such maximum rate shall be
deemed to have been payments in reduction of principal and not of interest. 

          10.10
WAIVER OF JURY TRIAL. BORROWER AND BANK ACKNOWLEDGE THAT THE RIGHT TO
TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH PARTY,
AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF
THEIR CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT WAIVES
ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE
OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS AGREEMENT OR THE
INDEBTEDNESS. 

          10.11
Counterparts. This Agreement may be executed in several counterparts,
and each executed copy shall constitute an original instrument, but such
counterparts together shall constitute but one and the same instrument. 

          10.12
Complete Agreement; Conflicts. This Agreement, the Note and any Requests
for Advance hereunder, the Intercreditor Agreement, and the other Loan
Documents contain the entire agreement of the parties hereto, superseding all
prior agreements, discussions and understandings relating to the subject matter
hereof, and none of the parties shall be bound by anything not expressed in
writing. In the event of any conflict between the terms of this Agreement and the
other Loan Documents, this Agreement shall govern. 

47

          10.13
Severability. In case any one or more of the obligations of any Loan
Party under this Agreement, the Note or any of the other Loan Documents shall
be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining obligations of such Loan Party
shall not in any way be affected or impaired thereby, and such invalidity,
illegality or unenforceability in one jurisdiction shall not affect the
validity, legality or enforceability of the obligations of such Loan Party
under this Agreement, the Note or any of the other Loan Documents in any other
jurisdiction. 

          10.14
Independence of Covenants. Each covenant hereunder shall be given independent
effect (subject to any exceptions stated in such covenant) so that if a
particular action or condition is not permitted by any such covenant (taking
into account any such stated exception), the fact that it would be permitted by
an exception to, or would be otherwise within the limitations of, another
covenant shall not avoid the occurrence of a Default or an Event of Default. 

          10.15
Reliance on and Survival of Various Provisions. All terms, covenants,
agreements, representations and warranties of any Loan Party to any of the Loan
Documents made herein or in any of the Loan Documents or in any certificate,
report, financial statement or other document furnished by or on behalf of any
Loan Party in connection with this Agreement or any of the Loan Documents shall
be deemed to have been relied upon by Bank, notwithstanding any investigation
heretofore or hereafter made by Bank, and those covenants and agreements of the
Borrower set forth in Section 10.16 hereof (together with any other indemnities
of any Loan Party contained elsewhere in this Agreement or in any of the other
Loan Documents) shall survive the repayment in full of the Indebtedness and the
termination of the Revolving Credit Commitment. 

          10.16
Indemnification. 

	
 

	
 

	
 

	
 

	
(a)

	
Borrower
agrees to indemnify and hold Bank harmless from all loss, damage, liability
and reasonable expenses and costs, including reasonable house and outside
attorneys’ fees and disbursements (but without duplication of fees and
expenses for the same services), incurred by Bank by reason of any breach of
any representation or warranty, covenant or agreement of the Loan Parties in
this Agreement or the other Loan Documents, including the occurrence of any
Default or an Event of Default, or by reason of enforcing the obligations of
any Loan Party or the Subordinated Lenders under this Agreement or any of the
other Loan Documents or in the prosecution or defense of any action or
proceeding concerning any matter growing out of or connected with this
Agreement or any of the Loan Documents, excluding, however, any loss, cost,
damage, liability or expenses arising solely as a result of the gross
negligence or willful misconduct of the party seeking to be indemnified under
this Section 10.16(a). 

	
 

	
 

	
 

	
 

	
(b)

	
Borrower
agrees to defend, indemnify and hold harmless Bank, and its respective
employees, agents, officers and directors from and against any and all
claims, demands, penalties, fines, liabilities, settlements, damages,
reasonable costs or reasonable expenses of whatever kind or nature (including
without limitation, reasonable attorneys and consultants fees, investigation
and laboratory fees, 

48

	
 

	
 

	
 

	
 

	
 

	
environmental
studies required by Bank in connection with the violation of Environmental
Laws, court costs and litigation expenses, excluding however, those arising
solely as a result of the gross negligence or willful misconduct of the
Person seeking indemnification, as the case may be) arising out of or related
to (i) the presence, use, disposal, release or threatened release of any
Hazardous Materials on, from or affecting any premises owned or occupied by
any Loan Party in violation of or non-compliance with applicable
Environmental Laws, (ii) any personal injury (including wrongful death) or
property damage (real or personal) arising out of or related to such
Hazardous Materials, (iii) any lawsuit or other proceeding brought or
threatened, settlement reached or governmental order or decree relating to
such Hazardous Materials, (iv) the cost of remediation or monitoring of all
Hazardous Materials in violation of or non-compliance with applicable
Environmental Laws from all or any portion of any premises owned by any Loan
Party, (v) complying or coming into compliance with all Environmental Laws
and/or (vi) any violation of Environmental Laws. The obligations of Borrower
under this Section 10.16(b) shall be in addition to any and all other
obligations and liabilities Borrower may have to Bank at common law or
pursuant to any other agreement.

          10.17
USA Patriot Act Notice. Pursuant to Section 326 of the USA Patriot Act,
the Bank hereby notifies the Loan Parties that if they or any of their
Subsidiaries open an account, including any loan, deposit account, treasury
management account, or other extension of credit with Bank, Bank will request
the applicable Person’s name, tax identification number, business address and
other information necessary to identify such Person (and may request such
Person’s organizational documents or other identifying documents) to the extent
necessary for Bank to comply with the USA Patriot Act. 

          10.18
Counterparts. This Agreement may be executed in several counterparts,
and each executed copy shall constitute an original instrument, but such
counterparts shall together constitute but one and the same instrument. 

          10.19
Confidentiality. Bank agrees that it will not disclose without the prior
consent of the Borrower (other than to its employees, its Subsidiaries, an
Affiliate of Bank or to its auditors or counsel) any information with respect
to the Loan Parties which is furnished pursuant to this Agreement or any of the
other Loan Documents; provided that Bank may disclose any such information (a)
as has become generally available to the public or has been lawfully obtained
by Bank from any third party under no duty of confidentiality to any Loan
Party, (b) as may be required or appropriate in any report, statement or
testimony submitted to, or in respect to any inquiry, by, any municipal, state
or federal regulatory body having or claiming to have jurisdiction over such
Lender, including the Board of Governors of the Federal Reserve System of the
United States, the Office of the Comptroller of the Currency or the Federal
Deposit Insurance Corporation or similar organizations (whether in the United
States or elsewhere) or their successors, (c) as may be required or appropriate
in respect to any summons or subpoena or in connection with any litigation,
provided that Bank will use its best efforts to provide notice to Borrower
prior to such disclosure but shall have no liability for failure to do so; (d)
in order to comply with any law, order, regulation, ruling or other requirement
of law applicable to Bank, 

49

and (e) to any
prospective assignee or participant in accordance with Section 10.1 hereof who
agrees to keep such information confidential in accordance with this Section
10.19. 

 [Signatures are on following page]

50

          WITNESS
the due execution hereof as of the day and year first above written. 

	
 

	
 

	
 

	
 

	
GREEKTOWN SUPERHOLDINGS, INC.

	
 

	
 

	
 

	
 

	
By: 

	
/s/ Clifford J. Vallier

	
 

	
 

	

	
 

	
Its:

	
President, Chief Financial Officer and Treasurer

	
 

	
 

	

	
 

	
 

	
 

	
 

	
COMERICA BANK

	
 

	
 

	
 

	
 

	
By:

	
/s/ Michael S. Wooder

	
 

	
 

	

	
 

	
Its:

	
Senior Vice President

	
 

	
 

	

51

SCHEDULE 1

 (Expressed in basis points)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
BASIS FOR PRICING

	
 

	
LEVEL 1

	
 

	
LEVEL 2

	
 

	
LEVEL 3

	

	
 

	

	
 

	

	
 

	

	
Leverage Ratio

	
 

	
< 4.0:1.0

	
 

	
> 4.0:1.0 

	
 

	
N/A

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Revolving Credit Note – LIBOR Option

	
 

	
175

	
 

	
225

	
 

	
350

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Letter of Credit Rate

	
 

	
175

	
 

	
225

	
 

	
350

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Revolving Credit Note – Prime-Referenced

	
 

	
-100

	
 

	
-50

	
 

	
75

	
Rate Option

	
 

	
 

	
 

	
 

	
 

	
 

SCHEDULE 1.1

PARCEL 2 ENCUMBRANCES

[TO BE COMPLETED]Exhibit 4.3 

ENZO BIOCHEM, INC.

INDENTURE

Dated as of

__________, 20___

TABLE OF CONTENTS

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page No.

 
	
  

 	
  

 	
  

 	

 

 
	
 ARTICLE I
 DEFINITIONS

 	
  

 	
 1

 
	
 Section 1.01.

 	
 Definitions

 	
  

 	
 2

 
	
 ARTICLE II
 FORMS OF SECURITIES

 	
  

 	
 9

 
	
 Section 2.01.

 	
 Terms of the Securities

 	
  

 	
 9

 
	
 Section 2.02.

 	
 Form of Trustee’s
 Certificate of Authentication

 	
  

 	
 9

 
	
 ARTICLE III
 THE DEBT SECURITIES

 	
  

 	
 10

 
	
 Section 3.01.

 	
 Amount; Issuable in Series

 	
  

 	
 10

 
	
 Section 3.02.

 	
 Denominations

 	
  

 	
 13

 
	
 Section 3.03.

 	
 Execution, Authentication,
 Delivery and Dating

 	
  

 	
 13

 
	
 Section 3.04.

 	
 Temporary Securities

 	
  

 	
 15

 
	
 Section 3.05.

 	
 Registrar

 	
  

 	
 16

 
	
 Section 3.06.

 	
 Transfer and Exchange

 	
  

 	
 16

 
	
 Section 3.07.

 	
 Mutilated, Destroyed, Lost
 and Stolen Securities

 	
  

 	
 20

 
	
 Section 3.08.

 	
 Payment of Interest;
 Interest Rights Preserved

 	
  

 	
 20

 
	
 Section 3.09.

 	
 Cancellation

 	
  

 	
 22

 
	
 Section 3.10.

 	
 Computation of Interest

 	
  

 	
 22

 
	
 Section 3.11.

 	
 Currency of Payments in
 Respect of Securities

 	
  

 	
 22

 
	
 Section 3.12.

 	
 Judgments

 	
  

 	
 23

 
	
 Section 3.13.

 	
 CUSIP Numbers

 	
  

 	
 23

 
	
 ARTICLE IV
 REDEMPTION OF SECURITIES

 	
  

 	
 23

 
	
 Section 4.01.

 	
 Applicability of Right of
 Redemption

 	
  

 	
 23

 
	
 Section 4.02.

 	
 Selection of Securities to
 be Redeemed

 	
  

 	
 24

 
	
 Section 4.03.

 	
 Notice of Redemption

 	
  

 	
 24

 
	
 Section 4.04.

 	
 Deposit of Redemption
 Price

 	
  

 	
 25

 
	
 Section 4.05.

 	
 Securities Payable on
 Redemption Date

 	
  

 	
 25

 
	
 Section 4.06.

 	
 Securities Redeemed in Part

 	
  

 	
 25

 
	
 ARTICLE V
 SINKING FUNDS

 	
  

 	
 26

 
	
 Section 5.01.

 	
 Applicability of Sinking
 Fund.

 	
  

 	
 26

 
	
 Section 5.02.

 	
 Mandatory Sinking Fund
 Obligation

 	
  

 	
 26

 
	
 Section 5.03.

 	
 Optional Redemption at
 Sinking Fund Redemption Price

 	
  

 	
 27

 
	
 Section 5.04.

 	
 Application of Sinking
 Fund Payment

 	
  

 	
 27

 
	
 ARTICLE VI
 PARTICULAR COVENANTS OF THE COMPANY

 	
  

 	
 28

 
	
 Section 6.01.

 	
 Payments of Securities

 	
  

 	
 28

 
	
 Section 6.02.

 	
 Paying Agent

 	
  

 	
 28

 
	
 Section 6.03.

 	
 To Hold Payment in Trust

 	
  

 	
 29

 
	
 Section 6.04.

 	
 Merger, Consolidation and
 Sale of Assets

 	
  

 	
 30

 
	
 Section 6.05.

 	
 Compliance Certificate

 	
  

 	
 31

 
	
 Section 6.06.

 	
 Section 6.06 Conditional
 Waiver by Holders of Securities

 	
  

 	
 31

 
	
 Section 6.07.

 	
 Statement by Officers as
 to Default

 	
  

 	
 31

 
	
 ARTICLE VII
 REMEDIES OF TRUSTEE AND SECURITYHOLDERS

 	
  

 	
 32

 
	
 Section 7.01.

 	
 Events of Default

 	
  

 	
 32

 
	
 Section 7.02.

 	
 Acceleration; Rescission
 and Annulment

 	
  

 	
 33

 
	
 Section 7.03.

 	
 Other Remedies

 	
  

 	
 35

 
	
 Section 7.04.

 	
 Trustee as
 Attorney-in-Fact

 	
  

 	
 35

 
	
 Section 7.05.

 	
 Priorities

 	
  

 	
 36

 

i

	
  

 	
  

 	
  

 	
  

 
	
 Section 7.06.

 	
 Control by
 Securityholders; Waiver of Past Defaults

 	
  

 	
 36

 
	
 Section 7.07.

 	
 Limitation on Suits

 	
  

 	
 37

 
	
 Section 7.08.

 	
 Undertaking for Costs

 	
  

 	
 37

 
	
 Section 7.09.

 	
 Remedies Cumulative

 	
  

 	
 38

 
	
 ARTICLE VIII
 CONCERNING THE SECURITYHOLDERS

 	
  

 	
 38

 
	
 Section 8.01.

 	
 Evidence of Action of
 Securityholders

 	
  

 	
 38

 
	
 Section 8.02.

 	
 Proof of Execution or
 Holding of Securities

 	
  

 	
 39

 
	
 Section 8.03.

 	
 Persons Deemed Owners.

 	
  

 	
 39

 
	
 Section 8.04.

 	
 Effect of Consents

 	
  

 	
 40

 
	
 ARTICLE IX
 SECURITYHOLDERS’ MEETINGS

 	
  

 	
 40

 
	
 Section 9.01.

 	
 Purposes of Meetings

 	
  

 	
 40

 
	
 Section 9.02.

 	
 Call of Meetings by
 Trustee

 	
  

 	
 40

 
	
 Section 9.03.

 	
 Call of Meetings by
 Company or Securityholders

 	
  

 	
 41

 
	
 Section 9.04.

 	
 Qualifications for Voting

 	
  

 	
 41

 
	
 Section 9.05.

 	
 Regulation of Meetings

 	
  

 	
 41

 
	
 Section 9.06.

 	
 Voting

 	
  

 	
 42

 
	
 Section 9.07.

 	
 No Delay of Rights by
 Meeting

 	
  

 	
 42

 
	
 ARTICLE X
 REPORTS BY THE COMPANY AND THE TRUSTEE AND SECURITYHOLDERS’ LISTS

 	
  

 	
 42

 
	
 Section 10.01.

 	
 Reports by Trustee.

 	
  

 	
 42

 
	
 Section 10.02.

 	
 Reports by the Company

 	
  

 	
 43

 
	
 Section 10.03.

 	
 Securityholders’ Lists

 	
  

 	
 43

 
	
 ARTICLE XI
 CONCERNING THE TRUSTEE

 	
  

 	
 43

 
	
 Section 11.01.

 	
 Rights of Trustees;
 Compensation and Indemnity

 	
  

 	
 43

 
	
 Section 11.02.

 	
 Duties of Trustee

 	
  

 	
 46

 
	
 Section 11.03.

 	
 Notice of Defaults

 	
  

 	
 47

 
	
 Section 11.04.

 	
 Eligibility;
 Disqualification.

 	
  

 	
 47

 
	
 Section 11.05.

 	
 Registration and Notice;
 Removal

 	
  

 	
 48

 
	
 Section 11.06.

 	
 Successor Trustee by
 Appointment.

 	
  

 	
 49

 
	
 Section 11.07.

 	
 Successor Trustee by
 Merger

 	
  

 	
 50

 
	
 Section 11.08.

 	
 Right to Rely on Officer’s
 Certificate

 	
  

 	
 51

 
	
 Section 11.09.

 	
 Appointment of
 Authenticating Agent

 	
  

 	
 51

 
	
 Section 11.10.

 	
 Communications by
 Securityholders with Other Securityholders

 	
  

 	
 52

 
	
 ARTICLE XII
 SATISFACTION AND DISCHARGE; DEFEASANCE

 	
  

 	
 52

 
	
 Section 12.01.

 	
 Applicability of Article

 	
  

 	
 52

 
	
 Section 12.02.

 	
 Satisfaction and Discharge
 of Indenture

 	
  

 	
 52

 
	
 Section 12.03.

 	
 Defeasance upon Deposit of
 Moneys or U.S Government Obligations

 	
  

 	
 53

 
	
 Section 12.04.

 	
 Repayment to Company

 	
  

 	
 55

 
	
 Section 12.05.

 	
 Section 12.05 Indemnity
 for U.S Government Obligations

 	
  

 	
 55

 
	
 Section 12.06.

 	
 Section 12.06 Application
 of Trust Money

 	
  

 	
 55

 
	
 Section 12.07.

 	
 Deposits of Non-U.S

 	
  

 	
 55

 
	
 ARTICLE XIII
 IMMUNITY OF CERTAIN PERSONS

 	
  

 	
 56

 
	
 Section 13.01.

 	
 No Personal Liability

 	
  

 	
 56

 
	
 ARTICLE XIV
 SUPPLEMENTAL INDENTURES

 	
  

 	
 56

 
	
 Section 14.01.

 	
 Section 14.01 Without
 Consent of Securityholders

 	
  

 	
 56

 
	
 Section 14.02.

 	
 With Consent of
 Securityholders; Limitations.

 	
  

 	
 58

 
	
 Section 14.03.

 	
 Trustee Protected

 	
  

 	
 59

 
	
 Section 14.04.

 	
 Effect of Execution of
 Supplemental Indenture

 	
  

 	
 60

 
	
 Section 14.05.

 	
 Notation on or Exchange of
 Securities

 	
  

 	
 60

 

ii

	
  

 	
  

 	
  

 	
  

 
	
 Section 14.06.

 	
 Conformity with TIA

 	
  

 	
 60

 
	
 ARTICLE XV
 SUBORDINATION OF SECURITIES

 	
  

 	
 60

 
	
 Section 15.01.

 	
 Agreement to Subordinate

 	
  

 	
 60

 
	
 Section 15.02.

 	
 Distribution on
 Dissolution, Liquidation and Reorganization; Subrogation of Securities

 	
  

 	
 60

 
	
 Section 15.03.

 	
 No Payment on Securities
 in Event of Default on Senior Indebtedness

 	
  

 	
 62

 
	
 Section 15.04.

 	
 Payments on Securities
 Permitted

 	
  

 	
 62

 
	
 Section 15.05.

 	
 Authorization of Securityholders
 to Trustee to Effect Subordination

 	
  

 	
 63

 
	
 Section 15.06.

 	
 Notices to Trustee

 	
  

 	
 63

 
	
 Section 15.07.

 	
 Trustee as Holder of
 Senior Indebtedness

 	
  

 	
 63

 
	
 Section 15.08.

 	
 Modifications of Terms of
 Senior Indebtedness

 	
  

 	
 64

 
	
 Section 15.09.

 	
 Reliance on Judicial Order
 or Certificate of Liquidating Agent

 	
  

 	
 64

 
	
 Section 15.10.

 	
 Satisfaction and
 Discharge; Defeasance and Covenant Defeasance

 	
  

 	
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 Section 15.11.

 	
 Section 15.11 Trustee Not
 Fiduciary for Holders of Senior Indebtedness

 	
  

 	
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 ARTICLE XVI
 MISCELLANEOUS PROVISIONS

 	
  

 	
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 Section 16.01.

 	
 Section 16.01 Certificates
 and Opinions as to Conditions Precedent

 	
  

 	
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 Section 16.02.

 	
 Trust Indenture Act
 Controls

 	
  

 	
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 Section 16.03.

 	
 Notices to the Company and
 Trustee

 	
  

 	
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 Section 16.04.

 	
 Notices to
 Securityholders; Waiver

 	
  

 	
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 Section 16.05.

 	
 Legal Holiday

 	
  

 	
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 Section 16.06.

 	
 Effects of Headings and
 Table of Contents

 	
  

 	
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 Section 16.07.

 	
 Successors and Assigns

 	
  

 	
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 Section 16.08.

 	
 Separability Clause

 	
  

 	
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 Section 16.09.

 	
 Benefits of Indenture

 	
  

 	
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 Section 16.10.

 	
 Counterparts Originals

 	
  

 	
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 Section 16.11.

 	
 Governing Law; Waiver of
 Trial by Jury

 	
  

 	
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iii

ENZO BIOCHEM, INC.

INDENTURE

Dated as of

__________, 20___

DEBT SECURITIES

Trustee

          INDENTURE
dated as of _______________, 20___, among Enzo Biochem, Inc., a Delaware
corporation (the “Company”), and ____________, as trustee (the “Trustee”).  

WITNESSETH:

          WHEREAS,
the Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance of debentures, notes, bonds or other evidences of
indebtedness (the “Securities”) in an unlimited aggregate principal amount to
be issued from time to time in one or more series as provided in this
Indenture; and  

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

          NOW,
THEREFORE, THIS INDENTURE WITNESSETH: 

          That,
in consideration of the premises and the purchase of the Securities by the
Holders thereof for the equal and proportionate benefit of all of the present
and future Holders of the Securities, each party agrees and covenants as
follows: 

ARTICLE I

DEFINITIONS

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

          (a)
the terms defined in this Article have the meanings assigned to them in this
Article and include the plural as well as the singular; 

          (b)
all terms used herein without definition which are defined in the Trust
Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein; and 

          (c)
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. 

          (d)
References to “Article” or “Section” or other subdivision herein are references
to an Article, Section or other subdivision of the Indenture, unless the
context otherwise requires. 

1

          Section
1.01. Definitions. 

          (a)
Unless otherwise defined in this Indenture or the context otherwise requires,
all terms used herein shall have the meanings assigned to them in the Trust
Indenture Act. 

          (b)
Unless the context otherwise requires, the terms defined in this Section
1.01(b) shall for all purposes of this Indenture have the meanings hereinafter
set forth, the following definitions to be equally applicable to both the
singular and the plural forms of any of the terms herein defined: 

          Affiliate: The term “Affiliate,” with respect to any
specified Person shall mean any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified
Person. For the purposes of this definition, “control” when used with respect
to any specified Person means the power to direct the management and policies
of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. 

          Authenticating
Agent: The term
“Authenticating Agent” shall have the meaning assigned to it in Section 11.09. 

          Board of Directors: The term “Board of Directors” shall mean
either the board of directors of the Company or the executive or any other
committee of that board duly authorized to act in respect hereof. 

          Board Resolution: The term “Board Resolution” shall mean a
copy of a resolution or resolutions certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors
(or by a committee of the Board of Directors to the extent that any such other
committee has been authorized by the Board of Directors to establish or approve
the matters contemplated) and to be in full force and effect on the date of
such certification and delivered to the Trustee. 

          Business
Day: The term “Business
Day,” when used with respect to any Place of Payment or any other particular
location referred to in this Indenture or in the Securities, shall mean each
Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which
banking institutions in that Place of Payment or other location are authorized
or obligated by law or executive order to close. 

          Capital Stock: The term “Capital Stock” shall mean: 

          (a)
in the case of a corporation, corporate stock; 

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

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

2

          (d)
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, but excluding from all of the foregoing any debt securities
convertible into Capital Stock, whether or not such debt securities include any
right of participation with Capital Stock. 

          Code: The term “Code” shall mean the Internal
Revenue Code of 1986 as in effect on the date hereof. 

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

          Company Order: The term “Company Order” shall mean a
written order signed in the name of the Company by the Chairman, Chief
Executive Officer, President, Chief Financial Officer, any Vice President,
Treasurer, any Assistant Treasurer, Controller, Assistant Controller, Secretary
or any Assistant Secretary of the Company, and delivered to the Trustee. 

          Corporate
Trust Office: The
term “Corporate Trust Office,” or other similar term, shall mean the principal
office of the Trustee at which at any particular time its corporate trust
business shall be administered, which office at the date hereof is located at
_________, or such other address as the Trustee may designate from time to time
by notice to the Holders and the Company, or the principal corporate trust
officer of any successor Trustee (or such other address as such successor
Trustee may designate from time to time by notice to the Holders and the
Company). 

          Currency: The term “Currency” shall mean U.S. Dollars
or Foreign Currency. 

          Default: The term “Default” shall have the meaning
assigned to it in Section 11.03. 

          Defaulted Interest: The term “Defaulted Interest” shall have the
same meaning assigned to it in Section 3.08(b). 

          Depositary: The term “Depositary” shall mean, with
respect to the Securities of any series issuable in whole or in part in the
form of one or more Global Securities, the Person designated as Depositary by
the Company pursuant to Section 3.01 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 Securities of that series. 

          Designated Currency: The term “Designated Currency” shall have
the same meaning assigned to it in Section 3.12. 

          Discharged: The term “Discharged” shall have the meaning
assigned to it in Section 12.03. 

3

          Event of Default: The term “Event of Default” shall have the
meaning specified in Section 7.01. 

          Exchange
Act: The term
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

          Exchange
Rate: The term
“Exchange Rate” shall have the meaning assigned to it in Section 7.01. 

          Floating
Rate Security:
The term “Floating Rate Security” shall mean a Security that provides for the
payment of interest at a variable rate determined periodically by reference to
an interest rate index specified pursuant to Section 3.01. 

          Foreign Currency: The term “Foreign Currency” shall mean a
currency issued by the government of any country other than the United States
or a composite currency, the value of which is determined by reference to the
values of the currencies of any group of countries. 

          GAAP: The term “GAAP,” with respect to any
computation required or permitted hereunder, shall mean generally accepted
accounting principles in the United States as in effect from time to time,
including, without limitation, those set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as
approved by a significant segment of the accounting profession. 

          Global
Security: The term
“Global Security” shall mean any Security that evidences all or part of a
series of Securities, issued in fully-registered certificated form to the
Depositary for such series in accordance with Section 3.03 and bearing the
legend prescribed in Section 3.03(g). 

          Holder; Holder of Securities: The terms “Holder” and “Holder of
Securities” are defined under “Security holder; Holder of Securities; Holder.” 

          Indebtedness: The term “Indebtedness” shall mean any and
all obligations of a Person for money borrowed which, in accordance with GAAP,
would be reflected on the balance sheet of such Person as a liability on the
date as of which Indebtedness is to be determined. 

          Indenture: The term “Indenture” or “this Indenture”
shall mean this instrument and all indentures supplemental hereto. 

          Interest: The term “interest” shall mean, with respect
to an Original Issue Discount Security that by its terms bears interest only
after Maturity, interest payable after Maturity. 

          Interest Payment Date: The term “Interest Payment Date” shall mean,
with respect to any Security, the Stated Maturity of an installment of interest
on such Security. 

          Mandatory Sinking Fund Payment: The term “Mandatory Sinking Fund Payment”
shall have the meaning assigned to it in Section 5.01. 

4

          Maturity: The term “Maturity,” with respect to any
Security, shall mean the date on which the principal of such Security shall
become due and payable as therein and herein provided, whether by declaration,
call for redemption or otherwise. 

          Members: The term “Members” shall have the meaning
assigned to it in Section 3.03(i). 

          Officer’s Certificate: The term “Officer’s Certificate” shall mean
a certificate signed by any of the Chairman of the Board of Directors, Chief
Executive Officer, President, Chief Financial Officer, any Vice President,
Treasurer, any Assistant Treasurer, Controller, Assistant Controller, Secretary
or any Assistant Secretary of the Company and delivered to the Trustee. Each
such certificate shall include the statements provided for in Section 16.01 if
and to the extent required by the provisions of such Section. 

          Opinion of Counsel: The term “Opinion of Counsel” shall mean an
opinion in writing signed by legal counsel, who may be an employee of or of
counsel to the Company, or may be other counsel that meets the requirements
provided for in Section 16.01. 

          Optional Sinking Fund Payment: The term “Optional Sinking Fund Payment”
shall have the meaning assigned to it in Section 5.01. 

          Original Issue Discount Security: The term “Original Issue Discount Security”
shall mean any Security that is issued with “original issue discount” within
the meaning of Section 1273(a) of the Code and the regulations thereunder and
any other Security designated by the Company as issued with original issue
discount for United States federal income tax purposes. 

          Outstanding: The term “Outstanding,” when used with
respect to Securities means, as of the date of determination, all Securities
theretofore authenticated and delivered under this Indenture, except: 

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

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

          (c)
Securities that have been paid pursuant to Section 3.07(b) or in exchange for
or in lieu of which other Securities have been authenticated and delivered
pursuant to this Indenture, other than any such Securities in respect of which
there shall have been presented to a Responsible Officer of the Trustee proof
satisfactory to it that such Securities are held by a protected purchaser in
whose hands such Securities are valid obligations of the Company; 

5

provided,
however, that in determining whether the Holders of the requisite principal
amount of Securities of a series Outstanding have performed any action
hereunder, Securities owned by the Company or any other obligor upon the
Securities of such series or any Affiliate of the Company or of such other
obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such
action, only Securities of such series that a Responsible Officer of the
Trustee actually knows to be so owned shall be so disregarded. Securities so
owned that have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Trustee the pledgee’s right
to act with respect to such Securities and that the pledgee is not the Company
or any other obligor upon such Securities or any Affiliate of the Company or of
such other obligor. In determining whether the Holders of the requisite
principal amount of Outstanding Securities of a series have performed any
action hereunder, the principal amount of an Original Issue Discount Security
that shall be deemed to be Outstanding for such purpose 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 7.02 and the principal amount of a Security denominated in
a Foreign Currency that shall be deemed to be Outstanding for such purpose
shall be the amount calculated pursuant to Section 3.11(b). 

          Paying Agent: The term “Paying Agent” shall have the
meaning assigned to it in Section 6.02(a). 

          Person: The term “Person” shall mean an individual,
a corporation, a limited liability company, a partnership, an association, a
joint stock company, a trust, an unincorporated organization or a government or
an agency or political subdivision thereof. 

          Place of Payment: The term “Place of Payment” shall mean, when
used with respect to the Securities of any series, the place or places where
the principal of and premium, if any, and interest on the Securities of that
series are payable as specified pursuant to Section 3.01. 

          Predecessor Security: The term “Predecessor Security” shall mean,
with respect to any Security, every previous Security evidencing all or a
portion of the same debt as that evidenced by such particular Security, and,
for the purposes of this definition, any Security authenticated and delivered
under Section 3.07 in lieu of a lost, destroyed or stolen Security shall be
deemed to evidence the same debt as the lost, destroyed or stolen Security. 

          Record Date: The term “Record Date” shall mean, with
respect to any interest payable on any Security on any Interest Payment Date,
the close of business on any date specified in such Security for the payment of
interest pursuant to Section 3.01. 

          Redemption Date: The term “Redemption Date” shall mean, when
used with respect to any Security to be redeemed, in whole or in part, the date
fixed for such redemption by or pursuant to this Indenture and the terms of
such Security, which, in the case of a Floating Rate Security, unless otherwise
specified pursuant to Section 3.01, shall be an Interest Payment Date only. 

6

          Redemption Price: The term “Redemption Price,” when used with
respect to any Security to be redeemed, in whole or in part, shall mean the
price at which it is to be redeemed pursuant to the terms of the Security and
this Indenture. 

          Register: The term “Register” shall have the meaning
assigned to it in Section 3.05(a). 

          Registrar: The term “Registrar” shall have the meaning
assigned to it in Section 3.05(a). 

          Responsible Officers: The term “Responsible Officers” of the
Trustee hereunder shall mean any Vice President, any Assistant Vice President,
any Trust Officer, any Assistant Trust Officer or any other officer associated
with the corporate trust department 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 of the Trustee to whom such matter is referred because of such person’s
knowledge of and familiarity with the particular subject and who shall have
direct responsibility for the administration of this Indenture. 

          SEC: The term “SEC” shall mean the U.S.
Securities and Exchange Commission, as constituted from time to time. 

          Securities
Act: The term
“Securities Act” shall mean the Securities Act of 1933, as amended. 

          Security: The term “Security” or “Securities” shall
have the meaning stated in the recitals and shall more particularly mean one or
more of the Securities duly authenticated by the Trustee and delivered pursuant
to the provisions of this Indenture. 

          Security Custodian: The term “Security Custodian” shall mean the
custodian with respect to any Global Security appointed by the Depositary, or
any successor Person thereto, and shall initially be the Paying Agent. 

          Securityholder; Holder of Securities; Holder: The term “Securityholder” or “Holder of
Securities” or “Holder,” shall mean the Person in whose name Securities shall
be registered in the Register kept for that purpose hereunder. 

          Senior Indebtedness: The term “Senior Indebtedness” means the
principal of (and premium, if any) and unpaid interest on (x) Indebtedness of
the Company, whether outstanding on the date hereof or thereafter created,
incurred, assumed or guaranteed, for money borrowed other than (a) any
Indebtedness of the Company which when incurred, and without respect to any
election under Section 1111(b) of the Federal Bankruptcy Code, was without
recourse to the Company, (b) any Indebtedness of the Company to any of its
Subsidiaries, (c) Indebtedness to any employee of the Company, (d) any
liability for taxes, (e) Trade Payables and (f) any Indebtedness of the Company
which is expressly subordinate in right of payment to any other Indebtedness of
the Company, and (y) renewals, extensions, modifications and refundings of any
such Indebtedness. For purposes of the foregoing and the definition of “Senior
Indebtedness,” the phrase “subordinated in right of payment” means debt
subordination only and not lien 

7

subordination, and accordingly, (i) unsecured indebtedness shall not be
deemed to be subordinated in right of payment to secured indebtedness merely by
virtue of the fact that it is unsecured, and (ii) junior liens, second liens
and other contractual arrangements that provide for priorities among Holders of
the same or different issues of indebtedness with respect to any collateral or
the proceeds of collateral shall not constitute subordination in right of
payment. This definition may be modified or superseded by a supplemental
indenture. 

          Special
Record Date: The term “Special Record Date” shall
have the meaning assigned to it in Section 3.08(b)(i). 

          Stated
Maturity: The
term “Stated Maturity” when used with respect to any Security or any
installment of interest thereon, shall mean the date specified in such Security
as the fixed date on which the principal (or any portion thereof) of or
premium, if any, on such Security or such installment of interest is due and
payable. 

          Subsidiary:
The term “Subsidiary,” when used with respect to any Person, shall mean: 

          (a) any
corporation, limited liability company, association or other business entity of
which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency and after giving
effect to any voting agreement or stockholders’ agreement that effectively
transfers voting power) to vote in the election of directors, managers or
trustees of the corporation, association or other business entity is at the
time owned or controlled, directly or indirectly, by that Person or one or more
of the other Subsidiaries of that Person (or a combination thereof); and 

          (b) any
partnership (i) the sole general partner or the managing general partner of
which is such Person or a Subsidiary of such Person or (ii) the only general
partners of which are that Person or one or more Subsidiaries of that Person
(or any combination thereof). 

          Successor
Company: The term “Successor Company” shall have
the meaning assigned to it in Section 3.06(i). 

          Trade
Payables: The
term “Trade Payables” means accounts payable or any other Indebtedness or
monetary obligations to trade creditors created or assumed by the Company or
any Subsidiary of the Company in the ordinary course of business (including
guarantees thereof or instruments evidencing such liabilities). 

          Trust
Indenture Act; TIA: The term “Trust Indenture Act”
or “TIA” shall mean the Trust Indenture Act of 1939, as amended. 

          Trustee:
The term “Trustee” shall mean the Person named as the “Trustee” in the first
paragraph of this Indenture until a successor Trustee shall have become such
with respect to one or more series of Securities pursuant to the applicable
provisions of this Indenture, and thereafter “Trustee” shall mean or include
each Person who is then a Trustee hereunder, and if at any time there is more
than one such Person, “Trustee” as used with respect to the Securities of any
series shall mean the Trustee with respect to Securities of that series. 

8

          U.S. Dollars: The term “U.S. Dollars” shall mean such
currency of the United States as at the time of payment shall be legal tender
for the payment of public and private debts. 

          U.S. Government Obligations: The term “U.S. Government Obligations” shall
mean (i) direct non-callable obligations of, or guaranteed by, the United
States or (ii) obligations of a Person controlled or supervised by and acting
as an agency or instrumentality of the United States, in either case, for the
payment of which guarantee or obligation the full faith and credit of the
United States is pledged. 

          United States: The term “United States” shall mean the
United States of America (including the States and the District of Columbia),
its territories and its possessions and other areas subject to its
jurisdiction. 

ARTICLE II

FORMS OF SECURITIES

          Section
2.01. Terms of the Securities. 

                    (a)
The Securities of each series shall be substantially in the form set forth in a
Company Order or in one or more indentures supplemental hereto, and shall have
such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification or designation and such legends or
endorsements placed thereon as the Company may deem appropriate and as are not
inconsistent with the provisions of this Indenture, or as may be required to
comply with any law or with any rule or regulation made pursuant thereto or
with any rule or regulation of any securities exchange on which any series of
the Securities may be listed or of any automated quotation system on which any
such series may be quoted, or to conform to usage, all as determined by the
officers executing such Securities as conclusively evidenced by their execution
of such Securities. 

                    (b)
The terms and provisions of the Securities shall constitute, and are hereby
expressly made, a part of this Indenture, and, to the extent applicable, the Company
and the Trustee, by their execution and delivery of this Indenture expressly
agree to such terms and provisions and to be bound thereby. 

          Section
2.02. Form of Trustee’s Certificate of Authentication. 

                    (a)
Only such of the Securities as shall bear thereon a certificate substantially
in the form of the Trustee’s certificate of authentication hereinafter recited,
executed by the Trustee by manual signature, shall be valid or become
obligatory for any purpose or entitle the Holder thereof to any right or
benefit under this Indenture. 

                    (b)
Each Security shall be dated the date of its authentication, except that any
Global Security shall be dated as of the date specified as contemplated in
Section 3.01. 

                    (c)
The form of the Trustee’s certificate of authentication to be borne by the
Securities shall be substantially as follows: 

9

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

Date of Authentication: ____________________________
____________________, as Trustee

	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
      Authorized
 Signatory

 

          Section
2.03. Form of Trustee’s Certificate of Authentication by an Authenticating
Agent. If at any time there shall be an Authenticating Agent appointed with
respect to any series of Securities, then the Trustee’s Certificate of
Authentication by such Authenticating Agent to be borne by Securities of each
such series shall be substantially as follows:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one
of the Securities issued referred to in the within-mentioned Indenture.

Date of Authentication: ____________________________
____________________, as Trustee

	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
      Authenticating
 Agent

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
      Authorized
 Signatory

 
	
  

 	
  

 	
  

 

ARTICLE III

THE DEBT SECURITIES

          Section
3.01. Amount; Issuable in Series. The aggregate principal amount of
Securities that may be authenticated and delivered under this Indenture is
unlimited. The Securities may be issued in one or more series. There shall be
set forth in a Company Order or in one or more indentures supplemental hereto,
prior to the issuance of Securities of any series:

                    (a)
the title of the Securities of the series (which shall distinguish the
Securities of such series from the Securities of all other series, except to
the extent that additional Securities of an existing series are being issued);

                    (b)
whether the Securities will be secured or unsecured, and the terms of any
secured debt;

                    (c)
the terms of the subordination of any series of subordinated Securities;

                    (d)
any limit upon the aggregate principal amount of the Securities of the series
that may be authenticated and delivered under this Indenture (except for
Securities 

10

authenticated and delivered upon transfer of, or in exchange for, or in
lieu of, other Securities of such series pursuant to Section 3.04, 3.06, 3.07,
4.06, or 14.05);

                    (e)
the dates on which or periods during which the Securities of the series may be
issued, and the dates on, or the range of dates within, which the principal of
and premium, if any, on the Securities of such series are or may be payable or
the method by which such date or dates shall be determined or extended;

                    (f)
the rate or rates at which the Securities of the series shall bear interest, if
any, or the method by which such rate or rates shall be determined, the date or
dates from which such interest shall accrue, or the method by which such date
or dates shall be determined, the Interest Payment Dates on which any such
interest shall be payable, and the Record Dates for the determination of
Holders to whom interest is payable on such Interest Payment Dates or the
method by which such date or dates shall be determined, the right, if any, to
extend or defer interest payments and the duration of such extension or
deferral;

                    (g)
if other than U.S. Dollars, the Currency in which Securities of the series
shall be denominated or in which payment of the principal of, premium, if any,
or interest on the Securities of the series shall be payable and any other
terms concerning such payment;

                    (h)
if the amount of payment of principal of, premium, if any, or interest on the
Securities of the series may be determined with reference to an index, formula
or other method including, but not limited to, an index based on a Currency or
Currencies other than that in which the Securities are stated to be payable,
the manner in which such amounts shall be determined;

                    (i)
if the principal of, premium, if any, or interest on Securities of the series
are to be payable, at the election of the Company or a Holder thereof, in a
Currency other than that in which the Securities are denominated or stated to
be payable without such election, the period or periods within which, and the
terms and conditions upon which, such election may be made and the time and the
manner of determining the exchange rate between the Currency in which the
Securities are denominated or payable without such election and the Currency in
which the Securities are to be paid if such election is made;

                    (j)
the place or places, if any, in addition to or instead of the Corporate Trust
Office of the Trustee where the principal of, premium, if any, and interest on
Securities of the series shall be payable, and where Securities of any series
may be presented for registration of transfer, exchange or conversion, and the
place or places where notices and demands to or upon the Company in respect of
the Securities of such series may be made;

                    (k)
the form of consideration in which principal of, premium or interest on the
Securities will be paid;

                    (l)
the price or prices at which, the period or periods within which or the date or
dates on 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 Company, if
the Company is to have that option;

11

                    (m)
the obligation or right, if any, of the Company to redeem, purchase or repay
Securities of the series pursuant to any sinking fund, amortization or
analogous provisions or at the option of a Holder thereof and the price or
prices at which, the period or periods within which or the date or dates on
which, the Currency or Currencies in 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;

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

                    (o)
if other than the principal amount thereof, the portion of the principal amount
of the Securities of the series which shall be payable upon declaration of
acceleration of the Maturity thereof pursuant to Section 7.02; 

                    (p)
whether the Securities of the series are to be issued as Original Issue
Discount Securities and the amount of discount with which such Securities may
be issued;

                    (q)
provisions, if any, for the defeasance of Securities of the series in whole or
in part and any addition or change in the provisions related to satisfaction
and discharge;

                    (r)
whether the Securities of the series are to be issued in whole or in part in
the form of one or more Global Securities and, in such case, the Depositary for
such Global Security or Securities and the terms and conditions, if any, upon
which interests in such Global Security or Securities may be exchanged in whole
or in part for the individual Securities represented thereby;

                    (s)
the date as of which any Global Security of the series shall be dated if other than
the original issuance of the first Security of the series to be issued;

                    (t)
the form of the Securities of the series;

                    (u)
if the Securities of the series are to be convertible into or exchangeable for
any securities or property of any Person (including the Company), the terms and
conditions upon which such Securities will be so convertible or exchangeable,
and any additions or changes, if any, to permit or facilitate such conversion
or exchange;

                    (v)
whether the Securities of such series are subject to subordination and the
terms of such subordination;

                    (w)
any restriction or condition on the transferability of the Securities of such
series;

                    (x)
any addition or change in the provisions related to compensation and
reimbursement of the Trustee which applies to Securities of such series;

                    (y)
any addition or change in the provisions related to supplemental indentures set
forth in Sections 14.04 and 14.02 which applies to Securities of such series;

12

                    (z)
provisions, if any, granting special rights to Holders upon the occurrence of
specified events;

                    (aa)
any addition to or change in the Events of Default which applies to any
Securities of the series and any change in the right of the Trustee or the
requisite Holders of such Securities to declare the principal amount thereof
due and payable pursuant to Section 7.02 and any addition or change in the
provisions set forth in Article VII which applies to Securities of the series;

                    (bb)
any addition to or change in the covenants set forth in Article VI which
applies to Securities of the series; and

                    (cc)
any other terms of the Securities of such series (which terms shall not be
inconsistent with the provisions of this Indenture, except as permitted by
Section 14.01).

All Securities of any one series shall be substantially identical,
except as to denomination and except as may otherwise be provided herein or set
forth in a Company Order or in one or more indentures supplemental hereto.

          Section
3.02. Denominations. In the absence of any specification pursuant to
Section 3.01 with respect to Securities of any series, the Securities of such
series shall be issuable only as Securities in denominations of any integral
multiple of $1,000, and shall be payable only in U.S. Dollars.

          Section
3.03. Execution, Authentication, Delivery and Dating.

                    (a)
The Securities shall be executed in the name and on behalf of the Company by
the manual or facsimile signature of its Chairman of the Board of Directors,
Chief Executive Officer, President, Chief Operating Officer, Chief Financial
Officer, one of its Vice Presidents or Treasurer. If the Person whose signature
is on a Security no longer holds that office at the time the Security is
authenticated and delivered, the Security shall nevertheless be valid.

                    (b)
At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, together with a Company Order for
the authentication and delivery of such Securities and, if required pursuant to
Section 3.01, a supplemental indenture or Company Order setting forth the terms
of the Securities of a series. 

The Trustee shall thereupon authenticate and deliver such Securities
without any further action by the Company. The Company Order shall specify the
amount of Securities to be authenticated and the date on which the original
issue of Securities is to be authenticated.

                    (c)
In authenticating the first Securities of any series and accepting the
additional responsibilities under this Indenture in relation to such Securities
the Trustee shall receive, and (subject to Section 11.02) shall be fully
protected in relying upon an Officer’s Certificate and an Opinion of Counsel,
each prepared in accordance with Section 16.01 stating that the conditions
precedent, if any, provided for in the Indenture have been complied with.

13

                    (d)
The Trustee shall have the right to decline to authenticate and deliver the
Securities under this Section 3.03 if the issue of the Securities pursuant to
this Indenture will affect the Trustee’s own rights, duties or immunities under
the Securities and this Indenture or otherwise in a manner which is not
reasonably acceptable to the Trustee.

                    (e)
Each Security shall be dated the date of its authentication, except as
otherwise provided pursuant to Section 3.01 with respect to the Securities of
such series.

                    (f)
Notwithstanding the provisions of Section 3.01 and of this Section 3.03, if all
of the Securities of any series are not to be originally issued at the same
time, then the documents required to be delivered pursuant to this Section 3.03
must be delivered only once prior to the authentication and delivery of the
first Security of such series;

                    (g)
If the Company shall establish pursuant to Section 3.01 that the Securities of
a series are to be issued in whole or in part in the form of one or more Global
Securities, then the Company shall execute and the Trustee shall authenticate
and deliver one or more Global Securities that (i) shall represent an aggregate
amount equal to the aggregate principal amount of the Outstanding Securities of
such series to be represented by such Global Securities, (ii) shall be
registered, if in registered form, in the name of the Depositary for such
Global Security or Securities or the nominee of such Depositary, (iii) shall be
delivered by the Trustee to such Depositary or pursuant to such Depositary’s
instruction and (iv) shall bear a legend substantially to the following effect:

	
  

 	
  

 	
  

 
	
  

 	
 “Unless and until it is exchanged in whole or in part for the
 individual Securities represented hereby, this Global Security may not be
 transferred except as a whole by the Depositary to a nominee of the Depositary
 or by a nominee of the Depositary to the Depositary or another nominee of the
 Depositary or by the Depositary or any such nominee to a successor Depositary
 or a nominee of such successor Depositary.”

 	
  

 

          The
aggregate principal amount of each Global Security may from time to time be
increased or decreased by adjustments made on the records of the Security
Custodian, as provided in this Indenture.

                    (h)
Each Depositary designated pursuant to Section 3.01 for a Global Security in
registered form must, at the time of its designation and at all times while it
serves as such Depositary, be a clearing agency registered under the Exchange
Act and any other applicable statute or regulation.

                    (i)
Members of, or participants in, the Depositary (“Members”) shall have no rights
under this Indenture with respect to any Global Security held on their behalf
by the Depositary or by the Security Custodian under such Global Security, and
the Depositary may be treated by the Company, the Trustee, the Paying Agent and
the Registrar and any of their agents as the absolute owner of such Global
Security for all purposes whatsoever. Notwithstanding the foregoing, nothing
herein shall prevent the Company, the Trustee, the Paying Agent or the
Registrar or any of their agents from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or
impair, as between the Depositary and its Members, 

14

the operation of customary practices of the Depositary governing the
exercise of the rights of an owner a beneficial interest in any Global
Security. The Holder of a Global Security may grant proxies and otherwise
authorize any Person, including Members and Persons that may hold interests
through Members, to take any action that a Holder is entitled to take under
this Indenture or the Securities.

                    (j)
No Security shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in one of the forms provided for
herein duly executed by the Trustee or by an Authenticating Agent by manual or
facsimile signature of an authorized signatory of the Trustee, and such
certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered
hereunder and is entitled to the benefits of this Indenture.

          Section
3.04. Temporary Securities.

                    (a)
Pending the preparation of definitive Securities of any series, the Company may
execute, and upon Company Order the Trustee shall authenticate and deliver,
temporary Securities that are printed, lithographed, typewritten, mimeographed
or otherwise reproduced, in any authorized denomination, substantially of the
tenor of the definitive Securities in lieu of which they are issued, in
registered form and with such appropriate insertions, omissions, substitutions
and other variations as the officers executing such Securities may determine,
as conclusively evidenced by their execution of such Securities. Any such
temporary Security may be in global form, representing all or a portion of the
Outstanding Securities of such series. Every such temporary Security shall be
executed by the Company and shall be authenticated and delivered by the Trustee
upon the same conditions and in substantially the same manner, and with the
same effect, as the definitive Security or Securities in lieu of which it is
issued.

                    (b)
If temporary Securities of any series are issued, the Company will cause
definitive Securities of such series to be prepared without unreasonable delay.
After the preparation of definitive Securities of such series, the temporary
Securities of such series shall be exchangeable for definitive Securities of
such series upon surrender of such temporary Securities at the office or agency
of the Company in a Place of Payment for such series, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Securities
of any series, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a like principal amount of definitive Securities
of the same series of authorized denominations and of like tenor. Until so
exchanged, the temporary Securities of any series shall in all respects be
entitled to the same benefits under this Indenture as definitive Securities of
such series.

                    (c)
Upon any exchange of a portion of a temporary Global Security for a definitive
Global Security or for the individual Securities represented thereby pursuant
to this Section 3.04 or Section 3.06, the temporary Global Security shall be
endorsed by the Trustee to reflect the reduction of the principal amount
evidenced thereby, whereupon the principal amount of such temporary Global
Security shall be reduced for all purposes by the amount so exchanged and
endorsed.

15

          Section
3.05. Registrar.

                    (a)
The Company will keep, at an office or agency to be maintained by it in a Place
of Payment where Securities may be presented for registration or presented and
surrendered for registration of transfer or of exchange, and where Securities
of any series that are convertible or exchangeable may be surrendered for
conversion or exchange, as applicable (the “Registrar”), a security register
for the registration and the registration of transfer or of exchange of the
Securities (the registers maintained in such office and in any other office or
agency of the Company in a Place of Payment being herein sometimes collectively
referred to as the “Register”), as in this Indenture provided, which Register
shall at all reasonable times be open for inspection by the Trustee. Such
Register shall be in written form or in any other form capable of being
converted into written form within a reasonable time. The Company may have one
or more co-Registrars; the term “Registrar” includes any co-registrar.  

                    (b)
The Company shall enter into an appropriate agency agreement with any Registrar
or co-Registrar not a party to this Indenture. The agreement shall implement
the provisions of this Indenture that relate to such agent. The Company shall
notify the Trustee of the name and address of each such agent. If the Company
fails to maintain a Registrar for any series, the Trustee shall act as such and
shall be entitled to appropriate compensation therefor pursuant to Section
11.01. The Company or any Affiliate thereof may act as Registrar, co-Registrar
or transfer agent.

                    (c)
The Company hereby appoints the Trustee at its Corporate Trust Office as
Registrar in connection with the Securities and this Indenture, until such time
as another Person is appointed as such.

          Section
3.06. Transfer and Exchange.

                    (a)
Transfer.

	
  

 	
  

 
	
  

 	
           (i) Upon
 surrender for registration of transfer of any Security of any series at the
 Registrar the Company shall execute, and the Trustee or any Authenticating
 Agent shall authenticate and deliver, in the name of the designated
 transferee, one or more new Securities of the same series for like aggregate
 principal amount of any authorized denomination or denominations. The
 transfer of any Security shall not be valid as against the Company or the
 Trustee unless registered at the Registrar at the request of the Holder, or
 at the request of his, her or its attorney duly authorized in writing.

 
	
  

 	
  

 
	
  

 	
           (ii)
 Notwithstanding any other provision of this Section, unless and until it is
 exchanged in whole or in part for the individual Securities represented
 thereby, a Global Security representing all or a portion of the Securities of
 a series may not be transferred except as a whole by the Depositary for such
 series to a nominee of such Depositary or by a nominee of such Depositary to
 such Depositary or another nominee of such Depositary or by such Depositary
 or any such nominee to a successor Depositary for such series or a nominee of
 such successor Depositary. 

 

16

                    (b)
Exchange.

	
  

 	
  

 
	
  

 	
           (i) At
 the option of the Holder, Securities of any series (other than a Global
 Security, except as set forth below) may be exchanged for other Securities of
 the same series for like aggregate principal amount of any authorized
 denomination or denominations, upon surrender of the Securities to be
 exchanged at the Registrar.

 
	
  

 	
  

 
	
  

 	
           (ii)
 Whenever any Securities are so surrendered for exchange, the Company shall
 execute, and the Trustee shall authenticate and deliver, the Securities that
 the Holder making the exchange is entitled to receive.

 

                    (c)
Exchange of Global Securities for Individual Securities. Except as provided
below, owners of beneficial interests in Global Securities will not be entitled
to receive individual Securities.

	
  

 	
  

 
	
  

 	
           (i)
 Individual Securities shall be issued to all owners of beneficial interests
 in a Global Security in exchange for such interests if: (A) at any time the
 Depositary for the Securities of a series notifies the Company that it is
 unwilling or unable to continue as Depositary for the Securities of such
 series or if at any time the Depositary for the Securities of such series
 shall no longer be eligible under Section 3.03(h) and, in each case, a
 successor Depositary is not appointed by the Company within 90 days of such
 notice, or (B) the Company executes and delivers to the Trustee and the
 Registrar an Officer’s Certificate stating that such Global Security shall be
 so exchangeable.

 

          In
connection with the exchange of an entire Global Security for individual
Securities pursuant to this subsection (c), such Global Security shall be
deemed to be surrendered to the Trustee for cancellation, and the Company shall
execute, and the Trustee, upon receipt of a Company Order for the
authentication and delivery of individual Securities of such series, will
authenticate and deliver to each beneficial owner identified by the Depositary
in exchange for its beneficial interest in such Global Security, an equal
aggregate principal amount of individual Securities of authorized
denominations.

	
  

 	
  

 	
  

 
	
  

 	
           (ii) The
 owner of a beneficial interest in a Global Security will be entitled to
 receive an individual Security in exchange for such interest if an Event of
 Default has occurred and is continuing. Upon receipt by the Security
 Custodian and Registrar of instructions from the Holder of a Global Security
 directing the Security Custodian and Registrar to (x) issue one or more
 individual Securities in the amounts specified to the owner of a beneficial
 interest in such Global Security and (y) debit or cause to be debited an
 equivalent amount of beneficial interest in such Global Security, subject to
 the rules and regulations of the Depositary:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (A) the
 Security Custodian and Registrar shall notify the Company and the Trustee of
 such instructions, identifying the owner and amount of such beneficial
 interest in such Global Security;

 

17

	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (B) the
 Company shall promptly execute and the Trustee, upon receipt of a Company
 Order for the authentication and delivery of individual Securities of such
 series, shall authenticate and deliver to such beneficial owner individual
 Securities in an equivalent amount to such beneficial interest in such Global
 Security; and 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (C) the
 Security Custodian and Registrar shall decrease such Global Security by such
 amount in accordance with the foregoing. In the event that the individual
 Securities are not issued to each such beneficial owner promptly after the Registrar
 has received a request from the Holder of a Global Security to issue such
 individual Securities, the Company expressly 14 acknowledges, with respect to
 the right of any Holder to pursue a remedy pursuant to Section 7.07 hereof,
 the right of any beneficial Holder of Securities to pursue such remedy with
 respect to the portion of the Global Security that represents such beneficial
 Holder’s Securities as if such individual Securities had been issued.

 
	
  

 	
  

 	
  

 
	
  

 	
           (iii) If
 specified by the Company pursuant to Section 3.01 with respect to a series of
 Securities, the Depositary for such series of Securities may surrender a
 Global Security for such series of Securities in exchange in whole or in part
 for individual Securities of such series on such terms as are acceptable to
 the Company and such Depositary. Thereupon, the Company shall execute, and
 the Trustee shall authenticate and deliver, without service charge,

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (A) to
 each Person specified by such Depositary a new individual Security or
 Securities of the same series, of any authorized denomination as requested by
 such Person in aggregate principal amount equal to and in exchange for such
 Person’s beneficial interest in the Global Security; and

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (B) to
 such Depositary a new Global Security in a denomination equal to the
 difference, if any, between the principal amount of the surrendered Global
 Security and the aggregate principal amount of individual Securities
 delivered to Holders thereof.

 
	
  

 	
  

 	
  

 
	
  

 	
           (iv) In
 any exchange provided for in clauses (i) through (iii), the Company will
 execute and the Trustee will authenticate and deliver individual Securities
 in registered form in authorized denominations.

 
	
  

 	
  

 
	
  

 	
           (v) Upon
 the exchange in full of a Global Security for individual Securities, such
 Global Security shall be canceled by the Trustee. Individual Securities
 issued in exchange for a Global Security pursuant to this Section shall be
 registered in such names and in such authorized denominations as the Depositary
 for such Global Security, pursuant to instructions from its direct or
 indirect participants or otherwise, shall instruct the Trustee. The Trustee
 shall deliver such Securities to the Persons in whose names such Securities
 are so registered.

 

18

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

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

                    (f)
No service charge will be made for any registration of transfer or exchange of
Securities. The Company may require payment of a sum sufficient to cover any
tax, assessment or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than those
expressly provided in this Indenture to be made at the Company’s own expense or
without expense or charge to the Holders.

                    (g)
The Company shall not be required to (i) register, transfer or exchange
Securities of any series during a period beginning at the opening of business
15 days before the day of the transmission of a notice of redemption of
Securities of such series selected for redemption under Section 4.03 and ending
at the close of business on the day of such transmission, or (ii) register,
transfer or exchange any Security so selected for redemption in whole or in
part, except the unredeemed portion of any Security being redeemed in part.

                    (h)
Prior to the due presentation for registration of transfer or exchange of Page
27 any Security, the Company, the Trustee, the Paying Agent, the Registrar, any
co-Registrar or any of their agents may deem and treat the Person in whose name
a Security is registered 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 all purposes whatsoever, and none of the Company,
the Trustee, the Paying Agent, the Registrar, any co-Registrar or any of their
agents shall be affected by any notice to the contrary.

                    (i)
In case a successor Company (“Successor Company”) has executed an indenture
supplemental hereto with the Trustee pursuant to Article XIV, any of the
Securities authenticated or delivered pursuant to such transaction may, from
time to time, at the request of the Successor Company, be exchanged for other
Securities executed in the name of the Successor Company with such changes in
phraseology and form as may be appropriate, but otherwise identical to the
Securities surrendered for such exchange and of like principal amount; and the
Trustee, upon Company Order of the Successor Company, shall authenticate and
deliver Securities as specified in such order for the purpose of such exchange.
If Securities shall at any time be authenticated and delivered in any new name
of a Successor Company pursuant to this Section 3.06 in exchange or
substitution for or upon registration of transfer of any Securities, such Successor
Company, at the option of the Holders but without expense to them, shall
provide for the exchange of all Securities at the time Outstanding for
Securities authenticated and delivered in such new name. 

19

                    (j)
Each Holder of a Security agrees to indemnify the Company and the Trustee
against any liability that may result from the transfer, exchange or assignment
of such Holder’s Security in violation of any provision of this Indenture and/or
applicable United States federal or state securities laws. 

                    (k)
The Trustee shall have no obligation or duty to monitor, determine or inquire
as to compliance with any restrictions on transfer imposed under this Indenture
or under applicable law with respect to any transfer of any interest in any
Security other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and
when expressly required by the terms of, this Indenture, and to examine the
same to determine substantial compliance as to form with the express
requirements hereof. 

                    (l)
Neither the Trustee nor any agent of the Trustee shall have any responsibility
for any actions taken or not taken by the Depositary. 

          Section
3.07. Mutilated, Destroyed, Lost and Stolen Securities. 

                    (a)
If (i) any mutilated Security is surrendered to the Trustee at its Corporate
Trust Office or (ii) the Company and the Trustee receive evidence to their
satisfaction of the destruction, loss or theft of any Security, and there is
delivered to the Company and the Trustee security or indemnity bond
satisfactory to them to save each of them and any Paying Agent harmless, and
neither the Company nor the Trustee receives notice that such Security has been
acquired by a protected purchaser, then the Company shall execute and upon
Company Order the Trustee shall authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Security, a new Security
of the same series and of like tenor, form, terms and principal amount, bearing
a number not contemporaneously outstanding, that neither gain nor loss in
interest shall result from such exchange or substitution. 

                    (b)
In case any such mutilated, destroyed, lost or stolen Security has become or is
about to become due and payable, the Company in its discretion may, instead of
issuing a new Security, pay the amount due on such Security in accordance with
its terms. 

                    (c)
Upon the issuance of any new Security under this Section, the Company may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in respect thereto and any other expenses (including
the fees and expenses of the Trustee) connected therewith. 

                    (d)
Every new Security of any series issued pursuant to this Section shall
constitute an original additional contractual obligation of the Company,
whether or not the destroyed, lost or stolen Security shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Securities of that
series duly issued hereunder. 

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

          Section
3.08. Payment of Interest; Interest Rights Preserved. 

20

                    (a)
Interest on any Security that is payable and is punctually paid or duly
provided for on any Interest Payment Date shall be paid to the Person in whose
name such Security (or one or more Predecessor Securities) is registered at the
close of business on the Record Date for such interest notwithstanding the
cancellation of such Security upon any transfer or exchange subsequent to the
Record Date. Payment of interest on Securities shall be made at the Corporate
Trust Office (except as otherwise specified pursuant to Section 3.01) or, at
the option of the Company, by check mailed to the address of the Person
entitled thereto as such address shall appear in the Register or, in accordance
with arrangements satisfactory to the Trustee, by wire transfer to an account
designated by the Holder. 

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

	
  

 	
  

 
	
  

 	
           (i) The
 Company may elect to make payment of any Defaulted Interest to the Persons in
 whose names such Securities (or their respective Predecessor Securities) are
 registered at the close of business on a special record date for the payment
 of such Defaulted Interest (a “Special
 Record Date”), which shall be fixed in the following manner. The
 Company shall notify the Trustee in writing of the amount of Defaulted
 Interest proposed to be paid on each such Security and the date of the
 proposed payment, and at the same time the Company shall deposit with the
 Trustee an amount of money equal to the aggregate amount proposed to be paid
 in respect of such Defaulted Interest or shall make arrangements satisfactory
 to the Trustee for such deposit prior to the date of the proposed payment,
 such money when deposited to be held in trust for the benefit of the Persons
 entitled to such Defaulted Interest as in this clause provided. Thereupon the
 Trustee shall fix a Special Record Date for the payment of such Defaulted
 Interest which shall be not more than 15 calendar days and not less than 10
 calendar days prior to the date of the proposed payment and not less than 10
 calendar days after the receipt by the Trustee of the notice of the proposed
 payment. The Trustee shall promptly notify the Company of such Special Record
 Date and, in the name and at the expense of the Company, shall cause notice
 of the proposed payment of such Defaulted Interest and the Special Record
 Date therefor to be mailed, first-class postage prepaid, to the Holders of
 such Securities at their addresses as they appear in the Register, not less
 than 10 calendar days prior to such Special Record Date. Notice of the
 proposed payment of such Defaulted Interest and the Special Record Date
 therefor having been mailed as aforesaid, such Defaulted Interest shall be
 paid to the Persons in whose names such Securities (or their respective
 Predecessor Securities) are registered at the close of business on such Special
 Record Date and shall no longer be payable pursuant to the following clause
 (ii). 

 
	
  

 	
  

 
	
  

 	
           (ii) The
 Company may make payment of any Defaulted Interest on Securities in any other
 lawful manner not inconsistent with the requirements of any securities
 exchange on which such Securities may be listed, and upon such 

 

21

	
  

 	
  

 
	
  

 	
 notice as may be required by such exchange, if, after notice given by
 the Company to the Trustee of the proposed payment pursuant to this clause,
 such manner of payment shall deemed practicable by the Trustee. 

 

                    (c)
Subject to the provisions set forth herein relating to Record Dates, each
Security delivered pursuant to any provision of this Indenture in exchange or
substitution for, or upon registration of transfer of, any other Security shall
carry all the rights to interest accrued and unpaid, and to accrue, which were
carried by such other Security. 

          Section
3.09. Cancellation. Unless otherwise specified pursuant to Section 3.01
for Securities of any series, all Securities surrendered for payment,
redemption, registration of transfer or exchange or credit against any sinking
fund or otherwise shall, if surrendered to any Person other than the Trustee,
be delivered to the Trustee for cancellation and shall be promptly canceled by
it and, if surrendered to the Trustee, shall be promptly canceled by it. The
Company may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder that the Company may have
acquired in any manner whatsoever, and all Securities so delivered shall be
promptly canceled by the Trustee. No Securities shall be authenticated in lieu
of or in exchange for any Securities canceled as provided in this Section,
except as expressly permitted by this Indenture. The Trustee shall dispose of
all canceled Securities held by it in accordance with its then customary
procedures and deliver a certificate of such disposal to the Company upon its
request therefor. The acquisition of any Securities by the Company shall not
operate as a redemption or satisfaction of the Indebtedness represented thereby
unless and until such Securities are surrendered to the Trustee for
cancellation. 

          Section
3.10. Computation of Interest. Except as otherwise specified pursuant to
Section 3.01 for Securities of any series, interest on the Securities of each
series shall be computed on the basis of a 360-day year of twelve 30-day
months. 

          Section
3.11. Currency of Payments in Respect of Securities. 

                    (a)
Except as otherwise specified pursuant to Section 3.01 for Securities of any
series, payment of the principal of and premium, if any, and interest on
Securities of such series will be made in U.S. Dollars. 

                    (b)
For purposes of any provision of the Indenture in which the Holders of
Outstanding Securities may perform an action that requires that a specified
percentage of the Outstanding Securities of all series perform such action and
for purposes of any decision or determination by the Trustee of amounts due and
unpaid for the principal of and premium, if any, and interest on the Securities
of all series in respect of which moneys are to be disbursed ratably, the
principal of and premium, if any, and interest on the Outstanding Securities
denominated in a Foreign Currency will be the amount in U.S. Dollars based upon
exchange rates, determined as specified pursuant to Section 3.01 for Securities
of such series, as of the date for determining whether the Holders entitled to
perform such action have performed it or as of the date of such decision or
determination by the Trustee, as the case may be. 

                    (c)
Any decision or determination to be made regarding exchange rates shall be made
by an agent appointed by the Company; provided, that such agent shall accept
such 

22

appointment in writing and the terms of such appointment shall, in the
opinion of the Company at the time of such appointment, require such agent to
make such determination by a method consistent with the method provided
pursuant to Section 3.01 for the making of such decision or determination. All
decisions and determinations of such agent regarding exchange rates shall, in
the absence of manifest error, be conclusive for all purposes and irrevocably
binding upon the Company, the Trustee and all Holders of the Securities. 

          Section
3.12. Judgments. The Company may provide pursuant to Section 3.01 for
Securities of any series that (a) the obligation, if any, of the Company to pay
the principal of, premium, if any, and interest on the Securities of any series
in a Foreign Currency or U.S. Dollars (the “Designated
Currency”) as may be specified pursuant to Section 3.01 is of the
essence and agrees that, to the fullest extent possible under applicable law,
judgments in respect of such Securities shall be given in the Designated
Currency; (b) the obligation of the Company to make payments in the Designated
Currency of the principal of and premium, if any, and interest on such Securities
shall, notwithstanding any payment in any other Currency (whether pursuant to a
judgment or otherwise), be discharged only to the extent of the amount in the
Designated Currency that the Holder receiving such payment may, in accordance
with normal banking procedures, purchase with the sum paid in such other
Currency (after any premium and cost of exchange) on the business day in the
country of issue of the Designated Currency or in the international banking
community (in the case of a composite currency) immediately following the day
on which such Holder receives such payment; (c) if the amount in the Designated
Currency that may be so purchased for any reason falls short of the amount
originally due, the Company shall pay such additional amounts as may be
necessary to compensate for such shortfall; and (d) any obligation of the
Company not discharged by such payment shall be due as a separate and
independent obligation and, until discharged as provided herein, shall continue
in full force and effect. 

          Section
3.13. CUSIP Numbers. The Company in issuing any Securities may use
CUSIP, ISIN or other similar numbers, if then generally in use, and thereafter
with respect to such series, the Trustee may use such numbers in any notice of
redemption or exchange with respect to such series 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 Company will
promptly notify the Trustee in writing of any change in the CUSIP, ISIN or other
similar numbers. 

ARTICLE IV

REDEMPTION OF SECURITIES 

          Section
4.01. Applicability of Right of Redemption. Redemption of Securities
(other than pursuant to a sinking fund, amortization or analogous provision)
permitted by the terms of any series of Securities shall be made (except as
otherwise specified pursuant to Section 3.01 for Securities of any series) in
accordance with this Article; provided, however, that if any such terms of a
series of Securities shall conflict with any provision of this Article, the
terms of such series shall govern. 

23

          Section
4.02. Selection of Securities to be Redeemed. 

                    (a)
If the Company shall at any time elect to redeem all or any portion of the
Securities of a series then Outstanding, it shall at least 30 days prior to the
Redemption Date fixed by the Company (unless a shorter period shall be
satisfactory to the Trustee) notify the Trustee of such Redemption Date and of
the principal amount of Securities to be redeemed, and thereupon the Trustee
shall select, by lot or in such other manner as the Trustee shall deem
appropriate and which may provide for the selection for redemption of a portion
of the principal amount of any Security of such series; provided that the
unredeemed portion of the principal amount of any Security shall be in an
authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security. In any case where more than one Security of
such series is registered in the same name, the Trustee may treat the aggregate
principal amount so registered as if it were represented by one Security of
such series. The Trustee shall, as soon as practicable, notify the Company in
writing of the Securities and portions of Securities so selected. 

                    (b)
For all purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the redemption of Securities shall relate, in the case
of any Security redeemed or to be redeemed only in part, to the portion of the
principal amount of such Security that has been or is to be redeemed. If the
Company shall so direct, Securities registered in the name of the Company, any
Affiliate or any Subsidiary thereof shall not be included in the Securities
selected for redemption. 

          Section
4.03. Notice of Redemption. 

                    (a)
Notice of redemption shall be given by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company;
provided, however, that the Company makes such request at least 3 days prior to
the date by which such notice of redemption must be given to Holders in
accordance with this Section 4.03; provided further that, the text of such
notice shall be prepared by the Company. Any such notice shall be delivered in
the manner provided in Section 16.04 not less than 30 days before the
Redemption Date unless the Trustee consents to a shorter period, to the Holders
of Securities of any series to be redeemed in whole or in part pursuant to this
Article. Any notice so given shall be conclusively presumed to have been duly
given, whether or not the Holder receives such notice. Failure to give such
notice, or any defect in such notice to the Holder of any Security of a series
designated for redemption, in whole or in part, shall not affect the
sufficiency of any notice of redemption with respect to the Holder of any other
Security of such series. 

                    (b)
All notices of redemption shall identify the Securities to be redeemed
(including CUSIP, ISIN or other similar numbers, if available) and shall state:

	
  

 	
  

 
	
  

 	
           (i) such
 election by the Company to redeem Securities of such series pursuant to
 provisions contained in this Indenture or the terms of the Securities of such
 series or a supplemental indenture establishing such series, if such be the
 case; 

 
	
  

 	
  

 
	
  

 	
           (ii) the
 Redemption Date; 

 

24

	
  

 	
  

 
	
  

 	
           (iii) the
 Redemption Price; 

 
	
  

 	
  

 
	
  

 	
           (iv) if
 less than all Outstanding Securities of any series are to be redeemed, the
 identification (and, in the case of partial redemption, the principal
 amounts) of the Securities of such series to be redeemed; 

 
	
  

 	
  

 
	
  

 	
           (v) that
 on the Redemption Date the Redemption Price will become due and payable upon
 each such Security to be redeemed, and that, if applicable, interest thereon
 shall cease to accrue on and after said date; 

 
	
  

 	
  

 
	
  

 	
           (vi) the
 Place or Places of Payment where such Securities are to be surrendered for
 payment of the Redemption Price; 

 
	
  

 	
  

 
	
  

 	
           (vii)
 that the redemption is for a sinking fund, if such is the case; and 

 
	
  

 	
  

 
	
  

 	
           (viii)
 that the Securities must be surrendered to the Paying Agent for payment of
 the Redemption Price. 

 

          Section
4.04. Deposit of Redemption Price. On or prior to 11:00 a.m., _____
time, on the Redemption Date for any Securities, the Company shall deposit with
the Trustee or with a Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 6.03) an
amount of money in the Currency in which such Securities are denominated
(except as provided pursuant to Section 3.01) sufficient to pay the Redemption
Price of such Securities or any portions thereof that are to be redeemed on
that date. 

          Section
4.05. Securities Payable on Redemption Date. Notice of redemption having
been given as aforesaid, any Securities so to be redeemed shall, on the
Redemption Date, become due and payable at the Redemption Price and from and
after such date (unless the Company shall Default in the payment of the
Redemption Price) such Securities shall cease to bear interest. Upon surrender
of any such Security for redemption in accordance with said notice, such
Security shall be paid by the Company at the Redemption Price; provided, however,
that (unless otherwise provided pursuant to Section 3.01) installments of
interest that have a Stated Maturity on or prior to the Redemption Date for
such Securities shall be payable according to the terms of such Securities and
the provisions of Section 3.08. 

          If any
Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal thereof and premium, if any, thereon shall, until
paid, bear interest from the Redemption Date at the rate prescribed therefor in
the Security. 

          Section
4.06. Securities Redeemed in Part. Any Security that is to be redeemed
only in part shall be surrendered at the Corporate Trust Office or such other
office or agency of the Company as is specified pursuant to Section 3.01 with,
if the Company, the Registrar or the Trustee so requires, due endorsement by,
or a written instrument of transfer in form satisfactory to the Company, the
Registrar and the Trustee duly executed by the Holder thereof or his, her or
its attorney duly authorized in writing, and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Security without
service charge, a new Security or Securities of the same series, of like tenor
and form, of any authorized denomination as requested by such Holder in
aggregate principal amount equal to and in exchange for the 

25

unredeemed portion of the principal of the Security so surrendered;
except that if a Global Security is so surrendered, the Company shall execute,
and the Trustee shall authenticate and deliver to the Depositary for such
Global Security, without service charge, a new Global Security in a
denomination equal to and in exchange for the unredeemed portion of the
principal of the Global Security so surrendered. In the case of a Security
providing appropriate space for such notation, at the option of the Holder
thereof, the Trustee, in lieu of delivering a new Security or Securities as
aforesaid, may make a notation on such Security of the payment of the redeemed
portion thereof. 

ARTICLE V

SINKING FUNDS

          Section
5.01. Applicability of Sinking Fund. 

                    (a)
Redemption of Securities permitted or required pursuant to a sinking fund for
the retirement of Securities of a series by the terms of such series of
Securities shall be made in accordance with such terms of such series of
Securities and this Article, except as otherwise specified pursuant to Section
3.01 for Securities of such series, provided, however, that if any such terms
of a series of Securities shall conflict with any provision of this Article,
the terms of such series shall govern. 

                    (b)
The minimum amount of any sinking fund payment provided for by the terms of
Securities of any series is herein referred to as a “Mandatory Sinking Fund Payment,” and any payment in excess of
such minimum amount provided for by the terms of Securities of any series is
herein referred to as an “Optional Sinking
Fund Payment.” If provided for by the terms of Securities of any series,
the cash amount of any Mandatory Sinking Fund Payment may be subject to
reduction as provided in Section 5.02. 

          Section
5.02. Mandatory Sinking Fund Obligation. The Company may, at its option,
satisfy any Mandatory Sinking Fund Payment obligation, in whole or in part,
with respect to a particular series of Securities by (a) delivering to the
Trustee Securities of such series in transferable form theretofore purchased or
otherwise acquired by the Company or redeemed at the election of the Company
pursuant to Section 4.03 or (b) receiving credit for Securities of such series
(not previously so credited) acquired by the Company and theretofore delivered
to the Trustee. The Trustee shall credit such Mandatory Sinking Fund Payment
obligation with an amount equal to the Redemption Price specified in such
Securities for redemption through operation of the sinking fund and the amount
of such Mandatory Sinking Fund Payment shall be reduced accordingly. If the
Company shall elect to so satisfy any Mandatory Sinking Fund Payment
obligation, it shall deliver to the Trustee not less than 45 days prior to the
relevant sinking fund payment date a written notice signed on behalf of the
Company by its Chairman of the Board of Directors, Chief Executive Officer,
President, Chief Operating Officer, Chief Financial Officer, one of its Vice
Presidents, its Treasurer or one of its Assistant Treasurers, which shall
designate the Securities (and portions thereof, if any) so delivered or
credited and which shall be accompanied by such Securities (to the extent not
theretofore delivered) in transferable form. In case of the failure of the
Company, at or before the time so required, to give 

26

such notice and deliver such Securities the Mandatory Sinking Fund
Payment obligation shall be paid entirely in moneys. 

          Section
5.03. Optional Redemption at Sinking Fund Redemption Price. In addition
to the sinking fund requirements of Section 5.02, to the extent, if any,
provided for by the terms of a particular series of Securities, the Company
may, at its option, make an Optional Sinking Fund Payment with respect to such
Securities. Unless otherwise provided by such terms, (a) to the extent that the
right of the Company to make such Optional Sinking Fund Payment shall not be
exercised in any year, it shall not be cumulative or carried forward to any
subsequent year, and (b) such optional payment shall operate to reduce the
amount of any Mandatory Sinking Fund Payment obligation as to Securities of the
same series. If the Company intends to exercise its right to make such optional
payment in any year it shall deliver to the Trustee not less than 45 days prior
to the relevant sinking fund payment date a certificate signed by its Chairman
of the Board of Directors, Chief Executive Officer, President, Chief Operating
Officer, Chief Financial Officer, one of its Vice Presidents, Treasurer or one
of its Assistant Treasurers stating that the Company will exercise such
optional right, and specifying the amount which the Company will pay on or
before the next succeeding sinking fund payment date. Such certificate shall
also state that no Event of Default has occurred and is continuing. 

          Section
5.04. Application of Sinking Fund Payment. 

                    (a)
If the sinking fund payment or payments made in funds pursuant to either
Section 5.02 or 5.03 with respect to a particular series of Securities plus any
unused balance of any preceding sinking fund payments made in funds with
respect to such series shall exceed $50,000 (or a lesser sum if the Company
shall so request, or such equivalent sum for Securities denominated other than
in U.S. Dollars), it shall be applied by the Trustee on the sinking fund
payment date next following the date of such payment, unless the date of such
payment shall be a sinking fund payment date, in which case such payment shall
be applied on such sinking fund payment date, to the redemption of Securities
of such series at the redemption price specified pursuant to Section 4.03(b).
The Trustee shall select, in the manner provided in Section 4.02, for
redemption on such sinking fund payment date, a sufficient principal amount of
Securities of such series to absorb said funds, as nearly as may be, and shall,
at the expense and in the name of the Company, thereupon cause notice of
redemption of the Securities to be given in substantially the manner provided
in Section 4.03(a) for the redemption of Securities in part at the option of
the Company, except that the notice of redemption shall also state that the
Securities are being redeemed for the sinking fund. Any sinking fund moneys not
so applied by the Trustee to the redemption of Securities of such series shall
be added to the next sinking fund payment received in funds by the Trustee and,
together with such payment, shall be applied in accordance with the provisions
of this Section 5.04. Any and all sinking fund moneys held by the Trustee on
the last sinking fund payment date with respect to Securities of such series,
and not held for the payment or redemption of particular Securities of such
series, shall be applied by the Trustee to the payment of the principal of the
Securities of such series at Maturity. 

                    (b)
On or prior to each sinking fund payment date, the Company shall pay to the
Trustee a sum equal to all interest accrued to but not including the date fixed
for redemption on Securities to be redeemed on such sinking fund payment date
pursuant to this Section 5.04. 

27

                    (c)
The Trustee shall not redeem any Securities of a series with sinking fund
moneys or mail any notice of redemption of Securities of such series by
operation of the sinking fund during the continuance of a Default in payment of
interest on any Securities of such series or of any Event of Default (other
than an Event of Default occurring as a consequence of this paragraph) of which
the Trustee has actual knowledge, except that if the notice of redemption of
any Securities of such series shall theretofore have been mailed in accordance with
the provisions hereof, the Trustee shall redeem such Securities if funds
sufficient for that purpose shall be deposited with the Trustee in accordance
with the terms of this Article. Except as aforesaid, any moneys in the sinking
fund at the time 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 held as security for the payment of all
the Securities of such series; provided, however, that in case such Default or
Event of Default shall have been cured or waived as provided herein, such
moneys shall thereafter be applied on the next sinking fund payment date on
which such moneys are required to be applied pursuant to the provisions of this
Section 5.04. 

ARTICLE VI

PARTICULAR COVENANTS OF THE COMPANY

          The Company
hereby covenants and agrees as follows: 

          Section
6.01. Payments of Securities. The Company will duly and punctually pay
the principal of and premium, if any, on each series of Securities, and the
interest which shall have accrued thereon, at the dates and place and in the
manner provided in the Securities and in this Indenture. 

          Section
6.02. Paying Agent. 

                    (a)
The Company will maintain in each Place of Payment for any series of
Securities, if any, an office or agency where Securities may be presented or
surrendered for payment, where Securities of such series may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Company in respect of the Securities and this Indenture may be served (the
“Paying Agent”). The Company will
give prompt written notice to the Trustee of the location, and any change in
the location, of such office or agency. If at any time the Company shall fail
to maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee, and
the Company hereby appoints the Trustee as Paying Agent to receive all
presentations, surrenders, notices and demands. 

                    (b)
The Company may also from time to time designate different or additional
offices or agencies where the Securities of any series may be presented or
surrendered for any or all such purposes (in or outside of such Place of
Payment), and may from time to time rescind any such designations; provided,
however, that no such designation or rescission shall in any manner relieve the
Company of its obligations described in the preceding paragraph. The Company
will give prompt written notice to the Trustee of any such additional
designation or 

28

rescission of designation and of any change in the location of any such
different or additional office or agency. The Company shall enter into an
appropriate agency agreement with any Paying Agent not a party to this
Indenture. The agreement shall implement the provisions of this Indenture that
relate to such agent. The Company shall notify the Trustee of the name and
address of each such agent. The Company or any Affiliate thereof may act as
Paying Agent. 

          Section
6.03. To Hold Payment in Trust. 

                    (a)
If the Company or an Affiliate thereof shall at any time act as Paying Agent
with respect to any series of Securities, then, on or before the date on which
the principal of and premium, if any, or interest on any of the Securities of
that series by their terms or as a result of the calling thereof for redemption
shall become payable, the Company or such Affiliate will segregate and hold in
trust for the benefit of the Holders of such Securities or the Trustee a sum
sufficient to pay such principal and premium, if any, or interest which shall
have so become payable until such sums shall be paid to such Holders or
otherwise disposed of as herein provided, and will notify the Trustee of its
action or failure to act in that regard. Upon any proceeding under any federal
bankruptcy laws with respect to the Company or any Affiliate thereof, if the
Company or such Affiliate is then acting as Paying Agent, the Trustee shall
replace the Company or such Affiliate as Paying Agent. 

                    (b)
If the Company shall appoint, and at the time have, a Paying Agent for the
payment of the principal of and premium, if any, or interest on any series of
Securities, then prior to 11:00 a.m., ________ time, on the date on which the
principal of and premium, if any, or interest on any of the Securities of that
series shall become payable as aforesaid, whether by their terms or as a result
of the calling thereof for redemption, the Company will deposit with such
Paying Agent a sum sufficient to pay such principal and premium, if any, or
interest, such sum to be held in trust for the benefit of the Holders of such
Securities or the Trustee, and (unless such Paying Agent is the Trustee), the
Company or any other obligor of such Securities will promptly notify the
Trustee of its payment or failure to make such payment. 

                    (c)
If the Paying Agent shall be other than the Trustee, the Company will cause
such Paying Agent to execute and deliver to the Trustee an instrument in which
such Paying Agent shall agree with the Trustee, subject to the provisions of
this Section 6.03, that such Paying Agent shall: 

	
  

 	
  

 
	
  

 	
           (i) hold
 all moneys held by it for the payment of the principal of and premium, if
 any, or interest on the Securities of that series in trust for the benefit of
 the Holders of such Securities until such sums shall be paid to such Holders
 or otherwise disposed of as herein provided; 

 
	
  

 	
  

 
	
  

 	
           (ii) give
 to the Trustee notice of any Default by the Company or any other obligor upon
 the Securities of that series in the making of any payment of the principal
 of and premium, if any, or interest on the Securities of that series; and 

 

29

	
  

 	
  

 
	
  

 	
           (iii) at
 any time during the continuance of any such Default, upon the written request
 of the Trustee, pay to the Trustee all sums so held in trust by such Paying
 Agent. 

 

                    (d)
Anything in this Section 6.03 to the contrary notwithstanding, the Company may
at any time, for the purpose of obtaining a release, satisfaction or discharge
of this Indenture or for any other reason, pay or cause to be paid to the
Trustee all sums held in trust by the Company or by any Paying Agent other than
the Trustee as required by this Section 6.03, such sums to be held by the
Trustee upon the same trusts as those upon which such sums were held by the
Company or such Paying Agent. 

                    (e)
Subject to any applicable abandoned property law, any money deposited with the
Trustee or any Paying Agent, or then held by the Company, in trust for the
payment of the principal of and premium, if any, or interest on any Security of
any series and remaining unclaimed for two years after such principal and
premium, if any, or interest has become due and payable shall be paid to the
Company upon Company Order or (if then held by the Company) shall be discharged
from such trust, and the Holder of such Security shall thereafter, as an
unsecured general creditor, look only to the Company for payment of such
amounts without interest thereon, and all liability of the Trustee or such
Paying Agent with respect to such trust money, and all liability of the Company
as trustee thereof, shall thereupon cease; provided, however, that the Trustee
or such Paying Agent before being required to make any such repayment, may at
the expense of the Company cause to be published once, in a newspaper published
in the English language, customarily published on each Business Day and of
general circulation in _______, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from
the date of such publication, any unclaimed balance of such money then
remaining will be repaid to the Company. 

          Section
6.04. Merger, Consolidation and Sale of Assets. Except as otherwise
provided as contemplated by Section 3.01 with respect to any series of
Securities: 

                    (a)
The Company will not consolidate with any other entity or accept a merger of
any other entity into the Company or permit the Company to be merged into any
other entity, or sell other than for cash or lease all or substantially all its
assets to another entity, or purchase all or substantially all the assets of
another entity, unless (i) either the Company shall be the continuing entity,
or (ii) the successor, transferee or lessee entity (if other than the Company)
shall expressly assume, by indenture supplemental hereto, executed and delivered
by such entity prior to or simultaneously with such consolidation, merger, sale
or lease, the due and punctual payment of the principal of and interest and
premium, if any, on all the Securities, according to their tenor, and the due
and punctual performance and observance of all other obligations to the Holders
and the Trustee under this Indenture or under the Securities to be performed or
observed by the Company. A purchase by a Subsidiary of all or substantially all
of the assets of another entity shall not be deemed to be a purchase of such
assets by the Company. 

                    (b)
Upon any consolidation with or merger into any other entity, or any sale other
than for cash, or any conveyance or lease of all or substantially all of the
assets of the Company in accordance with this Section 6.04, the successor
entity formed by such consolidation or into or with which the Company is merged
or to which the Company is sold or 

30

to which such conveyance, transfer or lease is made shall succeed to, and
be substituted for, and may exercise every right and power of, the Company
under this Indenture with the same effect as if such successor entity had been
named as the Company herein, and thereafter, except in the case of a lease, the
predecessor Company shall be relieved of all obligations and covenants under
this Indenture and the Securities, and from time to time such entity may
exercise each and every right and power of the Company under this Indenture, in
the name of the Company, or in its own name; and any act or proceeding by any
provision of this Indenture required or permitted to be done by the Board of
Directors or any officer of the Company may be done with like force and effect
by the like board or officer of any entity that shall at the time be the
successor of the Company hereunder. In the event of any such sale or
conveyance, but not any such lease, the Company (or any successor entity which
shall theretofore have become such in the manner described in this Section
6.04) shall be discharged from all obligations and covenants under this
Indenture and the Securities and may thereupon be dissolved and liquidated. 

          Section
6.05. Compliance Certificate. Except as otherwise provided as
contemplated by Section 3.01 with respect to any series of Securities, the
Company shall furnish to the Trustee annually, within 120 days after the end of
each fiscal year, a brief certificate from the Chief Executive Officer,
President, Chief Operating Officer, Principal Financial Officer, Principal
Accounting Officer, any Vice President or Treasurer as to his or her knowledge
of the Company’s compliance with all conditions and covenants under this
Indenture (which compliance shall be determined without regard to any period of
grace or requirement of notice provided under this Indenture) and, in the event
of any Default, specifying each such Default and the nature and status thereof
of which such person may have knowledge. Such certificates need not comply with
Section 16.01 of this Indenture. 

          Section
6.06. Section 6.06 Conditional Waiver by Holders of Securities. Anything
in this Indenture to the contrary notwithstanding, the Company may fail or omit
in any particular instance to comply with a covenant or condition set forth
herein with respect to any series of Securities if the Company shall have
obtained and filed with the Trustee, prior to the time of such failure or
omission, evidence (as provided in Article VIII) of the consent of the Holders
of a majority in aggregate principal amount of the Securities of such series at
the time Outstanding, either waiving such compliance in such instance or
generally waiving compliance with such covenant or condition, but no such
waiver shall extend to or affect such covenant or condition except to the
extent so expressly waived, or impair any right consequent thereon and, until
such waiver shall have become effective, the obligations of the Company and the
duties of the Trustee in respect of any such covenant or condition shall remain
in full force and effect. 

          Section
6.07. Statement by Officers as to Default. The Company shall deliver to
the Trustee as soon as possible and in any event within 30 days after the
Company becomes aware of the occurrence of any Event of Default or an event
which, with the giving of notice or the lapse of time or both, would constitute
an Event of Default, an Officer’s Certificate setting forth the details of such
Event of Default or Default and the action which the Company proposes to take
with respect thereto. 

31

ARTICLE VII

REMEDIES OF TRUSTEE AND SECURITYHOLDERS

          Section
7.01. Events of Default. Except where otherwise indicated by the context
or where the term is otherwise defined for a specific purpose, the term “Event of Default” as used in this Indenture
with respect to Securities of any series shall mean one of the following
described events unless it is either inapplicable to a particular series or it
is specifically deleted or modified in the manner contemplated in Section 3.01:

                    (a)
the failure of the Company to pay any installment of interest on any Security
of such series when and as the same shall become payable, which failure shall
have continued unremedied for a period of 90 days; provided, however, that a
valid extension of an interest payment period by the Company in accordance with
the terms of any indenture supplemental hereto shall not constitute a default
in the payment of interest for this purpose; 

                    (b)
the failure of the Company to pay the principal of (and premium, if any, on)
any Security of such series, when and as the same shall become payable, whether
at Maturity as therein expressed, by call for redemption (otherwise than
pursuant to a sinking fund), by declaration as authorized by this Indenture or
otherwise; 

                    (c)
the failure of the Company to pay a sinking fund installment, if any, when and
as the same shall become payable by the terms of a Security of such series,
which failure shall have continued unremedied for a period of 30 days; 

                    (d)
the failure of the Company, subject to the provisions of Section 6.06, to
perform any covenants or agreements contained in this Indenture (including any
indenture supplemental hereto pursuant to which the Securities of such series
were issued as contemplated by Section 3.01) (other than a covenant or
agreement which has been expressly included in this Indenture solely for the
benefit of a series of Securities other than that series and other than a
covenant or agreement a default in the performance of which is elsewhere in
this Section 7.01 specifically addressed), which failure shall not have been
remedied, or without provision deemed to be adequate for the remedying thereof
having been made, for a period of 90 days after written notice shall have been
given to the Company by the Trustee or shall have been given to the Company and
the Trustee by Holders of not less than a majority in aggregate principal
amount of the Securities of such series then Outstanding, specifying such
failure, requiring the Company to remedy the same and stating that such notice
is a “Notice of Default”
hereunder; 

                    (e)
the entry by a court having jurisdiction in the premises of a decree or order
for relief in respect of the Company in an involuntary case under the federal
bankruptcy laws, as now or hereafter constituted, or any other applicable
federal or state bankruptcy, insolvency or other similar law now or hereafter
in effect, or appointing a receiver, liquidator, assignee, custodian, trustee
or sequestrator (or similar official) of the Company or of substantially all
the property of the Company or ordering the winding-up or liquidation of its
affairs and such decree or order shall remain unstayed and in effect for a
period of 90 consecutive days; 

32

                    (f)
the commencement by the Company of a voluntary case under the federal
bankruptcy laws, as now or hereafter constituted, or any other applicable
federal or state bankruptcy, insolvency or other similar law now or hereafter
in effect, or the consent by the Company to the entry of an order for relief in
an involuntary case under any such law, or the consent by the Company to the
appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian or sequestrator (or similar official) of the Company or of
substantially all the property of the Company or the making by it of an
assignment for the benefit of creditors or the admission by it in writing of
its inability to pay its debts generally as they become due, or the taking of
corporate action by the Company in furtherance of any action; or 

                    (g)
the occurrence of any other Event of Default with respect to Securities of such
series as provided in Section 3.01; 

provided, however, that no event described in clause (d) or (other than
with respect to a payment default) (g) above shall constitute an Event of
Default hereunder until a Responsible Officer assigned to and working in the
Trustee’s corporate trust department has actual knowledge thereof or until a
written notice of any such event is received by the Trustee at the Corporate
Trust Office, and such notice refers to the facts underlying such event, the
Securities generally, the Company and the Indenture. Notwithstanding the
foregoing provisions of this Section 7.01, if the principal or any premium or
interest on any Security is payable in a Currency other than the Currency of
the United States and such Currency is not available to the Company for making
payment thereof due to the imposition of exchange controls or other
circumstances beyond the control of the Company, the Company will be entitled
to satisfy its obligations to Holders of the Securities by making such payment
in the Currency of the United States in an amount equal to the Currency of the
United States equivalent of the amount payable in such other Currency, as
determined by the Company by reference to the noon buying rate in for cable
transfers for such Currency (“Exchange Rate”), as such Exchange Rate is reported
or otherwise made available by the Federal Reserve Bank of New York on the date
of such payment, or, if such rate is not then available, on the basis of the
most recently available Exchange Rate. Notwithstanding the foregoing provisions
of this Section 7.01, any payment made under such circumstances in the Currency
of the United States where the required payment is in a Currency other than the
Currency of the United States will not constitute an Event of Default under
this Indenture. 

          Section
7.02. Acceleration; Rescission and Annulment. 

                    (a)
Except as otherwise provided as contemplated by Section 3.01 with respect to
any series of Securities, if any one or more of the above-described Events of
Default (other than an Event of Default specified in Section 7.01(e) or
7.01(f)) shall happen with respect to Securities of any series at the time
Outstanding, then, and in each and every such case, during the continuance of
any such Event of Default, the Trustee or the Holders of not less than a
majority in principal amount of the Securities of such series then Outstanding
may declare the principal (or, if the Securities of that series are Original
Issue Discount Securities, such portion of the principal amount as may be
specified in the terms of that series) of and all accrued but unpaid interest
on all the Securities of such series then Outstanding to be due and payable
immediately by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified
amount) shall become immediately due and payable. If an Event of Default
specified in Section 7.01(e) or 7.01(f) 

33

occurs and is continuing, then in every such case, the principal amount
of all of the Securities of that series then Outstanding shall automatically,
and without any declaration or any other action on the part of the Trustee or
any Holder, become due and payable immediately. Upon payment of such amounts in
the Currency in which such Securities are denominated (subject to Section 7.01
and except as otherwise provided pursuant to Section 3.01), all obligations of
the Company in respect of the payment of principal of and interest on the
Securities of such series shall terminate. 

                    (b)
The provisions of Section 7.02(a), however, are subject to the condition that,
at any time after the principal of all the Securities of such series, to which
any one or more of the above-described Events of Default is applicable, shall
have been so declared to be due and payable, and before a judgment or decree
for payment of the money due has been obtained by the Trustee as hereinafter
provided in this Article, the Event of Default giving rise to such declaration
of acceleration shall, without further act, be deemed to have been waived, and
such declaration and its consequences shall, without further act, be deemed to
have been rescinded and annulled, if: 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (i) the
 Company has paid or deposited with the Trustee or Paying Agent a sum in the
 Currency in which such Securities are denominated (subject to Section 7.01
 and except as otherwise provided pursuant to Section 3.01) sufficient to pay 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
           (A) all
 amounts owing the Trustee and any predecessor trustee hereunder under Section
 11.01(a) (provided, however, that all sums payable under this clause shall be
 paid in U.S. Dollars); 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
           (B) all
 arrears of interest, if any, upon all the Securities of such series (with
 interest, to the extent that interest thereon shall be legally enforceable,
 on any overdue installment of interest at the rate borne by such Securities
 at the rate or rates prescribed therefor in such Securities); and 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
           (C) the
 principal of and premium, if any, on any Securities of such series that have
 become due otherwise than by such declaration of acceleration and interest
 thereon; and 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (ii)
 every other Default and Event of Default with respect to Securities of that
 series, other than the non-payment of the principal of Securities of that
 series which have become due solely by such declaration of acceleration, has
 been cured or waived as provided in Section 7.06. 

 

                    (c)
No such rescission shall affect any subsequent default or impair any right
consequent thereon. 

                    (d)
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 

34

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
7.03. Other Remedies. If the Company shall fail for a period of 30 days
to pay any installment of interest on the Securities of any series or shall
fail to pay the principal of and premium, if any, on any of the Securities of
such series when and as the same shall become due and payable, whether at
Maturity, or by call for redemption (other than pursuant to the sinking fund),
by declaration as authorized by this Indenture, or otherwise, or shall fail for
a period of 30 days to make any required sinking fund payment as to a series of
Securities, then, upon demand of the Trustee, the Company will pay to the
Paying Agent for the benefit of the Holders of Securities of such series then
Outstanding the whole amount which then shall have become due and payable on
all the Securities of such series, with interest on the overdue principal and
premium, if any, and (so far as the same may be legally enforceable) on the
overdue installments of interest at the rate borne by the Securities of such
series, and all amounts owing the Trustee and any predecessor trustee hereunder
under Section 11.01(a). 

          In case the
Company 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 proceeding at law or in equity for the
collection of the sums so due and unpaid, and may prosecute any such action or
proceeding to judgment or final decree, and may enforce any such judgment or
final decree against the Company or any other obligor upon the Securities of
such series, and collect the moneys adjudged or decreed to be payable out of
the property of the Company or any other obligor upon the Securities of such
series, wherever situated, in the manner provided by law. Every recovery of
judgment in any such action or other proceeding, subject to the payment to the
Trustee of all amounts owing the Trustee and any predecessor trustee hereunder
under Section 11.01(a), shall be for the ratable benefit of the Holders of such
series of Securities which shall be the subject of such action or proceeding.
All rights of action upon or under any of the Securities or this Indenture may
be enforced by the Trustee without the possession of any of the Securities and
without the production of any thereof at any trial or any proceeding relative
thereto. 

          Section
7.04. Trustee as Attorney-in-Fact. The Trustee is hereby appointed, and
each and every Holder of the Securities, by receiving and holding the same,
shall be conclusively deemed to have appointed the Trustee, the true and lawful
attorney-in-fact of such Holder, with authority to make or file (whether or not
the Company shall be in Default in respect of the payment of the principal of,
or interest on, any of the Securities), in its own name and as trustee of an
express trust or otherwise as it shall deem advisable, in any receivership,
insolvency, liquidation, bankruptcy, reorganization or other judicial
proceeding relative to the Company or any other obligor upon the Securities or
to their respective creditors or property, any and all claims, proofs of claim,
proofs of debt, petitions, consents, other papers and documents and amendments
of any thereof, as may be necessary or advisable in order to have the claims of
the Trustee and any predecessor trustee hereunder and of the Holders of the
Securities allowed in any such proceeding and to collect and receive any moneys
or other property payable or deliverable on any such claim, and to execute and
deliver any and all other papers and documents and to do and perform any and
all other acts and things, as it may deem necessary or 

35

advisable in order to enforce in any such proceeding any of the claims
of the Trustee and any predecessor trustee hereunder and of any of such Holders
in respect of any of the Securities; and any receiver, assignee, trustee,
custodian or debtor in any such proceeding is hereby authorized, and each and
every taker or Holder of the Securities, by receiving and holding the same,
shall be conclusively deemed to have authorized any such receiver, assignee,
trustee, custodian or debtor, to make any such payment or delivery only to or
on the order of the Trustee, and to pay to the Trustee any amount due it and
any predecessor trustee hereunder under Section 11.01(a); provided, however,
that nothing herein contained shall be deemed to authorize or empower the
Trustee to consent to or accept or adopt, on behalf of any Holder of
Securities, any plan of reorganization or readjustment affecting the Securities
or the rights of any Holder thereof, or to authorize or empower the Trustee to
vote in respect of the claim of any Holder of any Securities in any such
proceeding. 

          Section
7.05. Priorities. Any moneys or properties collected by the Trustee with
respect to a series of Securities under this Article VII shall be applied in
the order following, at the date or dates fixed by the Trustee for the
distribution of such moneys or properties and, in the case of the distribution
of such moneys or properties on account of the Securities of any series, upon
presentation of the Securities of such series, and stamping thereon the
payment, if only partially paid, and upon surrender thereof, if fully paid: 

                    First:
To the payment of all amounts due to the Trustee and any predecessor trustee
hereunder under Section 11.01(a). 

                    Second:
In case the principal of the Outstanding Securities of such series shall not
have become due and be unpaid, to the payment of interest on the Securities of
such series, in the chronological 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 rate
borne by such Securities, such payments to be made ratably to the Persons
entitled thereto. 

                    Third:
In case the principal of the Outstanding Securities of such series shall have
become due, by declaration or otherwise, to the payment of the whole amount
then owing and unpaid upon the Securities of such series for principal and
premium, if any, and interest, with interest on the overdue principal and
premium, if any, and (to the extent that such interest has been collected by
the Trustee) upon overdue installments of interest at the rate borne by the
Securities of such series, and in case such moneys shall be insufficient to pay
in full the whole amounts so due and unpaid upon the Securities of such series,
then to the payment of such principal and premium, if any, and interest without
preference or priority of principal and premium, if any, over interest, or of
interest over principal and premium, if any, or of any installment of interest
any other Security of such series, ratably to the aggregate of such principal
and premium, if any, and accrued and unpaid interest. 

Any surplus then remaining shall be paid to the Company or as directed
by a court of competent jurisdiction. 

          Section
7.06. Control by Securityholders; Waiver of Past Defaults. The Holders
of a majority in principal amount of the Securities of any series at the time
outstanding may direct the 

36

time, method and place of conducting any proceeding for any remedy
available to the Trustee hereunder, or of exercising any trust or power hereby
conferred upon the Trustee with respect to the Securities of such series,
provided, however, that, subject to the provisions of Sections 11.01 and 11.02,
the Trustee shall have the right to decline to follow any such direction if the
Trustee being advised by counsel determines in good faith that the action so
directed may not lawfully be taken or would be unduly prejudicial to Holders
not joining in such direction or would involve the Trustee in personal
liability. Prior to any declaration accelerating the Maturity of the Securities
of any series, the Holders of a majority in aggregate principal amount of such
series of Securities at the time Outstanding may on behalf of the Holders of
all of the Securities of such series waive any past Default or Event of Default
hereunder and its consequences except a Default in the payment of interest or
any premium on or the principal of the Securities of such series. Upon any such
waiver the Company, the Trustee and the Holders of the Securities of such
series shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other
Default or Event of Default or impair any right consequent thereon. Whenever
any Default or Event of Default hereunder shall have been waived as permitted
by this Section 7.06, said Default or Event of Default shall for all purposes
of the Securities of such series and this Indenture be deemed to have been
cured and to be not continuing. 

          Section
7.07. Limitation on Suits. No Holder of any Security of any series shall
have any right to institute any action, suit or proceeding at law or in equity
for the execution of any trust hereunder or for the appointment of a receiver
or for any other remedy hereunder, in each case with respect to an Event of
Default with respect to such series of Securities, unless such Holder
previously shall have given to the Trustee written notice of one or more of the
Events of Default herein specified with respect to such series of Securities,
and unless also the Holders of not less than a majority in principal amount of
the Securities of such series then Outstanding shall have requested the Trustee
in writing to take action in respect of the matter complained of, and unless
also there shall have been offered to the Trustee security and indemnity
satisfactory to it against the costs, expenses and liabilities to be incurred
therein or thereby, and the Trustee, for 60 days after receipt of such
notification, request and offer of indemnity, shall have neglected or refused
to institute any such action, suit or proceeding; and such notification,
request and offer of indemnity are hereby declared in every such case to be
conditions precedent to any such action, suit or proceeding by any Holder of
any Security of such series; it being understood and intended that no one or
more of the Holders of Securities of such series shall have any right in any
manner whatsoever by his, her, its or their action to enforce any right
hereunder, except in the manner herein provided, and that every action, suit or
proceeding at law or in equity shall be instituted, had and maintained in the
manner herein provided and for the equal benefit of all Holders of the
Outstanding Securities of such series; provided, however, that nothing in this
Indenture or in the Securities of such series shall affect or impair the
obligation of the Company, which is absolute and unconditional, to pay the
principal of, premium, if any, and interest on the Securities of such series to
the respective Holders of such Securities at the respective due dates in such
Securities stated, or affect or impair the right, which is also absolute and
unconditional, of such Holders to institute suit to enforce the payment
thereof. 

          Section
7.08. Undertaking for Costs. All parties to this Indenture and each
Holder of any Security, by such Holder’s acceptance thereof, shall be deemed to
have agreed that any court may in its discretion require, in any action, suit
or proceeding for the enforcement of any right or 

37

remedy under this Indenture, or in any action, suit or proceeding
against the Trustee for any action taken or omitted by it as Trustee, the
filing by any party litigant in such action, suit or proceeding of an
undertaking to pay the costs of such action, suit or proceeding, and that such
court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in such action, suit
or proceeding, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; provided, however, that the provisions of
this Section 7.08 shall not apply to any action, suit or proceeding instituted
by the Trustee, to any action, suit or proceeding instituted by any one or more
Holders of Securities holding in the aggregate more than 10% in principal
amount of the Securities of any series Outstanding, or to any action, suit or
proceeding instituted by any Holder of Securities of any series for the
enforcement of the payment of the principal of or premium, if any, or the
interest on, any of the Securities of such series, on or after the respective
due dates expressed in such Securities. 

          Section
7.09. Remedies Cumulative. No remedy herein conferred upon or reserved
to the Trustee or to the Holders of Securities of any series is intended to be
exclusive of any other remedy or remedies, and each and every remedy shall be
cumulative and shall be in addition to every other remedy given hereunder or
now or hereafter existing at law or in equity or by statute. No delay or
omission of the Trustee or of any Holder of the Securities of any series to
exercise any right or power accruing upon any Default or Event of Default shall
impair any such right or power or shall be construed to be a waiver of any such
Default or Event of Default or an acquiescence therein; and every power and
remedy given by this Article VII to the Trustee and to the Holders of
Securities of any series, respectively, may be exercised from time to time and
as often as may be deemed expedient by the Trustee or by the Holders of
Securities of such series, as the case may be. In case the Trustee or any
Holder of Securities of any series shall have proceeded to enforce any right
under this Indenture and the proceedings for the enforcement thereof shall have
been discontinued or abandoned because of waiver or for any other reason or
shall have been adjudicated adversely to the Trustee or to such Holder of
Securities, then and in every such case the Company, the Trustee and the
Holders of the Securities of such series shall severally and respectively be
restored to their former positions and rights hereunder, and thereafter all
rights, remedies and powers of the Trustee and the Holders of the Securities of
such series shall continue as though no such proceedings had been taken, except
as to any matters so waived or adjudicated. 

ARTICLE VIII

CONCERNING THE SECURITYHOLDERS

          Section
8.01. Evidence of Action of Securityholders. Whenever in this Indenture
it is provided that the Holders of a specified percentage or a majority in
aggregate principal amount of the Securities or of any series of Securities may
take any action (including the making of any demand or request, the giving of
any notice, consent or waiver or the taking of any other action), the fact that
at the time of taking any such action the Holders of such specified percentage
or majority have joined therein may be evidenced by (a) any instrument or any
number of instruments of similar tenor executed by Securityholders in person,
an agent or by a proxy appointed in writing, including through an electronic
system for tabulating consents operated by the Depositary for such series or
otherwise (such action becoming effective, except as herein 

38

otherwise expressly provided, when such instruments or evidence of
electronic consents are delivered to the Trustee and, where it is hereby
expressly required, to the Company), or by the record of the Holders of
Securities voting in favor thereof at any meeting of Securityholders duly
called and held in accordance with the provisions of Article IX, or (c) by a
combination of such instrument or instruments and any such record of such a
meeting of Securityholders.

          Section
8.02. Proof of Execution or Holding of Securities. Proof of the
execution of any instrument by a Securityholder or his, her or its agent or
proxy and proof of the holding by any Person of any of the Securities shall be
sufficient if made in the following manner:

                    (a)
The fact and date of the execution by any Person of any such instrument may be
proved (i) by the certificate of any notary public or other officer in any
jurisdiction who, by the laws thereof, has power to take acknowledgments or
proof of deeds to be recorded within such jurisdiction, that the Person who
signed such instrument did acknowledge before such notary public or other
officer the execution thereof, (ii) by the affidavit of a witness of such
execution sworn to before any such notary or other officer or (iii) in such
other reasonable manner acceptable to the Trustee. Where such execution is by a
Person acting in other than his or her individual capacity, such certificate or
affidavit shall also constitute sufficient proof of his or her authority.

                    (b)
The ownership of Securities of any series shall be proved by the Register of
such Securities or by a certificate of the Registrar for such series. 

                    (c)
The record of any Holders’ meeting shall be proved in the manner provided in
Section 9.06.

                    (d)
The Trustee may require such additional proof of any matter referred to in this
Section 8.02 as it shall deem appropriate or necessary, so long as the request
is a reasonable one.

                    (e)
If the Company shall solicit from the Holders of Securities of any series any
action, the Company may, at its option fix in advance a record date for the
determination of Holders of Securities entitled to take such action, but the
Company shall have no obligation to do so. Any such record date shall be fixed
at the Company’s discretion. If such a record date is fixed, such action may be
sought or given before or after the record date, but only the Holders of
Securities of record at the close of business on such record date shall be
deemed to be Holders of Securities for the purpose of determining whether
Holders of the requisite proportion of Outstanding Securities of such series
have authorized or agreed or consented to such action, and for that purpose the
Outstanding Securities of such series shall be computed as of such record date.

          Section
8.03. Persons Deemed Owners.

                    (a)
The Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name any Security is registered as the owner of such
Security for the purpose of receiving payment of principal of and premium, if
any, and (subject to Section 3.08) interest, if any, on, such Security and for
all other purposes whatsoever, whether or not such Security be overdue, and
neither the Company, the Trustee nor any agent of the Company 

39

or the Trustee shall be affected by notice to the contrary. All
payments made to any Holder, or upon his, her or its order, shall be valid,
and, to the extent of the sum or sums paid, effectual to satisfy and discharge
the liability for moneys payable upon such Security.

                    (b)
None of the Company, the Trustee, any Paying Agent or the Registrar will have
any responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests in a Global Security
or for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.

          Section
8.04. Effect of Consents. After an amendment, supplement, waiver or
other action becomes effective as to any series of Securities, a consent to it
by a Holder of such series of Securities is a continuing consent conclusive and
binding upon such Holder and every subsequent Holder of the same Securities or
portion thereof, and of any Security issued upon the transfer thereof or in
exchange therefor or in place thereof, even if notation of the consent is not
made on any such Security. An amendment, supplement or waiver becomes effective
in accordance with its terms and thereafter binds every Holder.

ARTICLE IX

SECURITYHOLDERS’ MEETINGS

          Section
9.01. Purposes of Meetings. A meeting of Securityholders of any or all
series may be called at any time and from time to time pursuant to the
provisions of this Article IX for any of the following purposes:

                    (a)
to give any notice to the Company or to the Trustee, or to give any directions
to the Trustee, or to consent to the waiving of any Default or Event of Default
hereunder and its consequences, or to take any other action authorized to be
taken by Securityholders pursuant to any of the provisions of Article VIII;

                    (b)
to remove the Trustee and nominate a successor trustee pursuant to the provisions
of Article XI;

                    (c)
to consent to the execution of an Indenture or of indentures supplemental
hereto pursuant to the provisions of Section 14.02; or

                    (d)
to take any other action authorized to be taken by or on behalf of the Holders
of any specified aggregate principal amount of the Securities of any one or
more or all series, as the case may be, under any other provision of this
Indenture or under applicable law.

          Section
9.02. Call of Meetings by Trustee. The Trustee may at any time call a
meeting of all Securityholders of all series that may be affected by the action
proposed to be taken, to take any action specified in Section 9.01, to be held
at such time and at such place in New York, New York or in Atlanta, Georgia.
Notice of every meeting of the Securityholders of a series, setting forth the
time and the place of such meeting and in general terms the action proposed to
be taken at such meeting, shall be mailed to Holders of Securities of such series
at their addresses as they shall appear on the Register of the Company. Such
notice shall be mailed not less than 20 nor more than 180 days prior to the
date fixed for the meeting.

40

          Section
9.03. Call of Meetings by Company or Securityholders. In case at any
time the Company or the Holders of at least 10% in aggregate principal amount
of the Securities of a series (or of all series, as the case may be) then
Outstanding that may be affected by the action proposed to be taken, shall have
requested the Trustee to call a meeting of Securityholders of such series (or
of all series), by written request setting forth in reasonable detail the
action proposed to be taken at the meeting, and the Trustee shall not have
mailed the notice of such meeting within 20 days after receipt of such request,
then the Company or such Securityholders may determine the time and the place
for such meeting and may call such meeting to take any action authorized in
Section 9.01, by mailing notice thereof as provided in Section 9.02.

          Section
9.04. Qualifications for Voting. To be entitled to vote at any meeting
of Securityholders, a Person shall (a) be a Holder of one or more Securities
affected by the action proposed to be taken at the meeting or (b) be a Person
appointed by an instrument in writing as proxy by a Holder of one or more such
Securities. The only Persons who shall be entitled to be present or to speak at
any meeting of Securityholders shall be the Persons entitled to vote at such
meeting and their counsel and any representatives of the Trustee and its
counsel and any representatives of the Company and its counsel.

          Section
9.05. Regulation of Meetings.

                    (a)
Notwithstanding any other provisions of this Indenture, the Trustee may make
such reasonable regulations as it may deem advisable for any meeting of
Securityholders, in regard to proof of the holding of Securities and of the
appointment of proxies, and in regard to the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem fit.

                    (b)
The Trustee shall, by an instrument in writing, appoint a temporary chairman of
the meeting, unless the meeting shall have been called by the Company or by
Securityholders as provided in Section 9.03, in which case the Company or the
Securityholders calling the meeting, as the case may be, shall in like manner
appoint a temporary chair. A permanent chairman and a permanent secretary of
the meeting shall be elected by majority vote of the meeting.

                    (c)
At any meeting of Securityholders of a series, each Securityholder of such
series of such Securityholder’s proxy shall be entitled to one vote for each
$1,000 principal amount of Securities of such series Outstanding held or
represented by him; provided, however, that no vote shall be cast or counted at
any meeting in respect of any Security challenged as not Outstanding and ruled
by the chairman of the meeting to be not Outstanding. The chairman of the
meeting shall have no right to vote other than by virtue of Securities of such
series held by him or her or instruments in writing as aforesaid duly
designating him or her as the Person to vote on behalf of other
Securityholders. At any meeting of the Securityholders duly called pursuant to
the provisions of Section 9.02 or 9.03 the presence of Persons holding or
representing Securities in an aggregate principal amount sufficient to take
action upon the business for the transaction of which such meeting was called
shall be necessary to constitute a quorum, and any such meeting may be
adjourned from time to time by a majority of those present, whether or not
constituting a quorum, and the meeting may be held as so adjourned 

41

without further notice. In the absence of a quorum within 30 minutes of
the time appointed for any such meeting, the meeting shall, if convened at the
request of holders of Securities of such series, be dissolved. In any other
case, the meeting may be adjourned for a period determined by the chairman of
the meeting prior to the adjournment of such meeting. In the absence of a
quorum at any such adjourned meeting, such adjourned meeting may be further
adjourned for a period determined by the chairman of the meeting prior to the
adjournment of such adjourned meeting. Notice of the reconvening of any
adjourned meeting shall be given as provided in Section 9.02 hereof, except that
such notice need be given only once and not less than five days prior to the
date on which the meeting is scheduled to be reconvened.

          Section
9.06. Voting. The vote upon any resolution submitted to any meeting of
Securityholders of a series shall be by written ballots on which shall be
subscribed the signatures of the Holders of Securities of such series or of
their representatives by proxy and the principal amounts of the Securities of
such series held or represented by them. The permanent chairman of the meeting
shall appoint two inspectors of votes who shall count all votes cast at the
meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports in duplicate of all
votes cast at the meeting. A record in duplicate of the proceedings of each
meeting of Securityholders shall be prepared by the secretary of the meeting
and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one
or more Persons having knowledge of the facts setting forth a copy of the
notice of the meeting and showing that said notice was mailed as provided in
Section 9.02. The record shall show the principal amounts of the Securities
voting in favor of or against any resolution. The record shall be signed and
verified by the affidavits of the permanent chairman and secretary of the
meeting and one of the duplicates shall be delivered to the Company and the
other to the Trustee to be preserved by the Trustee.

          Any record
so signed and verified shall be conclusive evidence of the matters therein
stated.

          Section
9.07. No Delay of Rights by Meeting. Nothing contained in this Article IX
shall be deemed or construed to authorize or permit, by reason of any call of a
meeting of Securityholders of any series or any rights expressly or impliedly
conferred hereunder to make such call, any hindrance or delay in the exercise
of any right or rights conferred upon or reserved to the Trustee or to the
Securityholders of such series under any of the provisions of this Indenture or
of the Securities of such series.

ARTICLE X

REPORTS BY THE COMPANY AND THE TRUSTEE

AND SECURITYHOLDERS’ LISTS

          Section
10.01. Reports by Trustee.

                    (a)
So long as any Securities are outstanding, the Trustee shall transmit to
Holders such reports concerning the Trustee and its actions under this
Indenture as may be required pursuant to the Trust Indenture Act at the times
and in the manner provided therein.

42

                    (b)
The Trustee shall, at the time of the transmission to the Holders of Securities
of any report pursuant to the provisions of this Section 10.01, file a copy of
such report with each stock exchange upon which the Securities are listed, if
any, and also with the SEC in respect of a Security listed and registered on a
national securities exchange, if any. The Company agrees to notify the Trustee
when, as and if the Securities become listed on any stock exchange.

          The Company
will reimburse the Trustee for all expenses incurred in the preparation and
transmission of any report pursuant to the provisions of this Section 10.01 and
of Section 10.02.

          Section
10.02. Reports by the Company. The Company shall file with the Trustee
and the SEC, and transmit to Holders, such information, documents and other
reports, and such summaries thereof, as may be required pursuant to the Trust
Indenture Act at the times and in the manner provided in the Trust Indenture
Act; provided that, unless available on EDGAR, any such information, documents
or reports required to be filed with the SEC pursuant to Section 13 or 15(d) of
the Exchange Act shall be filed with the Trustee within 30 days after the same
is filed with the SEC; and provided further, that the filing of the reports
specified in Section 13 or 15(d) of the Exchange Act by an entity that is the
direct or indirect parent of the Company will satisfy the requirements of this
Section 10.02 so long as such entity is an obligor or guarantor on the
Securities; and provided further that the reports of such entity will not be
required to include condensed consolidating financial information for the
Company in a footnote to the financial statements of such entity.
Notwithstanding the foregoing, the Company shall not be required to deliver to
the Trustee any information or documents for which the Company has requested
and received confidential treatment by the SEC.

          Section
10.03. Securityholders’ Lists. The Company covenants and agrees that it
will furnish or cause to be furnished to the Trustee:

                    (a)
semi-annually, within 15 days after each Record Date, but in any event not less
frequently than semi-annually, a list in such form as the Trustee may
reasonably require of the names and addresses of the Holders of Securities to
which such Record Date applies, as of such Record Date, and

                    (b)
at such other times as the Trustee may request in writing, within 30 days after
receipt by the Company of any such request, a list of similar form and content
as of a date not more than 15 days prior to the time such list is furnished;
provided, however, that so long as the Trustee shall be the Registrar, such
lists shall not be required to be furnished.

ARTICLE XI

CONCERNING THE TRUSTEE

          Section
11.01. Rights of Trustees; Compensation and Indemnity. The Trustee
accepts the trusts created by this Indenture upon the terms and conditions
hereof, including the following, to all of which the parties hereto and the
Holders from time to time of the Securities agree:

                    (a)
The Trustee shall be entitled to such compensation as the Company and the
Trustee shall from time to time agree in writing for all services rendered by
it hereunder 

43

(including in any agent capacity in which it acts). The compensation of
the Trustee shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust. The Company shall reimburse the
Trustee promptly upon its request for all reasonable out-of-pocket expenses,
disbursements and advances incurred or made by the Trustee (including the
reasonable expenses and disbursements of its agents and counsel), except any
such expense, disbursement or advance as may be attributable to its negligence,
bad faith or willful misconduct.

          The Company
also agrees to indemnify each of the Trustee and any predecessor Trustee
hereunder for, and to hold it harmless against, any and all loss, liability,
damage, claim, or expense incurred without its own negligence, bad faith or
willful misconduct, arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder and the performance of its
duties (including in any agent capacity in which it acts), as well as the costs
and expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder,
except those attributable to its negligence, willful misconduct or bad faith.
The Trustee shall notify the Company promptly of any claim for which it may
seek indemnity. The Company shall defend the claim and the Trustee shall
cooperate in the defense. The Trustee may have one separate counsel and the
Company shall pay the reasonable fees and expenses of such counsel. The Company
need not pay for any settlement made without its consent, which consent shall
not be unreasonably withheld.

          As security
for the performance of the obligations of the Company under this Section
11.01(a), the Trustee shall have a lien upon all property and funds held or
collected by the Trustee as such, except funds held in trust by the Trustee to
pay principal of and interest on any Securities. Notwithstanding any provisions
of this Indenture to the contrary, the obligations of the Company to compensate
and indemnify the Trustee under this Section 11.01(a) shall survive the
resignation or removal of the Trustee and any satisfaction and discharge under
Article XII. When the Trustee incurs expenses or renders services after an
Event of Default specified in clause (e) or (f) of Section 7.01 occurs, the
expenses and compensation for the services are intended to constitute expenses
of administration under any applicable federal or state bankruptcy, insolvency
or similar laws.

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

                    (c)
The Trustee shall not be responsible in any manner whatsoever for the
correctness of the recitals herein or in the Securities (except its certificates
of authentication thereon) contained, all of which are made solely by the
Company; and the Trustee shall not be responsible or accountable in any manner
whatsoever for or with respect to the validity or execution or sufficiency of
this Indenture or of the Securities (except its certificates of authentication
thereon), and the Trustee makes no representation with respect thereto, except
that the Trustee represents that it is duly authorized to execute and deliver
this Indenture, authenticate the Securities and perform its obligations
hereunder and that the statements made by it in a Statement of Eligibility on
Form T-1 supplied to the Company are true and accurate, subject to the
qualifications set forth therein. The Trustee shall not be accountable for the
use or application 

44

by the Company of any Securities, or the proceeds of any Securities,
authenticated and delivered by the Trustee in conformity with the provisions of
this Indenture.

                    (d)
The Trustee may consult with counsel of its selection, and, to the extent
permitted by Section 11.02, any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken or suffered by the
Trustee hereunder in good faith and in accordance with such Opinion of Counsel.

                    (e)
The Trustee, to the extent permitted by Section 11.02, may rely upon the
certificate of the Secretary or one of the Assistant Secretaries of the Company
as to the adoption of any Board Resolution or resolution of the stockholders of
the Company, and any request, direction, order or demand of the Company
mentioned herein shall be sufficiently evidenced by, and 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 may rely upon, an Officer’s Certificate of the
Company (unless other evidence in respect thereof be herein specifically
prescribed).

                    (f)
Subject to Section 11.04, the Trustee or any agent of the Trustee, in its
individual or any other capacity, may become the owner or pledgee of Securities
and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may
otherwise deal with the Company with the same rights it would have had if it
were not the Trustee or such agent.

                    (g)
Money held by the Trustee in trust hereunder need not be segregated from other
funds except to the extent required by law. The Trustee shall be under no
liability for interest on any money received by it hereunder except as
otherwise agreed in writing with the Company.

                    (h)
Any action taken by the Trustee pursuant to any provision hereof at the request
or with the consent of any Person who at the time is the Holder of any Security
shall be conclusive and binding in respect of such Security upon all future
Holders thereof or of any Security or Securities which may be issued for or in
lieu thereof in whole or in part, whether or not such Security shall have noted
thereon the fact that such request or consent had been made or given.

                    (i)
Subject to the provisions of Section 11.02, the Trustee may conclusively rely
and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent,
order, approval, bond, debenture or other paper or document believed by it to
be genuine and to have been signed or presented by the proper party or parties.

                    (j)
Subject to the provisions of Section 11.02, the Trustee shall not be under any
obligation to exercise any of the rights or powers vested in it by this
Indenture at the request, order or direction of any of the Holders of the
Securities, pursuant to any provision of this Indenture, unless one or more of
the Holders of the Securities shall have offered to the Trustee security or
indemnity satisfactory to it against the costs, expenses and liabilities which
may be incurred by it therein or thereby.

45

                    (k)
Subject to the provisions of Section 11.02, 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 its discretion or within the rights or powers conferred
upon it by this Indenture.

                    (l)
Subject to the provisions of Section 11.02, the Trustee shall not be deemed to
have knowledge or notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless the
Holders of not less than 25% of the Outstanding Securities notify the Trustee
thereof.

                    (m)
Subject to the provisions of the first paragraph of Section 11.02, the Trustee
shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of
Indebtedness or other paper or document, but the Trustee, may, but shall not be
required to, make further inquiry or investigation into such facts or matters
as it may see fit.

                    (n)
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.

          Section
11.02. Duties of Trustee.

                    (a)
If one or more of the Events of Default specified in Section 7.01 with respect
to the Securities of any series shall have happened, then, during the
continuance thereof, the Trustee shall, with respect to such Securities,
exercise such of the rights and powers vested in it by this Indenture, and
shall use the same degree of care and skill in their exercise, as a prudent
person would exercise or use under the circumstances in the conduct of such
person’s own affairs.

                    (b)
None of the provisions of this Indenture shall be construed as relieving the Trustee
from liability for its own negligent action, its own negligent action,
negligent failure to act, or its own willful misconduct, except that, anything
in this Indenture contained to the contrary notwithstanding, 

	
  

 	
  

 	
  

 
	
  

 	
           (i)
 unless and until an Event of Default specified in Section 7.01 with respect
 to the Securities of any series shall have happened which at the time is
 continuing,

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (A) the
 Trustee undertakes to perform such duties and only such duties with respect
 to the Securities of that series as are specifically set out in this
 Indenture, and no implied covenants or obligations shall be read into this
 Indenture against the Trustee, whose duties and obligations shall be
 determined solely by the express provisions of this Indenture; and

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (B) the
 Trustee may conclusively rely, as to the truth of the statements and the
 correctness of the opinions expressed therein, in the absence of bad faith on
 the part of the Trustee, upon certificates and opinions furnished to it
 pursuant to the express provisions of this 

 

46

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Indenture; but in the case of any such certificates or opinions
 which, by the provisions of this Indenture, 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, statements, opinions or conclusions stated
 therein);

 
	
  

 	
  

 	
  

 
	
  

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

 
	
  

 	
  

 	
  

 
	
  

 	
           (iii) the
 Trustee shall not be liable to any Holder of Securities or to any other
 Person with respect to any action taken or omitted to be taken by it in good
 faith, in accordance with the direction of Securityholders given as provided
 in Section 7.06, relating to the time, method and place of conducting any
 proceeding for any remedy available to it or exercising any trust or power
 conferred upon it by this Indenture.

 

                    (c)
None of the provisions of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise to incur any financial liability in the
performance of any of its duties hereunder, or in the exercise of any of its
rights or powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it.

                    (d)
Whether or not therein expressly so provided, every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection
to the Trustee shall be subject to the provisions of this Section 11.02.

          Section
11.03. Notice of Defaults. Within 90 days after the occurrence thereof,
and if known to the Trustee, the Trustee shall give to the Holders of the
Securities of a series notice of each Default or Event of Default with respect
to the Securities of such series known to the Trustee, by transmitting such
notice to Holders at their addresses as the same shall then appear on the
Register of the Company, unless such Default shall have been cured or waived
before the giving of such notice (the term “Default” being hereby defined to be
the events specified in Section 7.01, which are, or after notice or lapse of
time or both would become, Events of Default as defined in said Section).
Except in the case of a Default or Event of Default in payment of the principal
of, premium, if any, or interest on any of the Securities of such series when
and as the same shall become payable, or to make any sinking fund payment as to
Securities of the same series, the Trustee shall be protected in withholding
such notice, if and so long as a Responsible Officer or Responsible Officers of
the Trustee in good faith determines that the withholding of such notice is in
the interests of the Holders of the Securities of such series. 

          Section
11.04. Eligibility; Disqualification.

47

                    (a)
The Trustee shall at all times satisfy the requirements of TIA Section 310(a).
The Trustee shall have a combined capital and surplus of at least $50 million
as set forth in its most recent published annual report of condition, and shall
have a Corporate Trust Office. If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 11.04, it shall
resign immediately in the manner and with the effect hereinafter specified in
this Article.

                    (b)
The Trustee shall comply with TIA Section 310(b); provided, however, that there
shall be excluded from the operation of TIA Section 310(b)(i) any indenture or
indentures under which other securities or certificates of interest or
participation in other securities of the Company are outstanding if the
requirements for such exclusion set forth in TIA Section 310(b)(i) are met. If
the Trustee has or shall acquire a conflicting interest within the meaning of
Section 310(b) of the Trust Indenture Act, the Trustee shall either eliminate
such interest or resign, to the extent and in the manner provided by, and
subject to the provisions of, the Trust Indenture Act and this Indenture. If
Section 310(b) of the Trust Indenture Act is amended any time after the date of
this Indenture to change the circumstances under which a Trustee shall be deemed
to have a conflicting interest with respect to the Securities of any series or
to change any of the definitions in connection therewith, this Section 11.04
shall be automatically amended to incorporate such changes.

          Section
11.05. Registration and Notice; Removal. The Trustee, or any successor
to it hereafter appointed, may at any time resign and be discharged of the
trusts hereby created with respect to any one or more or all series of
Securities by giving to the Company notice in writing. Such resignation shall
take effect upon the appointment of a successor Trustee and the acceptance of
such appointment by such successor Trustee. Any Trustee hereunder may be
removed with respect to any series of Securities at any time by the filing with
such Trustee and the delivery to the Company of an instrument or instruments in
writing signed by the Holders of a majority in principal amount of the
Securities of such series then Outstanding, specifying such removal and the
date when it shall become effective. 

          If at any
time:

          (1) the
Trustee shall fail to comply with the provisions of TIA Section 310(b) after
written request therefor by the Company or by any Holder who has been a bona
fide Holder of a Security for at least six months, or

          (2) the
Trustee shall cease to be eligible under Section 11.04 and shall fail to resign
after written request therefor by the Company or by any Holder who has been a
bona fide Holder of a Security for at least six months, or

          (3) the Trustee
shall become incapable of acting or shall be adjudged a bankrupt or insolvent
or a receiver 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, (i) the Company by written notice to the Trustee may
remove the Trustee and appoint a successor Trustee with respect to all
Securities, or (ii) subject to TIA Section 315(e), any Securityholder who has
been a bona fide Holder of a Security for at least six months may, on behalf of
himself and all others similarly

48

situated,
petition any court of competent jurisdiction for the removal of the Trustee
with respect to all Securities and the appointment of a successor Trustee or
Trustees.

          Upon
its resignation or removal, any Trustee shall be entitled to the payment of
reasonable compensation for the services rendered hereunder by such Trustee and
to the payment of all reasonable expenses incurred hereunder and all moneys
then due to it hereunder. The Trustee’s rights to indemnification provided in
Section 11.01(a) shall survive its resignation or removal.

          Section
11.06. Successor Trustee by Appointment.

                    (a)
In case at any time the Trustee shall resign, or shall be removed (unless the
Trustee shall be removed as provided in Section 11.04(b), in which event the
vacancy shall be filled as provided in said subdivision), or shall become
incapable of acting, or shall be adjudged bankrupt or insolvent, or if a
receiver of the Trustee or of its property shall be appointed, or if 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 with
respect to the Securities of one or more series, a successor Trustee with
respect to the Securities of that or those series (it being understood that any
such successor Trustee may be appointed with respect to the Securities of one
or more or all of such series and that at any time there shall be only one
Trustee with respect to the Securities of any series) may be appointed by the
Holders of a majority in principal amount of the Securities of that or those
series then Outstanding, by an instrument or instruments in writing signed in
duplicate by such Holders and filed, one original thereof with the Company and
the other with the successor Trustee; but, until a successor Trustee shall have
been so appointed by the Holders of Securities of that or those series as
herein authorized, the Company, or, in case all or substantially all the assets
of the Company shall be in the possession of one or more custodians or
receivers lawfully appointed, or of trustees in bankruptcy or reorganization
proceedings (including a trustee or trustees appointed under the provisions of
the federal bankruptcy laws, as now or hereafter constituted), or of assignees
for the benefit of creditors, such receivers, custodians, trustees or
assignees, as the case may be, by an instrument in writing, shall appoint a
successor Trustee with respect to the Securities of such series. Subject to the
provisions of Sections 11.04 and 11.05, upon the appointment as aforesaid of a
successor Trustee with respect to the Securities of any series, the Trustee
with respect to the Securities of such series shall cease to be Trustee
hereunder. After any such appointment other than by the Holders of Securities
of that or those series, the Person making such appointment shall forthwith
cause notice thereof to be mailed to the Holders of Securities of such series
at their addresses as the same shall then appear on the Register of the Company
but any successor Trustee with respect to the Securities of such series so
appointed shall, immediately and without further act, be superseded by a
successor Trustee appointed by the Holders of Securities of such series in the
manner above prescribed, if such appointment be made prior to the expiration of
one year from the date of the mailing of such notice by the Company, or by such
receivers, trustees or assignees.

                    (b)
If any Trustee with respect to the Securities of one or more series shall
resign or be removed and a successor Trustee shall not have been appointed by
the Company or by the Holders of the Securities of such series or, if any
successor Trustee so appointed shall not have accepted its appointment within
30 days after such appointment shall have been made, the 

49

resigning
Trustee at the expense of the Company may apply to any court of competent
jurisdiction for the appointment of a successor Trustee. If in any other case a
successor Trustee shall not be appointed pursuant to the foregoing provisions
of this Section 11.06 within three months after such appointment might have
been made hereunder, the Holder of any Security of the applicable series or any
retiring Trustee at the expense of the Company may apply to any court of
competent jurisdiction to appoint a successor Trustee. Such court may
thereupon, in any such case, after such notice, if any, as such court may deem
proper and prescribe, appoint a successor Trustee.

                    (c)
Any successor Trustee appointed hereunder with respect to the Securities of one
or more series shall execute, acknowledge and deliver to its predecessor
Trustee and to the Company, or to the receivers, trustees, assignees or court
appointing it, as the case may be, an instrument accepting such appointment
hereunder, and thereupon such successor Trustee, without any further act, deed
or conveyance, shall become vested with all the authority, rights, powers,
trusts, immunities, duties and obligations with respect to such series of such
predecessor Trustee with like effect as if originally named as Trustee
hereunder, and such predecessor Trustee, upon payment of its charges and
disbursements then unpaid, shall thereupon become obligated to pay over, and
such successor Trustee shall be entitled to receive, all moneys and properties
held by such predecessor Trustee as Trustee hereunder, subject nevertheless to
its lien provided for in Section 11.01(a). Nevertheless, on the written request
of the Company or of the successor Trustee or of the Holders of at least 10% in
principal amount of the Securities of such series then Outstanding, such
predecessor Trustee, upon payment of its said charges and disbursements, shall
execute and deliver an instrument transferring to such successor Trustee upon
the trusts herein expressed all the rights, powers and trusts of such
predecessor Trustee and shall assign, transfer and deliver to the successor
Trustee all moneys and properties held by such predecessor Trustee, subject
nevertheless to its lien provided for in Section 11.01(a); and, upon request of
any such successor Trustee and the Company shall make, execute, acknowledge and
deliver any and all instruments in writing for more fully and effectually
vesting in and confirming to such successor Trustee all such authority, rights,
powers, trusts, immunities, duties and obligations.

          Section
11.07. Successor Trustee by Merger. Any Person into which the Trustee or
any successor to it in the trusts created by this Indenture shall be merged or
converted, or any Person with which it or any successor to it shall be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Trustee or any such successor to it shall be a
party, or any Person to which the Trustee or any successor to it shall sell or
otherwise transfer all or substantially all of the corporate trust business of
the Trustee, shall be the successor Trustee under this Indenture without the
execution or filing of any paper or any further act on the part of any of the
parties hereto; provided that such Person shall be otherwise qualified and
eligible under this Article. In case at the time such successor to the Trustee
shall succeed to the trusts created by this Indenture with respect to one or
more series of Securities, any of such Securities shall have been authenticated
but not delivered by the Trustee then in office, any successor to such Trustee
may adopt the certificate of authentication of any predecessor Trustee, and
deliver such Securities so authenticated; and in case at that time any of the
Securities shall not have been authenticated, any 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 certificates
shall have the full force which it is anywhere in the Securities or in this
Indenture 

50

provided that
the certificate of the Trustee shall have; provided, however, that the right to
adopt the certificate of authentication of any predecessor Trustee or
authenticate Securities in the name of any predecessor Trustee shall apply only
to its successor or successors by merger, conversion or consolidation.

          Section
11.08. Right to Rely on Officer’s Certificate. Subject to Section 11.02,
and subject to the provisions of Section 16.01 with respect to the certificates
required thereby, whenever in the administration of the provisions of this
Indenture the Trustee shall deem it necessary or desirable that a matter be
proved or established prior to taking or suffering any action hereunder, such
matter (unless other evidence in respect thereof be herein specifically
prescribed) may, in the absence of negligence, bad faith or willful misconduct
on the part of the Trustee, be deemed to be conclusively proved and established
by an Officer’s Certificate with respect thereto delivered to the Trustee, and
such Officer’s Certificate, in the absence of negligence, bad faith or willful
misconduct 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
11.09. Appointment of Authenticating Agent. The Trustee may appoint an
agent (the “Authenticating Agent”) reasonably acceptable to the Company to
authenticate the Securities, and the Trustee shall give written notice of such
appointment to all Holders of Securities of the series with respect to which
such Authenticating Agent will serve. Unless limited by the terms of such
appointment, any such Authenticating Agent may authenticate Securities whenever
the Trustee may do so. Each reference in this Indenture to authentication by
the Trustee includes authentication by the Authenticating Agent. Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder.

          Each
Authenticating Agent shall at all times be a corporation organized and doing
business and in good standing under the laws of the United States, any State
thereof or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by Federal or State
authority. If such corporation publishes reports of condition at least
annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Article XI, the combined
capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Article XI, it shall resign immediately
in the manner and with the effect specified in this Article XI. 

          Any
corporation into which an Authenticating Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which such Authenticating Agent shall be
a party, or any corporation succeeding to the corporate agency or corporate
trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible
under this Article XI, without the execution or filing of any paper or any
further act on the part of the Trustee or the Authenticating Agent. An
Authenticating Agent may resign at any time by giving written notice thereof to
the Trustee and to the Company. The Trustee may at any time terminate 

51

the agency of
an Authenticating Agent by giving written notice thereof to such Authenticating
Agent and to the Company. Upon receiving such a notice of resignation or upon
such a termination, or in case at any time such Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section 11.09,
the Trustee may appoint a successor Authenticating Agent which shall be
acceptable to the Company and shall give written notice of such appointment to
all Holders of Securities of the series with respect to which such
Authenticating Agent will serve. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if
originally named as an Authenticating Agent. No successor Authenticating Agent
shall be appointed unless eligible under the provisions of this Section 11.09.

          The
Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section 11.09, and the Trustee shall
be entitled to be reimbursed for such payments, subject to the provisions of
Section 11.01.

          Section
11.10. Communications by Securityholders with Other Securityholders.
Holders of Securities may communicate pursuant to Section 312(b) of the Trust
Indenture Act with other Holders with respect to their rights under this
Indenture or the Securities. The Company, the Trustee, the Registrar and anyone
else shall have the protection of Section 312(c) of the Trust Indenture Act
with respect to such communications.

ARTICLE XII

SATISFACTION AND DISCHARGE; DEFEASANCE

          Section
12.01. Applicability of Article. If, pursuant to Section 3.01, provision
is made for the defeasance of Securities of a series and if the Securities of
such series are denominated and payable only in U.S. Dollars (except as provided
pursuant to Section 3.01), then the provisions of this Article shall be
applicable except as otherwise specified pursuant to Section 3.01 for
Securities of such series. Defeasance provisions, if any, for Securities
denominated in a Foreign Currency may be specified pursuant to Section 3.01. 

          Section
12.02. Satisfaction and Discharge of Indenture. This Indenture, with
respect to the Securities of any series (if all series issued under this
Indenture are not to be affected), shall, upon Company Order, cease to be of
further effect (except as to any surviving rights of registration of transfer
or exchange of such Securities herein expressly provided for and rights to
receive payments of principal of and premium, if any, and interest on such
Securities) and the Trustee, at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture,
when, 

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 either: 

 
	
  

 	
  

 	
  

 
	
  

 	
           (i)
 all Securities of such series theretofore authenticated and delivered (other
 than (A) Securities that have been destroyed, lost or stolen and that have
 been replaced or paid as provided in Section 3.07 and (B) Securities for
 whose payment money has theretofore been deposited in trust or segregated and
 held in 

 

52

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 trust by the
 Company and thereafter repaid to the Company or discharged from such trust,
 as provided in Section 6.03) have been delivered to the Trustee for
 cancellation; or 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (A) have become
 due and payable, or 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (B) will become
 due and payable at their Stated Maturity within one year, or 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (C)
 are to be called for redemption within one year under arrangements satisfactory
 to the Trustee for the giving of notice by the Trustee in the name, and at
 the expense, of the Company, and the Company, 

 

and in the
case of (A), (B) or (C) above, has deposited or caused to be deposited with the
Trustee or Paying Agent as trust funds in trust for the purpose an amount in
the Currency in which such Securities are denominated (except as otherwise
provided pursuant to Section 3.01) sufficient to pay and discharge the entire
Indebtedness on such Securities for principal and premium, if any, and interest
to the date of such deposit (in the case of Securities that have become due and
payable) or to the Stated Maturity or Redemption Date, as the case may be;
provided, however, in the event a petition for relief under federal bankruptcy
laws, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, is filed with respect to the
Company within 91 days after the deposit and the Trustee is required to return
the moneys then on deposit with the Trustee to the Company, the obligations of
the Company under this Indenture with respect to such Securities shall not be
deemed terminated or discharged; 

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

                    (c)
the Company has delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel each stating that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture with respect
to such series have been complied with. Notwithstanding the satisfaction and
discharge of this Indenture, the obligations of the Company to the Trustee
under Section 11.01 and, if money shall have been deposited with the Trustee
pursuant to subclause (B) of clause (a)(i) of this Section, the obligations of
the Trustee under Section 12.06 and the last paragraph of Section 6.03(e) shall
survive. 

          Section
12.03. Defeasance upon Deposit of Moneys or U.S Government Obligations.
At the Company’s option, either (a) the Company shall be deemed to have been
Discharged (as defined below) from its obligations with respect to Securities
of any series on the first day after the applicable conditions set forth below
have been satisfied or (b) the Company shall cease to be under any obligation
to comply with any term, provision or condition set forth in Section 6.04 with
respect to Securities of any series (and, if so specified pursuant to Section
3.01, any other restrictive covenant added for the benefit of such series
pursuant to Section 3.01) at any time after the applicable conditions set forth
below have been satisfied: 

53

                    (a)
The Company shall have deposited or caused to be deposited irrevocably 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 money in an amount, or (ii) U.S. Government Obligations (as defined
below) that through the payment of interest and principal in respect thereof in
accordance with their terms will provide, not later than one day before the due
date of any payment, money in an amount, or (iii) a combination of (i) and
(ii), sufficient to pay and discharge each installment of principal (including
any mandatory sinking fund payments) of and premium, if any, and interest on,
the Outstanding Securities of such series on the dates such installments of
interest or principal and premium are due; 

                    (b)
No Default with respect to the Securities of such series shall have occurred
and be continuing on the date of such deposit (other than a Default resulting
from the borrowing of funds and the grant of any related liens to be applied to
such deposit); and 

                    (c)
The Company shall have delivered to the Trustee an Opinion of Counsel to the
effect that Holders of the Securities of such series will not recognize income,
gain or loss for U.S. federal income tax purposes as a result of the Company’s
exercise of its option under this Section and will be subject to federal income
tax on the same amounts and in the same manner and at the same times as would
have been the case if such action had not been exercised and, in the case of
the Securities of such series being Discharged accompanied by a ruling to that
effect received from or published by the Internal Revenue Service. 

          “Discharged” means
that the Company shall be deemed to have paid and discharged the entire
Indebtedness represented by, and obligations under, the Securities of such
series and to have satisfied all the obligations under this Indenture relating
to the Securities of such series (and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging the same), except the
rights of Holders of Securities of such series to receive, from the trust fund
described in clause (a) above, payment of the principal of and premium, if any,
and interest on such Securities when such payments are due, the Company’s
obligations with respect to Securities of such series under Sections 3.04,
3.06, 3.07, 6.02 and 12.06 and (C) the rights, powers, trusts, duties and
immunities of the Trustee hereunder. 

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

54

          Section
12.04. Repayment to Company. The Trustee and any Paying Agent shall
promptly pay to the Company (or to its designee) upon Company Order any excess
moneys or U.S. Government Obligations held by them at any time. The provisions
of the last paragraph of Section 6.03 shall apply to any money held by the
Trustee or any Paying Agent under this Article that remains unclaimed for two
years after the Maturity of any series of Securities for which money or U.S.
Government Obligations have been deposited pursuant to Section 12.03. 

          Section
12.05. Section 12.05 Indemnity for U.S Government Obligations. The
Company shall pay and shall indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against the deposited U.S. Government Obligations
or the principal or interest received on such U.S. Government Obligations. 

          Section
12.06. Section 12.06 Application of Trust Money. 

                    (a)
Subject to any applicable abandoned property law, neither the Trustee nor any
other paying agent shall be required to pay interest on any moneys deposited
pursuant to the provisions of this Indenture, except such as it shall agree
with the Company in writing to pay thereon. Any moneys so deposited for the
payment of the principal of, or premium, if any, or interest on the Securities
of any series and remaining unclaimed for two years after the date of the
maturity of the Securities of such series or the date fixed for the redemption
of all the Securities of such series at the time outstanding, as the case may
be, shall be repaid by the Trustee or such other paying agent to the Company
upon its written request and thereafter, anything in this Indenture to the
contrary notwithstanding, any rights of the Holders of Securities of such
series in respect of which such moneys shall have been deposited shall be
enforceable only against the Company, and all liability of the Trustee or such
other paying agent with respect to such moneys shall thereafter cease. 

                    (b)
Subject to the provisions of the foregoing paragraph, any moneys which at any
time shall be deposited by the Company or on its behalf with the Trustee or any
other paying agent for the purpose of paying the principal of, premium, if any,
and interest on any of the Securities shall be and are hereby assigned,
transferred and set over to the Trustee or such other paying agent in trust for
the respective Holders of the Securities for the purpose for which such moneys
shall have been deposited; but such moneys need not be segregated from other
funds except to the extent required by law. 

          Section
12.07. Deposits of Non-U.S. Currencies. Notwithstanding the foregoing
provisions of this Article, if the Securities of any series are payable in a
Currency other than U.S. Dollars, the Currency or the nature of the government
obligations to be deposited with the Trustee or paying agent under the
foregoing provisions of this Article shall be as set forth in the Officer’s
Certificate or established in the supplemental indenture under which the
Securities of such series are issued. 

55

ARTICLE XIII

IMMUNITY OF CERTAIN PERSONS

          Section
13.01. No Personal Liability. No recourse shall be had for the payment
of the principal of, or the premium, if any, or interest on, any Security or
for any claim based thereon or otherwise in respect thereof or of the
Indebtedness represented thereby, or upon any obligation, covenant or agreement
of this Indenture, against any incorporator, stockholder, officer or director,
as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitutional provision, statute or rule
of law, or by the enforcement of any assessment or penalty or otherwise; it
being expressly agreed and understood that this Indenture and the Securities
are solely corporate obligations, and that no personal liability whatsoever
shall attach to, or be incurred by, any incorporator, stockholder, officer or
director, as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any successor
corporation, because of the incurring of the Indebtedness hereby authorized or
under or by reason of any of the obligations, covenants, promises or agreements
contained in this Indenture or in any of the Securities, or to be implied
herefrom or therefrom, and that all liability, if any, of that character
against every such incorporator, stockholder, officer and director is, by the
acceptance of the Securities and as a condition of, and as part of the
consideration for, the execution of this Indenture and the issue of the
Securities, expressly waived and released. 

ARTICLE XIV

SUPPLEMENTAL INDENTURES

          Section
14.01. Section 14.01 Without Consent of Securityholders. Except as
otherwise provided as contemplated by Section 3.01 with respect to any series
of Securities, the Company and the Trustee, at any time and from time to time,
may enter into one or more indentures supplemental hereto, in form satisfactory
to the Trustee, for any one or more of or all the following purposes: 

                    (a)
to add to the covenants and agreements of the Company, to be observed
thereafter and during the period, if any, in such supplemental indenture or
indentures expressed, and to add Events of Default, in each case for the
protection or benefit of the Holders of all or any series of the Securities
(and if such covenants, agreements and Events of Default are to be for the
benefit of fewer than all series of Securities, stating that such covenants,
agreements and Events of Default are expressly being included for the benefit
of such series as shall be identified therein), or to surrender any right or
power herein conferred upon the Company; 

                    (b)
to delete or modify any Events of Default with respect to all or any series of
the Securities, the form and terms of which are being established pursuant to
such supplemental indenture as permitted in Section 3.01 (and, if any such
Event of Default is applicable to fewer than all such series of the Securities,
specifying the series to which such Event of Default is applicable), and to
specify the rights and remedies of the Trustee and the Holders of such
Securities in connection therewith; 

56

                    (c)
to add to or change any of the provisions of this Indenture to provide, change
or eliminate any restrictions on the payment of principal of or premium, if
any, on Securities; provided that any such action shall not adversely affect
the interests of the Holders of Securities of any series in any material
respect; 

                    (d)
to change or eliminate any of the provisions of this Indenture; provided that
any such change or elimination shall become effective only when there is no
Outstanding Security of any series created prior to the execution of such supplemental
indenture that is entitled to the benefit of such provision and as to which
such supplemental indenture would apply; 

                    (e)
to evidence the succession of another corporation to the Company, or successive
successions, and the assumption by such successor of the covenants and
obligations of the Company contained in the Securities of one or more series
and in this Indenture or any supplemental indenture; 

                    (f)
to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to one or more series of Securities and to add
to or change any of the provisions of this Indenture as shall be necessary for
or facilitate the administration of the trusts hereunder by more than one
Trustee, pursuant to the requirements of Section 11.06(c); 

                    (g)
to secure any series of Securities; 

                    (h)
to evidence any changes to this Indenture pursuant to Sections 11.05, 11.06 or
11.07 hereof as permitted by the terms thereof; 

                    (i)
to cure or reform any ambiguity mistake, manifest error, omission, defect or
inconsistency, or to conform the text of any provision herein or in any
indenture supplemental hereto to any description thereof in the applicable
section of a prospectus, prospectus supplement or other offering document that
was intended to be a verbatim recitation of a provision of this Indenture of
any indenture supplemental hereto; 

                    (j)
to add to or change or eliminate any provision of this Indenture as shall be
necessary or desirable in accordance with any amendments to the Trust Indenture
Act; 

                    (k) to add
guarantors or co-obligors with respect to any series of Securities; 

                    (l)
to make any change in any series of Securities that does not adversely affect
in any material respect the interests of the Holders of such Securities; 

                    (m)
to provide for uncertificated securities in addition to certificated
securities; 

                    (n)
to supplement any of the provisions of this Indenture to such extent as shall
be necessary to permit or facilitate the defeasance and discharge of any series
of Securities; provided that any such action shall not adversely affect the
interests of the Holders of Securities of such series or any other series of
Securities; 

57

                    (o)
to prohibit the authentication and delivery of additional series of Securities;
or 

                    (p)
to establish the form and terms of Securities of any series as permitted in
Section 3.01, or to authorize the issuance of additional Securities of a series
previously authorized or to add to the conditions, limitations or restrictions
on the authorized amount, terms or purposes of issue, authentication or delivery
of the Securities of any series, as herein set forth, or other conditions,
limitations or restrictions thereafter to be observed. 

          Subject
to the provisions of Section 14.03, the Trustee is authorized to join with the
Company in the execution of any such supplemental indenture, to make the
further agreements and stipulations which may be therein contained and to
accept the conveyance, transfer, assignment, mortgage or pledge of any property
or assets thereunder. 

          Any
supplemental indenture authorized by the provisions of this Section 14.01 may
be executed by the Company and the Trustee without the consent of the Holders
of any of the Securities at the time Outstanding, notwithstanding any of the
provisions of Section 14.02. 

          Section
14.02. With Consent of Securityholders; Limitations.

                    (a)
With the consent of the Holders (evidenced as provided in Article VIII) of at
least a majority in aggregate principal amount of the Outstanding Securities of
each series affected by such supplemental indenture voting separately, the
Company 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 provisions of this
Indenture or of modifying in any manner the rights of the Holders of the
Securities of such series to be affected; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Security of each such series affected thereby, 

	
  

 	
  

 
	
  

 	
                (i)
 extend the Stated Maturity of the principal of, or any installment of
 interest on, any Security, or reduce the principal amount thereof or the
 interest thereon or any premium payable upon redemption thereof, or extend
 the Stated Maturity of, or change the Currency in which the principal of and
 premium, if any, or interest on such Security is denominated or payable, or
 reduce the amount of the principal of an Original Issue Discount Security
 that would be due and payable upon a declaration of acceleration of the
 Maturity thereof pursuant to Section 7.02, or impair the right to institute
 suit for the enforcement of any payment on or after the Stated Maturity
 thereof (or, in the case of redemption, on or after the Redemption Date), or
 materially adversely affect the economic terms of any right to convert or
 exchange any Security as may be provided pursuant to Section 3.01; or 

 
	
  

 	
  

 
	
  

 	
                (ii)
 reduce the percentage in principal amount of the Outstanding Securities of
 any series, the consent of whose Holders is required for any supplemental
 indenture, or the consent of whose Holders is required for any waiver of
 compliance with certain provisions of this Indenture or certain Defaults
 hereunder and their consequences provided for in this Indenture; or 

 

58

	
  

 	
  

 
	
  

 	
           (iii)
 modify any of the provisions of this Section, Section 6.06 or Section 7.06,
 except to increase any such percentage or to provide that certain other provisions
 of this Indenture cannot be modified or waived without the consent of the
 Holder of each Outstanding Security affected thereby; provided, however, that
 this clause shall not be deemed to require the consent of any Holder with
 respect to changes in the references to “the Trustee” and concomitant changes in
 this Section and Section 6.06, or the deletion of this proviso, in accordance
 with the requirements of Sections 11.06 and 14.01(f); or 

 
	
  

 	
  

 
	
  

 	
           (iv)
 modify, without the written consent of the Trustee, the rights, duties or
 immunities of the Trustee. 

 

                    (b)
A supplemental indenture that changes or eliminates any 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 the
Holders of Securities of such series with respect to such covenant or other
provision, shall be deemed not to affect the rights under this Indenture of the
Holders of Securities of any other series. 

                    (c)
It shall not be necessary for the consent of the Securityholders under this
Section 14.02 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the
substance thereof. 

                    (d)
The Company may set a record date for purposes of determining the identity of
the Holders of each series of Securities entitled to give a written consent or
waive compliance by the Company as authorized or permitted by this Section.
Such record date shall not be more than 30 days prior to the first solicitation
of such consent or waiver or the date of the most recent list of Holders
furnished to the Trustee prior to such solicitation pursuant to Section 312 of
the Trust Indenture Act. 

                    (e)
Promptly after the execution by the Company and the Trustee of any supplemental
indenture pursuant to the provisions of this Section 14.02, the Company shall
mail a notice, setting forth in general terms the substance of such
supplemental indenture, to the Holders of Securities at their addresses as the
same shall then appear in the Register of the Company. Any failure of the
Company 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
14.03. Trustee Protected. Upon the request of the Company, accompanied
by the Officer’s Certificate and Opinion of Counsel required by Section 16.01
stating that the execution of such supplemental indenture is authorized or
permitted by this Indenture, and evidence reasonably satisfactory to the
Trustee of consent of the Holders if the supplemental indenture is to be
executed pursuant to Section 14.02, the Trustee shall join with the Company in
the execution of said supplemental indenture unless said 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 said supplemental indenture. The Trustee shall be
fully protected in relying upon such Officer’s Certificate and an Opinion of
Counsel. 

59

          Section
14.04. Effect of Execution of Supplemental Indenture. Upon the execution
of any supplemental indenture pursuant to the provisions of this Article XIV,
this Indenture shall be deemed to be modified and amended in accordance
therewith and, except as herein otherwise expressly provided, the respective
rights, limitations of rights, obligations, duties and immunities under this
Indenture of the Trustee, the Company and the Holders of all of the Securities
or of the Securities of any series affected, as the case may be, 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
14.05. Notation on or Exchange of Securities. 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 the form
approved by the Trustee as to any matter provided for in such supplemental
indenture. If the Company or the Trustee shall so determine, new Securities so
modified as to conform, in the opinion of the Trustee and the Board of
Directors of the Company, to any modification of this Indenture contained in
any such supplemental indenture may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for the Securities then
Outstanding in equal aggregate principal amounts, and such exchange shall be
made without cost to the Holders of the Securities. 

          Section
14.06. Conformity with TIA. Every supplemental indenture executed
pursuant to the provisions of this Article shall conform to the requirements of
the Trust Indenture Act as then in effect. 

ARTICLE XV

SUBORDINATION OF SECURITIES 

          Section
15.01. Agreement to Subordinate. In the event a series of Securities is
designated as subordinated pursuant to Section 3.01, and except as otherwise
provided in a Company Order or in one or more indentures supplemental hereto,
the Company, for itself, its successors and assigns, covenants and agrees, and
each Holder of Securities of such series by his, her or its acceptance thereof,
likewise covenants and agrees, that the payment of the principal of (and
premium, if any) and interest, if any, on each and all of the Securities of
such series is hereby expressly subordinated, to the extent and in the manner
hereinafter set forth, in right of payment to the prior payment in full of all
Senior Indebtedness. In the event a series of Securities is not designated as
subordinated pursuant to Section 3.01(s), this Article XV shall have no effect
upon the Securities. 

          Section
15.02. Distribution on Dissolution, Liquidation and Reorganization;
Subrogation of Securities. Subject to Section 15.01, upon any distribution
of assets of the Company upon any dissolution, winding up, liquidation or
reorganization of the Company, whether in bankruptcy, insolvency,
reorganization or receivership proceedings or upon an assignment for the
benefit of creditors or any other marshalling of the assets and liabilities of
the Company or otherwise (subject to the power of a court of competent
jurisdiction to make other equitable provision reflecting the rights conferred
in this Indenture upon the Senior Indebtedness and the holders 

60

thereof with respect to the Securities and the holders thereof by a
lawful plan of reorganization under applicable bankruptcy law): 

                    (a)
the holders of all Senior Indebtedness shall be entitled to receive payment in
full of the principal thereof (and premium, if any) and interest due thereon
before the Holders of the Securities are entitled to receive any payment upon
the principal (or premium, if any) or interest, if any, on Indebtedness
evidenced by the Securities; and 

                    (b)
any payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, to which the Holders of the Securities
or the Trustee would be entitled except for the provisions of this Article XV
shall be paid by the liquidation trustee or agent or other Person making such
payment or distribution, whether a trustee in bankruptcy, a receiver or
liquidating trustee or otherwise, directly to the holders of Senior
Indebtedness or their representative or representatives or to the trustee or
trustees under any indenture under which any instruments evidencing any of such
Senior Indebtedness may have been issued, ratably according to the aggregate
amounts remaining unpaid on account of the principal of (and premium, if any)
and interest on the Senior Indebtedness held or represented by each, to the
extent necessary to make payment in full of all Senior Indebtedness remaining
unpaid, after giving effect to any concurrent payment or distribution to the
holders of such Senior Indebtedness; and 

                    (c)
in the event that, notwithstanding the foregoing, any payment or distribution
of assets of the Company of any kind or character, whether in cash, property or
securities prohibited by the foregoing, shall be received by the Trustee or the
Holders of the Securities before all Senior Indebtedness is paid in full, such
payment or distribution shall be paid over, upon written notice to a
Responsible Officer of the Trustee, to the holder of such Senior Indebtedness
or his, her or its representative or representatives or to the trustee or
trustees under any indenture under which any instrument evidencing any of such
Senior Indebtedness may have been issued, ratably as aforesaid, as calculated
by the Company, for application to payment of all Senior Indebtedness remaining
unpaid until all such Senior Indebtedness shall have been paid in full, after
giving effect to any concurrent payment or distribution to the holders of such
Senior Indebtedness. 

                    (d)
Subject to the payment in full of all Senior Indebtedness, the Holders of the
Securities shall be subrogated to the rights of the holders of Senior
Indebtedness (to the extent that distributions otherwise payable to such holder
have been applied to the payment of Senior Indebtedness) to receive payments or
distributions of cash, property or securities of the Company applicable to
Senior Indebtedness until the principal of (and premium, if any) and interest,
if any, on the Securities shall be paid in full and no such payments or
distributions to the Holders of the Securities of cash, property or securities
otherwise distributable to the holders of Senior Indebtedness shall, as between
the Company, its creditors other than the holders of Senior Indebtedness, and
the Holders of the Securities be deemed to be a payment by the Company to or on
account of the Securities. It is understood that the provisions of this Article
XV 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 the
Senior Indebtedness, on the other hand. Nothing contained in this Article XV or
elsewhere in this Indenture or in the Securities is intended to or shall
impair, as between the Company, its creditors other than the holders of Senior
Indebtedness, and 

61

the Holders of the Securities, the obligation of the Company, which is
unconditional and absolute, to pay to the Holders of the Securities the
principal of (and premium, if any) and interest, if any, on the Securities as
and when the same shall become due and payable in accordance with their terms,
or to affect the relative rights of the Holders of the Securities and creditors
of the Company other than the holders of Senior Indebtedness, nor shall
anything herein or in the Securities 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 XV of the holders of Senior Indebtedness in respect of cash, property
or securities of the Company received upon the exercise of any such remedy.
Upon any payment or distribution of assets of the Company referred to in this
Article XV, the Trustee, subject to the provisions of Section 15.05, shall be
entitled to conclusively rely upon a certificate of the liquidating trustee or
agent or other person making any distribution to the Trustee for the purpose of
ascertaining the Persons entitled to participate in such distribution, the
holders of Senior Indebtedness and other indebtedness of the Company, the
amount thereof or payable thereon, the amount or amounts paid or distributed
thereof and all other facts pertinent thereto or to this Article XV. 

          Section
15.03. No Payment on Securities in Event of Default on Senior Indebtedness.
Subject to Section 15.01, no payment by the Company on account of principal (or
premium, if any), sinking funds or interest, if any, on the Securities shall be
made at anytime if: (i) a default on Senior Indebtedness exists that permits
the holders of such Senior Indebtedness to accelerate its maturity and (ii) the
default is the subject of judicial proceedings or the Company has received
notice of such default. The Company may resume payments on the Securities when
full payment of amounts then due for principal (premium, if any), sinking funds
and interest on Senior Indebtedness has been made or duly provided for in money
or money’s worth. 

          In the
event that, notwithstanding the foregoing, any payment shall be received by the
Trustee when such payment is prohibited by the preceding paragraph of this
Section 15.03, such payment shall be held in trust for the benefit of, and
shall be paid over or delivered to, the holders of such Senior Indebtedness or
their respective representatives, or to the trustee or trustees under any indenture
pursuant to which any of such Senior Indebtedness may have been issued, as
their respective interests may appear, as calculated by the Company, but only
to the extent that the holders of such Senior Indebtedness (or their
representative or representatives or a trustee) notify the Trustee in writing
within 90 days of such payment of the amounts then due and owing on such Senior
Indebtedness and only the amounts specified in such notice to the Trustee shall
be paid to the holders of such Senior Indebtedness. 

          Section
15.04. Payments on Securities Permitted. Subject to Section 15.01,
nothing contained in this Indenture or in any of the Securities shall (a)
affect the obligation of the Company to make, or prevent the Company from
making, at any time except as provided in Sections 15.02 and 15.03, payments of
principal of (or premium, if any) or interest, if any, on the Securities or (b)
prevent the application by the Trustee of any moneys or assets deposited with
it hereunder to the payment of or on account of the principal of (or premium,
if any) or interest, if any, on the Securities, unless a Responsible Officer of
the Trustee shall have received at its Corporate Trust Office written notice of
any fact prohibiting the making of such payment from the Company or from the
holder of any Senior Indebtedness or from the trustee for any such holder,
together with proof satisfactory to the Trustee of such holding of Senior
Indebtedness or 

62

of the authority of such trustee more than two Business Days prior to
the date fixed for such payment. 

          Section
15.05. Authorization of Securityholders to Trustee to Effect Subordination.
Subject to Section 15.01, each Holder of Securities by his acceptance thereof
authorizes and directs the Trustee on his, her or its behalf to take such
action as may be necessary or appropriate to effectuate the subordination as
provided in this Article XV and appoints the Trustee his attorney-in-fact for
any and all such purposes. 

          Section
15.06. Notices to Trustee. The Company shall give prompt written notice
to a Responsible Officer of the Trustee of any fact known to the Company that
would prohibit the making of any payment of monies or assets to or by the
Trustee in respect of the Securities of any series pursuant to the provisions
of this Article XV. Subject to Section 15.01, notwithstanding the provisions of
this Article XV or any other provisions of this Indenture, neither the Trustee
nor any Paying Agent (other than the Company) shall be charged with knowledge
of the existence of any Senior Indebtedness or of any fact which would prohibit
the making of any payment of moneys or assets to or by the Trustee or such
Paying Agent, unless and until a Responsible Officer of the Trustee or such
Paying Agent shall have received (in the case of a Responsible Officer of the
Trustee, at the Corporate Trust Office of the Trustee) written notice thereof
from the Company or from the holder of any Senior Indebtedness from the trustee
for any such holder, together with proof satisfactory to the Trustee of such
holding of Senior Indebtedness or of the authority of such trustee and, prior
to the receipt of any such written notice, the Trustee shall be entitled in all
respects conclusively to presume that no such facts exist; provided, however,
that if at least two Business Days prior to the date upon which by the terms
hereof any such moneys or assets may become payable for any purpose (including,
without limitation, the payment of either the principal (or premium, if any) or
interest, if any, on any Security) a Responsible Officer of the Trustee shall
not have received with respect to such moneys or assets the notice provided for
in this Section 15.06, then, anything herein contained to the contrary
notwithstanding, the Trustee shall have full power and authority to receive
such moneys or assets and to apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary which may be
received by it within two Business Days prior to such date. 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 Indebtedness (or a trustee on
behalf of such holder) to establish that such a notice has been given by a holder
of Senior Indebtedness or a trustee on behalf of any such holder. 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 Indebtedness to
participate in any payment or distribution pursuant to this Article XV, the
Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness 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 XV 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
15.07. Trustee as Holder of Senior Indebtedness. Subject to Section
15.01, the Trustee in its individual capacity shall be entitled to all the
rights set forth in this Article XV in respect of any Senior Indebtedness at
any time held by it to the same extent as any other holder 

63

of Senior Indebtedness and nothing in this Indenture shall be construed
to deprive the Trustee of any of its rights as such holder. Nothing in this
Article XV shall apply to claims of, or payments to, the Trustee under or
pursuant to Sections 7.05 or 11.01. 

          Section
15.08. Modifications of Terms of Senior Indebtedness. Subject to Section
15.01, any renewal or extension of the time of payment of any Senior
Indebtedness or the exercise by the holders of Senior Indebtedness of any of
their rights under any instrument creating or evidencing Senior Indebtedness,
including, without limitation, the waiver of default thereunder, may be made or
done all without notice to or assent from the Holders of the Securities or the
Trustee. No compromise, alteration, amendment, modification, extension, renewal
or other change of, or waiver, consent or other action in respect of, any
liability or obligation under or in respect of, or of any of the terms,
covenants or conditions of any indenture or other instrument under which any
Senior Indebtedness is outstanding or of such Senior Indebtedness, whether or
not such release is in accordance with the provisions of any applicable
document, shall in any way alter or affect any of the provisions of this
Article XV or of the Securities relating to the subordination thereof. 

          Section
15.09. Reliance on Judicial Order or Certificate of Liquidating Agent.
Subject to Section 15.01, upon any payment or distribution of assets of the
Company referred to in this Article XV, the Trustee and the Holders of the
Securities shall be entitled to conclusively rely upon any order or decree
entered by any court of competent jurisdiction in which such insolvency,
bankruptcy, receivership, liquidation, reorganization, dissolution, winding up
or similar case or proceeding is pending, or a certificate of the trustee in
bankruptcy, liquidating trustee, custodian, receiver, 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 Indebtedness and other indebtedness of the
Company, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article
XV. 

          Section
15.10. Satisfaction and Discharge; Defeasance and Covenant Defeasance.
Subject to Section 15.01, amounts and U.S. Government Obligations deposited in
trust with the Trustee pursuant to and in accordance with Article XII and not,
at the time of such deposit, prohibited to be deposited under Sections 15.02 or
15.03 shall not be subject to this Article XV. 

          Section
15.11. Section 15.11 Trustee Not Fiduciary for Holders of Senior
Indebtedness. With respect to the holders of Senior Indebtedness, the
Trustee undertakes to perform or observe only such of its covenants and
obligations as are specifically set forth in this Article XV, and no implied
covenants or obligations with respect to the holders of Senior Indebtedness
shall be read into this Indenture against the Trustee. The Trustee shall not be
deemed to owe any fiduciary duty to the holders of Senior Indebtedness. The
Trustee shall not be liable to any such holder if it shall pay over or
distribute to or on behalf of Holders of Securities or the Company, or any
other Person, moneys or assets to which any holder of Senior Indebtedness shall
be entitled by virtue of this Article XV or otherwise. 

64

ARTICLE XVI

MISCELLANEOUS PROVISIONS 

          Section
16.01. Section 16.01 Certificates and Opinions as to Conditions Precedent.

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

                    (b)
Each certificate or opinion provided for in this Indenture and delivered to the
Trustee with respect to compliance with a condition or covenant provided for in
this Indenture (other than the certificates provided pursuant to Section 6.05
of this Indenture) shall include (i) a statement that the Person giving such
certificate or opinion has read such covenant or condition; (ii) a brief
statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are
based; (iii) a statement that, in the view or opinion of such Person, he or she
has made such examination or investigation as is necessary to enable such
Person to express an informed view or opinion as to whether or not such covenant
or condition has been complied with; and (iv) a statement as to whether or not,
in the view or opinion of such Person, such condition or covenant has been
complied with. 

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

                    (d)
Any certificate, statement or opinion of an officer of the Company or of
counsel to the Company 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, unless such officer or counsel, as the case may be,
knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the accounting matters upon which
his or her certificate, statement or opinion may be based are erroneous. Any
certificate or opinion of any firm of independent registered public accountants
filed with the Trustee shall contain a statement that such firm is independent.

65

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

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

          Section
16.02. Trust Indenture Act Controls. If and to the extent that any
provision of this Indenture limits, qualifies or conflicts with the duties
imposed by, or another provision included in this Indenture which is required
to be included in this Indenture by any of the provisions of Sections 310 to
318, inclusive, of the Trust Indenture Act, such imposed duties or incorporated
provision shall control. 

          Section
16.03. Notices to the Company and Trustee. Any notice or demand
authorized by this Indenture to be made upon, given or furnished to, or filed
with, the Company or the Trustee shall be sufficiently made, given, furnished
or filed for all purposes if it shall be mailed, delivered or telefaxed to: 

                    (a)
the Company, at 700 Pennsylvania Drive, Exton PA 19341, Attention: Chief
Executive Officer, Facsimile No.: (484) 595-1582, or at such other address or
facsimile number as may have been furnished in writing to the Trustee by the
Company. 

                    (b)
the Trustee, at the Corporate Trust Office of the Trustee, Attention: Trust
Administrator. 

Any such notice, demand or other document shall be in the English
language. 

          Section
16.04. Notices to Securityholders; Waiver. Any notice required or
permitted to be given to Securityholders shall be sufficiently given (unless
otherwise herein expressly provided), 

                    (a)
if to Holders, if given in writing by first class mail, postage prepaid, to
such Holders at their addresses as the same shall appear on the Register of the
Company. 

                    (b)
In the event of suspension of regular mail service or by reason of any other
cause it shall be impracticable to give notice by mail, then such notification
as shall be given with the approval of the Trustee shall constitute sufficient
notice for every purpose hereunder. 

                    (c)
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 on such waiver. 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 

66

Holder shall affect the sufficiency of such notice with respect to
other Holders, and any notice that is mailed in the manner herein provided
shall be conclusively presumed to have been duly given. In any case where notice
to Holders is given by publication, any defect in any notice so published as to
any particular Holder shall not affect the sufficiency of such notice with
respect to other Holders, and any notice that is published in the manner herein
provided shall be conclusively presumed to have been duly given. 

          Section
16.05. Legal Holiday. Unless otherwise specified pursuant to Section
3.01, in any case where any Interest Payment Date, Redemption Date or Maturity
of any Security of any series shall not be a Business Day at any Place of
Payment for the Securities of that series, then payment of principal and
premium, if any, or interest need not be made at such Place of Payment on such
date, but may be made on the next succeeding Business Day at such Place of
Payment with the same force and effect as if made on such Interest Payment
Date, Redemption Date or Maturity and no interest shall accrue on such payment
for the period from and after such Interest Payment Date, Redemption Date or
Maturity, as the case may be, to such Business Day if such payment is made or
duly provided for on such Business Day. 

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

          Section
16.07. Successors and Assigns. All covenants and agreements in this
Indenture by the parties hereto shall bind their respective successors and
assigns and inure to the benefit of their permitted successors and assigns,
whether so expressed or not. 

          Section
16.08. Separability Clause. In case any provision in this Indenture or
in the Securities shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. 

          Section
16.09. Benefits of Indenture. Nothing in this Indenture expressed and
nothing that may be implied from any of the provisions hereof is intended, or
shall be construed, to confer upon, or to give to, any Person or corporation
other than the parties hereto and their successors and the Holders of the
Securities any benefit or any right, remedy or claim under or by reason of this
Indenture or any covenant, condition, stipulation, promise or agreement hereof,
and all covenants, conditions, stipulations, promises and agreements in this
Indenture contained shall be for the sole and exclusive benefit of the parties
hereto and their successors and of the Holders of the Securities. 

          Section
16.10. Counterparts Originals. This Indenture may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument. 

          Section
16.11. Governing Law; Waiver of Trial by Jury. This Indenture and the
Securities shall be deemed to be contracts made under the law of the State of
New York and for all purposes shall be governed by and construed in accordance
with the law of said State. 

          EACH PARTY
HERETO, AND EACH HOLDER OF A SECURITY BY ACCEPTANCE THEREOF, HEREBY WAIVES, TO
THE FULLEST EXTENT PERMITTED 

67

BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS INDENTURE. 

[signature page follows]

68

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

	
  

 	
  

 	
  

 
	
  

 	
 ENZO
 BIOCHEM, INC.,

 
	
  

 	
 as Issuer

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
 __________________________________,

 
	
  

 	
 as Trustee

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	

 

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 

CROSS-REFERENCE TABLE (1)

Section of
Trust Indenture Act of 1939, as Amended Section of Indenture 

	
  

 	
  

 
	
 310(a)

 	
 11.04(a)

 
	
 310(b)

 	
 11.04(b)

 
	
 310(c)

 	
 Inapplicable

 
	
 311(a)

 	
 11.01(f)

 
	
 311(b)

 	
 11.01(f)

 
	
 311(c)

 	
 Inapplicable

 
	
 312(a)

 	
 10.03(a)

 
	
  

 	
 10.03(b)

 
	
 312(b)

 	
 11.10

 
	
 312(c)

 	
 11.10

 
	
 313(a)

 	
 10.01(a)

 
	
 313(b)

 	
 10.01(a)

 
	
 313(c)

 	
 10.01(a)

 
	
 313(d)

 	
 10.01(b)

 
	
 314(a)

 	
 6.05

 
	
  

 	
 10.02

 
	
 314(b)

 	
 Inapplicable

 
	
 314(c)

 	
 16.01(a)

 
	
  

 	
 16.01(d)

 
	
 314(d)

 	
 Inapplicable

 
	
 314(e)

 	
 16.01(b)

 
	
 314(f)

 	
 Inapplicable

 
	
 315(a)

 	
 11.02(b)

 
	
 315(b)

 	
 11.03

 
	
 315(c)

 	
 11.02(a)

 
	
 315(d)

 	
 11.02(b)(i)

 
	
  

 	
 11.02(b)(ii)

 
	
 315(e)

 	
 7.08

 
	
 316(a)

 	
 7.06

 
	
 316(b)

 	
 7.07

 
	
 316(c)

 	
 8.02(e)

 
	
 317(a)

 	
 7.03

 
	
 317(b)

 	
 6.03

 
	
 318(a)

 	
 16.02

 

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

1

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