Document:

Blueprint

 

Exhibit 4.4

 

DROPCAR, INC.

 

 

Issuer

 

AND

 

[ ]

 

Trustee

 

INDENTURE

 

 

Dated as of [ ]

 

 

Senior Debt Securities

 

 

1

 

 

CROSS-REFERENCE TABLE (1)

 

	
 

	
 

	
 

	

Section of Trust Indenture Act of 1939, as Amended

	

Section of Indenture

	

310(a).

	

7.09

	

310(b).

	

7.08

	
 

	

7.10

	

310(c).

	

Inapplicable

	

311(a).

	

7.13(a)

	

311(b).

	

7.13(b)

	

311(c).

	

Inapplicable

	

312(a)

	

5.02(a)

	

312(b).

	

5.02(b)

	

312(c).

	

5.02(c)

	

313(a).

	

5.04(a)

	

313(b).

	

5.04(a)

	

313(c).

	

5.04(a)

	
 

	

5.04(b)

	

313(d).

	

5.04(b)

	

314(a).

	

5.03

	

314(b).

	

Inapplicable

	

314(c).

	

13.06

	

314(d).

	

Inapplicable

	

314(e).

	

13.06

	

314(f).

	

Inapplicable

	

315(a).

	

7.01(a)

	
 

	

7.02

	

315(b).

	

6.07

	

315(c).

	

7.01

	

315(d).

	

7.01(b)

	
 

	

7.01(c)

	

315(e).

	

6.07

	

316(a).

	

6.06

	
 

	

8.04

	

316(b).

	

6.04

	

316(c).

	

8.01

	

317(a).

	

6.02

	

317(b).

	

4.03

	

318(a).

	

13.08

 

(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.

 

 

2

 

 

 

TABLE OF
CONTENTS (2)

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

ARTICLE
I DEFINITIONS

	

6

	
 

	
 

	
 

	

SECTION 1.01

	
 

	

Definitions
of Terms

	

  

	
 

	

6

	
 

	
 

	

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

	

10

	
 

	
 

	
 

	

SECTION 2.01

	
 

	

Designation
and Terms of Securities

	

  

	
 

	

10

	

SECTION 2.02

	
 

	

Form of
Securities and Trustee’s Certificate

	

  

	
 

	

12

	

SECTION 2.03

	
 

	

Denominations:
Provisions for Payment

	

  

	
 

	

12

	

SECTION 2.04

	
 

	

Execution
and Authentications

	

  

	
 

	

14

	

SECTION 2.05

	
 

	

Registration
of Transfer and Exchange

	

  

	
 

	

15

	

SECTION 2.06

	
 

	

Temporary
Securities

	

  

	
 

	

16

	

SECTION 2.07

	
 

	

Mutilated,
Destroyed, Lost or Stolen Securities

	

  

	
 

	

17

	

SECTION 2.08

	
 

	

Cancellation

	

  

	
 

	

17

	

SECTION 2.09

	
 

	

Benefits
of Indenture

	

  

	
 

	

18

	

SECTION 2.10

	
 

	

Authenticating
Agent

	

  

	
 

	

18

	

SECTION 2.11

	
 

	

Global
Securities

	

  

	
 

	

18

	
 

	
 

	

ARTICLE
III REDEMPTION OF SECURITIES AND SINKING FUND
PROVISIONS

	

19

	
 

	
 

	
 

	

SECTION 3.01

	
 

	

Redemption

	

  

	
 

	

19

	

SECTION 3.02

	
 

	

Notice
of Redemption

	

  

	
 

	

20

	

SECTION 3.03

	
 

	

Payment
Upon Redemption

	

  

	
 

	

21

	

SECTION 3.04

	
 

	

Sinking
Fund

	

  

	
 

	

21

	

SECTION 3.05

	
 

	

Satisfaction
of Sinking Fund Payments with Securities

	

  

	
 

	

21

	

SECTION 3.06

	
 

	

Redemption
of Securities for Sinking Fund

	

  

	
 

	

22

	
 

	
 

	

ARTICLE
IV COVENANTS

	

22

	
 

	
 

	
 

	

SECTION 4.01

	
 

	

Payment
of Principal, Premium and Interest

	

  

	
 

	

22

	

SECTION 4.02

	
 

	

Maintenance
of Office or Agency

	

  

	
 

	

22

	

SECTION 4.03

	
 

	

Paying
Agents

	

  

	
 

	

23

	

SECTION 4.04

	
 

	

Appointment
to Fill Vacancy in Office of Trustee

	

  

	
 

	

24

	

SECTION 4.05

	
 

	

Compliance
with Consolidation Provisions

	

  

	
 

	

24

	
 

	
 

	

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

	

24

	
 

	
 

	
 

	

SECTION 5.01

	
 

	

Company
to Furnish Trustee Names and Addresses of
Securityholders

	

  

	
 

	

24

	

SECTION 5.02

	
 

	

Preservation
of Information; Communications with Securityholders

	

  

	
 

	

24

	

SECTION 5.03

	
 

	

Reports
by the Company

	

  

	
 

	

25

	

SECTION 5.04

	
 

	

Reports
by the Trustee

	

  

	
 

	

25

	
 

	
 

	

ARTICLE
VI REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF
DEFAULT

	

26

	
 

	
 

	
 

	

SECTION 6.01

	
 

	

Events
of Default

	

  

	
 

	

26

	

SECTION 6.02

	
 

	

Collection
of Indebtedness and Suits for Enforcement by Trustee

	

  

	
 

	

28

	

SECTION 6.03

	
 

	

Application
of Moneys Collected

	

  

	
 

	

29

	

SECTION 6.04

	
 

	

Limitation
on Suits.

	

30

	

SECTION 6.05

	
 

	

Rights
and Remedies Cumulative; Delay or Omission Not Waiver.

	

30

	

SECTION 6.06

	
 

	

Control
by Securityholders.

	

31

 

 

 

3

 

 

	

SECTION 6.07

	
 

	

Undertaking
to Pay Costs.

	

32

	
 

	
 

	

ARTICLE
VII CONCERNING THE TRUSTEE

	

32

	
 

	
 

	
 

	

SECTION 7.01

	
 

	

Certain
Duties and Responsibilities of Trustee.

	

32

	

SECTION 7.02

	
 

	

Certain
Rights of Trustee.

	

33

	

SECTION 7.03

	
 

	

Trustee
Not Responsible for Recitals or Issuance of
Securities.

	

34

	

SECTION 7.04

	
 

	

May
Hold Securities.

	

35

	

SECTION 7.05

	
 

	

Moneys
Held in Trust.

	

35

	

SECTION 7.06

	
 

	

Compensation
and Reimbursement.

	

35

	

SECTION 7.07

	
 

	

Reliance
on Officers’ Certificate.

	

36

	

SECTION 7.08

	
 

	

Disqualification;
Conflicting Interests.

	

36

	

SECTION 7.09

	
 

	

Corporate
Trustee Required; Eligibility.

	

36

	

SECTION 7.10

	
 

	

Resignation
and Removal; Appointment of Successor.

	

37

	

SECTION 7.11

	
 

	

Acceptance
of Appointment By Successor.

	

38

	

SECTION 7.12

	
 

	

Merger,
Conversion, Consolidation or Succession to Business.

	

39

	

SECTION 7.13

	
 

	

Preferential
Collection of Claims Against the Company.

	

39

	
 

	
 

	

ARTICLE
VIII CONCERNING THE SECURITYHOLDERS

	

39

	
 

	
 

	
 

	

SECTION 8.01

	
 

	

Evidence
of Action by Securityholders.

	

39

	

SECTION 8.02

	
 

	

Proof
of Execution by Securityholders.

	

40

	

SECTION 8.03

	
 

	

Who May
be Deemed Owners.

	

40

	

SECTION 8.04

	
 

	

Certain
Securities Owned by Company Disregarded.

	

41

	

SECTION 8.05

	
 

	

Actions
Binding on Future Securityholders.

	

41

	

SECTION 8.06

	
 

	

Purposes
for Which Meetings May Be Called.

	

41

	

SECTION 8.07

	
 

	

Call
Notice and Place of Meetings.

	

42

	

SECTION 8.08

	
 

	

Persons
Entitled To Vote at Meetings.

	

42

	

SECTION 8.09

	
 

	

Quorum;
Action.

	

42

	

SECTION 8.10

	
 

	

Determination
of Voting Rights; Conduct and Adjournment of Meetings.

	

43

	

SECTION 8.11

	
 

	

Counting
Votes and Recording Action of Meetings.

	

44

	
 

	
 

	

ARTICLE
IX SUPPLEMENTAL INDENTURES

	

44

	
 

	
 

	
 

	

SECTION 9.01

	
 

	

Supplemental
Indentures Without the Consent of Securityholders.

	

44

	

SECTION 9.02

	
 

	

Supplemental
Indentures With Consent of Securityholders.

	

45

	

SECTION 9.03

	
 

	

Effect
of Supplemental Indentures.

	

46

	

SECTION 9.04

	
 

	

Securities
Affected by Supplemental Indentures.

	

46

	

SECTION 9.05

	
 

	

Execution
of Supplemental Indentures.

	

46

	
 

	
 

	

ARTICLE
X SUCCESSOR ENTITY

	

47

	
 

	
 

	
 

	

SECTION 10.01

	
 

	

Company
May Consolidate, Etc.

	

47

	

SECTION 10.02

	
 

	

Successor
Entity Substituted.

	

47

	

SECTION 10.03

	
 

	

Evidence
of Consolidation, Etc. to Trustee.

	

48

	
 

	
 

	

ARTICLE
XI SATISFACTION AND DISCHARGE

	

48

	
 

	
 

	

SECTION 11.01

	

Satisfaction
and Discharge of Indenture.

	
 

	

48

	

SECTION 11.02

	

Discharge
of Obligations.

	
 

	

49

	

SECTION 11.03

	

Deposited
Moneys to be Held in Trust.

	
 

	

49

	

SECTION 11.04

	

Payment
of Moneys Held by Paying Agents.

	
 

	

49

 

 

 

4

 

 

 

	

SECTION 11.05

	

Repayment
to Company.

	
 

	

49

	
 

	
 

	

ARTICLE
XII IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
DIRECTORS

	

50

	
 

	
 

	

SECTION 12.01

	

No
Recourse.

	
 

	

50

	
 

	
 

	

ARTICLE
XIII MISCELLANEOUS PROVISIONS

	

50

	
 

	
 

	

SECTION 13.01

	

Effect
on Successors and Assigns.

	
 

	

50

	

SECTION 13.02

	

Actions
by Successor.

	
 

	

50

	

SECTION 13.03

	

Surrender
of Company Powers.

	
 

	

51

	

SECTION 13.04

	

Notices.

	
 

	

51

	

SECTION 13.05

	

Governing
Law.

	
 

	

51

	

SECTION 13.06

	

Treatment
of Securities as Debt.

	
 

	

51

	

SECTION 13.07

	

Compliance
Certificates and Opinions.

	
 

	

52

	

SECTION 13.08

	

Payments
on Business Days.

	
 

	

52

	

SECTION 13.09

	

Conflict
with Trust Indenture Act.

	
 

	

52

	

SECTION 13.10

	

Counterparts.

	
 

	

52

	

SECTION 13.11

	

Separability.

	
 

	

53

	

SECTION 13.12

	

Assignment.

	
 

	

53

    

(2)            

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

 

 

5

 

 

INDENTURE, dated as of [ ], by and between DropCar, Inc., a
Delaware corporation (the “Company”), and [ ], as
trustee (the “Trustee”):

 

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

 

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

 

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

 

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

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.01 Definitions
of Terms.

 

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

 

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

 

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

 

“Board of Directors” means the Board of Directors of
the Company or any duly authorized committee of such
Board.

 

 

6

 

 

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

 

“Business Day” means, with respect to any series of
Securities, any day other than a day on which Federal or State
banking institutions in the Borough of Manhattan, the City and
State of New York, are authorized or obligated by law, executive
order or regulation to close.

 

“Certificate” means a certificate signed by the
principal executive officer, the principal financial officer or the
principal accounting officer of the Company. The Certificate need
not comply with the provisions of Section 13.07.

 

“Commission” means the Securities and Exchange
Commission.

 

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

 

“Corporate Trust Office” means the office of the
Trustee at which, at any particular time, its corporate trust
business shall be principally administered, which office at the
date hereof is located at [ ], except that whenever a provision
herein refers to an office or agency of the Trustee in the Borough
of Manhattan, the City and State of New York, such office is
located, at the date hereof, at [ ].

 

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

 

“Default” means an event which is, or after notice or
lapse of time, or both, would constitute an Event of
Default.

 

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

 

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

 

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

 

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

 

 

7

 

 

“Governmental Obligations” means securities that are
(i) direct obligations of the United States of America 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 of America, the
payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of America that, in either
case, are non-callable at the option of the issuer thereof, and
shall also include a depositary receipt issued by a bank (as
defined in Section 3(a)(2) of the Securities Act of 1933, as
amended) as custodian with respect to any such Governmental
Obligation or a specific payment of principal of or interest on any
such Governmental Obligation held by such custodian for the account
of the holder of such depositary receipt; provided, however, that
(except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such
depositary receipt from any amount received by the custodian in
respect of the Governmental Obligation or the specific payment of
principal of or interest on the Governmental Obligation evidenced
by such depositary receipt.

 

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

 

“Indenture” means this instrument as originally
executed or as it may from time to time be supplemented or amended
by one or more indentures supplemental hereto entered into in
accordance with the terms hereof.

 

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

 

“Officers’ Certificate” means a certificate
signed by the President or a Vice President and by the Chief
Financial Officer, Vice President of Finance, the Treasurer or an
Assistant Treasurer or the Controller or an Assistant Controller or
the Secretary or an Assistant Secretary of the Company that is
delivered to the Trustee in accordance with the terms hereof.
Certificate shall include the statements provided for in Section
13.07, if and to the extent required by the provisions
thereof.

 

“Opinion of Counsel” means a written opinion of
counsel, who may be counsel to the Company (and may include
directors or employees of the Company) and which opinion is
acceptable to the Trustee which acceptance shall not be
unreasonably withheld.

 

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

 

 

8

 

 

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

 

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

 

“Responsible Officer,” when used with respect to the
Trustee, means any officer of the Trustee, including any vice
president, assistant vice president, secretary, assistant
secretary, the treasurer, any assistant treasurer, the managing
director or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate
trust matter, any other officer to whom such matter is referred
because of such officer’s knowledge of and familiarity with
the particular subject.

 

“Securities” means the debt Securities authenticated
and delivered under this Indenture.

 

“Security Register” has the meaning specified in
Section 2.05.

 

“Security Registrar” has the meaning specified in
Section 2.05.

 

“Securityholder,” “holder of Securities,”
“registered holder,” or other similar term, means the
Person or Persons in whose name or names a particular Security
shall be registered in the Security Register.

 

“Subsidiary” means, with respect to any Person, (i) any
corporation at least a majority of whose outstanding Voting Stock
shall at the time be owned, directly or indirectly, by such Person
or by one or more of its Subsidiaries or by such Person and one or
more of its Subsidiaries, (ii) any general partnership, joint
venture or similar entity, at least a majority of whose outstanding
partnership or similar interests shall at the time be owned by such
Person, or by one or more of its Subsidiaries, or by such Person
and one or more of its Subsidiaries and (iii) any limited
partnership of which such Person or any of its Subsidiaries is a
general partner.

 

“Trustee” means the Person named as the
“Trustee” in the first paragraph of this instrument
until a successor Trustee shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter
“Trustee” shall mean such successor Trustee. The term
“Trustee” as used with respect to a particular series
of the Securities shall mean the trustee with respect to that
series.

 

“Trust Indenture Act” means the Trust Indenture Act of
1939, as amended, subject to the provisions of Sections 9.01, 9.02,
and 10.01, as in effect at the date of execution of this
instrument; provided, however, that in the event the Trust
Indenture Act is amended after such date, Trust Indenture Act
means, to the extent required by such amendment, the Trust
Indenture Act of 1939, as so amended, or any successor
statute.

 

 

9

 

 

“Voting Stock,” as applied to any Person, means shares,
interests, participations or other equivalents in the equity
interest (however designated) in such Person having ordinary voting
power for the election of a majority of the directors (or the
equivalent) of such Person, other than shares, interests,
participations or other equivalents having such power only by
reason of the occurrence of a contingency.

 

ARTICLE II

 

ISSUE, DESCRIPTION, TERMS, EXECUTION,

REGISTRATION AND EXCHANGE OF SECURITIES

 

SECTION 2.01     Designation and Terms of
Securities.

 

(a)

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

 

(1)

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

 

(2)

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

 

(3)

the currency or
units based on or relating to currencies in which debt securities
of such series are denominated and the currency or units in which
principal or interest or both will or may be payable;

 

(4)

the date or dates
on which the principal of the Securities of the series is payable
and the place(s) of payment;

 

(5)

the rate or rates
at which the Securities of the series shall bear interest or the
manner of calculation of such rate or rates, if any;

 

 

10

 

 

(6)

the date or dates
from which such interest shall accrue, the Interest Payment Dates
on which such interest will be payable or the manner of
determination of such Interest Payment Dates, the place(s) of
payment, and the record date for the determination of holders to
whom interest is payable on any such Interest Payment Dates or the
method for determining such dates;

 

(7)

the right, if any,
to extend the interest payment periods or to defer the payment of
interest and the duration of such extension;

 

(8)

the period or
periods within which, the price or prices at 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;

 

(9)

the obligation, if
any, of the Company to redeem or purchase Securities of the series
pursuant to any sinking fund or analogous provisions (including
payments made in cash in satisfaction of future sinking fund
obligations) or at the option of a holder thereof and the period or
periods within which, the price or prices at which, and the terms
and conditions upon which, Securities of the series shall be
redeemed or purchased, in whole or in part, pursuant to such
obligation;

 

(10)

whether or not the
debt securities will be secured or unsecured, and the terms of any
secured debt;

 

(11)

the form of the
Securities of the series including the form of the Certificate of
Authentication for such series;

 

(12)

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

 

(13)

any and all other
terms with respect to such series (which terms shall not be
inconsistent with the terms of this Indenture, as amended by any
supplemental indenture) including any terms which may be required
by or advisable under United States laws or regulations or
advisable in connection with the marketing of Securities of that
series;

 

(14)

whether the
Securities are issuable as a Global Security and, in such case, the
identity of the Depositary for such series;

 

(15)

whether the
Securities will be convertible into shares of common stock or other
securities of the Company and, if so, the terms and conditions upon
which such Securities will be so convertible, including the
conversion price and the conversion period;

 

(16)

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

 

 

11

 

 

(17)

any additional or
different Events of Default or restrictive covenants provided for
with respect to the Securities of the series.

 

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

 

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

 

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

 

SECTION 2.02    Form of Securities and
Trustee’s Certificate.

 

The Securities of any series and the Trustee’s certificate of
authentication to be borne by such Securities shall be
substantially of the tenor and purport as set forth in one or more
indentures supplemental hereto or as provided in a Board Resolution
of the Company and as set forth in an Officers’ Certificate
of the Company and may have such letters, numbers or other marks of
identification or designation and such legends or endorsements
printed, lithographed or engraved thereon as the 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 stock exchange on which Securities of that series
may be listed, or to conform to usage.

 

SECTION 2.03    Denominations: Provisions for
Payment.

 

The Securities shall be issuable as registered Securities and in
the denominations of one thousand U.S. dollars ($1,000) or any
integral multiple thereof, subject to Section 2.01(a)(12). The
Securities of a particular series shall bear interest payable on
the dates and at the rate specified with respect to that series.
The principal of and the interest on the Securities of any series,
as well as any premium thereon in case of redemption thereof prior
to maturity, shall be payable in the coin or currency of the United
States of America that at the time is legal tender for public and
private debt, at the office or agency of the Company maintained for
that purpose in the Borough of Manhattan, the City and State of New
York. Each Security shall be dated the date of its authentication.
Interest on the Securities shall be computed on the basis of a
360-day year composed of twelve 30-day months.

 

 

12

 

 

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

 

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

 

(1)

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

 

(2)

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

 

 

13

 

 

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

 

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

 

SECTION 2.04     Execution and
Authentications.

 

The Securities shall be signed on behalf of the Company by its
President, or one of its Vice Presidents, or its Treasurer, or one
of its Assistant Treasurers, or its Secretary, or one of its
Assistant Secretaries, under its corporate seal attested by its
Secretary or one of its Assistant Secretaries. Signatures may be in
the form of a manual or facsimile signature. The Company may use
the facsimile signature of any Person who shall have been a
President or Vice President thereof, or of any Person who shall
have been a Treasurer or Assistant Treasurer thereof, or of any
Person who shall have been a Secretary or Assistant Secretary
thereof, notwithstanding the fact that at the time the Securities
shall be authenticated and delivered or disposed of such Person
shall have ceased to be the President or a Vice President, the
Treasurer or an Assistant Treasurer or the Secretary or an
Assistant Secretary, of the Company. The seal of the Company may be
in the form of a facsimile of such seal and may be impressed,
affixed, imprinted or otherwise reproduced on the Securities. The
Securities may contain such notations, legends or endorsements
required by law, stock exchange rule or usage. Each Security shall
be dated the date of its authentication.

 

A Security shall not be valid or obligatory for any purpose and
shall not be entitled to any benefit under this Indenture, in each
case, until authenticated with a certificate of authentication
manually signed by an authorized signatory of the Trustee, or by an
Authenticating Agent. Such certificate shall be conclusive
evidence, and the only evidence, that the Security so authenticated
has been duly authenticated and delivered hereunder and that the
Security is entitled to the benefits of this Indenture. At any time
and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together
with a written order of the Company for the authentication and
delivery of such Securities, signed by its President or any Vice
President and its Secretary or any Assistant Secretary, and the
Trustee in accordance with such written order shall authenticate
and deliver such Securities.

 

 

14

 

 

In authenticating such Securities and accepting the additional
responsibilities under this Indenture in relation to such
Securities, the Trustee shall be entitled to receive, and (subject
to Section 7.01) shall be fully protected in relying upon, an
Opinion of Counsel stating that the form and terms thereof have
been established in conformity with the provisions of this
Indenture.

 

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

 

SECTION 2.05    Registration of Transfer and
Exchange.

 

(a)

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

 

(b)

The Company shall
keep, or cause to be kept, at its office or agency designated for
such purpose in the Borough of Manhattan, the City and State of New
York, or such other location designated by the Company a register
or registers (herein referred to as the “Security
Register”) in which, subject to such reasonable regulations
as it may prescribe, the Company shall register the Securities and
the transfers of Securities as in this Article provided and which
at all reasonable times shall be open for inspection by the
Trustee. The registrar for the purpose of registering Securities
and transfer of Securities as herein provided shall be appointed as
authorized by Board Resolution (the “Security
Registrar”).

 

Upon surrender for transfer of any Security at the office or agency
of the Company designated for such purpose, the Company shall
execute, the Trustee shall authenticate and such office or agency
shall deliver in the name of the transferee or transferees a new
Security or Securities of the same series as the Security presented
for a like aggregate principal amount.

 

All Securities presented or surrendered for exchange or
registration of transfer, as provided in this Section, shall be
accompanied (if so required by the Company or the Security
Registrar) by a written instrument or instruments of transfer, in
form satisfactory to the Company or the Security Registrar, duly
executed by the registered holder or by such holder’s duly
authorized attorney in writing.

 

 

15

 

 

(c)

No service charge
shall be made for any exchange or registration of transfer of
Securities, or issue of new Securities in case of partial
redemption of any series, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge in
relation thereto, other than exchanges pursuant to Section 2.06,
Section 3.03(b) and Section 9.04 not involving any
transfer.

 

(d)

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

 

SECTION 2.06     Temporary
Securities.

 

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

 

 

16

 

 

SECTION 2.07     Mutilated, Destroyed, Lost or
Stolen Securities.

 

In case any temporary or definitive Security shall become mutilated
or be destroyed, lost or stolen, the Company (subject to the next
succeeding sentence) shall execute, and upon the Company’s
request the Trustee (subject as aforesaid) shall authenticate and
deliver, a new Security of the same series, bearing a number not
contemporaneously outstanding, in exchange and substitution for the
mutilated Security, or in lieu of and in substitution for the
Security so destroyed, lost or stolen. In every case the applicant
for a substituted Security shall furnish to the Company and the
Trustee such security or indemnity as may be required by them to
save each of them harmless, and, in every case of destruction, loss
or theft, the applicant shall also furnish to the Company and the
Trustee evidence to their satisfaction of the destruction, loss or
theft of the applicant’s Security and of the ownership
thereof. The Trustee may authenticate any such substituted Security
and deliver the same upon the written request or authorization of
any officer of the Company. Upon the issuance of any substituted
Security, the Company may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and
expenses of the Trustee) connected therewith. In case any Security
that has matured or is about to mature shall become mutilated or be
destroyed, lost or stolen, the Company may, instead of issuing a
substitute Security, pay or authorize the payment of the same
(without surrender thereof except in the case of a mutilated
Security) if the applicant for such payment shall furnish to the
Company and the Trustee such security or indemnity as they may
require to save them harmless, and, in case of destruction, loss or
theft, evidence to the satisfaction of the Company and the Trustee
of the destruction, loss or theft of such Security and of the
ownership thereof.

 

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

 

SECTION 2.08    Cancellation.

 

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

 

 

17

 

 

SECTION 2.09     Benefits of
Indenture.

 

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

 

SECTION 2.10    Authenticating
Agent.

 

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

 

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

 

SECTION 2.11    Global Securities

 

(a)

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

 

 

18

 

 

(b)

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

 

(c)

If at any time the
Depositary for a series of the Securities notifies the Company that
it is unwilling or unable to continue as Depositary for such series
or if at any time the Depositary for such series shall no longer be
registered or in good standing under the Exchange Act, or other
applicable statute or regulation, and a successor Depositary for
such series is not appointed by the Company within 90 days after
the Company receives such notice or becomes aware of such
condition, as the case may be, this Section 2.11 shall no longer be
applicable to the Securities of such series and the Company will
execute, and subject to Section 2.05, the Trustee will authenticate
and deliver the Securities of such series in definitive registered
form without coupons, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the
Global Security of such series in exchange for such Global
Security. In addition, the Company may at any time determine that
the Securities of any series shall no longer be represented by a
Global Security and that the provisions of this Section 2.11 shall
no longer apply to the Securities of such series. In such event the
Company will execute and subject to Section 2.05, the Trustee, upon
receipt of an Officers’ Certificate evidencing such
determination by the Company, will authenticate and deliver the
Securities of such series in definitive registered form without
coupons, in authorized denominations, and in an aggregate principal
amount equal to the principal amount of the Global Security of such
series in exchange for such Global Security. Upon the exchange of
the Global Security for such Securities in definitive registered
form without coupons, in authorized denominations, the Global
Security shall be canceled by the Trustee. Such Securities in
definitive registered form issued in exchange for the Global
Security pursuant to this Section 2.11(c) shall be registered in
such names and in such authorized denominations as the Depositary,
pursuant to instructions from its direct or indirect participants
or otherwise, shall instruct the Trustee. The Trustee shall deliver
such Securities to the Depositary for delivery to the Persons in
whose names such Securities are so registered.

 

ARTICLE III

 

REDEMPTION OF SECURITIES AND

SINKING FUND PROVISIONS

 

SECTION 3.01     Redemption.

 

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

 

 

19

 

 

SECTION 3.02     Notice of
Redemption.

 

(a)

In case the Company
shall desire to exercise such right to redeem all or, as the case
may be, a portion of the Securities of any series in accordance
with the right reserved so to do, the Company shall, or shall cause
the Trustee to, give notice of such redemption to holders of the
Securities of such series to be redeemed by mailing, first class
postage prepaid, a notice of such redemption not less than 30 days
and not more than 90 days before the date fixed for redemption of
that series to such holders at their last addresses as they shall
appear upon the Security Register unless a shorter period is
specified in the Securities to be redeemed. Any notice that is
mailed in the manner herein provided
shall be conclusively presumed to have been duly given, whether or
not the registered holder receives the notice. In any case, failure
duly to give such notice to the holder of any Security of any
series designated for redemption in whole or in part, or any defect
in the notice, shall not affect the validity of the proceedings for
the redemption of any other Securities of such series or any other
series. In the case of any redemption of Securities prior to the
expiration of any restriction on such redemption provided in the
terms of such Securities or elsewhere in this Indenture, the
Company shall furnish the Trustee with an Officers’
Certificate evidencing compliance with any such
restriction.

 

Each such notice of redemption shall specify the date fixed for
redemption and the redemption price at which Securities of that
series are to be redeemed, and shall state that payment of the
redemption price of such Securities to be redeemed will be made at
the office or agency of the Company in the Borough of Manhattan,
the City and State of New York, upon presentation and surrender of
such Securities, that interest accrued to the date fixed for
redemption will be paid as specified in said notice, that from and
after said date interest will cease to accrue and that the
redemption is for a sinking fund, if such is the case. If less than
all the Securities of a series are to be redeemed, the notice to
the holders of Securities of that series to be redeemed in whole or
in part shall specify the particular Securities to be so redeemed.
In case any Security is to be redeemed in part only, the notice
that relates to such Security shall state the portion of the
principal amount thereof to be redeemed, and shall state that on
and after the redemption date, upon surrender of such Security, a
new Security or Securities of such series in principal amount equal
to the unredeemed portion thereof will be issued.

 

(b)

If less than all
the Securities of a series are to be redeemed, the Company shall
give the Trustee at least 30 days’ notice in advance of the
date fixed for redemption as to the aggregate principal amount of
Securities of the series to be redeemed, and thereupon the Trustee
shall select, by lot or in such other manner as it shall deem
appropriate and fair in its discretion and that may provide for the
selection of a portion or portions (equal to one thousand U.S.
dollars ($1,000) or any integral multiple thereof) of the principal
amount of such Securities of a denomination larger than $1,000, the
Securities to be redeemed and shall thereafter promptly notify the
Company in writing of the numbers of the Securities to be redeemed,
in whole or in part. The Company may, if and whenever it shall so
elect, by delivery of instructions signed on its behalf by its
President or any Vice President, instruct the Trustee or any paying
agent to call all or any part of the Securities of a particular
series for redemption and to give notice of redemption in the
manner set forth in this Section, such notice to be in the name of
the Company or its own name as the Trustee or such paying agent may
deem advisable. In any case in which notice of redemption is to be
given by the Trustee or any such
paying agent, the Company shall deliver or cause to be delivered
to, or permit to remain with, the Trustee or such paying agent, as
the case may be, such Security Register, transfer books or other
records, or suitable copies or extracts therefrom, sufficient to
enable the Trustee or such paying agent to give any notice by mail
that may be required under the provisions of this
Section.

 

 

20

 

 

SECTION 3.03     Payment Upon
Redemption.

 

(a)

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

 

(b)

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

 

SECTION 3.04    Sinking Fund.

 

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

 

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

 

SECTION 3.05     Satisfaction of Sinking Fund
Payments with Securities.

 

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

 

 

21

 

 

SECTION 3.06     Redemption of Securities for
Sinking Fund.

 

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

 

ARTICLE IV

 

COVENANTS

 

SECTION 4.01     Payment of Principal, Premium
and Interest.

 

The Company will duly and punctually pay or cause to be paid the
principal of (and premium, if any) and interest on the Securities
of that series at the time and place and in the manner provided
herein and established with respect to such
Securities.

 

SECTION 4.02    Maintenance of Office or
Agency.

 

So long as any series of the Securities remain Outstanding, the
Company agrees to maintain an office or agency in the Borough of
Manhattan, the City and State of New York, with respect to each
such series and at such other location or locations as may be
designated as provided in this Section 4.02, where (i) Securities
of that series may be presented or surrendered for payment, (ii)
Securities of that series may be presented as herein above
authorized for registration of transfer and exchange, and (iii)
notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be given or
served, such designation to continue with respect to such office or
agency until the Company shall, by written notice signed by its
President or a Vice President and delivered to the trustee,
designate some other office or agency for such purposes or any of
them. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, notices and demands may be
made or served at the Corporate Trust Office of the Trustee, and
the Company hereby appoints the Trustee as its agent to receive all
such presentations, notices and demands.

 

 

22

 

 

SECTION 4.03     Paying Agents.

 

(a)

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

 

(1)

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

 

(2)

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

 

(3)

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

 

(4)

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

 

(b)

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

 

(c)

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

 

 

23

 

 

SECTION 4.04     Appointment to Fill Vacancy in
Office of Trustee.

 

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

 

SECTION 4.05     Compliance with Consolidation
Provisions.

 

The Company will not, while any of the Securities remain
Outstanding, consolidate with or merge into any other Person, in
either case where the Company is not the survivor of such
transaction, or sell or convey all or substantially all of its
property to any other company unless the provisions of Article X
hereof are complied with.

 

ARTICLE V

 

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE
TRUSTEE

 

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

 

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

 

SECTION 5.02     Preservation of Information;
Communications with Securityholders.

 

(a)

The Trustee shall
preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the holders of
Securities contained in the most recent list furnished to it as
provided in Section 5.01 and as to the names and addresses of
holders of Securities received by the Trustee in its capacity as
Security Registrar (if acting in such capacity) and shall otherwise
comply with Section 312(a) of the Trust Indenture Act.

 

(b)

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

 

 

24

 

 

(c)

Securityholders may
communicate as provided in Section 312(b) of the Trust Indenture
Act with other Securityholders with respect to their rights under
this Indenture or under the Securities.

 

SECTION 5.03     Reports by the
Company.

 

(a)

The Company
covenants and agrees to file with the Trustee, within 15 days after
the Company is required to file the same with the Commission,
copies of the annual reports and of the information, documents and
other reports (or copies of such portions of any of the foregoing
as the Commission may from time to time by rules and regulations
prescribe) that the Company may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Exchange
Act; or, if the Company is not required to file information,
documents or reports pursuant to either of such sections, then to
file with the Trustee and the Commission, in accordance with the
rules and regulations prescribed from time to time by the
Commission, such of the supplementary and periodic information,
documents and reports that may be required pursuant to Section 13
of the Exchange Act, in respect of a security listed and registered
on a national securities exchange as may be prescribed from time to
time in such rules and regulations; provided, however, the Company
shall not be required to deliver to the Trustee any materials for
which the Company has sought and received confidential treatment by
the Commission. The Company also shall comply with the other
provisions of Section 314(a) of the Trust Indenture
Act.

 

(b)

The Company
covenants and agrees to file with the Trustee and the Commission,
in accordance with the rules and regulations prescribed from to
time by the Commission, such additional information, documents and
reports with respect to compliance by the Company with the
conditions and covenants provided for in this Indenture as may be
required from time to time by such rules and
regulations.

 

(c)

The Company
covenants and agrees to transmit by mail, first class postage
prepaid, or reputable over-night delivery service that provides for
evidence of receipt, to the Securityholders, as their names and
addresses appear upon the Security Register, within 30 days after
the filing thereof with the Trustee, such summaries of any
information, documents and reports required to be filed by the
Company pursuant to subsections (a) and (b) of this Section as may
be required by rules and regulations prescribed from time to time
by the Commission.

 

SECTION 5.04    Reports by the
Trustee.

 

(a)

The Trustee shall
transmit to holders as provided in Section 313 of the Trust
Indenture Act such reports concerning the Trustee and its actions
under this Indenture as may be required by Section 313 of the Trust
Indenture Act at the times and in the manner provided by the Trust
Indenture Act.

 

 

25

 

 

(b)

A copy of each such
report shall, at the time of such transmission to Securityholders,
be filed by the Trustee with the Company, with each stock exchange
upon which any Securities are listed (if so listed) and, if
required by Section 313 of the Trust Indenture Act, also with the
Commission. The Company agrees to notify the Trustee when any
Securities become listed on any stock exchange.

 

ARTICLE VI

 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF
DEFAULT

 

SECTION 6.01    Events of Default.

 

(a)

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

 

(1)

the Company
defaults in the payment of any installment of interest upon any of
the Securities of that series, as and when the same shall become
due and payable, and continuance of such default 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;

 

(2)

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

 

(3)

the Company fails
to observe or perform any other of its covenants or agreements with
respect to that series contained in this Indenture or otherwise
established with respect to that series of Securities pursuant to
Section 2.01 hereof (other than a covenant or agreement that has
been expressly included in this Indenture solely for the benefit of
one or more series of Securities other than such series) for a
period of 90 days after the date on which written notice of such
failure, requiring the same to be remedied and stating that such
notice is a “Notice of Default” hereunder, shall have
been given to the Company by the Trustee, by registered or
certified mail, or to the Company and the Trustee by the holders of
not less than a majority in principal amount of the Securities of
that series at the time Outstanding;

 

(4)

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

 

 

26

 

 

(5)

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

 

(a)

In each and every
such case, unless the principal of all the Securities of that
series shall have already become due and payable, either the
Trustee or the holders of not less than a majority in aggregate
principal amount of the Securities of that series then Outstanding
hereunder, by notice in writing to the Company (and to the Trustee
if given by such Securityholders), may declare the principal (or,
if any Securities of that series are discount securities, that
portion of the principal amount as may be specified in the terms of
that series pursuant to Section 2.01(a)(16)) of (and premium, if
any, on) and accrued and unpaid interest, if any, on all the
Securities of that series to be due and payable immediately, and
upon any such declaration the same shall become and shall be
immediately due and payable.

 

(b)

At any time after
the principal of the Securities of that series shall have been so
declared due and payable, and before a judgment or decree for the
payment of the moneys due shall have been obtained or entered as
hereinafter provided, the holders of a majority in aggregate
principal amount of the Securities of that series then Outstanding
hereunder (or, by action at a meeting of holders of the Securities
of such series in accordance with Section 8.09, the holders of a
majority in aggregate principal amount of the Securities of such
series then Outstanding represented at such meeting), by written
notice to the Company and the Trustee, may rescind and annul such
declaration and its consequences if: (i) the Company has paid or
deposited with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Securities of that series and
the principal of (and premium, if any, on) any and all Securities
of that series that shall have become due otherwise than by
acceleration and (ii) any and all Events of Default under this
Indenture with respect to such series, other than the nonpayment of
principal of (and premium, if any, on) and accrued and unpaid
interest, if any, on Securities of that series that shall have
become due solely because of such acceleration, shall have been
remedied, cured or waived as provided in Section 6.06. No such
rescission and annulment shall extend to or shall affect any
subsequent default or impair any right consequent
thereon.

 

(c)

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

 

 

27

 

 

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

 

(a)

The Company
covenants that (1) in case it shall default in the payment of any
installment of interest on any of the Securities of a series, or
any payment required by any sinking or analogous fund established
with respect to that series as and when the same shall have become
due and payable, and such default shall have continued for a period
of 90 Business Days, or (2) in case it shall default in the payment
of the principal of (or premium, if any, on) any of the Securities
of a series when the same shall have become due and payable,
whether upon maturity of the Securities of a series or upon
redemption or upon declaration or otherwise, then, upon demand of
the Trustee, the Company will pay to
the Trustee, for the benefit of the holders of the Securities of
that series, the whole amount that then shall have been become due
and payable on all such Securities for principal (and premium, if
any) or interest, or both, as the case may be, with interest upon
the overdue principal (and premium, if any) and (to the extent that
payment of such interest is enforceable under applicable law) upon
overdue installments of interest at the rate per annum expressed in
the Securities of that series; and, in addition thereto, such
further amount as shall be sufficient to cover the costs and
expenses of collection, and the amount payable to the Trustee under
Section 7.06.

 

(b)

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

 

(c)

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

 

 

28

 

 

(d)

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

 

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

 

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

 

SECTION 6.03    Application of Moneys
Collected.

 

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

 

FIRST: 

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

 

SECOND: 

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

 

 

29

 

 

SECTION 6.04    Limitation on
Suits.

 

No holder of any Security of any series shall have any right by
virtue or by availing of any provision of this Indenture to
institute any suit, action or proceeding in equity or at law upon
or under or with respect to this Indenture or for the appointment
of a receiver or trustee, or for any other remedy hereunder, unless
(i) such holder previously shall have given to the Trustee written
notice of an Event of Default and of the continuance thereof with
respect to the Securities of such series specifying such Event of
Default, as hereinbefore provided; (ii) the holders of not less
than a majority in aggregate principal amount of the Securities of
such series then Outstanding shall have made written request upon
the Trustee to institute such action, suit or proceeding in its own
name as trustee hereunder; (iii) such holder or holders shall have
offered to the Trustee such reasonable indemnity as it may require
against the costs, expenses and liabilities to be incurred therein
or thereby; and (iv) the Trustee for 60 days after its receipt of
such notice, request and offer of indemnity, shall have failed to
institute any such action, suit or proceeding and (v) during such
60 day period, the holders of a majority in principal amount of the
Securities of that series (or such amount as shall have acted at a
meeting of the holders of Securities of such series pursuant to the
provisions of this Indenture) do not give the Trustee a direction
inconsistent with the request; provided, however, that no one or
more of such holders may use this Indenture to prejudice the rights
of another holder or to obtain preference or priority over another
holder.

 

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

 

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

 

(a)

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

 

 

30

 

 

(b)

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

 

SECTION 6.06     Control by
Securityholders.

 

The holders of a majority in aggregate principal amount of the
Securities of any series at the time Outstanding, determined in
accordance with Section 8.01, shall have the right to direct the
time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power
conferred on the Trustee with respect to such series; provided,
however, that such direction shall not be in conflict with any rule
of law or with this Indenture or be unduly prejudicial to the
rights of holders of Securities of any other series at the time
Outstanding determined in accordance with Section 8.01. Subject to
the provisions of Section 7.01, the Trustee shall have the right to
decline to follow any such direction if the Trustee in good faith
shall, by a Responsible Officer or Officers of the Trustee,
determine that the proceeding so directed would involve the Trustee
in personal liability. The holders either (a) through the written
consent of not less than a majority in aggregate principal amount
of the Securities of any series at the time Outstanding or (b) by
action at a meeting of holders of the Securities of such series in
accordance with Section 8.09, by the holders of a majority in
aggregate principal amount of the Securities of such series then
Outstanding represented at such meeting, may on behalf of the
holders of all of the Securities of such series waive any past
default in the performance of any of the covenants contained herein
or established pursuant to Section 2.01 with respect to such series
and its consequences, except a default in the payment of the
principal of, or premium, if any, or interest on, any of the
Securities of that series as and when the same shall become due by
the terms of such Securities otherwise than by acceleration (unless
such default has been cured and a sum sufficient to pay all matured
installments of interest and principal and any premium has been
deposited with the Trustee (in accordance with Section 6.01(c)) and
except in respect a provision hereof which, under Section 9.02,
cannot be modified or amended without the consent of the holders of
each Outstanding Security affected; provided however that this
Section shall not limit the right of holders of Securities of a
series to rescind and annul any acceleration as set forth in
Section 6.01. Upon any such waiver, the default covered thereby
shall be deemed to be cured for all purposes of this Indenture and
the Company, the Trustee and the holders of the Securities of such
series shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any
subsequent or other default or impair any right consequent thereon.
The provisions which otherwise would be automatically deemed to be
contained in this Indenture pursuant to Section (316)(a)(1) of the
Trust Indenture Act are hereby expressly excluded from this
Indenture, except to the extent such provisions are expressly
included herein.

 

 

31

 

 

SECTION 6.07    Undertaking to Pay
Costs.

 

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

 

ARTICLE VII

 

CONCERNING THE TRUSTEE

 

SECTION 7.01    Certain Duties and
Responsibilities of Trustee.

 

(a)

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

 

(b)

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

 

(1)

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

 

(i)

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

 

 

32

 

 

(ii)

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

 

(1)

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

 

(2)

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

 

(3)

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

 

SECTION 7.02    Certain Rights of
Trustee.

 

Except as otherwise provided in Section 7.01:

 

(a)

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

 

(b)

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

 

(c)

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

 

 

33

 

 

(d)

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

 

(e)

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

 

(f)

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

 

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

 

SECTION 7.03     Trustee Not Responsible for
Recitals or Issuance of Securities.

 

(a)

The recitals
contained herein and in the Securities shall be taken as the
statements of the Company, and the Trustee assumes no
responsibility for the correctness of the same.

 

(b)

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

 

(c)

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

 

 

34

 

 

SECTION 7.04     May Hold
Securities.

 

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

 

SECTION 7.05    Moneys Held in
Trust.

 

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

 

SECTION 7.06    Compensation and
Reimbursement.

 

(a)

The Company
covenants and agrees to pay to the Trustee, and the Trustee shall
be entitled to, such reasonable compensation (which shall not be
limited by any provision of law in regard to the compensation of a
trustee of an express trust), as the Company, and the Trustee may
from time to time agree in writing, for all services rendered by it
in the execution of the trusts hereby created and in the exercise
and performance of any of the powers and duties hereunder of the
Trustee, and, except as otherwise expressly provided herein, the
Company will pay or reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by
the Trustee in accordance with any of the provisions of this
Indenture (including the reasonable compensation and the expenses
and disbursements of its counsel and of all Persons not regularly
in its employ) except any such expense, disbursement or advance as
may arise from its negligence or bad faith. The Company also
covenants to indemnify the Trustee (and its officers, agents,
directors and employees) for, and to hold it harmless against, any
loss, liability or expense incurred without negligence or bad faith
on the part of the Trustee and arising out of or in connection with
the acceptance or administration of this trust, including the costs
and expenses of defending itself against any claim of liability in
the premises.

 

(b)

The obligations of
the Company under this Section to compensate and indemnify the
Trustee and to pay or reimburse the Trustee for expenses,
disbursements and advances shall constitute additional indebtedness
hereunder. Such additional indebtedness shall be secured by a lien
prior to that of the Securities upon all property and funds held or
collected by the Trustee as such, except funds held in trust for
the benefit of the holders of particular Securities.

 

 

35

 

 

SECTION 7.07    Reliance on Officers’
Certificate.

 

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

 

SECTION 7.08    Disqualification; Conflicting
Interests.

 

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

 

SECTION 7.09     Corporate Trustee Required;
Eligibility.

 

There shall at all times be a Trustee with respect to the
Securities issued hereunder which shall at all times be a
corporation organized and doing business under the laws of the
United States of America or any State or Territory thereof or of
the District of Columbia, or a corporation or other Person
permitted to act as trustee by the Commission, authorized under
such laws to exercise corporate trust powers, having a combined
capital and surplus of at least 50 million U.S. dollars
($50,000,000), and subject to supervision or examination by
Federal, State, Territorial, or District of Columbia authority. If
such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section, the
combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent
report of condition so published. The Company may not, nor may any
Person directly or indirectly controlling, controlled by, or under
common control with the Company, serve as Trustee. In case at any
time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Trustee shall resign immediately in
the manner and with the effect specified in Section
7.10.

 

 

 

36

 

 

SECTION 7.10     Resignation and Removal;
Appointment of Successor.

 

(a)

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

 

(b)

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

 

(1)

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

 

(2)

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

 

(3)

the Trustee shall
become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or commence a voluntary bankruptcy proceeding, or a
receiver of the Trustee or of its property shall be appointed or
consented to, or any public officer shall take charge or control of
the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, then, in any such
case, the Company may remove the Trustee with respect to all
Securities and appoint a successor trustee by written instrument,
in duplicate, executed by order of the Board of Directors, one copy
of which instrument shall be delivered to the Trustee so removed
and one copy to the successor trustee, or, unless the
Trustee’s duty to resign is stayed as provided herein, any
Securityholder who has been a bona fide holder of a Security or
Securities for at least six months may, on behalf of that holder
and all others similarly situated,
petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor trustee. Such court may
thereupon after such notice, if any, as it may deem proper and
prescribe, remove the Trustee and appoint a successor
trustee.

 

 

37

 

 

(c)

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

 

(d)

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

 

(e)

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

 

SECTION 7.11    Acceptance of Appointment By
Successor.

 

(a)

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

 

(b)

In case of the
appointment hereunder of a successor trustee with respect to the
Securities of one or more (but not all) series, the Company, the
retiring Trustee and each successor trustee with respect to the
Securities of one or more series shall execute and deliver an
indenture supplemental hereto wherein each successor trustee shall
accept such appointment and which (1) shall contain such provisions
as shall be necessary or desirable to transfer and confirm to, and
to vest in, each successor trustee all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor
trustee relates, (2) shall contain such provisions as shall be
deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (3) shall add to or change any of the provisions of
this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees
of the same trust, that each such Trustee shall be trustee of a
trust or trusts hereunder separate and apart from any trust or
trusts hereunder administered by any other such Trustee and that no
Trustee shall be responsible for any act or failure to act on the
part of any other Trustee hereunder; and upon the execution and
delivery of such supplemental indenture the resignation or removal
of the retiring Trustee shall become effective to the extent
provided therein, such retiring Trustee shall with respect to the
Securities of that or those series to which the appointment of such successor trustee relates have
no further responsibility for the exercise of rights and powers or
for the performance of the duties and obligations vested in the
Trustee under this Indenture, and each such successor trustee,
without any further act, deed or conveyance, shall become vested
with all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to
which the appointment of such successor trustee relates; but, on
request of the Company or any successor trustee, such retiring
Trustee shall duly assign, transfer and deliver to such successor
trustee, to the extent contemplated by such supplemental indenture,
the property and money held by such retiring Trustee hereunder with
respect to the Securities of that or those series to which the
appointment of such successor trustee relates.

 

 

38

 

 

(c)

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

 

(d)

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

 

(e)

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

 

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

 

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

 

SECTION 7.13    Preferential Collection of
Claims Against the Company.

 

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

 

ARTICLE VIII

 

CONCERNING THE SECURITYHOLDERS

 

SECTION 8.01     Evidence of Action by
Securityholders.

 

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

 

 

39

 

 

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

 

SECTION 8.02    Proof of Execution by
Securityholders.

 

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

 

(a)

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

 

(b)

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

 

(c)

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

 

SECTION 8.03    Who May be Deemed
Owners.

 

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

 

 

40

 

 

SECTION 8.04    Certain Securities Owned by
Company Disregarded.

 

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

 

SECTION 8.05    Actions Binding on Future
Securityholders.

 

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

 

SECTION 8.06    Purposes for Which Meetings May
Be Called.

 

A meeting of holders of any series of Securities may be called at
any time and from time to time pursuant to this Article to make,
give or take any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be
made, given or taken by holders of such series of
Securities.

 

 

41

 

 

Notwithstanding anything contained in this Article VIII, the
Trustee may, during the pendency of a Default or an Event of
Default, call a meeting of holders of any series of Securities in
accordance with its standard practices.

 

SECTION 8.07    Call Notice and Place of
Meetings.

 

(a)

The Trustee may at
any time call a meeting of holders of any series of Securities for
any purpose specified in Section 8.06 hereof, to be held at such
time and at such place in The City of New York. Notice of every
meeting of holders of any series of Securities, setting forth the
time and the place of such meeting, in general terms the action
proposed to be taken at such meeting and the percentage of the
principal amount of the Outstanding Securities of such series which
shall constitute a quorum at such meeting, shall be given, in the
manner provided in Section 13.04 hereof, not less than 21 nor more than 180 days
prior to the date fixed for the meeting to holders of Outstanding
Securities of such series.

 

In case at any time the Company, pursuant to a Board Resolution, or
the holders of at least 10% in principal amount of the Outstanding
Securities of any series shall have requested the Trustee to call a
meeting of the holders of Securities of such series for any purpose
specified in Section 8.06 hereof, by written request setting forth
in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have made the first publication
of the notice of such meeting within 21 days after receipt of such
request or shall not thereafter proceed to cause the meeting to be
held as provided herein, then the Company or the holders of
Securities of such series in the amount specified, as the case may
be, may determine the time and the place in The City of New York
for such meeting and may call such meeting for such purposes by
giving notice thereof as provided in paragraph (a) of this
Section.

 

SECTION 8.08    Persons Entitled To Vote at
Meetings.

 

To be entitled to vote at any meeting of holders of Securities of a
given series, a Person shall be (a) a holder of one or more
Outstanding Securities of such series or (b) a Person appointed by
an instrument in writing as proxy for a holder or holders of one or
more Outstanding Securities of such series by such holder or
holders. The only Persons who shall be entitled to be present or to
speak at any meeting of holders shall be the Persons entitled to
vote at such meeting and their counsel, any representatives of the
Trustee and its counsel and any representatives of the Company and
its counsel.

 

SECTION 8.09 Quorum; Action.

 

The Persons entitled to vote a majority in aggregate principal
amount of the Outstanding Securities of a given series shall
constitute a quorum with respect to a meeting of holders of
Outstanding Securities of such series. 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 of not less than 10 days as 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 of not
less than 10 days as 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 8.07(a) 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.

 

 

42

 

 

At a meeting or an adjourned meeting duly reconvened and at which a
quorum is present as aforesaid, any resolution and all matters
(except as limited by the proviso to the first paragraph of Section
9.02 hereof) shall be effectively passed and decided if passed or
decided by the Persons entitled to vote not less than a majority in
aggregate principal amount of Outstanding Securities of a series
represented and voting at such meeting with respect to a meeting of
holders of Outstanding Securities of such series.

 

Any resolution passed or decisions taken at any meeting of holders
of Securities duly held in accordance with this Section shall be
binding on all the holders of Securities of such series, whether or
not present or represented at the meeting.

 

SECTION 8.10    Determination of Voting Rights;
Conduct and Adjournment 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
holders of Securities 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 appropriate.

 

(b)

The Trustee shall,
by an instrument in writing, appoint a temporary chairman (which
may be the Trustee) of the meeting, unless the meeting shall have
been called by the Company or by holders of Securities of a given
series as provided in Section 8.07(b) hereof, in which case the
Company or the holders of Securities of such series calling the
meeting, as the case may be, shall in like manner appoint a
temporary chairman. A permanent chairman and a permanent secretary
of the meeting shall be elected by vote of the Persons entitled to
vote a majority in principal amount of the Outstanding Securities
of such series represented at the meeting.

 

(c)

At any meeting,
each holder of a Security of the series in respect of which such
meeting is being held or proxy shall be entitled to one vote for
each $1,000 principal amount of Securities of such series held or
represented by him; provided, however, that no vote shall be cast
or counted at any meeting in respect of any Security of such series
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, except as a holder of a Security of such
series or proxy.

 

(d)

Any meeting of
holders of Securities duly called pursuant to Section 8.07 hereof
at which a quorum is present may be adjourned from time to time by
Persons entitled to vote a majority in principal amount of the
Outstanding Securities of the series in respect of which such
meeting is being held represented at the meeting, and the meeting
may be held as so adjourned without further notice.

 

 

43

 

 

SECTION 8.11    Counting Votes and Recording
Action of Meetings.

 

The vote upon any resolution submitted to any meeting of holders of
Securities of a given 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 and serial numbers of the Outstanding 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, at least in duplicate, of the proceedings of
each meeting of holders of Securities of such series 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 given as
provided in Section 8.07 hereof and, if applicable, Section 8.09
hereof. Each copy shall be signed and verified by the affidavits of
the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Company and another to the Trustee
to be preserved by the Trustee, the latter to have attached thereto
the ballots voted at the meeting. Any record so signed and verified
shall be conclusive evidence of the matters therein
stated.

 

ARTICLE IX

 

SUPPLEMENTAL INDENTURES

 

SECTION 9.01    Supplemental Indentures Without
the Consent of Securityholders.

 

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

 

(a)

cure any ambiguity,
correct or supplement any provision herein which may be
inconsistent with any other provision herein or which is otherwise
defective, or make any other provisions with respect to matters or
questions arising under this Indenture which the Company and the
Trustee may deem necessary or desirable and which shall not be
inconsistent with the provisions of this Indenture;

 

(b)

to comply with
Article X;

 

(c)

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

 

(d)

to add to the
covenants of the Company for the benefit of the holders of all or
any Series of Securities (and if such covenants are to be for the
benefit of less than all series of Securities, stating that such
covenants are expressly being included solely for the benefit of
such series) or to surrender any right or power herein conferred
upon the Company;

 

 

44

 

 

(e)

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

 

(f)

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

 

(g)

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

 

(h)

comply with the
requirements of the Commission in order to effect or maintain the
qualification of this Indenture under the Trust Indenture
Act.

 

The Trustee is hereby authorized to join with the Company in the
execution of any such supplemental indenture, and to make any
further appropriate agreements and stipulations that may be therein
contained, but the Trustee shall not be obligated to enter into any
such supplemental indenture that affects the Trustee’s own
rights, duties or immunities under this Indenture or
otherwise.

 

Any supplemental indenture authorized by the provisions of this
Section may be executed by the Company and the Trustee without the
consent of the holders of any of the Securities at the time
Outstanding, notwithstanding any of the provisions of Section
9.02.

 

SECTION 9.02    Supplemental Indentures With
Consent of Securityholders.

 

With the written consent of the holders of at least a majority in
aggregate principal amount of the Outstanding Securities of any
series or by action at a meeting of holders of the Securities of
such series in accordance with Section 8.09, by the holders of a
majority in aggregate principal amount of the Securities of such
series then Outstanding represented at such meeting, the Company,
when authorized by Board Resolutions, and the Trustee may from time
to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act as then in effect) for the purpose of adding
any provisions to or changing in any manner or eliminating any of
the provisions of this Indenture or of any supplemental indenture
or of modifying in any manner not covered by Section 9.01 the
rights of the holders of the Securities of such series under this
Indenture; provided, however, that no such supplemental indenture
shall, without the consent of the holders of each Security then
Outstanding and affected thereby, (i) extend the fixed maturity of
any Securities of any series, or reduce the principal amount
thereof, or reduce the rate or extend the time of payment of
interest thereon, or reduce any premium payable upon the redemption
thereof, (ii) reduce the aforesaid percentage of Securities, the
holders of which are required to consent to any such supplemental
indenture, or any consent or waiver, (iii) reduce the principal
amount of discount securities payable upon acceleration of the
maturity of any Securities of any series or (iv) make the principal
of or premium or interest on any Security of a series payable in
currency or currency units other than that stated in the Securities
of such series.

 

 

45

 

 

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

 

SECTION 9.03    Effect of Supplemental
Indentures.

 

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

 

SECTION 9.04    Securities Affected by
Supplemental Indentures.

 

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

 

SECTION 9.05    Execution of Supplemental
Indentures.

 

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

 

 

46

 

 

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

 

ARTICLE X

 

SUCCESSOR ENTITY

 

SECTION 10.01    Company May Consolidate,
Etc.

 

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

 

SECTION 10.02     Successor Entity
Substituted.

 

(a)

In case of any such
consolidation, merger, sale, conveyance, transfer or other
disposition and upon the assumption by the successor entity by
supplemental indenture, executed and delivered to the Trustee and
satisfactory in form to the Trustee, of the due and punctual
payment of the principal of, premium, if any, and interest on all
of the Securities of all series Outstanding and the due and
punctual performance of all of the covenants and conditions of this
Indenture or established with respect to each series of the
Securities pursuant to Section 2.01 to be performed by the Company
with respect to each series, such successor entity shall succeed to
and be substituted for the Company with the same effect as if it
had been named as the Company herein, and thereupon the predecessor
corporation shall be relieved of all obligations and covenants
under this Indenture and the Securities.

 

 

47

 

 

(b)

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

 

(c)

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

 

SECTION 10.03    Evidence of Consolidation,
Etc. to Trustee.

 

The Trustee, subject to the provisions of Section 7.01, may receive
an Opinion of Counsel as conclusive evidence that any such
consolidation, merger, sale, conveyance, transfer or other
disposition, and any such assumption, comply with the provisions of
this Article.

 

ARTICLE XI

 

SATISFACTION AND DISCHARGE

 

SECTION 11.01    Satisfaction and Discharge of
Indenture.

 

If at any time: (a) the Company shall have delivered to the Trustee
for cancellation all Securities of a series theretofore
authenticated (other than any Securities that shall have been
destroyed, lost or stolen and that shall have been replaced or paid
as provided in Section 2.07) and Securities for whose payment money
or Governmental Obligations have theretofore been deposited in
trust or segregated and held in trust by the Company (and thereupon
repaid to the Company or discharged from such trust, as provided in
Section 11.05); or (b) all such Securities of a particular series
not theretofore delivered to the Trustee for cancellation shall
have become due and payable, or are by their terms to become due
and payable within one year or are to be called for redemption
within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption, and the Company shall deposit
or cause to be deposited with the Trustee as trust funds the entire
amount in moneys or Governmental Obligations sufficient or a
combination thereof, sufficient (assuming that no tax liability
will be imposed on the Trustee) in the opinion of a nationally
recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, to pay at
maturity or upon redemption all Securities of that series not
theretofore delivered to the Trustee for cancellation, including
principal (and premium, if any) and interest due or to become due
to such date of maturity or date fixed for redemption, as the case
may be, and if the Company shall also pay or cause to be paid all
other sums payable hereunder with respect to such series by the
Company then this Indenture shall thereupon cease to be of further
effect with respect to such series except for the provisions of
Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall
survive until the date of maturity or redemption date, as the case
may be, and Sections 7.06 and 11.05, that shall survive to such
date and thereafter, and the Trustee, on demand of the Company and
at the cost and expense of the Company shall execute proper
instruments acknowledging satisfaction of and discharging this
Indenture with respect to such series.

 

 

48

 

 

SECTION 11.02    Discharge of
Obligations.

 

If at any time all such Securities of a particular series not
heretofore delivered to the Trustee for cancellation or that have
not become due and payable as described in Section 11.01 shall have
been paid by the Company by depositing irrevocably with the Trustee
as trust funds moneys or an amount of Governmental Obligations
sufficient to pay at maturity or upon redemption all such
Securities of that series not theretofore delivered to the Trustee
for cancellation, including principal (and premium, if any) and
interest due or to become due to such date of maturity or date
fixed for redemption, as the case may be, and if the Company shall
also pay or cause to be paid all other sums payable hereunder by
the Company with respect to such series, then after the date such
moneys or Governmental Obligations, as the case may be, are
deposited with the Trustee the obligations of the Company under
this Indenture with respect to such series shall cease to be of
further effect except for the provisions of Sections 2.03, 2.05,
2.07, 4,01, 4.02, 4.03, 7.06, 7.10 and 11.05 hereof that shall
survive until such Securities shall mature and be paid thereafter,
Sections 7.06 and 11.05 shall survive.

 

SECTION 11.03    Deposited Moneys to be Held in
Trust.

 

Subject to Section 11.05, all moneys or Governmental Obligations
deposited with the Trustee pursuant to Sections 11.01 or 11.02
shall be held in trust and shall be available for payment as due,
either directly or through any paying agent (including the Company
acting as its own paying agent), to the holders of the particular
series of Securities for the payment or redemption of which such
moneys or Governmental Obligations have been deposited with the
Trustee.

 

SECTION 11.04    Payment of Moneys Held by
Paying Agents.

 

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

 

SECTION 11.05    Repayment to
Company.

 

Any moneys or Governmental Obligations deposited with any paying
agent or the Trustee, or then held by the Company, in trust for
payment of principal of or premium or interest on the Securities of
a particular series that are not applied but remain unclaimed by
the holders of such Securities for two years after the date upon
which the principal of (and premium, if any) or interest on such
Securities shall have respectively become due and payable, shall be
repaid to the Company or (if then held by the Company) shall be
discharged from such trust in each case, promptly after the end of
any such two-year period or, at the request of the Company, on a
later date specified by the Company; and thereupon the paying agent
and the Trustee shall be released from all further liability with
respect to such moneys or Governmental Obligations, and the holder
of any of the Securities entitled to receive such payment shall
thereafter, as an unsecured general creditor, look only to the
Company for the payment thereof.

 

 

49

 

 

ARTICLE XII

 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
DIRECTORS

 

SECTION 12.01    No Recourse.

 

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

 

ARTICLE XIII

 

MISCELLANEOUS PROVISIONS

 

SECTION 13.01    Effect on Successors and
Assigns.

 

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

 

SECTION 13.02    Actions by
Successor.

 

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

 

 

50

 

 

SECTION 13.03    Surrender of Company
Powers.

 

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

 

SECTION 13.04    Notices.

 

Except as otherwise expressly provided herein any notice or demand
that by any provision of this Indenture is required or permitted to
be given or served by the Trustee or by the holders of Securities
to or on the Company may be given or served by being deposited
first class postage prepaid in a post-office letterbox addressed
(until another address is filed in writing by the Company with the
Trustee), as follows: DropCar, Inc., Attn: [ ], 1412 Broadway, Suite
2105, New York, New York
10018. Any notice, election,
request or demand by the Company or any Securityholder to or upon
the Trustee shall be deemed to have been sufficiently given or
made, for all purposes, if given or made in writing at the
Corporate Trust Office of the Trustee. Any notice or communication
to a holder shall be mailed by first-class mail to his address
shown on the Security Register kept by the Security
Registrar.

 

Failure to mail a notice or communication to a holder or any defect
in such notice or communication shall not affect its sufficiency
with respect to other holders. If a notice or communication is
mailed or sent in the manner provided above within the time
prescribed, it is duly given as of the date it is mailed, whether
or not the addressee receives it, except that notice to the Trustee
or the Company shall only be effective upon receipt thereof by the
Trustee or the Company, respectively. If the Company mails a notice
or communication to holders of Securities, it shall mail a copy to
the Trustee at the same time.

 

SECTION 13.05    Governing Law.

 

This Indenture and each Security shall be deemed to be a contract
made under the internal laws of the State of New York, and for all
purposes shall be construed in accordance with the laws of said
State.

 

SECTION 13.06     Treatment of Securities as
Debt.

 

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

 

 

 

51

 

 

SECTION 13.07    Compliance Certificates and
Opinions.

 

(a)

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

 

(b)

Each certificate or
opinion provided for in this Indenture and delivered to the Trustee
with respect to compliance with a condition or covenant in this
Indenture shall include (1) a statement that the Person making such
certificate or opinion has read such covenant or condition; (2) a
brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in
such certificate or opinion are based; (3) a statement that, in the
opinion of such Person, he has made such examination or
investigation as is necessary to enable him to express an informed
opinion as to whether or not such covenant or condition has been
complied with; and (4) a statement as to whether or not, in the
opinion of such Person, such condition or covenant has been
complied with.

 

SECTION 13.08    Payments on Business
Days.

 

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

 

SECTION 13.09    Conflict with Trust Indenture
Act.

 

If and to the extent that any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by Sections 310 to
317, inclusive, of the Trust Indenture Act, such imposed duties
shall control.

 

SECTION 13.10    Counterparts.

 

This Indenture may be executed in any number of counterparts, each
of which shall be an original, but such counterparts shall together
constitute but one and the same instrument.

 

 

52

 

 

SECTION 13.11    Separability.

 

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

 

SECTION 13.12    Assignment.

 

The Company will have the right at all times to assign any of its
rights or obligations under this Indenture to a direct or indirect
wholly-owned Subsidiary of the Company, provided that, in the event
of any such assignment, the Company, will remain liable for all
such obligations. Subject to the foregoing, this Indenture is
binding upon and inures to the benefit of the parties thereto and
their respective successors and assigns. This Indenture may not
otherwise be assigned by the parties thereto.

 

 

 

53

 

 

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

 

DROPCAR,
INC.

 

By:        

Name:

Title:

 

 

[
],

As
Trustee

 

By:        

Name:

Title:

 

 

 

54Blueprint

 

Exhibit 4.5

 

DROPCAR, INC.

 

 

Issuer

 

AND

 

[ ]

 

Trustee

 

INDENTURE

 

 

Dated as of [ ]

 

 

Subordinated Debt Securities

 

 

 

1

 

 

CROSS-REFERENCE TABLE (1)

 

	
 

	
 

	
 

	

Section of Trust Indenture Act of 1939, as Amended

	

Section of Indenture

	

310(a).

	

7.09

	

310(b).

	

7.08

	

7.10

	
 

	

310(c).

	

Inapplicable

	

311(a).

	

7.13(a)

	

311(b).

	

7.13(b)

	

311(c).

	

Inapplicable

	

312(a).

	

5.02(a)

	

312(b).

	

5.02(b)

	

312(c).

	

5.02(c)

	

313(a).

	

5.04(a)

	

313(b).

	

5.04(a)

	

313(c).

	

5.04(a)

	
 

	

5.04(b)

	

313(d).

	

5.04(b)

	

314(a).

	

5.03

	

314(b).

	

Inapplicable

	

314(c).

	

13.06

	

314(d).

	

Inapplicable

	

314(e).

	

13.06

	

314(f).

	

Inapplicable

	

315(a).

	

7.01(a)

	
 

	

7.02

	

315(b).

	

6.07

	

315(c).

	

7.01

	

315(d).

	

7.01(b)

	
 

	

7.01(c)

	

315(e).

	

6.07

	

316(a).

	

6.06

	
 

	

8.04

	

316(b).

	

6.04

	

316(c).

	

8.01

	

317(a).

	

6.02

	

317(b).

	

4.03

	

318(a).

	

13.08

 

(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.

 

 

2

 

 

TABLE OF CONTENTS (2)

 

	
 

	
 

	
 

	
 

	

ARTICLE
I

	

DEFINITIONS

	

6

	

SECTION
1.01

	

Definitions
of Terms

	

6

	

ARTICLE
II

	

ISSUE,
DESCRIPTION, TERMS, EXECUTION,

	

10

	

SECTION
2.01

	

Designation
and Terms of Securities

	

10

	

SECTION
2.02

	

Form of
Securities and Trustee’s Certificate

	

12

	

SECTION
2.03

	

Denominations:
Provisions for Payment

	

12

	

SECTION
2.04

	

Execution
and Authentications

	

14

	

SECTION
2.05

	

Registration
of Transfer and Exchange

	

15

	

SECTION
2.06

	

Temporary
Securities

	

16

	

SECTION
2.07

	

Mutilated,
Destroyed, Lost or Stolen Securities

	

16

	

SECTION
2.08

	

Cancellation

	

17

	

SECTION
2.09

	

Benefits
of Indenture

	

17

	

SECTION
2.10

	

Authenticating
Agent

	

17

	

SECTION
2.11

	

Global
Securities

	

18

	

ARTICLE
III

	

REDEMPTION
OF SECURITIES AND SINKING FUND PROVISIONS

	

19

	

SECTION
3.01

	

Redemption

	

19

	

SECTION
3.02

	

Notice
of Redemption

	

19

	

SECTION
3.03

	

Payment
Upon Redemption

	

20

	

SECTION
3.04

	

Sinking
Fund

	

21

	

SECTION
3.05

	

Satisfaction
of Sinking Fund Payments with Securities

	

21

	

SECTION
3.06

	

Redemption
of Securities for Sinking Fund

	

21

	

ARTICLE
IV

	

COVENANTS

	

22

	

SECTION
4.01

	

Payment
of Principal, Premium and Interest

	

22

	

SECTION
4.02

	

Maintenance
of Office or Agency

	

22

	

SECTION
4.03

	

Paying
Agents

	

22

	

SECTION
4.04

	

Appointment
to Fill Vacancy in Office of Trustee

	

23

	

SECTION
4.05

	

Compliance
with Consolidation Provisions

	

23

	

ARTICLE
V

	

SECURITYHOLDERS’
LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

	

24

	

SECTION
5.01

	

Company
to Furnish Trustee Names and Addresses of
Securityholders

	

24

	

SECTION
5.02

	

Preservation
of Information; Communications with Securityholders

	

24

	

SECTION
5.03

	

Reports
by the Company

	

24

	

SECTION
5.04

	

Reports
by the Trustee

	

25

	

ARTICLE
VI

	

REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

	

25

	

SECTION
6.01

	

Events
of Default

	

25

	

SECTION
6.02

	

Collection
of Indebtedness and Suits for Enforcement by Trustee

	

27

	

SECTION
6.03

	

Application
of Moneys Collected

	

28

	

SECTION
6.04

	

Limitation
on Suits

	

29

	

SECTION
6.05

	

Rights
and Remedies Cumulative; Delay or Omission Not Waiver

	

29

	

SECTION
6.06

	

Control
by Securityholders

	

30

	

SECTION
6.07

	

Undertaking
to Pay Costs

	

31

	

ARTICLE
VII

	

CONCERNING
THE TRUSTEE

	

31

	

SECTION
7.01

	

Certain
Duties and Responsibilities of Trustee

	

31

	

SECTION
7.02

	

Certain
Rights of Trustee

	

32

	

SECTION
7.03

	

Trustee
Not Responsible for Recitals or Issuance of Securities

	

33

 

 

 

3

 

 

	

SECTION
7.04

	

May
Hold Securities

	

34

	

SECTION
7.05

	

Moneys
Held in Trust

	

34

	

SECTION
7.06

	

Compensation
and Reimbursement

	

34

	

SECTION
7.07

	

Reliance
on Officers’ Certificate

	

34

	

SECTION
7.08

	

Disqualification;
Conflicting Interests

	

35

	

SECTION
7.09

	

Corporate
Trustee Required; Eligibility

	

35

	

SECTION
7.10

	

Resignation
and Removal; Appointment of Successor

	

35

	

SECTION
7.11

	

Acceptance
of Appointment By Successor

	

36

	

SECTION
7.12

	

Merger,
Conversion, Consolidation or Succession to Business

	

38

	

SECTION
7.13

	

Preferential
Collection of Claims Against the Company

	

38

	

ARTICLE
VIII

	

CONCERNING
THE SECURITYHOLDERS

	

38

	

SECTION
8.01

	

Evidence
of Action by Securityholders

	

38

	

SECTION
8.02

	

Proof
of Execution by Securityholders

	

39

	

SECTION
8.03

	

Who May
be Deemed Owners

	

39

	

SECTION
8.04

	

Certain
Securities Owned by Company Disregarded

	

39

	

SECTION
8.05

	

Actions
Binding on Future Securityholders

	

40

	

SECTION
8.06

	

Purposes
for Which Meetings May Be Called

	

40

	

SECTION
8.07

	

Call
Notice and Place of Meetings

	

40

	

SECTION
8.08

	

Persons
Entitled To Vote at Meetings

	

41

	

SECTION
8.09

	

Quorum;
Action

	

41

	

SECTION
8.10

	

Determination
of Voting Rights; Conduct and Adjournment of Meetings

	

41

	

SECTION
8.11

	

Counting
Votes and Recording Action of Meetings

	

42

	

ARTICLE
IX

	

SUPPLEMENTAL
INDENTURES

	

43

	

SECTION
9.01

	

Supplemental
Indentures Without the Consent of Securityholders

	

43

	

SECTION
9.02

	

Supplemental
Indentures With Consent of Securityholders

	

44

	

SECTION
9.03

	

Effect
of Supplemental Indentures

	

44

	

SECTION
9.04

	

Securities
Affected by Supplemental Indentures

	

45

	

SECTION
9.05

	

Execution
of Supplemental Indentures

	

45

	

ARTICLE
X

	

SUCCESSOR
ENTITY

	

46

	

SECTION
10.01

	

Company
May Consolidate, Etc

	

46

	

SECTION
10.02

	

Successor
Entity Substituted

	

46

	

SECTION
10.03

	

Evidence
of Consolidation, Etc

	

47

	

ARTICLE
XI

	

SATISFACTION
AND DISCHARGE

	

47

	

SECTION
11.01

	

Satisfaction
and Discharge of Indenture

	

47

	

SECTION
11.02

	

Discharge
of Obligations

	

47

	

SECTION
11.03

	

Deposited
Moneys to be Held in Trust

	

48

	

8SECTION
11.04

	

Payment
of Moneys Held by Paying Agents

	

48

	

SECTION
11.05

	

Repayment
to Company

	

48

	

ARTICLE
XII

	

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
DIRECTORS

	

48

	

SECTION
12.01

	

No
Recourse

	

48

	

ARTICLE
XIII

	

MISCELLANEOUS
PROVISIONS

	

49

	

SECTION
13.01

	

Effect
on Successors and Assigns

	

49

	

SECTION
13.02

	

Actions
by Successor

	

49

	

SECTION
13.03

	

Surrender
of Company Powers

	

49

	

SECTION
13.04

	

Notices

	

49

	

SECTION
13.05

	

Governing
Law

	

50

 

 

4

 

 

	

SECTION
13.06

	

Treatment
of Securities as Debt

	

50

	

SECTION
13.07

	

Compliance
Certificates and Opinions

	

50

	

SECTION
13.08

	

Payments
on Business Days

	

50

	

SECTION
13.09

	

Conflict
with Trust Indenture Act

	

51

	

SECTION
13.10

	

Counterparts

	

51

	

SECTION
13.11

	

Separability

	

51

	

SECTION
13.12

	

Assignment

	

51

	

ARTICLE
XIV

	

SUBORDINATION
OF SECURITIES

	

51

	

SECTION
14.01

	

Subordination
Terms

	

51

 

2)       

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

 

 

5

 

 

INDENTURE, dated as of [ ], by and between DropCar, Inc., a
Delaware corporation (the “Company”), and [ ], as
trustee (the “Trustee”):

 

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

 

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

 

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

 

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

 

ARTICLE I

 

DEFINITIONS

 

SECTION
1.01    Definitions of Terms.

 

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

 

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

 

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

 

“Board of Directors” means the Board of Directors of
the Company or any duly authorized committee of such
Board.

 

 

6

 

 

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

 

“Business Day” means, with respect to any series of
Securities, any day other than a day on which Federal or State
banking institutions in the Borough of Manhattan, the City and
State of New York, are authorized or obligated by law, executive
order or regulation to close.

 

“Certificate” means a certificate signed by the
principal executive officer, the principal financial officer or the
principal accounting officer of the Company. The Certificate need
not comply with the provisions of Section 13.07.

 

“Commission” means the Securities and Exchange
Commission.

 

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

 

“Corporate Trust Office” means the office of the
Trustee at which, at any particular time, its corporate trust
business shall be principally administered, which office at the
date hereof is located at [ ], except that whenever a provision
herein refers to an office or agency of the Trustee in the Borough
of Manhattan, the City and State of New York, such office is
located, at the date hereof, at [ ].

 

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

 

“Default” means an event which is, or after notice or
lapse of time, or both, would constitute an Event of
Default.

 

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

 

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

 

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

 

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

 

 

7

 

 

“Governmental Obligations” means securities that are
(i) direct obligations of the United States of America 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 of America, the
payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of America that, in either
case, are non-callable at the option of the issuer thereof, and
shall also include a depositary receipt issued by a bank (as
defined in Section 3(a)(2) of the Securities Act of 1933, as
amended) as custodian with respect to any such Governmental
Obligation or a specific payment of principal of or interest on any
such Governmental Obligation held by such custodian for the account
of the holder of such depositary receipt; provided, however, that
(except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such
depositary receipt from any amount received by the custodian in
respect of the Governmental Obligation or the specific payment of
principal of or interest on the Governmental Obligation evidenced
by such depositary receipt.

 

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

 

“Indenture” means this instrument as originally
executed or as it may from time to time be supplemented or amended
by one or more indentures supplemental hereto entered into in
accordance with the terms hereof.

 

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

 

“Officers’ Certificate” means a certificate
signed by the President or a Vice President and by the Chief
Financial Officer, Vice President of Finance, the Treasurer or an
Assistant Treasurer or the Controller or an Assistant Controller or
the Secretary or an Assistant Secretary of the Company that is
delivered to the Trustee in accordance with the terms hereof.
Certificate shall include the statements provided for in Section
13.07, if and to the extent required by the provisions
thereof.

 

“Opinion of Counsel” means a written opinion of
counsel, who may be counsel to the Company (and may include
directors or employees of the Company) and which opinion is
acceptable to the Trustee which acceptance shall not be
unreasonably withheld.

 

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

 

 

8

 

 

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

 

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

 

“Responsible Officer,” when used with respect to the
Trustee, means any officer of the Trustee, including any vice
president, assistant vice president, secretary, assistant
secretary, the treasurer, any assistant treasurer, the managing
director or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate
trust matter, any other officer to whom such matter is referred
because of such officer’s knowledge of and familiarity with
the particular subject.

 

“Securities” means the debt Securities authenticated
and delivered under this Indenture.

 

“Security Register” has the meaning specified in
Section 2.05.

 

“Security Registrar” has the meaning specified in
Section 2.05.

 

“Securityholder,” “holder of Securities,”
“registered holder,” or other similar term, means the
Person or Persons in whose name or names a particular Security
shall be registered in the Security Register.

 

“Subsidiary” means, with respect to any Person, (i) any
corporation at least a majority of whose outstanding Voting Stock
shall at the time be owned, directly or indirectly, by such Person
or by one or more of its Subsidiaries or by such Person and one or
more of its Subsidiaries, (ii) any general partnership, joint
venture or similar entity, at least a majority of whose outstanding
partnership or similar interests shall at the time be owned by such
Person, or by one or more of its Subsidiaries, or by such Person
and one or more of its Subsidiaries and (iii) any limited
partnership of which such Person or any of its Subsidiaries is a
general partner.

 

“Trustee” means the Person named as the
“Trustee” in the first paragraph of this instrument
until a successor Trustee shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter
“Trustee” shall mean such successor Trustee. The term
“Trustee” as used with respect to a particular series
of the Securities shall mean the trustee with respect to that
series.

 

“Trust Indenture Act” means the Trust Indenture Act of
1939, as amended, subject to the provisions of Sections 9.01, 9.02,
and 10.01, as in effect at the date of execution of this
instrument; provided, however, that in the event the Trust
Indenture Act is amended after such date, Trust Indenture Act
means, to the extent required by such amendment, the Trust
Indenture Act of 1939, as so amended, or any successor
statute.

 

 

9

 

 

“Voting Stock,” as applied to any Person, means shares,
interests, participations or other equivalents in the equity
interest (however designated) in such Person having ordinary voting
power for the election of a majority of the directors (or the
equivalent) of such Person, other than shares, interests,
participations or other equivalents having such power only by
reason of the occurrence of a contingency.

 

ARTICLE II

 

ISSUE, DESCRIPTION, TERMS, EXECUTION,

REGISTRATION AND EXCHANGE OF SECURITIES

 

SECTION 2.01    Designation and Terms of
Securities.

 

(a)            

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

 

(1)                    

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

 

(2)                    

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

 

(3)                    

the currency or
units based on or relating to currencies in which debt securities
of such series are denominated and the currency or units in which
principal or interest or both will or may be payable;

 

(4)                    

the date or dates
on which the principal of the Securities of the series is payable
and the place(s) of payment;

 

(5)                    

the rate or rates
at which the Securities of the series shall bear interest or the
manner of calculation of such rate or rates, if any;

 

(6)                    

the date or dates
from which such interest shall accrue, the Interest Payment Dates
on which such interest will be payable or the manner of
determination of such Interest Payment Dates, the place(s) of
payment, and the record date for the determination of holders to
whom interest is payable on any such Interest Payment Dates or the
method for determining such dates;

 

 

10

 

 

(7)                    

the right, if any,
to extend the interest payment periods or to defer the payment of
interest and the duration of such extension;

 

(8)                    

the period or
periods within which, the price or prices at 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;

 

(9)                    

the obligation, if
any, of the Company to redeem or purchase Securities of the series
pursuant to any sinking fund or analogous provisions (including
payments made in cash in satisfaction of future sinking fund
obligations) or at the option of a holder thereof and the period or
periods within which, the price or prices at which, and the terms
and conditions upon which, Securities of the series shall be
redeemed or purchased, in whole or in part, pursuant to such
obligation;

 

(10)                    

whether or not the
debt securities will be secured or unsecured, and the terms of any
secured debt;

 

(11)                    

the form of the
Securities of the series including the form of the Certificate of
Authentication for such series;

 

(12)                    

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

 

(13)                    

any and all other
terms with respect to such series (which terms shall not be
inconsistent with the terms of this Indenture, as amended by any
supplemental indenture) including any terms which may be required
by or advisable under United States laws or regulations or
advisable in connection with the marketing of Securities of that
series;

 

(14)                    

whether the
Securities are issuable as a Global Security and, in such case, the
identity of the Depositary for such series;

 

(15)                    

whether the
Securities will be convertible into shares of common stock or other
securities of the Company and, if so, the terms and conditions upon
which such Securities will be so convertible, including the
conversion price and the conversion period;

 

(16)                    

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

 

(17)                    

any additional or
different Events of Default or restrictive covenants provided for
with respect to the Securities of the series; and

 

(18)                    

the subordination
terms of the Securities of the series.

 

 

11

 

 

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

 

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

 

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

 

SECTION 2.02    Form of Securities and
Trustee’s Certificate.

 

The Securities of any series and the Trustee’s certificate of
authentication to be borne by such Securities shall be
substantially of the tenor and purport as set forth in one or more
indentures supplemental hereto or as provided in a Board Resolution
of the Company and as set forth in an Officers’ Certificate
of the Company and may have such letters, numbers or other marks of
identification or designation and such legends or endorsements
printed, lithographed or engraved thereon as the 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 stock exchange on which Securities of that series
may be listed, or to conform to usage.

 

SECTION 2.03    Denominations: Provisions for
Payment.

 

The Securities shall be issuable as registered Securities and in
the denominations of one thousand U.S. dollars ($1,000) or any
integral multiple thereof, subject to Section 2.01(a)(12). The
Securities of a particular series shall bear interest payable on
the dates and at the rate specified with respect to that series.
The principal of and the interest on the Securities of any series,
as well as any premium thereon in case of redemption thereof prior
to maturity, shall be payable in the coin or currency of the United
States of America that at the time is legal tender for public and
private debt, at the office or agency of the Company maintained for
that purpose in the Borough of Manhattan, the City and State of New
York. Each Security shall be dated the date of its authentication.
Interest on the Securities shall be computed on the basis of a
360-day year composed of twelve 30-day months.

 

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

 

 

12

 

 

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

 

(1)                    

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

 

(2)                    

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

 

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

 

 

13

 

 

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

 

SECTION 2.04    Execution and
Authentications.

 

The Securities shall be signed on behalf of the Company by its
President, or one of its Vice Presidents, or its Treasurer, or one
of its Assistant Treasurers, or its Secretary, or one of its
Assistant Secretaries, under its corporate seal attested by its
Secretary or one of its Assistant Secretaries. Signatures may be in
the form of a manual or facsimile signature. The Company may use
the facsimile signature of any Person who shall have been a
President or Vice President thereof, or of any Person who shall
have been a Treasurer or Assistant Treasurer thereof, or of any
Person who shall have been a Secretary or Assistant Secretary
thereof, notwithstanding the fact that at the time the Securities
shall be authenticated and delivered or disposed of such Person
shall have ceased to be the President or a Vice President, the
Treasurer or an Assistant Treasurer or the Secretary or an
Assistant Secretary, of the Company. The seal of the Company may be
in the form of a facsimile of such seal and may be impressed,
affixed, imprinted or otherwise reproduced on the Securities. The
Securities may contain such notations, legends or endorsements
required by law, stock exchange rule or usage. Each Security shall
be dated the date of its authentication.

 

A Security shall not be valid or obligatory for any purpose and
shall not be entitled to any benefit under this Indenture, in each
case, until authenticated with a certificate of authentication
manually signed by an authorized signatory of the Trustee, or by an
Authenticating Agent. Such certificate shall be conclusive
evidence, and the only evidence, that the Security so authenticated
has been duly authenticated and delivered hereunder and that the
Security is entitled to the benefits of this Indenture. At any time
and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together
with a written order of the Company for the authentication and
delivery of such Securities, signed by its President or any Vice
President and its Secretary or any Assistant Secretary, and the
Trustee in accordance with such written order shall authenticate
and deliver such Securities.

 

In authenticating such Securities and accepting the additional
responsibilities under this Indenture in relation to such
Securities, the Trustee shall be entitled to receive, and (subject
to Section 7.01) shall be fully protected in relying upon, an
Opinion of Counsel stating that the form and terms thereof have
been established in conformity with the provisions of this
Indenture.

 

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

 

 

14

 

 

SECTION 2.05    Registration of Transfer and
Exchange.

 

(a)            

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

 

(b)            

The Company shall
keep, or cause to be kept, at its office or agency designated for
such purpose in the Borough of Manhattan, the City and State of New
York, or such other location designated by the Company a register
or registers (herein referred to as the “Security
Register”) in which, subject to such reasonable regulations
as it may prescribe, the Company shall register the Securities and
the transfers of Securities as in this Article provided and which
at all reasonable times shall be open for inspection by the
Trustee. The registrar for the purpose of registering Securities
and transfer of Securities as herein provided shall be appointed as
authorized by Board Resolution (the “Security
Registrar”).

 

Upon surrender for transfer of any Security at the office or agency
of the Company designated for such purpose, the Company shall
execute, the Trustee shall authenticate and such office or agency
shall deliver in the name of the transferee or transferees a new
Security or Securities of the same series as the Security presented
for a like aggregate principal amount.

 

All Securities presented or surrendered for exchange or
registration of transfer, as provided in this Section, shall be
accompanied (if so required by the Company or the Security
Registrar) by a written instrument or instruments of transfer, in
form satisfactory to the Company or the Security Registrar, duly
executed by the registered holder or by such holder’s duly
authorized attorney in writing.

 

(c)            

No service charge
shall be made for any exchange or registration of transfer of
Securities, or issue of new Securities in case of partial
redemption of any series, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge in
relation thereto, other than exchanges pursuant to Section 2.06,
Section 3.03(b) and Section 9.04 not involving any
transfer.

 

(d)            

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

 

 

15

 

 

SECTION 2.06    Temporary
Securities.

 

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

 

SECTION 2.07    Mutilated, Destroyed, Lost or
Stolen Securities.

 

In case any temporary or definitive Security shall become mutilated
or be destroyed, lost or stolen, the Company (subject to the next
succeeding sentence) shall execute, and upon the Company’s
request the Trustee (subject as aforesaid) shall authenticate and
deliver, a new Security of the same series, bearing a number not
contemporaneously outstanding, in exchange and substitution for the
mutilated Security, or in lieu of and in substitution for the
Security so destroyed, lost or stolen. In every case the applicant
for a substituted Security shall furnish to the Company and the
Trustee such security or indemnity as may be required by them to
save each of them harmless, and, in every case of destruction, loss
or theft, the applicant shall also furnish to the Company and the
Trustee evidence to their satisfaction of the destruction, loss or
theft of the applicant’s Security and of the ownership
thereof. The Trustee may authenticate any such substituted Security
and deliver the same upon the written request or authorization of
any officer of the Company. Upon the issuance of any substituted
Security, the Company may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and
expenses of the Trustee) connected therewith. In case any Security
that has matured or is about to mature shall become mutilated or be
destroyed, lost or stolen, the Company may, instead of issuing a
substitute Security, pay or authorize the payment of the same
(without surrender thereof except in the case of a mutilated
Security) if the applicant for such payment shall furnish to the
Company and the Trustee such security or indemnity as they may
require to save them harmless, and, in case of destruction, loss or
theft, evidence to the satisfaction of the Company and the Trustee
of the destruction, loss or theft of such Security and of the
ownership thereof.

 

 

16

 

 

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

 

SECTION 2.08    Cancellation.

 

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

 

SECTION 2.09    Benefits of
Indenture.

 

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

 

SECTION 2.10    Authenticating
Agent.

 

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

 

 

17

 

 

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

 

SECTION 2.11    Global Securities

 

(a)            

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

 

(b)            

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

 

(c)            

If at any time the
Depositary for a series of the Securities notifies the Company that
it is unwilling or unable to continue as Depositary for such series
or if at any time the Depositary for such series shall no longer be
registered or in good standing under the Exchange Act, or other
applicable statute or regulation, and a successor Depositary for
such series is not appointed by the Company within 90 days after
the Company receives such notice or becomes aware of such
condition, as the case may be, this Section 2.11 shall no longer be
applicable to the Securities of such series and the Company will
execute, and subject to Section 2.05, the Trustee will authenticate
and deliver the Securities of such series in definitive registered
form without coupons, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the
Global Security of such series in exchange for such Global
Security. In addition, the Company may at any time determine that
the Securities of any series shall no longer be represented by a
Global Security and that the provisions of this Section 2.11 shall
no longer apply to the Securities of such series. In such event the
Company will execute and subject to Section 2.05, the Trustee, upon
receipt of an Officers’ Certificate evidencing such
determination by the Company, will authenticate and deliver the
Securities of such series in definitive registered form without
coupons, in authorized denominations, and in an aggregate principal
amount equal to the principal amount of the Global Security of such
series in exchange for such Global Security. Upon the exchange of
the Global Security for such Securities in definitive registered
form without coupons, in authorized denominations, the Global
Security shall be canceled by the Trustee. Such Securities in
definitive registered form issued in exchange for the Global
Security pursuant to this Section 2.11(c) shall be registered in
such names and in such authorized denominations as the Depositary,
pursuant to instructions from its direct or indirect participants
or otherwise, shall instruct the Trustee. The Trustee shall deliver
such Securities to the Depositary for delivery to the Persons in
whose names such Securities are so registered.

 

 

18

 

 

ARTICLE III

 

REDEMPTION OF SECURITIES AND

SINKING FUND PROVISIONS

 

SECTION 3.01    Redemption.

 

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

 

SECTION 3.02    Notice of
Redemption.

 

(a)            

In case the Company
shall desire to exercise such right to redeem all or, as the case
may be, a portion of the Securities of any series in accordance
with the right reserved so to do, the Company shall, or shall cause
the Trustee to, give notice of such redemption to holders of the
Securities of such series to be redeemed by mailing, first class
postage prepaid, a notice of such redemption not less than 30 days
and not more than 90 days before the date fixed for redemption of
that series to such holders at their last addresses as they shall
appear upon the Security Register unless a shorter period is
specified in the Securities to be redeemed. Any notice that is
mailed in the manner herein provided shall be conclusively presumed
to have been duly given, whether or not the registered holder
receives the notice. In any case, failure duly to give such notice
to the holder of any Security of any series designated for
redemption in whole or in part, or any defect in the notice, shall
not affect the validity of the proceedings for the redemption of
any other Securities of such series or any other series. In the
case of any redemption of Securities prior to the expiration of any
restriction on such redemption provided in the terms of such
Securities or elsewhere in this Indenture, the Company shall
furnish the Trustee with an Officers’ Certificate evidencing
compliance with any such restriction.

 

Each such notice of redemption shall specify the date fixed for
redemption and the redemption price at which Securities of that
series are to be redeemed, and shall state that payment of the
redemption price of such Securities to be redeemed will be made at
the office or agency of the Company in the Borough of Manhattan,
the City and State of New York, upon presentation and surrender of
such Securities, that interest accrued to the date fixed for
redemption will be paid as specified in said notice, that from and
after said date interest will cease to accrue and that the
redemption is for a sinking fund, if such is the case. If less than
all the Securities of a series are to be redeemed, the notice to
the holders of Securities of that series to be redeemed in whole or
in part shall specify the particular Securities to be so redeemed.
In case any Security is to be redeemed in part only, the notice
that relates to such Security shall state the portion of the
principal amount thereof to be redeemed, and shall state that on
and after the redemption date, upon surrender of such Security, a
new Security or Securities of such series in principal amount equal
to the unredeemed portion thereof will be issued.

 

 

19

 

 

(b)            

If less than all
the Securities of a series are to be redeemed, the Company shall
give the Trustee at least 30 days’ notice in advance of the
date fixed for redemption as to the aggregate principal amount of
Securities of the series to be redeemed, and thereupon the Trustee
shall select, by lot or in such other manner as it shall deem
appropriate and fair in its discretion and that may provide for the
selection of a portion or portions (equal to one thousand U.S.
dollars ($1,000) or any integral multiple thereof) of the principal
amount of such Securities of a denomination larger than $1,000, the
Securities to be redeemed and shall thereafter promptly notify the
Company in writing of the numbers of the Securities to be redeemed,
in whole or in part. The Company may, if and whenever it shall so
elect, by delivery of instructions signed on its behalf by its
President or any Vice President, instruct the Trustee or any paying
agent to call all or any part of the Securities of a particular
series for redemption and to give notice of redemption in the
manner set forth in this Section, such notice to be in the name of
the Company or its own name as the Trustee or such paying agent may
deem advisable. In any case in which notice of redemption is to be
given by the Trustee or any such paying agent, the Company shall
deliver or cause to be delivered to, or permit to remain with, the
Trustee or such paying agent, as the case may be, such Security
Register, transfer books or other records, or suitable copies or
extracts therefrom, sufficient to enable the Trustee or such paying
agent to give any notice by mail that may be required under the
provisions of this Section.

 

SECTION 3.03    Payment Upon
Redemption.

 

(a)            

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

 

(b)            

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

 

 

20

 

 

SECTION 3.04    Sinking Fund.

 

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

 

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

 

SECTION 3.05    Satisfaction of Sinking Fund
Payments with Securities.

 

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

 

SECTION 3.06    Redemption of Securities for
Sinking Fund.

 

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

 

 

21

 

 

ARTICLE IV

 

COVENANTS

 

SECTION 4.01    Payment of Principal, Premium
and Interest.

 

The Company will duly and punctually pay or cause to be paid the
principal of (and premium, if any) and interest on the Securities
of that series at the time and place and in the manner provided
herein and established with respect to such
Securities.

 

SECTION 4.02    Maintenance of Office or
Agency.

 

So long as any series of the Securities remain Outstanding, the
Company agrees to maintain an office or agency in the Borough of
Manhattan, the City and State of New York, with respect to each
such series and at such other location or locations as may be
designated as provided in this Section 4.02, where (i) Securities
of that series may be presented or surrendered for payment, (ii)
Securities of that series may be presented as herein above
authorized for registration of transfer and exchange, and (iii)
notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be given or
served, such designation to continue with respect to such office or
agency until the Company shall, by written notice signed by its
President or a Vice President and delivered to the trustee,
designate some other office or agency for such purposes or any of
them. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, notices and demands may be
made or served at the Corporate Trust Office of the Trustee, and
the Company hereby appoints the Trustee as its agent to receive all
such presentations, notices and demands.

 

SECTION 4.03    Paying Agents.

 

(a)            

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

 

(1)                    

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

 

(2)                    

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

 

 

22

 

 

(3)                    

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

 

(4)                    

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

 

(b)            

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

 

(c)            

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

 

SECTION 4.04    Appointment to Fill Vacancy in
Office of Trustee.

 

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

 

SECTION 4.05    Compliance with Consolidation
Provisions.

 

The Company will not, while any of the Securities remain
Outstanding, consolidate with or merge into any other Person, in
either case where the Company is not the survivor of such
transaction, or sell or convey all or substantially all of its
property to any other company unless the provisions of Article X
hereof are complied with.

 

 

23

 

 

ARTICLE V

 

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE
TRUSTEE

 

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

 

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

 

SECTION 5.02    Preservation of Information;
Communications with Securityholders.

 

(a)            

The Trustee shall
preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the holders of
Securities contained in the most recent list furnished to it as
provided in Section 5.01 and as to the names and addresses of
holders of Securities received by the Trustee in its capacity as
Security Registrar (if acting in such capacity) and shall otherwise
comply with Section 312(a) of the Trust Indenture Act.

 

(b)            

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

 

(c)            

Securityholders may
communicate as provided in Section 312(b) of the Trust Indenture
Act with other Securityholders with respect to their rights under
this Indenture or under the Securities.

 

SECTION 5.03    Reports by the
Company.

 

(a)            

The Company
covenants and agrees to file with the Trustee, within 15 days after
the Company is required to file the same with the Commission,
copies of the annual reports and of the information, documents and
other reports (or copies of such portions of any of the foregoing
as the Commission may from time to time by rules and regulations
prescribe) that the Company may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Exchange
Act; or, if the Company is not required to file information,
documents or reports pursuant to either of such sections, then to
file with the Trustee and the Commission, in accordance with the
rules and regulations prescribed from time to time by the
Commission, such of the supplementary and periodic information,
documents and reports that may be required pursuant to Section 13
of the Exchange Act, in respect of a security listed and registered
on a national securities exchange as may be prescribed from time to
time in such rules and regulations; provided, however, the Company
shall not be required to deliver to the Trustee any materials for
which the Company has sought and received confidential treatment by
the Commission. The Company also shall comply with the other
provisions of Section 314(a) of the Trust Indenture
Act.

 

 

24

 

 

 

(b)            

The Company
covenants and agrees to file with the Trustee and the Commission,
in accordance with the rules and regulations prescribed from to
time by the Commission, such additional information, documents and
reports with respect to compliance by the Company with the
conditions and covenants provided for in this Indenture as may be
required from time to time by such rules and
regulations.

 

(c)            

The Company
covenants and agrees to transmit by mail, first class postage
prepaid, or reputable over-night delivery service that provides for
evidence of receipt, to the Securityholders, as their names and
addresses appear upon the Security Register, within 30 days after
the filing thereof with the Trustee, such summaries of any
information, documents and reports required to be filed by the
Company pursuant to subsections (a) and (b) of this Section as may
be required by rules and regulations prescribed from time to time
by the Commission.

 

SECTION 5.04    Reports by the
Trustee.

 

(a)            

The Trustee shall
transmit to holders as provided in Section 313 of the Trust
Indenture Act such reports concerning the Trustee and its actions
under this Indenture as may be required by Section 313 of the Trust
Indenture Act at the times and in the manner provided by the Trust
Indenture Act.

 

(b)            

A copy of each such
report shall, at the time of such transmission to Securityholders,
be filed by the Trustee with the Company, with each stock exchange
upon which any Securities are listed (if so listed) and, if
required by Section 313 of the Trust Indenture Act, also with the
Commission. The Company agrees to notify the Trustee when any
Securities become listed on any stock exchange.

 

ARTICLE VI

 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF
DEFAULT

 

SECTION 6.01    Events of Default.

 

(a)            

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

 

(1)                    

the Company
defaults in the payment of any installment of interest upon any of
the Securities of that series, as and when the same shall become
due and payable, and continuance of such default 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;

 

(2)                    

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

 

 

25

 

 

(3)                    

the Company fails
to observe or perform any other of its covenants or agreements with
respect to that series contained in this Indenture or otherwise
established with respect to that series of Securities pursuant to
Section 2.01 hereof (other than a covenant or agreement that has
been expressly included in this Indenture solely for the benefit of
one or more series of Securities other than such series) for a
period of 90 days after the date on which written notice of such
failure, requiring the same to be remedied and stating that such
notice is a “Notice of Default” hereunder, shall have
been given to the Company by the Trustee, by registered or certified mail, or to the Company
and the Trustee by the holders of not less than a majority in
principal amount of the Securities of that series at the time
Outstanding;

 

(4)                    

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

 

(5)                    

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

 

(b)            

In each and every
such case, unless the principal of all the Securities of that
series shall have already become due and payable, either the
Trustee or the holders of not less than a majority in aggregate
principal amount of the Securities of that series then Outstanding
hereunder, by notice in writing to the Company (and to the Trustee
if given by such Securityholders), may declare the principal (or,
if any Securities of that series are discount securities, that
portion of the principal amount as may be specified in the terms of
that series pursuant to Section 2.01(a)(16)) of (and premium, if
any, on) and accrued and unpaid interest, if any, on all the
Securities of that series to be due and payable immediately, and
upon any such declaration the same shall become and shall be
immediately due and payable. Notwithstanding the foregoing, the
payment of such principal (or, if any Securities of that series are
discount securities, that portion of the principal amount as may be
specified in the terms of that series pursuant to Section
2.01(a)(16)) of (and premium, if any, on) and accrued and unpaid
interest, if any, on the Securities of such series shall remain
subordinated to the extent provided in Article XIV.

 

(c)            

At any time after
the principal of the Securities of that series shall have been so
declared due and payable, and before a judgment or decree for the
payment of the moneys due shall have been obtained or entered as
hereinafter provided, the holders of a majority in aggregate
principal amount of the Securities of that series then Outstanding
hereunder (or, by action at a meeting of holders of the Securities
of such series in accordance with Section 8.09, the holders of a
majority in aggregate principal amount of the Securities of such
series then Outstanding represented at such meeting), by written
notice to the Company and the Trustee, may rescind and annul such
declaration and its consequences if: (i) the Company has paid or
deposited with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Securities of that series and
the principal of (and premium, if any, on) any and all Securities
of that series that shall have become due otherwise than by
acceleration and (ii) any and all Events of Default under this
Indenture with respect to such series, other than the nonpayment of
principal of (and premium, if any, on) and accrued and unpaid
interest, if any, on Securities of that series that shall have
become due solely because of such acceleration, shall have been
remedied, cured or waived as provided in Section 6.06. No such
rescission and annulment shall extend to or shall affect any
subsequent default or impair any right consequent
thereon.

 

 

26

 

 

(d)            

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

 

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

 

(a)            

The Company
covenants that (1) in case it shall default in the payment of any
installment of interest on any of the Securities of a series, or
any payment required by any sinking or analogous fund established
with respect to that series as and when the same shall have become
due and payable, and such default shall have continued for a period
of 90 Business Days, or (2) in case it shall default in the payment
of the principal of (or premium, if any, on) any of the Securities
of a series when the same shall have become due and payable,
whether upon maturity of the Securities of a series or upon
redemption or upon declaration or otherwise, then, upon demand of
the Trustee, the Company will pay to the Trustee, for the benefit
of the holders of the Securities of that series, the whole amount
that then shall have been become due and payable on all such
Securities for principal (and premium, if any) or interest, or
both, as the case may be, with interest upon the overdue principal
(and premium, if any) and (to the extent that payment of such
interest is enforceable under applicable law) upon overdue
installments of interest at the rate per annum expressed in the
Securities of that series; and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of
collection, and the amount payable to the Trustee under Section
7.06.

 

(b)            

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

 

(c)            

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

 

 

27

 

 

(d)            

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

 

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

 

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

 

SECTION 6.03    Application of Moneys
Collected.

 

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

 

FIRST: 

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

 

SECOND: 

To the payment of
all Senior Indebtedness of the Company if and to the extent
required by Article XIV; and

 

THIRD: 

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

 

 

28

 

 

SECTION 6.04    Limitation on
Suits.

 

No holder of any Security of any series shall have any right by
virtue or by availing of any provision of this Indenture to
institute any suit, action or proceeding in equity or at law upon
or under or with respect to this Indenture or for the appointment
of a receiver or trustee, or for any other remedy hereunder, unless
(i) such holder previously shall have given to the Trustee written
notice of an Event of Default and of the continuance thereof with
respect to the Securities of such series specifying such Event of
Default, as hereinbefore provided; (ii) the holders of not less
than a majority in aggregate principal amount of the Securities of
such series then Outstanding shall have made written request upon
the Trustee to institute such action, suit or proceeding in its own
name as trustee hereunder; (iii) such holder or holders shall have
offered to the Trustee such reasonable indemnity as it may require
against the costs, expenses and liabilities to be incurred therein
or thereby; and (iv) the Trustee for 60 days after its receipt of
such notice, request and offer of indemnity, shall have failed to
institute any such action, suit or proceeding and (v) during such
60 day period, the holders of a majority in principal amount of the
Securities of that series (or such amount as shall have acted at a
meeting of the holders of Securities of such series pursuant to the
provisions of this Indenture) do not give the Trustee a direction
inconsistent with the request; provided, however, that no one or
more of such holders may use this Indenture to prejudice the rights
of another holder or to obtain preference or priority over another
holder.

 

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

 

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

 

(a)            

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

 

 

29

 

 

(b)            

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

 

SECTION 6.06    Control by
Securityholders.

 

The holders of a majority in aggregate principal amount of the
Securities of any series at the time Outstanding, determined in
accordance with Section 8.01, shall have the right to direct the
time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power
conferred on the Trustee with respect to such series; provided,
however, that such direction shall not be in conflict with any rule
of law or with this Indenture or be unduly prejudicial to the
rights of holders of Securities of any other series at the time
Outstanding determined in accordance with Section 8.01. Subject to
the provisions of Section 7.01, the Trustee shall have the right to
decline to follow any such direction if the Trustee in good faith
shall, by a Responsible Officer or Officers of the Trustee,
determine that the proceeding so directed would involve the Trustee
in personal liability.

 

The holders either (a) through the written consent of not less than
a majority in aggregate principal amount of the Securities of any
series at the time Outstanding or (b) by action at a meeting of
holders of the Securities of such series in accordance with Section
8.09, by the holders of a majority in aggregate principal amount of
the Securities of such series then Outstanding represented at such
meeting, may on behalf of the holders of all of the Securities of
such series waive any past default in the performance of any of the
covenants contained herein or established pursuant to Section 2.01
with respect to such series and its consequences, except a default
in the payment of the principal of, or premium, if any, or interest
on, any of the Securities of that series as and when the same shall
become due by the terms of such Securities otherwise than by
acceleration (unless such default has been cured and a sum
sufficient to pay all matured installments of interest and
principal and any premium has been deposited with the Trustee (in
accordance with Section 6.01(c)) and except in respect a provision
hereof which, under Section 9.02, cannot be modified or amended
without the consent of the holders of each Outstanding Security
affected; provided however that this Section shall not limit the
right of holders of Securities of a series to rescind and annul any
acceleration as set forth in Section 6.01. Upon any such waiver,
the default covered thereby shall be deemed to be cured for all
purposes of this Indenture and the Company, the Trustee and the
holders of the Securities of such series shall be restored to their
former positions and rights hereunder, respectively; but no such
waiver shall extend to any subsequent or other default or impair
any right consequent thereon. The provisions which otherwise would
be automatically deemed to be contained in this Indenture pursuant
to Section 316(a)(1) of the Trust Indenture Act are hereby
expressly excluded from this Indenture, except to the extent such
provisions are expressly included herein.

 

 

 

30

 

 

SECTION 6.07    Undertaking to Pay
Costs.

 

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

 

ARTICLE VII

 

CONCERNING THE TRUSTEE

 

SECTION 7.01    Certain Duties and
Responsibilities of Trustee.

 

(a)            

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

 

(b)            

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

 

(1)                    

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

 

(i)                          

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

 

 

31

 

 

(ii)                          

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

 

(2)                    

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

 

(3)                    

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

 

(4)                    

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

 

SECTION 7.02    Certain Rights of
Trustee.

 

Except as otherwise provided in Section 7.01:

 

(a)            

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

 

(b)            

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

 

(c)            

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

 

 

32

 

 

(d)            

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

 

(e)            

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

 

(f)            

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

 

(g)            

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

 

SECTION 7.03    Trustee Not Responsible for
Recitals or Issuance of Securities.

 

(a)            

The recitals
contained herein and in the Securities shall be taken as the
statements of the Company, and the Trustee assumes no
responsibility for the correctness of the same.

 

(b)            

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

 

(c)            

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

 

 

33

 

 

SECTION 7.04    May Hold
Securities.

 

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

 

SECTION 7.05    Moneys Held in
Trust.

 

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

 

SECTION 7.06    Compensation and
Reimbursement.

 

(a)            

The Company
covenants and agrees to pay to the Trustee, and the Trustee shall
be entitled to, such reasonable compensation (which shall not be
limited by any provision of law in regard to the compensation of a
trustee of an express trust), as the Company, and the Trustee may
from time to time agree in writing, for all services rendered by it
in the execution of the trusts hereby created and in the exercise
and performance of any of the powers and duties hereunder of the
Trustee, and, except as otherwise expressly provided herein, the
Company will pay or reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by
the Trustee in accordance with any of the provisions of this
Indenture (including the reasonable compensation and the expenses
and disbursements of its counsel and of all Persons not regularly
in its employ) except any such expense, disbursement or advance as
may arise from its negligence or bad faith. The Company also
covenants to indemnify the Trustee (and its officers, agents,
directors and employees) for, and to hold it harmless against, any
loss, liability or expense incurred without negligence or bad faith
on the part of the Trustee and arising out of or in connection with
the acceptance or administration of this trust, including the costs
and expenses of defending itself against any claim of liability in
the premises.

 

(b)            

The obligations of
the Company under this Section to compensate and indemnify the
Trustee and to pay or reimburse the Trustee for expenses,
disbursements and advances shall constitute additional indebtedness
hereunder. Such additional indebtedness shall be secured by a lien
prior to that of the Securities upon all property and funds held or
collected by the Trustee as such, except funds held in trust for
the benefit of the holders of particular Securities.

 

SECTION 7.07    Reliance on Officers’
Certificate.

 

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

 

 

34

 

 

SECTION 7.08    Disqualification; Conflicting
Interests.

 

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

 

SECTION 7.09    Corporate Trustee Required;
Eligibility.

 

There shall at all times be a Trustee with respect to the
Securities issued hereunder which shall at all times be a
corporation organized and doing business under the laws of the
United States of America or any State or Territory thereof or of
the District of Columbia, or a corporation or other Person
permitted to act as trustee by the Commission, authorized under
such laws to exercise corporate trust powers, having a combined
capital and surplus of at least 50 million U.S. dollars
($50,000,000), and subject to supervision or examination by
Federal, State, Territorial, or District of Columbia authority. If
such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section, the
combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent
report of condition so published. The Company may not, nor may any
Person directly or indirectly controlling, controlled by, or under
common control with the Company, serve as Trustee. In case at any
time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Trustee shall resign immediately in
the manner and with the effect specified in Section
7.10.

 

SECTION 7.10    Resignation and Removal;
Appointment of Successor.

 

(a)            

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

 

 

35

 

 

(b)            

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

 

(1)                    

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

 

(2)                    

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

 

(3)                    

the Trustee shall
become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or commence a voluntary bankruptcy proceeding, or a
receiver of the Trustee or of its property shall be appointed or
consented to, or any public officer shall take charge or control of
the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, then, in any such
case, the Company may remove the Trustee with respect to all
Securities and appoint a successor trustee by written instrument,
in duplicate, executed by order of the Board of Directors, one copy
of which instrument shall be delivered to the Trustee so removed
and one copy to the successor trustee, or, unless the
Trustee’s duty to resign is stayed as provided herein, any
Securityholder who has been a bona fide holder of a Security or
Securities for at least six months may, on behalf of that holder
and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of
a successor trustee. Such court may thereupon after such notice, if
any, as it may deem proper and prescribe, remove the Trustee and
appoint a successor trustee.

 

(c)            

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

 

(d)            

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

 

(e)            

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

 

SECTION 7.11    Acceptance of Appointment By
Successor.

 

(a)            

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

 

 

36

 

 

(b)            

In case of the
appointment hereunder of a successor trustee with respect to the
Securities of one or more (but not all) series, the Company, the
retiring Trustee and each successor trustee with respect to the
Securities of one or more series shall execute and deliver an
indenture supplemental hereto wherein each successor trustee shall
accept such appointment and which (1) shall contain such provisions
as shall be necessary or desirable to transfer and confirm to, and
to vest in, each successor trustee all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor
trustee relates, (2) shall contain such provisions as shall be
deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (3) shall add to or change any of the provisions of
this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees
of the same trust, that each such Trustee shall be trustee of a
trust or trusts hereunder separate and apart from any trust or
trusts hereunder administered by any other such Trustee and that no
Trustee shall be responsible for any act or failure to act on the
part of any other Trustee hereunder; and upon the execution and
delivery of such supplemental indenture the resignation or removal
of the retiring Trustee shall become effective to the extent
provided therein, such retiring Trustee shall with respect to the
Securities of that or those series to which the appointment of such
successor trustee relates have no further responsibility for the
exercise of rights and powers or for the performance of the duties
and obligations vested in the Trustee under this Indenture, and
each such successor trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor
trustee relates; but, on request of the Company or any successor
trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor trustee, to the extent contemplated by
such supplemental indenture, the property and money held by such
retiring Trustee hereunder with respect to the Securities of that
or those series to which the appointment of such successor trustee
relates.

 

(c)            

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

 

(d)            

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

 

(e)            

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

 

 

37

 

 

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

 

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

 

SECTION 7.13    Preferential Collection of
Claims Against the Company.

 

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

 

ARTICLE VIII

 

CONCERNING THE SECURITYHOLDERS

 

SECTION 8.01    Evidence of Action by
Securityholders.

 

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

 

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

 

 

38

 

 

SECTION 8.02    Proof of Execution by
Securityholders.

 

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

 

(a)            

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

 

(b)            

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

 

(c)            

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

 

SECTION 8.03    Who May be Deemed
Owners.

 

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

 

SECTION 8.04    Certain Securities Owned by
Company Disregarded.

 

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

 

 

39

 

 

SECTION 8.05    Actions Binding on Future
Securityholders.

 

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

 

SECTION 8.06    Purposes for Which Meetings May
Be Called.

 

A meeting of holders of any series of Securities may be called at
any time and from time to time pursuant to this Article to make,
give or take any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be
made, given or taken by holders of such series of
Securities.

 

Notwithstanding anything contained in this Article VIII, the
Trustee may, during the pendency of a Default or an Event of
Default, call a meeting of holders of any series of Securities in
accordance with its standard practices.

 

SECTION 8.07    Call Notice and Place of
Meetings.

 

(a)            

The Trustee may at
any time call a meeting of holders of any series of Securities for
any purpose specified in Section 8.06 hereof, to be held at such
time and at such place in The City of New York. Notice of every
meeting of holders of any series of Securities, setting forth the
time and the place of such meeting, in general terms the action
proposed to be taken at such meeting and the percentage of the
principal amount of the Outstanding Securities of such series which
shall constitute a quorum at such meeting, shall be given, in the
manner provided in Section 13.04 hereof, not less than 21 nor more
than 180 days prior to the date fixed for the meeting to holders of
Outstanding Securities of such series.

 

(b)            

In case at any time
the Company, pursuant to a Board Resolution, or the holders of at
least 10% in principal amount of the Outstanding Securities of any
series shall have requested the Trustee to call a meeting of the
holders of Securities of such series for any purpose specified in
Section 8.06 hereof, by written request setting forth in reasonable
detail the action proposed to be taken at the meeting, and the
Trustee shall not have made the first publication of the notice of
such meeting within 21 days after receipt of such request or shall
not thereafter proceed to cause the meeting to be held as provided
herein, then the Company or the holders of Securities of such
series in the amount specified, as the case may be, may determine
the time and the place in The City of New York for such meeting and
may call such meeting for such purposes by giving notice thereof as
provided in paragraph (a) of this Section.

 

 

40

 

 

SECTION 8.08    Persons Entitled To Vote at
Meetings.

 

To be entitled to vote at any meeting of holders of Securities of a
given series, a Person shall be (a) a holder of one or more
Outstanding Securities of such series or (b) a Person appointed by
an instrument in writing as proxy for a holder or holders of one or
more Outstanding Securities of such series by such holder or
holders. The only Persons who shall be entitled to be present or to
speak at any meeting of holders shall be the Persons entitled to
vote at such meeting and their counsel, any representatives of the
Trustee and its counsel and any representatives of the Company and
its counsel.

 

SECTION 8.09    Quorum; Action.

 

The Persons entitled to vote a majority in aggregate principal
amount of the Outstanding Securities of a given series shall
constitute a quorum with respect to a meeting of holders of
Outstanding Securities of such series. 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 of not less than 10 days as 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 of not
less than 10 days as 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 8.07(a) 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.

 

At a meeting or an adjourned meeting duly reconvened and at which a
quorum is present as aforesaid, any resolution and all matters
(except as limited by the proviso to the first paragraph of Section
9.02 hereof) shall be effectively passed and decided if passed or
decided by the Persons entitled to vote not less than a majority in
aggregate principal amount of Outstanding Securities of a series
represented and voting at such meeting with respect to a meeting of
holders of Outstanding Securities of such series.

Any resolution passed or decisions taken at any meeting of holders
of Securities duly held in accordance with this Section shall be
binding on all the holders of Securities of such series, whether or
not present or represented at the meeting.

 

SECTION 8.10    Determination of Voting Rights;
Conduct and Adjournment 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
holders of Securities 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 appropriate.

 

 

41

 

 

(b)            

The Trustee shall,
by an instrument in writing, appoint a temporary chairman (which
may be the Trustee) of the meeting, unless the meeting shall have
been called by the Company or by holders of Securities of a given
series as provided in Section 8.07(b) hereof, in which case the
Company or the holders of Securities of such series calling the
meeting, as the case may be, shall in like manner appoint a
temporary chairman. A permanent chairman and a permanent secretary
of the meeting shall be elected by vote of the Persons entitled to
vote a majority in principal amount of the Outstanding Securities
of such series represented at the meeting.

 

(c)            

At any meeting,
each holder of a Security of the series in respect of which such
meeting is being held or proxy shall be entitled to one vote for
each $1,000 principal amount of Securities of such series held or
represented by him; provided, however, that no vote shall be cast
or counted at any meeting in respect of any Security of such series
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, except as a holder of a Security of such
series or proxy.

 

(d)            

Any meeting of
holders of Securities duly called pursuant to Section 8.07 hereof
at which a quorum is present may be adjourned from time to time by
Persons entitled to vote a majority in principal amount of the
Outstanding Securities of the series in respect of which such
meeting is being held represented at the meeting, and the meeting
may be held as so adjourned without further notice.

 

SECTION 8.11    Counting Votes and Recording
Action of Meetings.

 

The vote upon any resolution submitted to any meeting of holders of
Securities of a given 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 and serial numbers of the Outstanding 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, at least in duplicate, of the proceedings of
each meeting of holders of Securities of such series 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 given as
provided in Section 8.07 hereof and, if applicable, Section 8.09
hereof. Each copy shall be signed and verified by the affidavits of
the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Company and another to the Trustee
to be preserved by the Trustee, the latter to have attached thereto
the ballots voted at the meeting. Any record so signed and verified
shall be conclusive evidence of the matters therein
stated.

 

 

42

 

 

ARTICLE IX

 

SUPPLEMENTAL INDENTURES

 

SECTION 9.01    Supplemental Indentures Without
the Consent of Securityholders.

 

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

 

(a)            

cure any ambiguity,
correct or supplement any provision herein which may be
inconsistent with any other provision herein or which is otherwise
defective, or make any other provisions with respect to matters or
questions arising under this Indenture which the Company and the
Trustee may deem necessary or desirable and which shall not be
inconsistent with the provisions of this Indenture;

 

(b)            

to comply with
Article X;

 

(c)            

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

 

(d)            

to add to the
covenants of the Company for the benefit of the holders of all or
any Series of Securities (and if such covenants are to be for the
benefit of less than all series of Securities, stating that such
covenants are expressly being included solely for the benefit of
such series) or to surrender any right or power herein conferred
upon the Company;

 

(e)            

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

 

(f)            

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

 

(g)            

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

 

(h)            

comply with the
requirements of the Commission in order to effect or maintain the
qualification of this Indenture under the Trust Indenture
Act.

 

The Trustee is hereby authorized to join with the Company in the
execution of any such supplemental indenture, and to make any
further appropriate agreements and stipulations that may be therein
contained, but the Trustee shall not be obligated to enter into any
such supplemental indenture that affects the Trustee’s own
rights, duties or immunities under this Indenture or
otherwise.

 

 

43

 

 

Any supplemental indenture authorized by the provisions of this
Section may be executed by the Company and the Trustee without the
consent of the holders of any of the Securities at the time
Outstanding, notwithstanding any of the provisions of Section
9.02.

 

SECTION 9.02    Supplemental Indentures With
Consent of Securityholders.

 

With the written consent of the holders of at least a majority in
aggregate principal amount of the Outstanding Securities of any
series or by action at a meeting of holders of the Securities of
such series in accordance with Section 8.09, by the holders of a
majority in aggregate principal amount of the Securities of such
series then Outstanding represented at such meeting, the Company,
when authorized by Board Resolutions, and the Trustee may from time
to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act as then in effect) for the purpose of adding
any provisions to or changing in any manner or eliminating any of
the provisions of this Indenture or of any supplemental indenture
or of modifying in any manner not covered by Section 9.01 the
rights of the holders of the Securities of such series under this
Indenture; provided, however, that no such supplemental indenture
shall, without the consent of the holders of each Security then
Outstanding and affected thereby, (i) extend the fixed maturity of
any Securities of any series, or reduce the principal amount
thereof, or reduce the rate or extend the time of payment of
interest thereon, or reduce any premium payable upon the redemption
thereof, (ii) reduce the aforesaid percentage of Securities, the
holders of which are required to consent to any such supplemental
indenture, or any consent or waiver, (iii) reduce the principal
amount of discount securities payable upon acceleration of the
maturity of any Securities of any series or (iv) make the principal
of or premium or interest on any Security of a series payable in
currency or currency units other than that stated in the Securities
of such series.

 

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

 

SECTION 9.03    Effect of Supplemental
Indentures.

 

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

 

 

44

 

 

SECTION 9.04    Securities Affected by
Supplemental Indentures.

 

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

 

SECTION 9.05    Execution of Supplemental
Indentures.

 

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

 

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

 

 

 

45

 

 

ARTICLE X

 

SUCCESSOR ENTITY

 

SECTION 10.01    Company May Consolidate,
Etc.

 

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

 

SECTION 10.02    Successor Entity
Substituted.

 

(a)            

In case of any such
consolidation, merger, sale, conveyance, transfer or other
disposition and upon the assumption by the successor entity by
supplemental indenture, executed and delivered to the Trustee and
satisfactory in form to the Trustee, of the due and punctual
payment of the principal of, premium, if any, and interest on all
of the Securities of all series Outstanding and the due and
punctual performance of all of the covenants and conditions of this
Indenture or established with respect to each series of the
Securities pursuant to Section 2.01 to be performed by the Company
with respect to each series, such successor entity shall succeed to
and be substituted for the Company with the same effect as if it
had been named as the Company herein, and thereupon the predecessor
corporation shall be relieved of all obligations and covenants
under this Indenture and the Securities.

 

(b)            

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

 

(c)            

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

 

 

46

 

 

SECTION 10.03    Evidence of Consolidation,
Etc. to Trustee.

 

The Trustee, subject to the provisions of Section 7.01, may receive
an Opinion of Counsel as conclusive evidence that any such
consolidation, merger, sale, conveyance, transfer or other
disposition, and any such assumption, comply with the provisions of
this Article.

 

ARTICLE XI

 

SATISFACTION AND DISCHARGE

 

SECTION 11.01    Satisfaction and Discharge of
Indenture.

 

If at any time: (a) the Company shall have delivered to the Trustee
for cancellation all Securities of a series theretofore
authenticated (other than any Securities that shall have been
destroyed, lost or stolen and that shall have been replaced or paid
as provided in Section 2.07) and Securities for whose payment money
or Governmental Obligations have theretofore been deposited in
trust or segregated and held in trust by the Company (and thereupon
repaid to the Company or discharged from such trust, as provided in
Section 11.05); or (b) all such Securities of a particular series
not theretofore delivered to the Trustee for cancellation shall
have become due and payable, or are by their terms to become due
and payable within one year or are to be called for redemption
within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption, and the Company shall deposit
or cause to be deposited with the Trustee as trust funds the entire
amount in moneys or Governmental Obligations sufficient or a
combination thereof, sufficient (assuming that no tax liability
will be imposed on the Trustee) in the opinion of a nationally
recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, to pay at
maturity or upon redemption all Securities of that series not
theretofore delivered to the Trustee for cancellation, including
principal (and premium, if any) and interest due or to become due
to such date of maturity or date fixed for redemption, as the case
may be, and if the Company shall also pay or cause to be paid all
other sums payable hereunder with respect to such series by the
Company then this Indenture shall thereupon cease to be of further
effect with respect to such series except for the provisions of
Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall
survive until the date of maturity or redemption date, as the case
may be, and Sections 7.06 and 11.05, that shall survive to such
date and thereafter, and the Trustee, on demand of the Company and
at the cost and expense of the Company shall execute proper
instruments acknowledging satisfaction of and discharging this
Indenture with respect to such series.

 

SECTION 11.02    Discharge of
Obligations.

 

If at any time all such Securities of a particular series not
heretofore delivered to the Trustee for cancellation or that have
not become due and payable as described in Section 11.01 shall have
been paid by the Company by depositing irrevocably with the Trustee
as trust funds moneys or an amount of Governmental Obligations
sufficient to pay at maturity or upon redemption all such
Securities of that series not theretofore delivered to the Trustee
for cancellation, including principal (and premium, if any) and
interest due or to become due to such date of maturity or date
fixed for redemption, as the case may be, and if the Company shall
also pay or cause to be paid all other sums payable hereunder by
the Company with respect to such series, then after the date such
moneys or Governmental Obligations, as the case may be, are
deposited with the Trustee the obligations of the Company under
this Indenture with respect to such series shall cease to be of
further effect except for the provisions of Sections 2.03, 2.05,
2.07, 4,01, 4.02, 4.03, 7.06, 7.10 and 11.05 hereof that shall
survive until such Securities shall mature and be paid. Thereafter,
Sections 7.06 and 11.05 shall survive.

 

 

47

 

 

SECTION 11.03    Deposited Moneys to be Held in
Trust.

 

Subject to Section 11.05, all moneys or Governmental Obligations
deposited with the Trustee pursuant to Sections 11.01 or 11.02
shall be held in trust and shall be available for payment as due,
either directly or through any paying agent (including the Company
acting as its own paying agent), to the holders of the particular
series of Securities for the payment or redemption of which such
moneys or Governmental Obligations have been deposited with the
Trustee.

 

SECTION 11.04    Payment of Moneys Held by
Paying Agents.

 

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

 

SECTION 11.05    Repayment to
Company.

 

Any moneys or Governmental Obligations deposited with any paying
agent or the Trustee, or then held by the Company, in trust for
payment of principal of or premium or interest on the Securities of
a particular series that are not applied but remain unclaimed by
the holders of such Securities for two years after the date upon
which the principal of (and premium, if any) or interest on such
Securities shall have respectively become due and payable, shall be
repaid to the Company or (if then held by the Company) shall be
discharged from such trust in each case, promptly after the end of
any such two-year period or, at the request of the Company, on a
later date specified by the Company; and thereupon the paying agent
and the Trustee shall be released from all further liability with
respect to such moneys or Governmental Obligations, and the holder
of any of the Securities entitled to receive such payment shall
thereafter, as an unsecured general creditor, look only to the
Company for the payment thereof.

 

ARTICLE XII

 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
DIRECTORS

 

SECTION 12.01    No Recourse.

 

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

 

 

48

 

 

ARTICLE XIII

 

MISCELLANEOUS PROVISIONS

 

SECTION 13.01    Effect on Successors and
Assigns.

 

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

 

SECTION 13.02    Actions by
Successor.

 

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

 

SECTION 13.03    Surrender of Company
Powers.

 

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

 

SECTION 13.04    Notices.

 

Except as otherwise expressly provided herein any notice or demand
that by any provision of this Indenture is required or permitted to
be given or served by the Trustee or by the holders of Securities
to or on the Company may be given or served by being deposited
first class postage prepaid in a post-office letterbox addressed
(until another address is filed in writing by the Company with the
Trustee), as follows: DropCar, Inc., Attn: [ ], 1412 Broadway, Suite
2105, New York, New York
10018. Any notice, election,
request or demand by the Company or any Securityholder to or upon
the Trustee shall be deemed to have been sufficiently given or
made, for all purposes, if given or made in writing at the
Corporate Trust Office of the Trustee. Any notice or communication
to a holder shall be mailed by first-class mail to his address
shown on the Security Register kept by the Security Registrar.
Failure to mail a notice or communication to a holder or any defect
in such notice or communication shall not affect its sufficiency
with respect to other holders. If a notice or communication is
mailed or sent in the manner provided above within the time
prescribed, it is duly given as of the date it is mailed, whether
or not the addressee receives it, except that notice to the Trustee
or the Company shall only be effective upon receipt thereof by the
Trustee or the Company, respectively. If the Company mails a notice
or communication to holders of Securities, it shall mail a copy to
the Trustee at the same time.

 

 

49

 

 

SECTION 13.05    Governing Law.

 

This Indenture and each Security shall be deemed to be a contract
made under the internal laws of the State of New York, and for all
purposes shall be construed in accordance with the laws of said
State.

 

SECTION 13.06    Treatment of Securities as
Debt.

 

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

    

SECTION 13.07    Compliance Certificates and
Opinions.

 

(a)            

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

 

(b)            

Each certificate or
opinion provided for in this Indenture and delivered to the Trustee
with respect to compliance with a condition or covenant in this
Indenture shall include (1) a statement that the Person making such
certificate or opinion has read such covenant or condition; (2) a
brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or
opinion are based; (3) a statement that, in the opinion of such
Person, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to
whether or not such covenant or condition has been complied with;
and (4) a statement as to whether or not, in the opinion of such
Person, such condition or covenant has been complied
with.

 

SECTION 13.08    Payments on Business
Days.

 

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

 

 

50

 

 

SECTION 13.09    Conflict with Trust Indenture
Act.

 

If and to the extent that any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by Sections 310 to
317, inclusive, of the Trust Indenture Act, such imposed duties
shall control.

 

SECTION 13.10    Counterparts.

 

This Indenture may be executed in any number of counterparts, each
of which shall be an original, but such counterparts shall together
constitute but one and the same instrument.

 

SECTION 13.11    Separability.

 

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

 

SECTION 13.12    Assignment.

 

The Company will have the right at all times to assign any of its
rights or obligations under this Indenture to a direct or indirect
wholly-owned Subsidiary of the Company, provided that, in the event
of any such assignment, the Company, will remain liable for all
such obligations. Subject to the foregoing, this Indenture is
binding upon and inures to the benefit of the parties thereto and
their respective successors and assigns. This Indenture may not
otherwise be assigned by the parties thereto.

 

ARTICLE XIV

 

SUBORDINATION OF SECURITIES

 

SECTION 14.01    Subordination
Terms.

 

The payment by the Company of the principal of, premium, if any,
and interest on any series of Securities issued hereunder shall be
subordinated to the extent set forth in an indenture supplemental
hereto relating to the Securities of such series.

 

 

51

 

 

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

 

DROPCAR,
INC.

 

By:        

Name:

Title:

 

[
],

As
Trustee

 

By:        

Name:

Title:

 

 

 

 

 

 

52

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