Document:

Unassociated Document

    SEARCHLIGHT
MINERALS CORP.

     

    TO

      

    
      

    

     

    AS
TRUSTEE

     

    INDENTURE

     

    DATED AS
OF ____________, 20

     

    SUBORDINATED
DEBT SECURITIES

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

     

    
      
        
          
            	 
      	
                    Page

                  
	 
      	 
      
	
                    ARTICLE
      1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

                  	
                    1

                  
	 	 
	
                    Section
      1.1

                  	
                    Definitions

                  	
                    1

                  
	
                    Section
      1.2

                  	
                    Compliance
      Certificates and Opinions

                  	
                    10

                  
	
                    Section
      1.3

                  	
                    Form
      of Documents Delivered to Trustee

                  	
                    11

                  
	
                    Section
      1.4

                  	
                    Acts
      of Holders; Record Dates

                  	
                    11

                  
	
                    Section
      1.5

                  	
                    Notices,
      etc., to Trustee and Company

                  	
                    13

                  
	
                    Section
      1.6

                  	
                    Notice
      to Holders; Waiver

                  	
                    14

                  
	
                    Section
      1.7

                  	
                    Conflict
      with Trust Indenture Act

                  	
                    14

                  
	
                    Section
      1.8

                  	
                    Effect
      of Headings and Table of Contents

                  	
                    14

                  
	
                    Section
      1.9

                  	
                    Successors
      and Assigns

                  	
                    14

                  
	
                    Section
      1.10

                  	
                    Separability
      Clause

                  	
                    15

                  
	
                    Section
      1.11

                  	
                    Benefits
      of Indenture

                  	
                    15

                  
	
                    Section
      1.12

                  	
                    Governing
      Law

                  	
                    15

                  
	
                    Section
      1.13

                  	
                    Legal
      Holidays

                  	
                    15

                  
	
                    Section
      1.14

                  	
                    Indenture
      and Securities Solely Corporate Obligations

                  	
                    15

                  
	
                    Section
      1.15

                  	
                    Indenture
      May be Executed in Counterparts

                  	
                    16

                  
	 
      	 
      	 
      
	
                    ARTICLE
      2 SECURITY FORMS

                  	
                    16

                  
	 
      	 
      	 
      
	
                    Section
      2.1

                  	
                    Forms
      Generally

                  	
                    16

                  
	
                    Section
      2.2

                  	
                    Form
      of Face of Security

                  	
                    16

                  
	
                    Section
      2.3

                  	
                    Form
      of Reverse of Security

                  	
                    18

                  
	
                    Section
      2.4

                  	
                    Form
      of Legend for Global Securities

                  	
                    22

                  
	
                    Section
      2.5

                  	
                    Form
      of Trustee’s Certificate of Authentication

                  	
                    22

                  
	
                    Section
      2.6

                  	
                    Form
      of Conversion Notice

                  	
                    23

                  
	 
      	 
      
	
                    ARTICLE
      3 THE SECURITIES

                  	
                    24

                  
	 
      	 
      	 
      
	
                    Section
      3.1

                  	
                    Amount
      Unlimited; Issuable in Series

                  	
                    24

                  

          

        

      

    
 

    
      
         

      

      
        i

        
          

        

      

      
         

      

    

    
 

    
      
        	
                Section
      3.2

              	
                Denominations

              	
                27

              
	
                Section
      3.3

              	
                Execution,
      Authentication, Delivery and Dating

              	
                27

              
	
                Section
      3.4

              	
                Temporary
      Securities

              	
                29

              
	
                Section
      3.5

              	
                Registration;
      Registration of Transfer and Exchange

              	
                29

              
	
                Section
      3.6

              	
                Mutilated,
      Destroyed, Lost and Stolen Securities

              	
                31

              
	
                Section
      3.7

              	
                Payment
      of Interest; Interest Rights Preserved

              	
                31

              
	
                Section
      3.8

              	
                Persons
      Deemed Owners

              	
                33

              
	
                Section
      3.9

              	
                Cancellation

              	
                33

              
	
                Section
      3.10

              	
                Computation
      of Interest

              	
                33

              
	 
      	 
      
	
                ARTICLE
      4 SATISFACTION AND DISCHARGE

              	
                34

              
	 
      	 
      	 
      
	
                Section
      4.1

              	
                Satisfaction
      and Discharge of Indenture

              	
                34

              
	
                Section
      4.2

              	
                Application
      of Trust Money

              	
                35

              
	 
      	 
      
	
                ARTICLE
      5 REMEDIES

              	
                35

              
	 
      	 
      	 
      
	
                Section
      5.1

              	
                Events
      of Default

              	
                35

              
	
                Section
      5.2

              	
                Acceleration
      of Maturity; Rescission and Annulment

              	
                37

              
	
                Section
      5.3

              	
                Collection
      of Indebtedness and Suits for Enforcement by Trustee

              	
                38

              
	
                Section
      5.4

              	
                Trustee
      May File Proofs of Claim

              	
                39

              
	
                Section
      5.5

              	
                Trustee
      May Enforce Claims Without Possession of Securities

              	
                39

              
	
                Section
      5.6

              	
                Application
      of Money Collected

              	
                39

              
	
                Section
      5.7

              	
                Limitation
      on Suits

              	
                40

              
	
                Section
      5.8

              	
                Unconditional
      Right of Holders to Receive Principal, Premium and Interest and to
      Convert

              	
                40

              
	
                Section
      5.9

              	
                Restoration
      of Rights and Remedies

              	
                41

              
	
                Section
      5.10

              	
                Rights
      and Remedies Cumulative

              	
                41

              
	
                Section
      5.11

              	
                Delay
      or Omission Not Waiver

              	
                41

              
	
                Section
      5.12

              	
                Control
      by Holders

              	
                41

              
	
                Section
      5.13

              	
                Waiver
      of Past Defaults

              	
                42

              
	
                Section
      5.14

              	
                Undertaking
      for Costs

              	
                42

              
	
                Section
      5.15

              	
                Waiver
      of Usury, Stay or Extension Laws

              	
                42

              

      

    
 

    
      
         

      

      
        ii

        
          

        

      

      
         

      

    

    
 

    
      
        	
                ARTICLE
      6 THE TRUSTEE

              	
                43

              
	 
      	 
      	 
      
	
                Section
      6.1

              	
                Certain
      Duties and Responsibilities

              	
                43

              
	
                Section
      6.2

              	
                Notice
      of Defaults

              	
                43

              
	
                Section
      6.3

              	
                Certain
      Rights of Trustee

              	
                44

              
	
                Section
      6.4

              	
                Not
      Responsible for Recitals or Issuance of Securities

              	
                45

              
	
                Section
      6.5

              	
                May
      Hold Securities and Act as Trustee under Other Indentures

              	
                45

              
	
                Section
      6.6

              	
                Money
      Held in Trust

              	
                45

              
	
                Section
      6.7

              	
                Compensation
      and Reimbursement

              	
                45

              
	
                Section
      6.8

              	
                Conflicting
      Interests

              	
                46

              
	
                Section
      6.9

              	
                Corporate
      Trustee Required; Eligibility

              	
                46

              
	
                Section
      6.10

              	
                Resignation
      and Removal; Appointment of Successor

              	
                46

              
	
                Section
      6.11

              	
                Acceptance
      of Appointment by Successor

              	
                48

              
	
                Section
      6.12

              	
                Merger,
      Conversion, Consolidation or Succession to Business

              	
                49

              
	
                Section
      6.13

              	
                Preferential
      Collection of Claims Against Company

              	
                49

              
	
                Section
      6.14

              	
                Appointment
      of Authenticating Agent

              	
                49

              
	 
      	 
      
	
                ARTICLE
      7 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

              	
                51

              
	 
      	 
      	 
      
	
                Section
      7.1

              	
                Company
      to Furnish Trustee Names and Addresses of Holders

              	
                51

              
	
                Section
      7.2

              	
                Preservation
      of Information; Communications to Holders

              	
                51

              
	
                Section
      7.3

              	
                Reports
      by Trustee

              	
                52

              
	
                Section
      7.4

              	
                Reports
      by Company

              	
                52

              
	 
      	 
      
	
                ARTICLE
      8 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

              	
                52

              
	 
      	 
      	 
      
	
                Section
      8.1

              	
                Company
      May Consolidate, etc., Only on Certain Terms

              	
                52

              
	
                Section
      8.2

              	
                Successor
      Substituted

              	
                53

              
	 
      	 
      
	
                ARTICLE
      9 SUPPLEMENTAL INDENTURES

              	
                54

              
	 
      	 
      	 
      
	
                Section
      9.1

              	
                Supplemental
      Indentures Without Consent of Holders

              	
                54

              
	
                Section
      9.2

              	
                Supplemental
      Indentures with Consent of Holders

              	
                55

              
	
                Section
      9.3

              	
                Execution
      of Supplemental Indentures

              	
                56

              
	
                Section
      9.4

              	
                Effect
      of Supplemental Indentures

              	
                56

              

      

    
 

    
      
         

      

      
        iii

        
          

        

      

      
         

      

    

    
 

    
      
        	
                Section
      9.5

              	
                Conformity
      with Trust Indenture Act

              	
                57

              
	
                Section
      9.6

              	
                Reference
      in Securities to Supplemental Indentures

              	
                57

              
	
                Section
      9.7

              	
                Subordination
      Unimpaired

              	
                57

              
	 
      	 
      
	
                ARTICLE
      10 COVENANTS

              	
                57

              
	 
      	 
      	 
      
	
                Section
      10.1

              	
                Payment
      of Principal, Premium and Interest

              	
                57

              
	
                Section
      10.2

              	
                Maintenance
      of Office or Agency

              	
                57

              
	
                Section
      10.3

              	
                Money
      for Securities Payments to be Held in Trust

              	
                58

              
	
                Section
      10.4

              	
                Statement
      by Officers as to Default

              	
                59

              
	
                Section
      10.5

              	
                Existence

              	
                59

              
	
                Section
      10.6

              	
                Maintenance
      of Properties

              	
                59

              
	
                Section
      10.7

              	
                Payment
      of Taxes and Other Claims

              	
                59

              
	
                Section
      10.8

              	
                Waiver
      of Certain Covenants

              	
                60

              
	 
      	 
      
	
                ARTICLE
      11 REDEMPTION OF SECURITIES

              	
                60

              
	 
      	 
      	 
      
	
                Section
      11.1

              	
                Applicability
      of Article

              	
                60

              
	
                Section
      11.2

              	
                Election
      to Redeem; Notice to Trustee

              	
                60

              
	
                Section
      11.3

              	
                Selection
      by Trustee of Securities to Be Redeemed

              	
                61

              
	
                Section
      11.4

              	
                Notice
      of Redemption

              	
                61

              
	
                Section
      11.5

              	
                Deposit
      of Redemption Price

              	
                62

              
	
                Section
      11.6

              	
                Securities
      Payable on Redemption Date

              	
                63

              
	
                Section
      11.7

              	
                Securities
      Redeemed in Part

              	
                63

              
	 
      	 
      
	
                ARTICLE
      12 SINKING FUNDS

              	
                64

              
	 
      	 
      	 
      
	
                Section
      12.1

              	
                Applicability
      of Article

              	
                64

              
	
                Section
      12.2

              	
                Satisfaction
      of Sinking Fund Payments with Securities

              	
                64

              
	
                Section
      12.3

              	
                Redemption
      of Securities for Sinking Fund

              	
                64

              
	 
      	 
      
	
                ARTICLE
      13 DEFEASANCE AND COVENANT DEFEASANCE

              	
                65

              
	 
      	 
      	 
      
	
                Section
      13.1

              	
                Company’s
      Option to Effect Defeasance or Covenant Defeasance

              	
                65

              
	
                Section
      13.2

              	
                Defeasance
      and Discharge

              	
                65

              
	
                Section
      13.3

              	
                Covenant
      Defeasance

              	
                66

              

      

    
 

    
      
         

      

      
        iv

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Section
      13.4

                	
                  Conditions
      to Defeasance or Covenant Defeasance

                	
                  66

                
	
                  Section
      13.5

                	
                  Deposited
      Money, U.S. Government Obligations and Foreign Government Obligations to
      be Held in Trust; Miscellaneous Provisions

                	
                  69

                
	
                  Section
      13.6

                	
                  Reinstatement

                	
                  69

                
	 
      	 
      
	
                  ARTICLE
      14 CONVERSION OF SECURITIES

                	
                  70

                
	 
      	 
      	 
      
	
                  Section
      14.1

                	
                  Applicability
      of Article

                	
                  70

                
	
                  Section
      14.2

                	
                  Exercise
      of Conversion Privilege

                	
                  70

                
	
                  Section
      14.3

                	
                  No
      Fractional Shares

                	
                  71

                
	
                  Section
      14.4

                	
                  Adjustment
      of Conversion Price or Conversion Rate

                	
                  72

                
	
                  Section
      14.5

                	
                  Notice
      of Certain Corporate Actions

                	
                  72

                
	
                  Section
      14.6

                	
                  Reservation
      of Shares of Common Stock

                	
                  73

                
	
                  Section
      14.7

                	
                  Payment
      of Certain Taxes upon Conversion

                	
                  73

                
	
                  Section
      14.8

                	
                  Nonassessability

                	
                  73

                
	
                  Section
      14.9

                	
                  Provision
      in Case of Consolidation, Merger or Sale of Assets

                	
                  74

                
	
                  Section
      14.10

                	
                  Duties
      of Trustee Regarding Conversion

                	
                  75

                
	
                  Section
      14.11

                	
                  Repayment
      of Certain Funds upon Conversion

                	
                  75

                
	 
      	 
      
	
                  ARTICLE
      15 SUBORDINATION OF SECURITIES

                	
                  75

                
	 
      	 
      	 
      
	
                  Section
      15.1

                	
                  Agreement
      of Subordination

                	
                  75

                
	
                  Section
      15.2

                	
                  Payments
      to Holders

                	
                  76

                
	
                  Section
      15.3

                	
                  Subrogation
      of Securities

                	
                  78

                
	
                  Section
      15.4

                	
                  Authorization
      to Effect Subordination

                	
                  79

                
	
                  Section
      15.5

                	
                  Notice
      to Trustee

                	
                  80

                
	
                  Section
      15.6

                	
                  Trustee’s
      Relation to Senior Debt

                	
                  80

                
	
                  Section
      15.7

                	
                  No
      Impairment of Subordination

                	
                  81

                
	
                  Section
      15.8

                	
                  Certain
      Conversions/Exchanges Deemed Payment

                	
                  81

                
	
                  Section
      15.9

                	
                  Article
      Applicable to Paying Agents

                	
                  81

                
	
                  Section
      15.10

                	
                  Senior
      Debt Entitled to Rely

                	
                  82

                
	
                  Section
      15.11

                	
                  Reliance
      on Judicial Order or Certificate of Liquidating Agent

                	
                  82

                
	
                  Section
      15.12

                	
                  Trust
      Monies Not Subordinated

                	
                  82

                

        

      

    
 

    
      
         

      

      
        v

        
          

        

      

      
         

      

    

    
 

    NOTE:
This reconciliation and tie shall not, for any purpose, be deemed to be a part
of the Indenture.
 

    
      
         

      

      
        vi

        
          

        

      

      
         

      

    

    Certain
Sections of this Indenture relating to Sections 3.10 through 3.18, inclusive, of
the Trust Indenture Act of 1939:

    

    
      
        
          	
                  Section
      310

                	 
      	
                  (a)(1)

                	
                  6.9

                
	 
      	 
      	
                  (a)(2)

                	
                  6.9

                
	 
      	 
      	
                  (a)(3)

                	
                  Not
      Applicable

                
	 
      	 
      	
                  (a)(4)

                	
                  Not
      Applicable

                
	 
      	 
      	
                  (b)

                	
                  6.8,
      6.10

                
	
                  Section
      311

                	 
      	
                  (a)

                	
                  6.13

                
	 
      	 
      	
                  (b)

                	
                  6.13

                
	
                  Section
      312

                	 
      	
                  (a)

                	
                  7.1,
      7.2

                
	 
      	 
      	
                  (b)

                	
                  7.2

                
	 
      	 
      	
                  (c)

                	
                  7.2

                
	
                  Section
      313

                	 
      	
                  (a)

                	
                  7.3

                
	 
      	 
      	
                  (b)

                	
                  7.3

                
	 
      	 
      	
                  (c)

                	
                  7.3

                
	 
      	 
      	
                  (d)

                	
                  7.3

                
	
                  Section
      314

                	 
      	
                  (a)

                	
                  7.4

                
	 
      	 
      	
                  (a)(4)

                	
                  1.1,
      10.4

                
	 
      	 
      	
                  (b)

                	
                  Not
      Applicable

                
	 
      	 
      	
                  (c)(1)

                	
                  1.2

                
	 
      	 
      	
                  (c)(2)

                	
                  1.2

                
	 
      	 
      	
                  (c)(3)

                	
                  Not
      Applicable

                
	 
      	 
      	
                  (d)

                	
                  Not
      Applicable

                
	 
      	 
      	
                  (e)

                	
                  1.2

                
	
                  Section
      315

                	 
      	
                  (a)

                	
                  6.1

                
	 
      	 
      	
                  (b)

                	
                  6.2

                
	 
      	 
      	
                  (c)

                	
                  6.1

                
	 
      	 
      	
                  (d)

                	
                  6.1

                
	 
      	 
      	
                  (e)

                	
                  5.14

                
	
                  Section
      316

                	 
      	
                  (a)

                	
                  1.1

                
	 
      	 
      	
                  (a)(1)(A)

                	
                  5.2,
      5.12

                
	 
      	 
      	
                  (a)(1)(B)

                	
                  5.13

                
	 
      	 
      	
                  (a)(2)

                	
                  Not
      Applicable

                
	 
      	 
      	
                  (b)

                	
                  5.8

                
	 
      	 
      	
                  (c)

                	
                  1.4

                
	
                  Section
      317

                	 
      	
                  (a)(1)

                	
                  5.3

                
	 
      	 
      	
                  (a)(2)

                	
                  5.4

                
	 
      	 
      	
                  (b)

                	
                  10.3

                
	
                  Section
      318

                	 
      	
                  (a)

                	
                  1.7

                

        

      

    

    
      
         

      

      
        vii

        
          

        

      

      
         

      

    

    INDENTURE,
dated as of             ,
20    ,
between Searchlight Minerals Corp., a corporation duly organized and existing
under the laws of the State of Nevada (herein called the “Company”), having its
principal executive office at 2441 W. Horizon Ridge Pkwy., Suite 120, Henderson,
Nevada, 89052, and             ,
as Trustee (herein called the “Trustee”).

     

    RECITALS
OF THE COMPANY

     

    The
Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of its unsecured subordinated
debentures, notes or other evidences of indebtedness (herein called the
“Securities”), to be issued in one or more series as provided in this
Indenture.

     

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

     

    NOW,
THEREFORE, THIS INDENTURE WITNESSETH:

     

    For and
in consideration of the premises and the purchase of the Securities by the
Holders thereof, it is mutually covenanted and agreed, for the equal and
proportionate benefit of all Holders of the Securities or of series thereof
appertaining, as follows:

     

    ARTICLE
1

     

    DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

     

    Section
1.1          Definitions.

     

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

     

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

     

    (2)           all
other terms used herein which are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them
therein;

     

    (3)           all
accounting terms not otherwise defined herein have the meanings assigned to them
in accordance with generally accepted accounting principles in the United States
of America, and, except as otherwise herein expressly provided, the term
“generally accepted accounting principles” with respect to any computation
required or permitted hereunder shall mean such accounting principles in the
United States of America as are generally accepted at the date of such
computation;

     

    (4)           all
references to “$” refer to the lawful currency of the United States of
America;

     

    (5)           unless
the context otherwise requires, any reference to an “Article” or a “Section”
refers to an Article or a Section, as the case may be, of this Indenture;
and

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    “Act,”
when used with respect to any Holder, has the meaning specified in Section
1.4.

     

    “Additional
Interest” has the meaning specified in Section 5.2(b).

     

    “Affiliate”
of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such specified Person.

     

    “Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to
act on behalf of the Trustee to authenticate Securities of one or more
series.

     

    “Board of
Directors” means either the board of directors of the Company or any duly
authorized committee of that board empowered to act for it with respect to this
Indenture.

     

    “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,
and delivered to the Trustee.

     

    “Business
Day,” when used with respect to any Place of Payment, means each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in that Place of Payment are authorized or obligated by law or
executive order to close.

     

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

     

    “Common
Stock” includes any stock of any class of the Company which has no preference in
respect of dividends or of amounts payable in the event of any voluntary or
involuntary liquidation, dissolution or winding-up of the Company and which is
not subject to redemption by the Company; provided, however, subject to
the provisions of Section 14.9, shares issuable upon conversion of Securities
shall include only shares of the class designated as Common Stock of the Company
at the date of this Indenture or shares of any class or classes resulting from
any reclassification or reclassifications thereof and which have no preference
in respect of dividends or of amounts payable in the event of any voluntary or
involuntary liquidation, dissolution or winding-up of the Company and which are
not subject to redemption by the Company; provided, further, that if at
any time there shall be more than one such resulting class, the shares of each
such class then so issuable shall be substantially in the proportion which the
total number of shares of such class resulting from all such reclassifications
bears to the total number of shares of all such classes resulting from all such
reclassifications.
 

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

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

     

    “Company
Request” or “Company Order” means a written request or order signed in the name
of the Company by its Chairman of the Board, its Vice Chairman of the Board, its
Chief Executive Officer, its President or a Vice President, and by its principal
financial officer, its Treasurer, an Assistant Treasurer, its Secretary or an
Assistant Secretary, and delivered to the Trustee.

     

    “Constituent
Person” has the meaning specified in Section 14.9.

     

    “control”
when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the
foregoing.

     

    “Corporate
Trust Office” means the corporate trust office of the Trustee at ____________,
Attention: Corporate Trust Department, or such other office, designated by the
Trustee by written notice to the Company, at which at any particular time its
corporate trust business shall be administered.

     

    “corporation”
means a corporation, association, company, joint-stock company or business
trust.

     

    “Covenant
Defeasance” has the meaning specified in Section 13.3.

     

    “Defaulted
Interest” has the meaning specified in Section 3.7.

     

    “Defeasance”
has the meaning specified in Section 13.2.

     

    “Depositary”
means, with respect to Securities of any series issuable in whole or in part in
the form of one or more Global Securities, a clearing agency registered under
the Exchange Act that is designated to act as Depositary for such Securities as
contemplated by Section 3.1.

     

    “Designated
Senior Debt” means the Company’s obligations under any particular Senior Debt in
which the instrument creating or evidencing the same or the assumption or
guarantee thereof (or related agreements or documents to which the Company is a
party) expressly provides that such Senior Debt shall be “Designated Senior
Debt” for purposes of this Indenture (provided, that such
instrument, agreement or other document may place limitations and conditions on
the right of such Senior Debt to exercise the rights of Designated Senior
Debt).  If any payment made to any holder of any Designated Senior
Debt or its Representative with respect to such Designated Senior Debt is
rescinded or must otherwise be returned by such holder or Representative upon
the insolvency, bankruptcy or reorganization of the Company or otherwise, the
reinstated Indebtedness of the Company arising as a result of such rescission or
return shall constitute Designated Senior Debt effective as of the date of such
rescission or return.
 

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    “euro” or
“euros” means the currency adopted by those nations participating in the third
stage of the economic and monetary union provisions of the Treaty on European
Union, signed at Maastricht on February 7, 1992.

     

    “European
Economic Area” means the member nations of the European Economic Area pursuant
to the Oporto Agreement on the European Economic Area dated May 2, 1992, as
amended.

     

    “European
Union” means the member nations of the European Union established by the Treaty
of European Union, signed at Maastricht on February 7, 1992, which amended the
Treaty of Rome establishing the European Community.

     

    “Event of
Default” has the meaning specified in Section 5.1.

     

    “Exchange
Act” means the Securities Exchange Act of 1934 and any statute successor
thereto, in each case as amended from time to time.

     

    “Expiration
Date” has the meaning specified in Section 1.4.

     

    “Foreign
Government Obligation” means with respect to Securities of any series which are
not denominated in the currency of the United States of America (x) any security
which is (i) a direct obligation of the government which issued or caused to be
issued the currency in which such security is denominated and for the payment of
which obligations its full faith and credit is pledged or, with respect to
Securities of any series which are denominated in euros, a direct obligation of
any member nation of the European Union for the payment of which obligation the
full faith and credit of the respective nation is pledged so long as such nation
has a credit rating at least equal to that of the highest rated member nation of
the European Economic Area, or (ii) an obligation of a Person controlled or
supervised by and acting as an agency or instrumentality of a government
specified in clause (i) above the timely payment of which is unconditionally
guaranteed as a full faith and credit obligation by the such government, which,
in either case (i) or (ii), is not callable or redeemable at the option of the
issuer thereof, and (y) any depositary receipt issued by a bank (as defined in
Section 3(a)(2) of the Securities Act) as custodian with respect to any Foreign
Government Obligation which is specified in clause (x) above and held by such
bank for the account of the holder of such depositary receipt, or with respect
to any specific payment of principal of or interest on any Foreign Government
Obligation which is so specified and held, provided that (except
as required by law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depositary receipt from any amount
received by the custodian in respect of the Foreign Government Obligation or the
specific payment of principal or interest evidenced by such depositary
receipt.

     

    “Global
Security” means a Security that evidences all or part of the Securities of any
series and bears the legend set forth in Section 2.4 (or such legend as may be
specified as contemplated by Section 3.1 for such
Securities).
 

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    “Holder”
means a Person in whose name a Security is registered in the Security
Register.

     

    “Indebtedness”
means, with respect to any Person, and without duplication, whether absolute or
contingent, secured or unsecured, due or to become due, (a) all indebtedness,
obligations and other liabilities (contingent or otherwise) of such Person
evidenced by a credit or loan agreement, note, bond, debenture, or other written
obligation (whether or not the recourse of the lender is to the whole of the
assets of such person or to only a portion thereof) or for money borrowed
(including obligations of such Person in respect of overdrafts, foreign exchange
contracts, currency exchange agreements, interest rate protection agreements,
and any loans or advances from banks, whether or not evidenced by notes or
similar instruments); (b) all obligations and liabilities (contingent or
otherwise) of such Person evidenced by a note or similar instrument given in
connection with the acquisition of any businesses, properties or assets of any
kind; (c) all obligations and liabilities (contingent or otherwise) in respect
of leases of such Person required, in conformity with generally accepted
accounting principles, to be accounted for as capitalized lease obligations on
the balance sheet of such Person and all obligations and other liabilities
(contingent or otherwise) or as lessee under any leases or related documents for
facilities, capital equipment or related assets, whether or not capitalized,
entered into or leased for financing purposes; (d) all obligations of such
Person (contingent or otherwise) with respect to interest rate and currency
swaps, caps, floors, collars, hedge agreements, forward contracts or similar
agreements or arrangements; (e) all obligations and other liabilities
(contingent or otherwise) of such Person with respect to letters of credit,
bankers’ acceptances or similar facilities, including reimbursement obligations
with respect to the foregoing; (f) all obligations and liabilities of such
Person or assumed as the deferred purchase price of property or services, but
excluding trade accounts payable and accrued liabilities arising in the ordinary
course of business; (g) all obligations of the type referred to in (a) through
(f) above of another Person the payment of which, in either case, such Person
has assumed or guaranteed or for which such Person is responsible or liable
directly or indirectly, jointly or severally, as obligor, guarantor or
otherwise, or which are secured by a lien on such Person’s property; and (h) any
and all renewals, extensions, modifications, replacements, restatements and
refundings of, or, any indebtedness or obligation issued in exchange for, any
such indebtedness or obligation of the kind described in clauses (a) through (g)
above.

     

    “Indenture”
means this instrument as originally executed and as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof, including, for all purposes
of this instrument and any such supplemental indenture, the provisions of the
Trust Indenture Act that are deemed to be a part of and govern this instrument
and any such supplemental indenture, respectively.  The term
“Indenture” shall also include the terms of particular series of Securities
established as contemplated by Section 3.1; provided, however, that if at
any time more than one Person is acting as Trustee under this Indenture due to
the appointment of one or more separate Trustees for any one or more separate
series of Securities, “Indenture” shall mean, with respect to such series of
Securities for which any such Person is Trustee, 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 pursuant to the applicable
provisions hereof and shall include the terms of particular series of Securities
for which such Person is Trustee established as contemplated by Section 3.1,
exclusive, however, of any provisions or terms which relate solely to other
series of Securities for which such Person is not Trustee, regardless of when
such terms or provisions were adopted, and exclusive of any provisions or terms
adopted by means of one or more indentures supplemental hereto executed and
delivered after such Person had become such Trustee, but to which such person,
as such Trustee, was not a party; provided, further that in the
event that this Indenture is supplemented or amended by one or more indentures
supplemental hereto which are only applicable to certain series of Securities,
the term “Indenture” for a particular series of Securities shall only include
the supplemental indentures applicable thereto.
 

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    “interest,”
when used with respect to an Original Issue Discount Security, which by its
terms bears interest only after Maturity, means interest payable after
Maturity.

     

    “Interest
Payment Date,” when used with respect to any Security, means the Stated Maturity
of an installment of interest on such Security.

     

    “Investment
Company Act” means the Investment Company Act of 1940 and any statute successor
thereto, in each case as amended from time to time.

     

    “Maturity,”
when used with respect to any Security, means the date on which the principal of
such Security or an installment of principal becomes due and payable as therein
or herein provided, whether at the Stated Maturity or by declaration of
acceleration, repurchase at the option of the Holder, upon redemption or
otherwise.

     

    “Non-electing
Share” has the meaning specified in Section 14.9.

     

    “Non-Payment
Default” has the meaning specified in Section 15.2.

     

    “Notice
of Default” means a written notice of the kind specified in Section
5.1(4).

     

    “Officers’
Certificate” means a certificate signed by the Chairman of the Board, a Vice
Chairman of the Board, the Chief Executive Officer, the President or a Vice
President, and by the principal financial officer, the Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary, of the Company, and
delivered to the Trustee. One of the officers signing an Officers’ Certificate
given pursuant to Section 10.4 shall be the principal executive, financial or
accounting officer of the Company.

     

    “Opinion
of Counsel” means a written opinion of counsel, who may be counsel for, or an
employee of, the Company, and who shall be reasonably acceptable to the
Trustee.

     

    “Original
Issue Discount Security” means any Security that provides for an amount less
than the principal amount thereof to be due and payable upon a declaration of
acceleration of the Maturity thereof pursuant to Section
5.2.
 

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

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

     

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

     

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

     

    (9)           Securities
as to which Defeasance has been effected pursuant to Section 13.2;
and

     

    (10)         Securities
which have been paid pursuant to Section 3.6 or in exchange for or in lieu of
which other Securities have been authenticated and delivered pursuant to this
Indenture, other than any such Securities in respect of which there shall have
been presented to the Trustee proof satisfactory to it that such Securities are
held by a bona fide purchaser in whose hands such Securities are valid
obligations of the Company; provided, however, that in
determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given, made or taken any request, demand,
authorization, direction, notice, consent, waiver or other action hereunder as
of any date, (A) the principal amount of an Original Issue Discount Security
which shall be deemed to be Outstanding shall be the amount of the principal
thereof which would be due and payable as of such date upon acceleration of the
Maturity thereof to such date pursuant to Section 5.2, (B) if, as of such date,
the principal amount payable at the Stated Maturity of a Security is not
determinable, the principal amount of such Security which shall be deemed to be
Outstanding shall be the amount as specified or determined as contemplated by
Section 3.1, (C) the principal amount of a Security denominated in one or more
non-U.S. dollar currencies or currency units which shall be deemed to be
Outstanding shall be the U.S. dollar equivalent, determined as of such date in
the manner provided as contemplated by Section 3.1, of the principal amount of
such Security (or, in the case of a Security described in clause (A) or (B)
above, of the amount determined as provided in such clause), and (D) Securities
owned by the Company or any other obligor upon the Securities or any Affiliate
of the Company or of such other obligor shall be disregarded and deemed not to
be Outstanding, except that, in determining whether the Trustee shall be
protected in relying upon any such request, demand, authorization, direction,
notice, consent, waiver or other action, only Securities which the Trustee knows
to be so owned shall be so disregarded. Securities so owned which have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes
to the satisfaction of the Trustee the pledgee’s right so to act with respect to
such Securities and that the pledgee is not the Company or any other obligor
upon the Securities or any Affiliate of the Company or of such other
obligor.
 

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    “Paying
Agent” means any Person authorized by the Company to pay the principal of or any
premium or interest on any Securities on behalf of the Company.

     

    “Payment
Blockage Notice” has the meaning specified in Section 15.2.

     

    “Payment
Default” has the meaning specified in Section 15.2.

     

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

     

    “Place of
Payment,” when used with respect to the Securities of any series, means the
place or places where the principal of and any premium and interest on the
Securities of that series are payable as specified as contemplated by Section
3.1.

     

    “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 3.6 in exchange for or 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.

     

    “Record
Date” means any Regular Record Date or Special Record Date.

     

    “Redemption
Date,” when used with respect to any Security to be redeemed, means the date
fixed for such redemption by or pursuant to this Indenture.

     

    “Redemption
Price,” when used with respect to any Security to be redeemed, means the price
at which it is to be redeemed pursuant to this Indenture.

     

    “Regular
Record Date” for the interest payable on any Interest Payment Date on the
Securities of any series means the date specified for that purpose as
contemplated by Section 3.1.

     

    “Reporting
Default” has the meaning specified in Section 5.2(b).

     

    “Representative”
means the (a) indenture trustee or other trustee, agent or representative for
any Senior Debt or (b) with respect to any Senior Debt that does not have any
such trustee, agent or other representative, (i) in the case of such Senior Debt
issued pursuant to an agreement providing for voting arrangements as among the
holders or owners of such Senior Debt, any holder or owner of such Senior Debt
acting with the consent of the required persons necessary to bind such holders
or owners of such Senior Debt and (ii) in the case of all other such Senior
Debt, the holder or owner of such Senior Debt.

     

    “Responsible
Officer” means, when used with respect to the Trustee, an officer of the Trustee
in the Corporate Trust Office assigned and duly authorized by the Trustee to
administer its corporate trust matters.
 

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

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

     

    “Securities
Act” means the Securities Act of 1933 and any statute successor thereto, in each
case as amended from time to time.

     

    “Security
Register” and “Security Registrar” have the respective meanings specified in
Section 3.5.

     

    “Senior
Debt” means the principal of, premium, if any, interest (including all interest
accruing subsequent to the commencement of any bankruptcy or similar proceeding,
whether or not a claim for post-petition interest is allowable as a claim in any
such proceeding) and rent payable on or in connection with, and all fees, costs,
expenses and other amounts accrued or due on or in connection with, Indebtedness
of the Company, whether outstanding on the date of this Indenture or thereafter
created, incurred, assumed, guaranteed or in effect guaranteed by the Company
(including all deferrals, renewals, extensions or refundings of, or amendments,
modifications or supplements to, the foregoing), unless in the case of any
particular Indebtedness the instrument creating or evidencing the same or the
assumption or guarantee thereof expressly provides that such Indebtedness shall
not be senior in right of payment to the Securities or expressly provides that
such Indebtedness is “pari
passu*********” or “ junior” to the
Securities.  Notwithstanding the foregoing, the term Senior Debt shall
not include any Indebtedness of the Company to any Subsidiary of the
Company.  If any payment made to any holder of any Senior Debt or its
Representative with respect to such Senior Debt is rescinded or must otherwise
be returned by such holder or Representative upon the insolvency, bankruptcy or
reorganization of the Company or otherwise, the reinstated Indebtedness of the
Company arising as a result of such rescission or return shall constitute Senior
Debt effective as of the date of such rescission or return.

     

    “Special
Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 3.7.

     

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

     

    “Subsidiary”
means a Person of which at least a majority of the outstanding voting stock
having the power to elect a majority of the board of directors of such Person
(in the case of a corporation) is, or of which at least a majority of the equity
interests (in the case of a Person which is not a corporation) are, at the time
owned, directly or indirectly, by the Company or by one or more other
Subsidiaries, or by the Company and one or more other
Subsidiaries.  For the purposes of this definition, “voting stock”
means stock or similar interests to the Company which ordinarily has or have
voting power for the election of directors or persons performing similar
functions, whether at all times or only so long as no senior class of stock or
other interests has or have such voting power by reason of any
contingency.
 

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    “Trust
Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as
of which this instrument was executed; provided, however, that in the
event the Trust Indenture Act of 1939 is amended after such date, “Trust
Indenture Act” means, to the extent required by any such amendment, the Trust
Indenture Act of 1939 as so amended.

     

    “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 or
include each Person who is then a Trustee hereunder, and if at any time there is
more than one such Person, “Trustee” as used with respect to the Securities of
any series shall mean the Trustee with respect to Securities of that
series.

     

    “U.S.
Government Obligation” means (x) any security which is (i) a direct obligation
of the United States of America for the payment of which the full faith and
credit of the United States of America is pledged or (ii) an obligation 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, which, in
either case (i) or (ii), is not callable or redeemable at the option of the
issuer thereof, and (y) any depositary receipt issued by a bank (as defined in
Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S.
Government Obligation which is specified in clause (x) above and held by such
bank for the account of the holder of such depositary receipt, or with respect
to any specific payment of principal of or interest on any U.S. Government
Obligation which is so specified and held, provided that (except
as required by law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depositary receipt from any amount
received by the custodian in respect of the U.S. Government Obligation or the
specific payment of principal or interest evidenced by such depositary
receipt.

     

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

     

    Section
1.2          Compliance Certificates and
Opinions.

     

    Upon any
application or request by the Company to the Trustee to take any action under
any provision of this Indenture, the Company shall furnish to the Trustee such
certificates and opinions as may be required under the Trust Indenture
Act.  Each such certificate or opinion shall be given in the form of
an Officers’ Certificate, if to be given by an officer of the Company, or an
Opinion of Counsel, if to be given by counsel, and shall comply with the
requirements of the Trust Indenture Act and any other requirements set forth in
this Indenture.

     

    Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include,

     

    (1)           a
statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating
thereto;

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    (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 each such individual, he or she has made such
examination or investigation as is necessary to enable him or her 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, in the opinion of each such individual, such condition
or covenant has been complied with.

     

    Section
1.3          Form of Documents Delivered to
Trustee.

     

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

     

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

     

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

     

    Section
1.4          Acts of Holders; Record
Dates.

     

    Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Indenture to be given, made or taken by
Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by agent duly
appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered
to the Trustee and, where it is hereby expressly required, to the
Company.  The Trustee shall promptly deliver to the Company copies of
all such instrument or instruments delivered to the Trustee.  Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders signing
such instrument or instruments.  Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 6.1) conclusive in favor of
the Trustee and the Company, if made in the manner provided in this
Section.
 

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    The fact
and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a
notary public or other officer authorized by law to take acknowledgments of
deeds, certifying that the individual signing such instrument or writing
acknowledged to him or her the execution thereof.  Where such
execution is by a signer acting in a capacity other than his or her individual
capacity, such certificate or affidavit shall also constitute sufficient proof
of his or her authority.  The fact and date of the execution of any
such instrument or writing, or the authority of the Person executing the same,
may also be proved in any other manner that the Trustee deems
sufficient.

     

    The
ownership of Securities shall be proved by the Security Register.

     

    Any
request, demand, authorization, direction, notice, consent, waiver or other Act
of the Holder of any Security shall bind every future Holder of the same
Security and the Holder of every Security issued upon the registration of
transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done, omitted or suffered to be done by the Trustee or the Company in
reliance thereon, whether or not notation of such action is made upon such
Security.

     

    The
Company may set any day as a record date for the purpose of determining the
Holders of Outstanding Securities of any series entitled to give, make or take
any request, demand, authorization, direction, vote, notice, consent, waiver or
other action provided or permitted by this Indenture to be given, made or taken
by Holders of Securities of such series, provided that the
Company may not set a record date for, and the provisions of this paragraph
shall not apply with respect to, the giving or making of any notice,
declaration, request or direction referred to in the next
paragraph.  If any record date is set pursuant to this paragraph, the
Holders of Outstanding Securities of the relevant series on such record date,
and no other Holders, shall be entitled to take the relevant action, whether or
not such Holders remain Holders after such record date; provided that no such
action shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal amount of Outstanding
Securities of such series on such record date.  Nothing in this
paragraph shall be construed to prevent the Company from setting a new record
date for any action for which a record date has previously been set pursuant to
this paragraph (whereupon the record date previously set shall automatically and
with no action by any Person be canceled and of no effect), and nothing in this
paragraph shall be construed to render ineffective any action taken by Holders
of the requisite principal amount of Outstanding Securities of the relevant
series on the date such action is taken. Promptly after any record date is set
pursuant to this paragraph, the Company, at its own expense, shall cause notice
of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Trustee in writing and to each Holder of
Securities of the relevant series in the manner set forth in Section
1.6.
 

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    The
Trustee may set any day as a record date for the purpose of determining the
Holders of Outstanding Securities of any series entitled to join in the giving
or making of (i) any Notice of Default, (ii) any declaration of acceleration
referred to in Section 5.2, (iii) any request to institute proceedings referred
to in Section 5.7(2) or (iv) any direction referred to in Section 5.12, in each
case with respect to Securities of such series. If any record date is set
pursuant to this paragraph, the Holders of Outstanding Securities of such series
on such record date, and no other Holders, shall be entitled to join in such
notice, declaration, request or direction, whether or not such Holders remain
Holders after such record date; provided that no such
action shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal amount of Outstanding
Securities of such series on such record date.  Nothing in this
paragraph shall be construed to prevent the Trustee from setting a new record
date for any action for which a record date has previously been set pursuant to
this paragraph (whereupon the record date previously set shall automatically and
with no action by any Person be canceled and of no effect), and nothing in this
paragraph shall be construed to render ineffective any action taken by Holders
of the requisite principal amount of Outstanding Securities of the relevant
series on the date such action is taken.  Promptly after any record
date is set pursuant to this paragraph, the Trustee, at the Company’s expense,
shall cause notice of such record date, the proposed action by Holders and the
applicable Expiration Date to be given to the Company in writing and to each
Holder of Securities of the relevant series in the manner set forth in Section
1.6.

     

    With
respect to any record date set pursuant to this Section, the party hereto which
sets such record dates may designate any day as the “Expiration Date” and from
time to time may change the Expiration Date to any earlier or later day; provided that no such
change shall be effective unless notice of the proposed new Expiration Date is
given to the other party hereto in writing, and to each Holder of Securities of
the relevant series in the manner set forth in Section 1.6, on or prior to the
existing Expiration Date.  If an Expiration Date is not designated
with respect to any record date set pursuant to this Section, the party hereto
which set such record date shall be deemed to have initially designated the
180th day after such record date as the Expiration Date with respect thereto,
subject to its right to change the Expiration Date as provided in this
paragraph.  Notwithstanding the foregoing, no Expiration Date shall be
later than the 180th day after the applicable record date.

     

    Without
limiting the foregoing, a Holder entitled hereunder to take any action hereunder
with regard to any particular Security may do so with regard to all or any part
of the principal amount of such Security or by one or more duly appointed agents
each of which may do so pursuant to such appointment with regard to all or any
part of such principal amount.

     

    Section
1.5          Notices, etc., to Trustee and
Company.

     

    Any
request, demand, authorization, direction, notice, consent, waiver or Act of
Holders or other document provided or permitted by this Indenture to be made
upon, given or furnished to, or filed with,

     

    (1)           the
Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing (or by facsimile
transmissions, provided that oral
confirmation of receipt shall have been received) to or with the Trustee at its
Corporate Trust Office, Attention: Corporate Trust Department,
or
 

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    (2)           the
Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, personally delivered or sent via overnight courier
to the Company addressed to it at the address of its principal office specified
in the first paragraph of this instrument or at any other address previously
furnished in writing to the Trustee by the Company, Attention: Chief Financial
Officer.

     

    Section
1.6          Notice to Holders;
Waiver.

     

    Where
this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class postage prepaid, or delivered by hand or overnight
courier, to each Holder affected by such event, at its address as it appears in
the Security Register, not later than the latest date (if any), and not earlier
than the earliest date (if any), prescribed for the giving of such
notice.  Neither the failure to mail or deliver by hand or overnight
courier any notice, nor any defect in any notice so mailed or delivered by hand
or overnight courier, to any particular Holder shall affect the sufficiency of
such notice with respect to other Holders.  Where this Indenture
provides for notice in any manner, such notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice.  Waivers of notice
by Holders shall be filed with the Trustee, but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such
waiver.

     

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

     

    Section
1.7          Conflict with Trust Indenture
Act.

     

    If any
provision hereof limits, qualifies or conflicts with a provision of the Trust
Indenture Act that is required under the Trust Indenture Act to be a part of and
govern this Indenture, the latter provision shall control.  If any
provision of this Indenture modifies or excludes any provision of the Trust
Indenture Act, which may be so modified or excluded, the latter provision shall
be deemed to apply to this Indenture as so modified or to be excluded, as the
case may be.

     

    Section
1.8          Effect of Headings and Table of
Contents.

     

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

     

    Section
1.9          Successors and
Assigns.

     

    All
covenants and agreements in this Indenture by the Company shall bind its
successors and assigns, whether so expressed or not.
 

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    Section
1.10       Separability
Clause.

     

    In case
any provision in this Indenture or in the Securities shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

     

    Section
1.11       Benefits of
Indenture.

     

    Nothing
in this Indenture or in the Securities, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder, the
holders of Senior Debt and the Holders, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

     

    Section
1.12       Governing Law.

     

    THIS
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

     

    Section
1.13        Legal Holidays.

     

    In any
case where any Interest Payment Date, Redemption Date or Stated Maturity of any
Security or the last date on which a Holder has the right to convert a Security
at a particular conversion price or conversion rate, as the case may be, shall
not be a Business Day at any Place of Payment, then (notwithstanding any other
provision of this Indenture or of the Securities (other than a provision of any
Security which specifically states that such provision shall apply in lieu of
this Section)) payment of interest or principal (and premium, if any) or, if
applicable to a particular series of Securities, conversion need not be made at
such Place of Payment on such date, but may be made on the next succeeding
Business Day at such Place of Payment with the same force and effect as if made
on the Interest Payment Date or Redemption Date, at the Stated Maturity or on
such last day for conversion, as the case may be.

     

    Section 1.14   
    Indenture and Securities Solely
Corporate Obligations.

     

    No
recourse for the payment of the principal of or premium, if any, or interest on
any Security, or for any claim based thereon or otherwise in respect thereof,
and no recourse under or upon any obligation, covenant or agreement of the
Company in this Indenture or in any supplemental indenture or in any Security,
or because of the creation of any indebtedness represented thereby, shall be had
against any incorporator, stockholder, employee, agent, officer, or director or
subsidiary, as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or
by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that all such liability is hereby expressly waived and released as a
condition of, and as a consideration for, the execution of this Indenture and
the issue of the Securities.
 

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    Section 1.15  
     Indenture May be Executed in
Counterparts.

     

    This
instrument 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.

     

    ARTICLE
2

     

    SECURITY
FORMS

     

    Section
2.1          Forms
Generally.

     

    The
Securities of each series shall be in substantially the form set forth in this
Article, or in such other form as shall be established by or pursuant to a Board
Resolution or in one or more indentures supplemental hereto, in each case with
such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon
as may be required to comply with the rules of any securities exchange or
Depositary therefor or as may, consistently herewith, be determined by the
officers executing such Securities, as evidenced by their execution
thereof.  If the form of Securities of any series is established by
action taken pursuant to a Board Resolution, 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 Company
Order contemplated by Section 3.3 for the authentication and delivery of such
Securities.  Any such Board Resolution or record of such action shall
have attached thereto a true and correct copy of the form of Security referred
to therein approved by or pursuant to such Board Resolution.

     

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

     

    Section
2.2          Form of Face of
Security.

     

    [INSERT
ANY LEGEND REQUIRED BY THE INTERNAL REVENUE CODE AND THE REGULATIONS
THEREUNDER.]

     

    SEARCHLIGHT
MINERALS CORP.

     

    
      
        

        
          
            	
                    NO.  ____

                  	 
      	
                    $_____

                  

          

        

      

    

    

    CUSIP:
_____

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    Searchlight
Minerals Corp., a corporation duly organized and existing under the laws of
Nevada (herein called the “Company,” which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby
promises to pay to _______________________________________, or registered
assigns, the principal sum of _______________________________________ dollars on
__________________ [if the
Security is to bear interest prior to Maturity, insert — , and to pay
interest thereon from ____________ or from the most recent Interest Payment Date
to which interest has been paid or duly provided for, semi-annually on
___________________________ and ___________________________ in each year,
commencing ___________________________, at the rate of ______% per annum, until
the principal hereof is paid or made available for payment [if applicable, insert — ,
provided that
any principal and premium, and any such installment of interest, which is
overdue shall bear interest at the rate of ______% per annum (to the extent that
the payment of such interest shall be legally enforceable), from the dates such
amounts are due until they are paid or made available for payment, and such
interest shall be payable on demand].  The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as
provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the
__________________ or __________________ (whether or not a Business Day), as the
case may be, next preceding such Interest Payment Date.  Any such
interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Securities of this series not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in said Indenture].

     

    [If the Security is not to bear
interest prior to Maturity, insert — The principal of this Security shall
not bear interest except in the case of a default in payment of principal upon
acceleration, upon redemption or at Stated Maturity and in such case the overdue
principal and any overdue premium shall bear interest at the rate of ______% per
annum (to the extent that the payment of such interest shall be legally
enforceable), from the dates such amounts are due until they are paid or made
available for payment. Interest on any overdue principal or premium shall be
payable on demand.  Any such interest on overdue principal or premium
which is not paid on demand shall bear interest at the rate of ______% per annum
(to the extent that the payment of such interest on interest shall be legally
enforceable), from the date of such demand until the amount so demanded is paid
or made available for payment. Interest on any overdue interest shall be payable
on demand.]  Payment of the principal of (and premium, if any) and
[if applicable, insert —
any such] interest on this Security will be made at the office or agency
of the Company maintained for that purpose in ___________________________, in
such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts [if applicable, insert —; provided, however, that at the
option of the Company payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the
Security Register].

     

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

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    Unless
the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

     

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

     

    
      
        
          
            
              
                
                  	
                          Dated:
      _______

                        	 
      	
                          SEARCHLIGHT
      MINERALS, CORP.

                        
	 
      	 
      	 
      	 
      
	 
      	 
      	
                          By:

                        	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                          Title:

                        	 
      
	 
      	 
      	 
      	 
      
	
                          ATTEST:

                        	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	___________________________ 
      	 
      	 
      	 
      

                

              

            

          

        

      

    

    

    Section
2.3          Form of Reverse of
Security.

     

    This
Security is one of a duly authorized issue of securities of the Company (herein
called the “Securities”), issued and to be issued in one or more series under an
Indenture, dated as of ____________, 20___ (herein called the “Indenture,” which
term shall have the meaning assigned to it in such instrument), between the
Company and ____________, as Trustee (herein called the “Trustee,” which term
includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture and all indentures supplemental thereto for a statement of
the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee, the holders of Senior Debt and the Holders of the
Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on
the face hereof [if applicable,
insert — , limited in aggregate principal amount to
$____________].

     

    [If applicable, insert — The
Securities of this series are subject to redemption upon not less than [if applicable, insert — 30]
days’ notice by mail, [if
applicable, insert — (1) on __________________ in any year commencing
with the year ______ and ending with the year ______ through operation of the
sinking fund for this series at a Redemption Price equal to 100% of the
principal amount, and (2)] at any time [if applicable, insert — on or
after __________________, 20___], as a whole or in part, at the election of the
Company, at the following Redemption Prices (expressed as percentages of the
principal amount): If redeemed [if applicable, insert — on or
before ____________, ______%, and if redeemed] during the 12-month period
beginning ____________ of the years indicated,

     

    
      
        	
                Year

              	 
      	
                Redemption
      Price

              	 
      	
                Year

              	 
      	
                Redemption
      Price

              
	 
      	 
      	 
      	 
      	 
      	 
      	 
      

      

    

     

    and
thereafter at a Redemption Price equal to ______% of the principal amount,
together in the case of any such redemption [if applicable, insert —
(whether through operation of the sinking fund or otherwise)] with accrued
interest to the Redemption Date, but interest installments whose Stated Maturity
is on or prior to such Redemption Date will be payable to the Holders of such
Securities, or one or more Predecessor Securities, of record at the close of
business on the relevant Record Dates referred to on the face hereof, all as
provided in the Indenture.]
 

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    [If applicable, insert — The
Securities of this series are subject to redemption upon not less than [if applicable, insert — 30]
days’ notice by mail, (1) on __________________ in any year commencing with the
year __________________ and ending with the year ______ through operation of the
sinking fund for this series at the Redemption Prices for redemption through
operation of the sinking fund (expressed as percentages of the principal amount)
set forth in the table below, and (2) at any time [if applicable, insert — on or
after __________________], as a whole or in part, at the election of the
Company, at the Redemption Prices for redemption otherwise than through
operation of the sinking fund (expressed as percentages of the principal amount)
set forth in the table below: If redeemed during the 12-month period beginning
__________________ of the years indicated,

     

    
      	
               

               

                       Year         

            	 
      	
               

              Redemption
      Price For

              Redemption
      Through

              Operation
      of the Sinking Fund

            	 
      	
              Redemption
      Price For

              Redemption

              Otherwise
      Than Through

              Operation
      of the Sinking Fund

            
	 
      	 
      	 
      	 
      	 
      

    

     

    and
thereafter at a Redemption Price equal to ______% of the principal amount,
together in the case of any such redemption (whether through operation of the
sinking fund or otherwise) with accrued interest to the Redemption Date, but
interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more
Predecessor Securities, of record at the close of business on the relevant
Record Dates referred to on the face hereof, all as provided in the
Indenture.]

     

    [If applicable, insert —
Notwithstanding the foregoing, the Company may not, prior to __________________,
redeem any Securities of this series as contemplated by [if applicable, insert — clause
(2) of] the preceding paragraph as a part of, or in anticipation of, any
refunding operation by the application, directly or indirectly, of moneys
borrowed having an interest cost to the Company (calculated in accordance with
generally accepted financial practice) of less than ____________% per
annum.]

     

    [If applicable, insert — The
sinking fund for this series provides for the redemption on __________________,
in each year beginning with the year ______ and ending with the year ______ of
[if applicable, insert —
not less than $____________ (“mandatory sinking fund”) and not more than]
$____________aggregate principal amount of Securities of this
series.  Securities of this series acquired or redeemed by the Company
otherwise than through [if
applicable, insert — mandatory] sinking fund payments may be credited
against subsequent [if
applicable, insert — mandatory] sinking fund payments otherwise required
to be made [if applicable,
insert —, in the inverse order in which they become
due].]
 

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    [If the Security is subject to
redemption of any kind, insert — In the event of redemption of this
Security in part only, a new Security or Securities of this series and of like
tenor for the unredeemed portion hereof will be issued in the name of the Holder
hereof upon the cancellation hereof.]

     

    [If applicable, insert — The
Indenture contains provisions for defeasance at any time of [the entire
indebtedness of this Security] [or] [certain restrictive covenants and Events of
Default with respect to this Security] [, in each case] upon compliance with
certain conditions set forth in the Indenture.]

     

    [If
the Security is convertible into other securities of the Company, specify the
conversion features.]

     

    The
indebtedness evidenced by this Security is, to the extent and in the manner
provided in the Indenture, subordinate and subject in right of payment to the
prior payment in full of all Senior Debt of the Company, and this Security is
issued subject to such provisions of the Indenture with respect thereto. Each
Holder of this Security, by accepting the same, (a) agrees to and shall be bound
by such provisions, (b) authorizes and directs the Trustee on his behalf to take
such action as may be necessary or appropriate to effectuate the subordination
so provided and (c) appoints the Trustee his attorney-in-fact for any and all
such purposes.

     

    [If the Security is not an Original
Issue Discount Security, insert — If an Event of Default with respect to
Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with
the effect provided in the Indenture.]

     

    [If the Security is an Original Issue
Discount Security, insert — If an Event of Default with respect to
Securities of this series shall occur and be continuing, an amount of principal
of the Securities of this series may be declared due and payable in the manner
and with the effect provided in the Indenture. Such amount shall be equal to —
insert formula for determining
the amount.  Upon payment (i) of the amount of principal so
declared due and payable and (ii) of interest on any overdue principal, premium
and interest (in each case to the extent that the payment of such interest shall
be legally enforceable), all of the Company’s obligations in respect of the
payment of the principal of and premium and interest, if any, on the Securities
of this series shall terminate.]

     

    The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and
the rights of the Holders of the Securities of each series to be affected under
the Indenture at any time by the Company and the Trustee with the consent of the
Holders of more than 50% in principal amount of the Securities at the time
Outstanding of each series to be affected.  The Indenture also
contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of
the Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences.  Any such consent or waiver by the
Holder of this Security shall be conclusive and binding upon such Holder and
upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this
Security.
 

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    As
provided in and subject to the provisions of the Indenture, the Holder of this
Security shall not have the right to institute any proceeding with respect to
the Indenture or for the appointment of a receiver or trustee or for any other
remedy thereunder, unless such Holder shall have previously given the Trustee
written notice of a continuing Event of Default with respect to the Securities
of this series, the Holders of not less than a majority in principal amount of
the Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee
shall not have received from the Holders of a majority in principal amount of
Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60
days after receipt of such notice, request and offer of
indemnity.  The foregoing shall not apply to any suit instituted by
the Holder of this Security for the enforcement of any payment of principal
hereof or any premium or interest hereon on or after the respective due dates
expressed herein.

     

    No
reference herein to the Indenture and no provision of this Security or of the
Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and any premium and interest on this
Security at the times, place and rate, and in the coin or currency, herein
prescribed.

     

    As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Security is registrable in the Security Register, upon
surrender of this Security for registration of transfer at the office or agency
of the Company in any place where the principal of and any premium and interest
on this Security are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed by, the Holder hereof or its attorney duly authorized in
writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees.

     

    The
Securities of this series are issuable only in registered form without coupons
in denominations of $____________ and any integral multiple
thereof.  As provided in the Indenture and subject to certain
limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor
of a different authorized denomination, as requested by the Holder surrendering
the same.

     

    No
service charge shall be made for any such registration of transfer or exchange,
but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

     

    Prior to
due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in
whose name this Security is registered as the owner hereof for all purposes,
whether or not this Security be overdue, and neither the Company, the Trustee
nor any such agent shall be affected by notice to the
contrary.
 

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

    All terms
used in this Security that are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

     

    Section
2.4          Form of Legend for Global
Securities.

     

    Unless
otherwise specified as contemplated by Section 3.1 for the Securities evidenced
thereby, every Global Security authenticated and delivered hereunder shall bear
a legend in substantially the following form:

     

    THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY
REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE.

     

    Section
2.5          Form of Trustee’s
Certificate of Authentication.

     

    The
Trustee’s certificates of authentication shall be in substantially the following
form:

     

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

     

    
      
        
          
            
              	 
      	 
      	____________________________________ 
      ,
	 
      	 
      	
                      as
      Trustee

                    
	 
      	 
      	 
      	 
      
	 
      	 
      	
                      By:

                    	 
      
	 
      	 
      	 
      	
                      Authorized
      Officer

                    

            

          

        

      

    
 

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    Section
2.6          Form of Conversion
Notice.

     

    Conversion
notices shall be in substantially the following form:

    To
Searchlight Minerals Corp.:

     

    The
undersigned owner of this Security hereby irrevocably exercises the option to
convert this Security, or portion hereof (which is $1,000 or an integral
multiple thereof) below designated, into shares of Common Stock of the Company
in accordance with the terms of the Indenture referred to in this Security, and
directs that the shares issuable and deliverable upon the conversion, together
with any check in payment for fractional shares and any Securities representing
any unconverted principal amount hereof, be issued and delivered to the
registered holder hereof unless a different name has been indicated
below.  If this Notice is being delivered on a date after the close of
business on a Regular Record Date and prior to the opening of business on the
related Interest Payment Date (unless this Security or the portion thereof being
converted has been called for redemption on a Redemption Date during the period
beginning at the close of business on a Regular Record Date and ending at the
opening of business on the first Business Day after the next succeeding Interest
Payment Date, or if such Interest Payment Date is not a Business Day, the second
such Business Day), this Notice is accompanied by payment, in funds acceptable
to the Company, of an amount equal to the interest payable on such Interest
Payment Date of the principal of this Security to be converted. If shares are to
be issued in the name of a person other than the undersigned, the undersigned
will pay all transfer taxes payable with respect hereto. Any amount required to
be paid by the undersigned on account of interest accompanies this
Security.

     

    Principal Amount to be
Converted

    (in an
integral multiple of $1,000, if less than all):

     

    U.S.
$____________.

    

    Dated:_____________

    

      
        
          
            	 
      	
                    Signature(s)
      must be guaranteed by an eligible guarantor institution (banks,
      stockbrokers, savings and loan associations and credit unions with
      membership in an approved signature guarantee medallion program) pursuant
      to Securities and Exchange Commission Rule 17Ad-15.

                  
	 
      	 
      
	 
      	 
      
	 
      	
                    Signature
      Guaranty

                  

          

        

      

    

     

    Fill in
for registration of shares of Common Stock and Security if to be issued
otherwise than to the registered Holder.

     

    
      	 
      	 
      	 
      
	
              (Name)

            	 
      	
              Social
      Security or Other Taxpayer

              Identification
      Number

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              Please
      print Name and Address

              (including
      zip code)

            	 
      	 
      

    

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

     

    [The
above conversion notice is to be modified, as appropriate, for conversion into
other securities or property of the Company.]

     

    ARTICLE
3

     

    THE
SECURITIES

     

    Section
3.1          Amount Unlimited; Issuable in
Series.

     

    The
aggregate principal amount of Securities that may be authenticated and delivered
under this Indenture is unlimited.  The Securities may be issued in
one or more series.  There shall be established in or pursuant to a
Board Resolution and, subject to Section 3.3, set forth, or determined in the
manner provided, in an Officers’ Certificate, or established in one or more
indentures supplemental hereto, prior to the issuance of Securities of any
series,

     

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

     

    (2)           any
limit upon the aggregate principal amount of the Securities of the series which
may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Section 3.4, 3.5,
3.6, 9.6 or 11.7 and except for any Securities which, pursuant to Section 3.3,
are deemed never to have been authenticated and delivered
hereunder);

     

    (3)           the
Person to whom any interest on a Security of the series shall be payable, if
other than the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest;

     

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

     

    (5)           the
rate or rates (which may be fixed or variable) at which any Securities of the
series shall bear interest, if any, the date or dates from which any such
interest shall accrue, the Interest Payment Dates on which any such interest
shall be payable and the Regular Record Date for any such interest payable on
any Interest Payment Date (or the method for determining the dates and
rates);

     

    (6)           the
place or places where the principal of and any premium and interest on any
Securities of the series shall be payable;

     

    (7)           the
period or periods within which, the price or prices at which and the terms and
conditions upon which any Securities of the series may be redeemed, in whole or
in part, at the option of the Company and, if other than by a Board Resolution,
the manner in which any election by the Company to redeem the Securities shall
be evidenced;
 

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

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

     

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

     

    (10)         if
the amount of principal of or any premium or interest on any Securities of the
series may be determined with reference to an index or pursuant to a formula,
the manner in which such amounts shall be determined;

     

    (11)         if
other than the currency of the United States of America, the currency,
currencies or currency units in which the principal of or any premium or
interest on any Securities of the series shall be payable and the manner of
determining the equivalent thereof in the currency of the United States of
America for any purpose, including for purposes of the definition of
“Outstanding” in Section 1.1;

     

    (12)         if
the principal of or any premium or interest on any Securities of the series is
to be payable, at the election of the Company or the Holder thereof, in one or
more currencies or currency units other than that or those in which such
Securities are stated to be payable, the currency, currencies or currency units
in which the principal of or any premium or interest on such Securities as to
which such election is made shall be payable, the periods within which and the
terms and conditions upon which such election is to be made and the amount so
payable (or the manner in which such amount shall be determined);

     

    (13)         if
other than the entire principal amount thereof, the portion of the principal
amount of any Securities of the series which shall be payable upon declaration
of acceleration of the Maturity thereof pursuant to Section 5.2;

     

    (14)         if
the principal amount payable at the Stated Maturity of any Securities of the
series will not be determinable as of any one or more dates prior to the Stated
Maturity, the amount which shall be deemed to be the principal amount of such
Securities as of any such date for any purpose thereunder or hereunder,
including the principal amount thereof which shall be due and payable upon any
Maturity other than the Stated Maturity or which shall be deemed to be
Outstanding as of any date prior to the Stated Maturity (or, in any such case,
the manner in which such amount deemed to be the principal amount shall be
determined);

     

    (15)         if
applicable, that the Securities of the series, in whole or any specified part,
shall be defeasible pursuant to Section 13.2 or Section 13.3 or both such
Sections, or any other defeasance provisions applicable to any Securities of the
series, and, if other than by a Board Resolution, the manner in which any
election by the Company to defease such Securities shall be
evidenced;
 

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

    (16)         if
applicable, the terms of any right to convert or exchange Securities of the
series into shares of Common Stock of the Company or other securities or
property;

     

    (17)         if
applicable, that any Securities of the series shall be issuable in whole or in
part in the form of one or more Global Securities and, in such case, the
respective Depositaries for such Global Securities, the form of any legend or
legends which shall be borne by any such Global Security in addition to or in
lieu of that set forth in Section 2.4 and any circumstances in addition to or in
lieu of those set forth in clause (2) of the last paragraph of Section 3.5 in
which any such Global Security may be exchanged in whole or in part for
Securities registered, and any transfer of such Global Security in whole or in
part may be registered, in the name or names of Persons other than the
Depositary for such Global Security or a nominee thereof;

     

    (18)         any
addition to or change in the Events of Default which applies to any Securities
of the series and any change in the right of the Trustee or the requisite
Holders of such Securities to declare the principal amount thereof due and
payable pursuant to Section 5.2;

     

    (19)         any
addition to or change in the covenants set forth in Article 10 which applies to
Securities of the series;

     

    (20)         any
Authenticating Agents, Paying Agents, Security Registrars or such other agents
necessary in connection with the issuance of the Securities of such series,
including, without limitation, exchange rate agents and calculation
agents;

     

    (21)         if
applicable, the terms of any security that will be provided for a series of
Securities, including provisions regarding the circumstances under which
collateral may be released or substituted;

     

    (22)         if
applicable, the terms of any guaranties for the Securities and any circumstances
under which there may be additional obligors on the Securities;

     

    (23)         any
addition to or change in or modification to the subordinated provisions of this
Indenture relating to the Securities of that series (including the provisions of
Article 15), or different subordination provisions, including a different
definition of “Senior Debt” or “Designated Senior Debt,” will apply to
Securities of the series; and

     

    (24)         any
other terms of the series (which terms shall not be inconsistent with the
provisions of this Indenture, except as permitted by Section
9.1(5)).

     

    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 the Board
Resolution referred to above and (subject to Section 3.3) set forth, or
determined in the manner provided, in the Officers’ Certificate referred to
above or in any such indenture supplemental hereto.
 

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

    If any of
the terms of the series are established by action taken pursuant to a Board
Resolution, 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 setting forth
the terms of the series.

     

    The
Securities shall be subordinated in right of payment to Senior Debt as provided
in Article 15.

     

    Section
3.2           Denominations.

     

    The
Securities of each series shall be issuable only in registered form without
coupons and only in such denominations as shall be specified as contemplated by
Section 3.1.  In the absence of any such specified denomination with
respect to the Securities of any series, the Securities of such series shall be
issuable in denominations of $1,000 and any integral multiple
thereof.

     

    Section
3.3           Execution, Authentication, Delivery
and Dating.

     

    The
Securities shall be executed on behalf of the Company by its Chairman of the
Board, its Vice Chairman of the Board, its Chief Executive Officer, its
principal financial officer, its President or one of its Vice Presidents,
attested by its Treasurer, its Secretary or one of its Assistant Treasurers or
Assistant Secretaries. The signature of any of these officers on the Securities
may be manual or facsimile.

     

    Securities
bearing the manual or facsimile signatures of individuals who were at any time
the proper officers of the Company shall bind the Company, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Securities or did not hold such offices at
the date of such Securities.

     

    At any
time and from time to time after the execution and delivery of this Indenture,
the Company may deliver Securities of any series executed by the Company to the
Trustee for authentication, together with a Company Order for the authentication
and delivery of such Securities, and the Trustee in accordance with the Company
Order shall authenticate and deliver such Securities.  If the form or
terms of the Securities of the series have been established by or pursuant to
one or more Board Resolutions as permitted by Sections 2.1 and 3.1, 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 6.1) shall be fully protected in
relying upon, a copy of such Board Resolution, the Officers’ Certificate setting
forth the terms of the series and an Opinion of Counsel, with such Opinion of
Counsel stating,

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

    (1)           if
the form of such Securities has been established by or pursuant to Board
Resolution as permitted by Section 2.1, that such form has been established in
conformity with the provisions of this Indenture;

     

    (2)           if
the terms of such Securities have been established by or pursuant to Board
Resolution as permitted by Section 3.1, that such terms have been established in
conformity with the provisions of this Indenture; and

     

    (3)          that
such Securities, when authenticated and delivered by the Trustee and issued by
the Company in the manner and subject to any conditions specified in such
Opinion of Counsel, will constitute valid and legally binding obligations of the
Company enforceable in accordance with their terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability relating to or affecting creditors’ rights and to general
equity principles.

     

    If such
form or terms have been so established, 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 which is not reasonably
acceptable to the Trustee.

     

    Notwithstanding
the provisions of Section 3.1 and of the preceding paragraph, if all Securities
of a series are not to be originally issued at one time, it shall not be
necessary to deliver the Officers’ Certificate otherwise required pursuant to
Section 3.1 or the Company Order and Opinion of Counsel otherwise required
pursuant to such preceding paragraph at or prior to the authentication of each
Security of such series if such documents are delivered at or prior to the
authentication upon original issuance of the first Security of such series to be
issued.

     

    Each
Security shall be dated the date of its authentication.

     

    No
Security shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Security a certificate
of authentication substantially in the form provided for herein executed by the
Trustee by manual signature, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder.  Notwithstanding the foregoing,
if any Security shall have been authenticated and delivered hereunder but never
issued and sold by the Company, and the Company shall deliver such Security to
the Trustee for cancellation as provided in Section 3.9, for all purposes of
this Indenture such Security shall be deemed never to have been authenticated
and delivered hereunder and shall never be entitled to the benefits of this
Indenture.

     

    Neither
the Company nor the Trustee shall have any responsibility for any defect in the
CUSIP number that appears on any Security, check, advice of payment or
redemption notice, and any such document may contain a statement to the effect
that CUSIP numbers have been assigned by an independent service for convenience
of reference and that neither the Company nor the Trustee shall be liable for
any inaccuracy in such numbers.

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

    Section
3.4           Temporary
Securities.

     

    Pending
the preparation of definitive Securities of any series, the Company may execute,
and upon Company Order the Trustee shall authenticate and deliver, temporary
Securities which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the tenor
of the definitive Securities in lieu of which they are issued and with such
appropriate insertions, omissions, substitutions and other variations as the
officers executing such Securities may determine, as evidenced by their
execution of such Securities.

     

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

     

    Section
3.5           Registration; Registration of
Transfer and Exchange.

     

    The
Company shall cause to be kept at the Corporate Trust Office of the Trustee a
register (the register maintained in such office and in any other office or
agency of the Company in a Place of Payment being herein sometimes collectively
referred to as the “Security Register”) in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration
of Securities and of transfers of Securities.  The Trustee is hereby
appointed “Security Registrar” for the purpose of registering Securities and
transfers of Securities as herein provided.

     

    Upon
surrender for registration of transfer of any Security of a series at the office
or agency of the Company in a Place of Payment for that series, the Company
shall execute, and the Trustee shall authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Securities of the same
series, of any authorized denominations and of like tenor and aggregate
principal amount.

     

    At the
option of the Holder, Securities of any series may be exchanged for other
Securities of the same series, of any authorized denominations and of like tenor
and aggregate principal amount, upon surrender of the Securities to be exchanged
at such office or agency.  Whenever any Securities are so surrendered
for exchange, the Company shall execute, and the Trustee shall authenticate and
deliver, the Securities that the Holder making the exchange is entitled to
receive.  All Securities issued upon any registration of transfer or
exchange of Securities shall be the valid obligations of the Company, evidencing
the same debt, and entitled to the same benefits under this Indenture, as the
Securities surrendered upon such registration of transfer or
exchange.

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

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

     

    No
service charge shall be made for any registration of transfer or exchange of
Securities, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 3.4, 9.6 or 11.7 not involving any transfer.

     

    If the
Securities of any series (or of any series and specified tenor) are to be
redeemed in part, the Company shall not be required (A) to issue, register the
transfer of or exchange any Securities of that series (or of that series and
specified tenor, as the case may be) during a period beginning at the opening of
business 15 days before the day of the mailing of a notice of redemption of any
such Securities selected for redemption under Section 11.3 and ending at the
close of business on the day of such mailing, or (B) to register the transfer of
or exchange any Security so selected for redemption in whole or in part, except
the unredeemed portion of any Security being redeemed in part.

     

    The
provisions of clauses (1), (2), (3) and (4) below shall apply only to Global
Securities:

     

    (1)           Each
Global Security authenticated under this Indenture shall be registered in the
name of the Depositary designated for such Global Security or a nominee thereof
and delivered to such Depositary or a nominee thereof or custodian therefor, and
each such Global Security shall constitute a single Security for all purposes of
this Indenture.

     

    (2)           Notwithstanding
any other provision in this Indenture, no Global Security may be exchanged in
whole or in part for Securities registered, and no transfer of a Global Security
in whole or in part may be registered, in the name of any Person other than the
Depositary for such Global Security or a nominee thereof unless (A) such
Depositary (i) has notified the Company that it is unwilling or unable to
continue as Depositary for such Global Security or (ii) has ceased to be a
clearing agency registered under the Exchange Act, (B) there shall have occurred
and be continuing an Event of Default with respect to such Global Security or
(C) there shall exist such circumstances, if any, in addition to or in lieu of
the foregoing as have been specified for this purpose as contemplated by Section
3.1.

     

    (3)           Subject
to clause (2) above, any exchange of a Global Security for other Securities may
be made in whole or in part, and all Securities issued in exchange for a Global
Security or any portion thereof shall be registered in such names as the
Depositary for such Global Security shall direct.

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

    (4)           Every
Security authenticated and delivered upon registration of transfer of, or in
exchange for or in lieu of, a Global Security or any portion thereof, whether
pursuant to this Section, Section 3.4, 3.6, 9.6 or 11.7 or otherwise, shall be
authenticated and delivered in the form of, and shall be, a Global Security,
unless such Security is registered in the name of a Person other than the
Depositary for such Global Security or a nominee thereof.

     

    Section
3.6           Mutilated, Destroyed, Lost and Stolen
Securities.

     

    If any
mutilated Security is surrendered to the Trustee, the Company shall execute and
the Trustee shall authenticate and deliver in exchange therefor a new Security
of the same series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding.

     

    If there
shall be delivered to the Company and the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security and (ii) such
security or indemnity as may be required by them to save each of them and any
agent of either of them harmless, then, in the absence of notice to the Company
or the Trustee that such Security has been acquired by a bona fide purchaser,
the Company shall execute and the Trustee shall authenticate and deliver, in
lieu of any such destroyed, lost or stolen Security, a new Security of the same
series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding.

     

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

     

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

     

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

     

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

     

    Section
3.7           Payment of Interest; Interest Rights
Preserved.

     

    Except as
otherwise provided as contemplated by Section 3.1 with respect to any series of
Securities, interest on any Security which is payable, and is punctually paid or
duly provided for, on any Interest Payment Date shall be paid to the Person in
whose name that Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such
interest.

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

    Any
interest on any Security of any series which is payable, but is not punctually
paid or duly provided for, on any Interest Payment Date (herein called
“Defaulted Interest”) shall forthwith cease to be payable to the Holder on the
relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Company, at its election in each case, as
provided in clause (1) or (2) below:

     

    (1)           The
Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities of such series (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 Security of such series and
the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be
paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as in this clause
provided.  Thereupon the Trustee shall fix a Special Record Date for
the payment of such Defaulted Interest, which shall be not more than 15 days and
not 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 given to each Holder of Securities of such series in
the manner set forth in Section 1.6, 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 so mailed, such
Defaulted Interest shall be paid to the Persons in whose names the Securities of
such series (or their respective Predecessor Securities) are registered at the
close of business on such Special Record Date and shall no longer be payable
pursuant to the following clause (2).

     

    (2)           The
Company may make payment of any Defaulted Interest on the Securities of any
series 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.

     

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

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

    Subject
to the provisions of Section 14.2, in the case of any Security (or any part
thereof) which is converted after any Regular Record Date and on or prior to the
next succeeding Interest Payment Date (other than any Security the principal of
(or premium, if any, on) which shall become due and payable, whether at Stated
Maturity or by declaration of acceleration or otherwise prior to such Interest
Payment Date), interest whose Stated Maturity is on such Interest Payment Date
shall be payable on such Interest Payment Date notwithstanding such conversion
and such interest (whether or not punctually paid or duly provided for) shall be
paid to the Person in whose name that Security (or any one or more Predecessor
Securities) is registered at the close of business on such Regular Record
Date.  Except as otherwise expressly provided in the immediately
preceding sentence or in Section 14.2, in the case of any Security (or any part
thereof) which is converted, interest whose Stated Maturity is after the date of
conversion of such Security (or such part thereof) shall not be
payable.

     

    Section
3.8           Persons
Deemed Owners.

     

    Prior to
due presentment of a Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in
whose name such Security is registered as the owner of such Security for the
purpose of receiving payment of principal of and any premium and (subject to
Section 3.7) any interest on such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and neither the Company,
the Trustee nor any agent of the Company or the Trustee shall be affected by
notice to the contrary.

     

    Section 3.9   
       Cancellation.

     

    All
Securities surrendered for payment, redemption, registration of transfer or
exchange or for credit against any sinking fund payment shall, if surrendered to
any Person other than the Trustee, be delivered to the Trustee and shall be
promptly canceled by it.  The Company may at any time deliver to the
Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and may
deliver to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder which the Company
has not issued and sold, and all Securities so delivered shall be promptly
canceled by the Trustee.  No Securities shall be authenticated in lieu
of or in exchange for any Securities canceled as provided in this Section,
except as expressly permitted by this Indenture.  All canceled
Securities held by the Trustee shall be disposed of in accordance with its
customary procedures.

     

    Section
3.10         Computation of
Interest.

     

    Except as
otherwise specified as contemplated by Section 3.1 for Securities of any
series, interest on the Securities of each series shall be computed on the basis
of a 360-day year of twelve 30-day months.

    
      
         

      

      
        33

        
          

        

      

      
         

      

    

    ARTICLE
4

     

    SATISFACTION
AND DISCHARGE

     

    Section
4.1           Satisfaction and Discharge of
Indenture.

     

    This
Indenture shall upon Company Request cease to be of further effect (except as to
any surviving rights of registration of transfer or exchange of Securities
herein expressly provided for), and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture, when

     

    (1)          either

     

    (A)         all
Securities theretofore authenticated and delivered (other than (i) Securities
which have been destroyed, lost or stolen and which have been replaced or paid
as provided in Section 3.6 and (ii) Securities for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the
Trustee or the Company and thereafter repaid to the Company or discharged from
such trust, as provided in Section 10.3) have been delivered to the Trustee for
cancellation; or

     

    (B)          all
such Securities not theretofore delivered to the Trustee for
cancellation

     

    (i)           have
become due and payable, or

     

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

     

    (iii)         are
to be called for redemption within one year under arrangements satisfactory to
the Trustee for the giving of notice of redemption by the Trustee in the name,
and at the expense, of the Company, and the Company, in the case of (i), (ii) or
(iii) above, has deposited or caused to be deposited with the Trustee as trust
funds in trust for the purpose money in an amount sufficient to pay and
discharge the entire indebtedness on such Securities not theretofore delivered
to the Trustee for cancellation, for principal and any premium and interest to
the date of such deposit (in the case of Securities which have become due and
payable) or to the Stated Maturity or Redemption Date, as the case may
be;

     

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

    
      
         

      

      
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    (3)           the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture have been complied
with.

     

    Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company
to the Trustee under Section 6.7, the obligations of the Trustee to any
Authenticating Agent under Section 6.14 and, if money shall have been deposited
with the Trustee pursuant to subclause (B) of clause (1) of this Section, the
obligations of the Trustee under Section 4.2 and the last paragraph of Section
10.3 shall survive.

     

    Section
4.2           Application of Trust
Money.

     

    Subject
to the provisions of the last paragraph of Section 10.3, all money deposited
with the Trustee pursuant to Section 4.1 shall be held in trust and applied
by it, in accordance with the provisions of the Securities and this Indenture,
to the payment, either directly or through any Paying Agent (including the
Company acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal and any premium and interest for
whose payment such money has been deposited with the Trustee.

     

    ARTICLE
5

     

    REMEDIES

     

    Section
5.1           Events of
Default.

     

    “Event of
Default,” wherever used herein with respect to Securities of any series, means
any one of the following events (whatever the reason for such Event of Default
and whether it shall be occasioned by the provisions of Article 15 or be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body), unless in the Board Resolution,
supplemental indenture or Officers’ Certificate establishing such series, it is
provided that such series shall not have the benefit of said Event of
Default:

     

    (1)          default
in the payment of any interest upon any Security of that series when it becomes
due and payable, and continuance of such default for a period of 60 days;
or

     

    (2)          default
in the payment of the principal of or any premium on any Security of that series
at its Maturity; or

     

    (3)          default
in the deposit of any sinking fund payment, when and as due by the terms of a
Security of that series; or

    
      
         

      

      
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    (4)          default
in the performance, or breach, of any covenant or warranty of the Company in
this Indenture (other than a covenant or warranty a default in whose performance
or whose breach is elsewhere in this Section specifically dealt with or which
has expressly been included in this Indenture solely for the benefit of series
of Securities other than that series), and continuance of such default or breach
for a period of 90 days after there has been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the
Holders of at least 25% in principal amount of the Outstanding Securities of
that series a written notice specifying such default or breach and requiring it
to be remedied and stating that such notice is a “Notice of Default” hereunder;
or

     

    (5)          the
entry by a court having jurisdiction in the premises of (A) a decree or order
for relief in respect of the Company in an involuntary case or proceeding under
any applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law or (B) a decree or order adjudging the Company a bankrupt or
insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under any
applicable Federal or State law, or appointing a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the
Company or of any substantial part of its property, or ordering the winding up
or liquidation of its affairs, and the continuance of any such decree or order
for relief or any such other decree or order unstayed and in effect for a period
of 90 consecutive days; or

     

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

     

    (7)          any
other Event of Default provided with respect to Securities of that series in the
Board Resolution, supplemental indenture or Officers’ Certificate establishing
that series.

    
      
         

      

      
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    Section 5.2   
       Acceleration of Maturity; Rescission
and Annulment.

     

    (a)           Unless
the Board Resolution, supplemental indenture or Officers’ Certificate
establishing such series provides otherwise, if an Event of Default (other than
an Event of Default specified in Section 5.1(5) or 5.1(6)) with respect to
Securities of any series at the time Outstanding occurs and is continuing, then
in every such case the Trustee or the Holders of not less than 25% in principal
amount of the Outstanding Securities of that series may declare the principal
amount of all the Securities of that series (or, if any Securities of that
series are Original Issue Discount Securities, such portion of the principal
amount of such Securities as may be specified by the terms thereof), and
premium, if any, together with accrued and unpaid interest, if any, thereon, to
be due and payable immediately, by a notice in writing to the Company (and to
the Trustee if given by the Holders), and upon any such declaration such
principal amount (or specified amount), and premium, if any, together with
accrued and unpaid interest, if any, thereon, shall become immediately due and
payable.  If an Event of Default specified in Section 5.1(5) or 5.1(6)
with respect to Securities of any series at the time Outstanding occurs, the
principal amount of all the Securities of that series (or, if any Securities of
that series are Original Issue Discount Securities, such portion of the
principal amount of such Securities as may be specified by the terms thereof),
and premium, if any, together with accrued and unpaid interest, if any, thereon,
shall automatically, and without any declaration or other action on the part of
the Trustee or any Holder, become immediately due and payable.  Any
payments by the Company on the Securities following any such acceleration will
be subject to the subordination provisions of Article 15 to the extent
provided therein.

     

    (b)           Notwithstanding
the foregoing, at the election of the Company, the sole remedy with respect to
an Event of Default for the failure by the Company to comply with its
obligations under Section 314(a)(1) of the Trust Indenture Act relating to the
Company’s failure to file any documents or reports that the Company is required
to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act or of
its covenants set forth in Section 7.4 (any such Event of Default, a “Reporting
Default”), shall for the first 180 calendar days after the occurrence of such
Reporting Default consist exclusively of the right to receive additional
interest (the “Additional Interest”) on the Securities at an annual rate equal
to (i) 0.25% of the principal amount of the Securities for the first 90 calendar
days after the occurrence of such Reporting Default and (ii) 0.50% of the
principal amount of the Securities from the 91st day to, and including, the
180th day after the occurrence of such Reporting Default. If the Company so
elects, the Additional Interest shall accrue on all Outstanding Securities from
and including the date on which such Reporting Default first occurs until such
violation is cured or waived and shall be payable as provided in Section
3.7.  On the 181st day after such Reporting Default (if such violation
is not cured or waived prior to such 181st calendar day), then the Trustee or
the Holders of not less than 25% in principal amount of the Outstanding
securities may declare the principal of, and premium, if any, together with
accrued and unpaid interest, if any, on all such Securities to be due and
payable immediately.

     

    If the
Company elects to pay the Additional Interest as the sole remedy for the
Reporting Default, the Company shall notify in writing, by a certificate, the
Holders, the Paying Agent and the Trustee of such election at any time on or
before the close of business on the first Business Day following the date on
which such Event of Default first occurs.  Unless and until a
Responsible Officer of the Trustee receives at the Corporate Trust Office such a
certificate, the Trustee may assume without inquiry that Additional Interest is
not payable.  The Company shall pay the Additional Interest
semi-annually in arrears, with the first semi-annual payment due on the first
Interest Payment Date following the date of such Reporting Default, in the same
manner as described on the face of the Security.

    
      
         

      

      
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    (c)           At
any time after such a declaration of acceleration with respect to Securities of
any series has been made and before a judgment or decree for payment of the
money due has been obtained by the Trustee as hereinafter in this Article
provided, the Holders of a majority in principal amount of the Outstanding
Securities of that series, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if

     

    (1)           the
Company has paid or deposited with the Trustee a sum sufficient to
pay

     

    (A)          all
overdue interest on all Securities of that series,

     

    (B)           the
principal of (and premium, if any, on) any Securities of that series which have
become due otherwise than by such declaration of acceleration and any interest
thereon at the rate or rates prescribed therefor in such
Securities,

     

    (C)           to
the extent that payment of such interest is lawful, interest upon overdue
interest at the rate or rates prescribed therefor in such Securities,
and

     

    (D)          all
sums paid or advanced by the Trustee hereunder and the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel;
and

     

    (2)           all
Events of Default with respect to Securities of that series, other than the
non-payment of the principal of Securities of that series that have become due
solely by such declaration of acceleration, have been cured or waived as
provided in Section 5.13.

     

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

     

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

     

    The
Company covenants that if

     

    (1)           default
is made in the payment of any interest on any Security when such interest
becomes due and payable and such default continues for a period of 30 days,
or

     

    (2)           default
is made in the payment of the principal of (or premium, if any, on) any Security
at the Maturity thereof, the Company will, upon demand of the Trustee, pay to
it, for the benefit of the Holders of such Securities, the whole amount then due
and payable on such Securities for principal and any premium and interest and,
to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and premium and on any overdue interest, at
the rate or rates prescribed therefor in such Securities, and, in addition
thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and
counsel.

    
      
         

      

      
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    If an
Event of Default with respect to Securities of any series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of the Holders of Securities of such series by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy.

     

    Section
5.4           Trustee May File Proofs of
Claim.

     

    In case
of any judicial proceeding relative to the Company (or any other obligor upon
the Securities), its property or its creditors, the Trustee shall be entitled
and empowered, by intervention in such proceeding or otherwise, to take any and
all actions authorized under the Trust Indenture Act in order to have claims of
the Holders and the Trustee allowed in any such proceeding. In particular, the
Trustee shall be authorized to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to
the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 6.7.  No provision of this
Indenture shall be deemed to authorize the Trustee to authorize or consent to or
accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder
thereof or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding; provided, however, that the
Trustee may, on behalf of the Holders, vote for the election of a trustee in
bankruptcy or similar official and be a member of a creditors’ or other similar
committee.

     

    Section
5.5           Trustee May Enforce Claims Without
Possession of Securities.

     

    All
rights of action and claims under this Indenture or the Securities may be
prosecuted and enforced by the Trustee without the possession of any of the
Securities or the production thereof in any proceeding relating thereto, and any
such 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 the payment of the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, be for the ratable benefit of
the Holders of the Securities in respect of which such judgment has been
recovered.

     

    Section
5.6           Application of Money
Collected.

     

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

    
      
         

      

      
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    FIRST: To
the payment of all amounts due the Trustee under Section 6.7;

     

    SECOND:
Subject to Article 15, to the payment of the amounts then due and unpaid for
principal of and any premium, if any, and interest on the Securities 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 any premium, if any, and interest,
respectively; and THIRD: The balance, if any, to the Company or any other Person
or Persons entitled thereto.

     

    Section
5.7           Limitation on
Suits.

     

    No Holder
of any Security of any series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of
a receiver or trustee, or for any other remedy hereunder, unless

     

    (1)           such
Holder has previously given written notice to the Trustee of a continuing Event
of Default with respect to the Securities of that series;

     

    (2)           the
Holders of at least 25% in aggregate principal amount of the Outstanding
Securities of that series shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its own name as
Trustee hereunder;

     

    (3)           such
Holder or Holders have offered to the Trustee reasonable indemnity against the
costs, expenses and liabilities to be incurred in compliance with such
request;

     

    (4)           the
Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and

     

    (5)           no
direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of
the Outstanding Securities of that series; it being understood and intended that
no one or more of such Holders shall have any right in any manner whatever by
virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other of such Holders, or to obtain or to seek to
obtain priority or preference over any other of such Holders or to enforce any
right under this Indenture, except in the manner herein provided and for the
equal and ratable benefit of all of such Holders.

     

    Section
5.8           Unconditional Right of Holders to
Receive Principal, Premium and Interest and to Convert.

     

    Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the
right, which is absolute and unconditional, to receive payment of the principal
of and any premium and (subject to Section 3.7) interest on such Security on the
respective Stated Maturities expressed in such Security (or, in the case of
redemption, on the Redemption Date), to convert such Securities in accordance
with Article 14 to the extent that such right to convert is applicable to such
Security, and to institute suit for the enforcement of any such payment, and
such rights shall not be impaired without the consent of such
Holder.

    
      
         

      

      
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    Section
5.9           Restoration of Rights and
Remedies.

     

    If the
Trustee or any Holder has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee or to
such Holder, then and in every such case, subject to any determination in such
proceeding, the Company, the Trustee and the Holders shall be restored severally
and respectively to their former positions hereunder and thereafter all rights
and remedies of the Trustee and the Holders shall continue as though no such
proceeding had been instituted.

     

    Section
5.10         Rights and Remedies
Cumulative.

     

    Except as
otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in the last paragraph of Section 3.6, no
right or remedy herein conferred upon or reserved to the Trustee or to the
Holders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise.  The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or
remedy.

     

    Section
5.11         Delay or Omission Not
Waiver.

     

    No delay
or omission of the Trustee or of any Holder of any Securities to exercise any
right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein.  Every right and remedy given by this Article or by law to
the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee (subject to the limitations contained
in this Indenture) or by the Holders, as the case may be.

     

    Section
5.12         Control by
Holders.

     

    The
Holders of a majority in principal amount of the Outstanding Securities of any
series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred on the Trustee, with respect to the Securities of such
series, provided
that

     

    (1)          such
direction shall not be in conflict with any rule of law or with this Indenture
and the Trustee shall not have determined that the action so directed would be
unjustly prejudicial to Holders of Securities of that series, or any other
series, not taking part in such direction; and

    
      
         

      

      
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    (2)          the
Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction or this Indenture.

     

    Section
5.13         Waiver of Past
Defaults.

     

    The
Holders of not less than a majority in principal amount of the Outstanding
Securities of any series may on behalf of the Holders of all the Securities of
such series waive any past default hereunder with respect to such series and its
consequences, except

     

    (1)          a
default in the payment of the principal of or any premium or interest on any
Security of such series as and when the same shall become due and payable by the
terms thereof, otherwise than by acceleration (unless such default has been
cured and a sum sufficient to pay all matured installments of interest,
principal and premium, if any, has been deposited with the Trustee),
or

     

    (2)           to
the extent such right is applicable to such Security, a failure by the Company
on request to convert any Security into Common Stock; or

     

    (3)           in
respect of a covenant or provision hereof which under Article 9 cannot be
modified or amended without the consent of the Holder of each Outstanding
Security of such series affected.

     

    Upon any
such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other default or
impair any right consequent thereon.

     

    Section
5.14         Undertaking for
Costs.

     

    In any
suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Trustee for any action taken, suffered or omitted by it as
Trustee, a court may require any party litigant in such suit to file an
undertaking to pay the costs of such suit, and may assess costs against any such
party litigant, in the manner and to the extent provided in the Trust Indenture
Act; provided
that neither this Section nor the Trust Indenture Act shall be deemed to
authorize any court to require such an undertaking or to make such an assessment
in any suit instituted by the Company or in any suit for the enforcement of the
right to convert any Security in accordance with Article 14.

     

    Section
5.15         Waiver of Usury, Stay or Extension
Laws.

     

    The
Company covenants (to the extent that it may lawfully do so) that it will not at
any time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any usury, stay or extension law wherever enacted, now
or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law
and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

    
      
         

      

      
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    ARTICLE
6

     

    THE
TRUSTEE

     

    Section
6.1           Certain Duties and
Responsibilities.

     

    The
duties and responsibilities of the Trustee shall be as provided by the Trust
Indenture Act. Notwithstanding the foregoing, no provision of this Indenture
shall require the Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the
exercise of any of its rights or powers if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured to it.  Whether or not therein
expressly so provided, every provision of this Indenture relating to the conduct
or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section.

     

    Section
6.2           Notice of
Defaults.

     

    If a
default occurs hereunder with respect to Securities of any series, the Trustee
shall give the Holders of Securities of such series notice of such default as
and to the extent provided by the Trust Indenture Act; provided, however, that except
in the case of a default in the payment of principal of (or premium, if any) or
interest on any Securities of such series or in the payment of any sinking fund
installment or any conversion right applicable to Securities of such series, the
Trustee shall be protected in withholding such notice if and so long as a trust
committee of directors and/or Responsible Officers of the Trustee in good faith
determine that the withholding of such notice is in the interests of the holders
of Securities of such series; provided, further, however, that in the
case of any default of the character specified in Section 5.1(4) with respect to
Securities of such series, no such notice to Holders shall be given until at
least 60 days after the occurrence thereof.  For the purpose of this
Section, the term “default” means any event that is, or after notice or lapse of
time or both would become, an Event of Default with respect to Securities of
such series.

     

    Except
with respect to Section 10.1, the Trustee shall have no duty to inquire as to
the performance of the Company with respect to the covenants contained in
Article 10.  In addition, the Trustee shall not be deemed to have
knowledge of an Event of Default except (i) any Default or Event of Default
occurring pursuant to Sections 5.1(1), 5.1(2) and 5.1(3) (defaults in payments
on the Securities) or (ii) any Default or Event of Default of which the Trustee
shall have received written notification or obtained actual
knowledge.

     

    Delivery
of reports, information and documents to the Trustee under Section 7.4 is for
informational purposes only and the Trustee’s receipt of the foregoing shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company’s
compliance with any of their covenants hereunder (as to which the Trustee is
entitled to rely conclusively on Officers’ Certificates).

    
      
         

      

      
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    Section
6.3           Certain Rights of
Trustee.

     

    Subject
to the provisions of Section 6.1:

     

    (1)           in
the absence of bad faith on the part of the Trustee, the Trustee may rely and
shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document believed by it to be genuine and to have been signed or
presented by the proper party or parties;

     

    (2)          any
request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order, and any resolution of the Board
of Directors shall be sufficiently evidenced by a Board Resolution;

     

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

     

    (4)          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, suffered or omitted by it hereunder in good faith
and in reliance thereon;

     

    (5)          the
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders
pursuant to this Indenture, unless such Holders shall have offered to the
Trustee reasonable security or indemnity against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or
direction;

     

    (6)          the
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books,
records and premises of the Company, personally or by agent or attorney;
and

     

    (7)           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.

    
      
         

      

      
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    Section
6.4           Not Responsible for Recitals or
Issuance of Securities.

     

    The
recitals contained herein and in the Securities, except the Trustee’s
certificates of authentication, shall be taken as the statements of the Company,
and neither the Trustee nor any Authenticating Agent assumes any responsibility
for their correctness.  The Trustee makes no representations as to the
validity, sufficiency or priority of this Indenture or of the Securities.
Neither the Trustee nor any Authenticating Agent shall be accountable for the
use or application by the Company of Securities or the proceeds
thereof.

     

    Section
6.5           May Hold Securities and Act as
Trustee under Other Indentures.

     

    The
Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or
any other agent of the Company, in its individual or any other capacity, may
become the owner or pledgee of Securities and, subject to Sections 6.8 and 6.13,
may otherwise deal with the Company with the same rights it would have if it
were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such
other agent.

     

    Subject
to the limitations imposed by the Trust Indenture Act, nothing in this Indenture
shall prohibit the Trustee from becoming and acting as trustee under other
indentures under which other securities, or certificates of interest of
participation in other securities, of the Company are outstanding in the same
manner as if it were not Trustee hereunder.

     

    Section
6.6           Money Held in
Trust.

     

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

     

    Section
6.7           Compensation and
Reimbursement.

     

    The
Company agrees:

     

    (1)          to
pay to the Trustee from time to time reasonable compensation for all services
rendered by it hereunder (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express
trust);

     

    (2)          except
as otherwise expressly provided herein, to reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made
by the Trustee in accordance with any provision of this Indenture (including the
reasonable compensation and the expenses and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be
attributable to its negligence or bad faith; and

     

    (3)          to
indemnify the Trustee for, and to hold it harmless against, any loss, liability
or expense incurred without negligence or bad faith on its part, arising out of
or in connection with the acceptance or administration of the trust or trusts
hereunder, including the costs and expenses of defending itself against any
claim or liability in connection with the exercise or performance of any of its
powers or duties hereunder.

    
      
         

      

      
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    When the
Trustee incurs expenses or renders services after an Event of Default specified
in Section 5.1(5) or Section 5.1(6) hereof occurs, the expenses and the
compensation for the services (including the fees and expenses of its agents and
counsel) are intended to constitute expenses of administration under any
applicable bankruptcy, insolvency, reorganization or similar law.

     

    Section
6.8           Conflicting
Interests.

     

    If the
Trustee has or shall acquire a conflicting interest within the meaning of the
Trust Indenture Act and there is an Event of Default under the Securities of
that series, the Trustee shall either eliminate such interest or resign, to the
extent and in the manner provided by, and subject to the provisions of, the
Trust Indenture Act and this Indenture.  To the extent permitted by
the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting
interest by virtue of being a trustee under this Indenture with respect to
Securities of more than one series.

     

    Section
6.9           Corporate Trustee Required;
Eligibility.

     

    There
shall at all times be one (and only one) Trustee hereunder with respect to the
Securities of each series, which may be Trustee hereunder for Securities of one
or more other series.  Each Trustee shall be a Person that is eligible
pursuant to the Trust Indenture Act to act as such and has (or if the Trustee is
a member of a bank holding company system, its bank holding company has) a
combined capital and surplus of at least $50,000,000.  If any such
Person or bank holding company publishes reports of condition at least annually,
pursuant to law or to the requirements of its supervising or examining
authority, then for the purposes of this Section and to the extent permitted by
the Trust Indenture Act, the combined capital and surplus of such Person or bank
holding company shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published.  If at any
time the Trustee with respect to the Securities of any series shall cease to be
eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article.

     

    Section
6.10         Resignation and Removal; Appointment
of Successor.

     

    No
resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable
requirements of Section 6.11.  The Trustee may resign at any time with
respect to the Securities of one or more series by giving written notice thereof
to the Company.  If the instrument of acceptance by a successor
Trustee required by Section 6.11 shall not have been delivered to the Trustee
within 30 days after the giving 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 the Securities of such
series.

    
      
         

      

      
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    The
Trustee may be removed at any time with respect to the Securities of any series
by Act of the Holders of a majority in principal amount of the Outstanding
Securities of such series, delivered to the Trustee and to the
Company.

     

    If at any
time:

     

    (1)          the
Trustee shall fail to comply with Section 6.8 after written request therefor by
the Company or by any Holder who has been a bona fide Holder of a Security for
at least six months, or

     

    (2)          the
Trustee shall cease to be eligible under Section 6.9 and shall fail to resign
after written request therefor by the Company or by any such Holder,
or

     

    (3)          the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or
any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then, in any such case, (A) the Company by a Board Resolution may
remove the Trustee with respect to all Securities, or (B) subject to Section
5.14, any Holder who has been a bona fide Holder of a Security for at least six
months may, on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee with respect to
all Securities and the appointment of a successor Trustee or
Trustees.

     

    If the
Trustee shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of Trustee for any cause, with respect to the
Securities of one or more series, the Company, by a Board Resolution, shall
promptly appoint a successor Trustee or Trustees with respect to the Securities
of that or those series (it being understood that any such successor Trustee may
be appointed with respect to the Securities of one or more or all of such series
and that at any time there shall be only one Trustee with respect to the
Securities of any particular series) and shall comply with the applicable
requirements of Section 6.11.  If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a
successor Trustee with respect to the Securities of any series shall be
appointed by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series delivered to the Company and the retiring
Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment in accordance with the applicable requirements of Section
6.11, become the successor Trustee with respect to the Securities of such series
and to that extent supersede the successor Trustee appointed by the
Company.  If no successor Trustee with respect to the Securities of
any series shall have been so appointed by the Company or the Holders and
accepted appointment in the manner required by Section 6.11, the retiring
Trustee may petition, or any Holder who has been a bona fide Holder of a
Security of such series for at least six months may petition, on behalf of
himself and all others similarly situated, any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Securities of
such series.

    
      
         

      

      
        47

        
          

        

      

      
         

      

    

    The
Company shall give notice of each resignation and each removal of the Trustee
with respect to the Securities of any series and each appointment of a successor
Trustee with respect to the Securities of any series to all Holders of
Securities of such series in the manner provided in Section 1.6.  Each
notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust
Office.

     

    Section
6.11         Acceptance of Appointment by
Successor.

     

    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.

     

    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) if the retiring Trustee
is not retiring with respect to all Securities, 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 and 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 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 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 all 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.

     

    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 the first or
second preceding paragraph, as the case may be.

    
      
         

      

      
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    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.

     

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

     

    Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the
Trustee (including the administration of the trust created by this Indenture),
shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. 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.  In the event that any Securities shall not have been
authenticated by such predecessor Trustee, any such successor Trustee may
authenticate and deliver such Securities in either its own name or that of a
predecessor Trustee, with the full force and effect which this Indenture
provides for the certificate of authentication of the Trustee.

     

    Section
6.13         Preferential Collection of Claims
Against Company.

     

    If and
when the Trustee shall be or become a creditor of the Company (or any other
obligor upon the Securities), the Trustee shall be subject to the provisions of
the Trust Indenture Act regarding the collection of claims against the Company
(or any such other obligor).

     

    Section
6.14         Appointment of
Authenticating Agent.

     

    The
Trustee may appoint an Authenticating Agent or Agents with respect to one or
more series of Securities which shall be authorized to act on behalf of the
Trustee to authenticate Securities of such series issued upon original issue and
upon exchange, registration of transfer or partial redemption thereof or
pursuant to Section 3.6, 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.  Wherever
reference is made in this Indenture to the authentication and delivery of
Securities by the Trustee or the Trustee’s certificate of authentication, such
reference shall be deemed to include authentication and delivery on behalf of
the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent.  Each
Authenticating Agent shall be acceptable to the Company and shall at all times
be a corporation organized and doing business under the laws of the United
States of America, any State thereof or the District of Columbia, authorized
under such laws to act as Authenticating Agent, having (or if the Authenticating
Agent is a member of a bank holding company system, its bank holding company
has) a combined capital and surplus of not less than $50,000,000 and subject to
supervision or examination by Federal or State authority.  If such
Authenticating Agent publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published.  If at
any time an Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Section, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this
Section.

    
      
         

      

      
        49

        
          

        

      

      
         

      

    

    Any
corporation into which an Authenticating Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which such Authenticating Agent shall be a party,
or any corporation succeeding to the corporate agency or corporate trust
business of an Authenticating Agent, shall continue to be an Authenticating
Agent, provided
such corporation shall be otherwise eligible under this Section, without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

     

    An
Authenticating Agent may resign at any time by giving written notice thereof to
the Trustee and to the Company.  The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company.  Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall give notice of such
appointment in the manner provided in Section 1.6 to all Holders of Securities
of the series with respect to which such Authenticating Agent will
serve.  Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and duties
of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent.  No successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section.

     

    The
Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section, and the Trustee shall be
entitled to be reimbursed for such payments, subject to the provisions of
Section 6.7.

     

    If an
appointment with respect to one or more series is made pursuant to this Section
6.14, the Securities of such series may have endorsed thereon, in lieu of the
Trustee’s certificate of authentication, an alternative certificate of
authentication in the following form:

    
      
         

      

      
        50

        
          

        

      

      
         

      

    

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

     

    
      
        
          
            
              	 
      	
                        

                    	 
	 	 	 
	 
      	
                      By:

                    	 
	 
      	
                      ______
      As Authenticating Agent

                    	 
	 
      	 
      	 
	 
      	
                      By:

                    	 
	 
      	
                      ______Authorized
      Officer

                    	 

            

          

        

      

    

    

    ARTICLE
7

     

    HOLDERS’
LISTS AND REPORTS BY TRUSTEE AND COMPANY

     

    Section
7.1           Company to Furnish Trustee Names and
Addresses of Holders.

     

    The
Company will furnish or cause to be furnished to the Trustee

     

    (1)           semi-annually,
not later than 15 days after the Regular Record Date for each respective series
of Securities, a list, in such form as the Trustee may reasonably require, of
the names and addresses of the Holders of Securities of each series as of such
Regular Record Date, as the case may be, or if there is no Regular Record Date
for such series of Securities, semi-annually, and

     

    (2)           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;

     

    (3)           provided that no such
list need be furnished by the Company to the Trustee so long as the Trustee is
acting as Security Registrar.

     

    Section
7.2           Preservation of Information;
Communications to Holders.

     

    The
Trustee shall preserve, in as current a form as is reasonably practicable, the
names and addresses of Holders contained in the most recent list furnished to
the Trustee as provided in Section 7.1 and the names and addresses of Holders
received by the Trustee in its capacity as Security Registrar.  The
Trustee may destroy any list furnished to it as provided in Section 7.1 upon
receipt of a new list so furnished.

     

    The
rights of Holders to communicate with other Holders with respect to their rights
under this Indenture or under the Securities, and the corresponding rights and
privileges of the Trustee, shall be as provided by the Trust Indenture
Act.  Every Holder of Securities, by receiving and holding the same,
agrees with the Company and the Trustee that neither the Company nor the Trustee
nor any agent of either of them shall be held accountable by reason of any
disclosure of information as to names and addresses of Holders made pursuant to
the Trust Indenture Act.

    
      
         

      

      
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    Section
7.3           Reports by
Trustee.

     

    The
Trustee shall transmit to Holders such reports concerning the Trustee and its
actions under this Indenture as may be required pursuant to the Trust Indenture
Act at the times and in the manner provided pursuant thereto.

     

    Reports
so required to be transmitted at stated intervals of not more than 12 months
shall be transmitted no later than July 15 in each calendar year,
commencing with the first July 15 after the first issuance of Securities
pursuant to this Indenture.

     

    A copy of
each such report shall, at the time of such transmission to Holders, be filed by
the Trustee with each stock exchange upon which any Securities are listed with
the Commission and with the Company.  The Company will notify the
Trustee when any Securities are listed on any stock exchange.

     

    Section
7.4           Reports by
Company.

     

    Any
information, documents or other reports that the Company shall file with the
Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed
with the Trustee within 15 days after the same is filed with the Commission;
provided that
any such information, documents or reports filed or furnished with the
Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval (or
EDGAR) system shall be deemed to be filed with the Trustee as of the time such
information, documents or reports are filed or furnished via EDGAR.

     

    ARTICLE
8

     

    CONSOLIDATION,
MERGER, CONVEYANCE, TRANSFER OR LEASE

     

    Section
8.1           Company May
Consolidate, etc., Only on Certain Terms.

     

    The
Company shall not consolidate with or merge into any other Person (other than a
Subsidiary of the Company) (in a transaction in which the Company is not the
surviving corporation) or convey, transfer or lease its properties and assets
substantially as an entirety to any Person (other than a Subsidiary of the
Company), unless:

    
      
         

      

      
        52

        
          

        

      

      
         

      

    

    (1)           in
case the Company shall consolidate with or merge into another Person (in a
transaction in which the Company is not the surviving corporation) or convey,
transfer or lease its properties and assets substantially as an entirety to any
Person, the Person formed by such consolidation or into which the Company is
merged or the Person which acquires by conveyance or transfer, or which leases,
the properties and assets of the Company substantially as an entirety shall be a
corporation, limited liability company, partnership, trust or other business
entity, shall be organized and validly existing under the laws of the United
States of America, any State thereof or the District of Columbia and shall
expressly assume, by an indenture supplemental hereto, executed and delivered to
the Trustee, in form satisfactory to the Trustee, the due and punctual payment
of the principal of and any premium and interest on all the Securities and the
performance or observance of every covenant of this Indenture on the part of the
Company to be performed or observed and the conversion rights shall be provided
for in accordance with Article 14, if applicable, or as otherwise specified
pursuant to Section 3.1, by supplemental indenture satisfactory in form to the
Trustee, executed and delivered to the Trustee, by the Person (if other than the
Company) formed by such consolidation or into which the Company shall have been
merged or by the Person which shall have acquired the Company’s
assets;

     

    (2)           immediately
after giving effect to such transaction and treating any indebtedness which
becomes an obligation of the Company or any Subsidiary as a result of such
transaction as having been incurred by the Company or such Subsidiary at the
time of such transaction, no Event of Default, and no event which, after notice
or lapse of time or both, would become an Event of Default, shall have occurred
and be continuing; and

     

    (3)           the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, conveyance, transfer or
lease and, if a supplemental indenture is required in connection with such
transaction, such supplemental indenture comply with this Article and that all
conditions precedent herein provided for relating to such transaction have been
complied with.

     

    Section
8.2           Successor
Substituted.

     

    Upon any
consolidation of the Company with, or merger of the Company into, any other
Person or any conveyance, transfer or lease of the properties and assets of the
Company substantially as an entirety in accordance with Section 8.1, the
successor Person formed by such consolidation or into which the Company is
merged or to which such conveyance, transfer or lease is made shall succeed to,
and be substituted for, and may exercise every right and power of, the Company
under this Indenture with the same effect as if such successor Person had been
named as the Company herein, and thereafter, except in the case of a lease, the
predecessor Person shall be relieved of all obligations and covenants under this
Indenture and the Securities.

    
      
         

      

      
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    ARTICLE
9

     

    SUPPLEMENTAL
INDENTURES

     

    Section
9.1           Supplemental Indentures Without
Consent of Holders.

     

    Without
the consent of any Holders, the Company, when authorized by a Board Resolution,
and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of
the following purposes:

     

    (1)           to
evidence the succession of another Person to the Company, or successive
successions, and the assumption by any such successor of the covenants of the
Company herein and in the Securities in compliance with Article 8;
or

     

    (2)           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; or

     

    (3)           to
add any additional Events of Default for the benefit of the Holders of all or
any series of Securities (and if such additional Events of Default are to be for
the benefit of less than all series of Securities, stating that such additional
Events of Default are expressly being included solely for the benefit of such
series); or

     

    (4)           to
add to or change any of the provisions of this Indenture to such extent as shall
be necessary to permit or facilitate the issuance of Securities in bearer form,
registrable or not registrable as to principal, and with or without interest
coupons, or to permit or facilitate the issuance of Securities in uncertificated
form; or

     

    (5)           to
add to, change or eliminate any of the provisions of this Indenture in respect
of one or more series of Securities, provided that any
such addition, change or elimination (A) shall neither (i) apply to any Security
of any series created prior to the execution of such supplemental indenture and
entitled to the benefit of such provision nor (ii) modify the rights of the
Holder of any such Security with respect to such provision or (B) shall become
effective only when there is no such Security Outstanding; or

     

    (6)           to
secure the Securities, including provisions regarding the circumstances under
which Collateral may be released or substituted; or

     

    (7)           to
add or provide for a guaranty of the Securities or additional obligors on the
Securities; or

     

    (8)           to
establish the form or terms of Securities of any series as permitted by Sections
2.1 and 3.1; or

    
      
         

      

      
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    (9)          to
evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series and to add to or
change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one
Trustee, pursuant to the requirements of Section 6.11; or

     

    (10)        to
cure any ambiguity, to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein, or to make any other
provisions with respect to matters or questions arising under this Indenture,
provided that
such action pursuant to this clause (10) shall not adversely affect the
interests of the Holders of Securities of any series in any material respect;
or

     

    (11)        to
supplement any of the provisions of the Indenture to such extent as shall be
necessary to permit or facilitate the defeasance and discharge of any series of
Securities pursuant to Articles 4 and 13, provided that any
such action shall not adversely affect the interests of the Holders of
Securities of such series or any other series of Securities in any material
respect.

     

    Section
9.2           Supplemental Indentures with Consent
of Holders.

     

    With the
consent of the Holders of a majority in principal amount of the Outstanding
Securities of each series affected by such supplemental indenture, by Act of
said Holders delivered to the Company and the Trustee, the Company, when
authorized by a Board Resolution, and the Trustee may enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture or
of modifying in any manner the rights of the Holders of Securities of such
series under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Security affected thereby,

     

    (1)          change
the Stated Maturity of the principal of, or any installment of principal of or
interest on, any Security, or reduce the principal amount thereof or the rate of
interest thereon or any premium payable upon the redemption thereof, or reduce
the amount of the principal of an Original Issue Discount Security or any other
Security which would be due and payable upon a declaration of acceleration of
the Maturity thereof pursuant to Section 5.2, or change the place of payment or
the coin or currency in which, any Security or any premium or interest thereon
is payable, or impair the right to institute suit for the enforcement of any
such payment on or after the Stated Maturity thereof (or, in the case of
redemption, on or after the Redemption Date), or modify the provisions of this
Indenture with respect to the subordination of such series of Securities in a
manner materially adverse to the Holders of Securities of such series, or, in
the case of Securities of any series that are convertible into Securities or
other securities of the Company, adversely affect the right of Holders to
convert any of the Securities of such series other than as provided in or
pursuant to this Indenture, or

    
      
         

      

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

     

    (3)          modify
any of the provisions of this Section, Section 5.13 or Section 10.8, except to
increase any such percentage or to provide that certain other provisions of this
Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Security affected thereby; provided, however, that this
clause shall not be deemed to require the consent of any Holder with respect to
changes in the references to “the Trustee” and concomitant changes in this
Section and Section 10.8, or the deletion of this proviso, in accordance with
the requirements of Sections 6.11 and 9.1(8), or

     

    (4)           if
applicable, make any change that adversely affects the right to convert any
security as provided in Article 14 or pursuant to Section 3.1 (except as
permitted by Section 9.1(9)).

     

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

     

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

     

    Section
9.3           Execution of Supplemental
Indentures.

     

    In
executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and
(subject to Sections 6.1 and 6.3) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture.  The Trustee may, but shall
not be obligated to, enter into any such supplemental indenture which affects
the Trustee’s own rights, duties or immunities under this Indenture or
otherwise.

     

    Section
9.4           Effect of Supplemental
Indentures.

     

    Upon the
execution of any supplemental indenture under this Article, this Indenture shall
be modified in accordance therewith, and such supplemental indenture shall form
a part of this Indenture for all purposes; and every Holder of Securities
theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby.

    
      
         

      

      
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    Section
9.5           Conformity with Trust Indenture
Act.

     

    Every
supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act.

     

    Section
9.6           Reference in Securities to
Supplemental Indentures.

     

    Securities
of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall if required by
the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture.  If the Company shall so
determine, new Securities of any series so modified as to conform, in the
opinion of the Trustee and the Company, to any such supplemental indenture may
be prepared and executed by the Company and authenticated and delivered by the
Trustee in exchange for Outstanding Securities of such series.

     

    Section
9.7           Subordination
Unimpaired.

     

    No
provision in any supplemental indenture that affects the superior position of
the holders of Senior Debt shall be effective against holders of Senior
Debt.

     

    ARTICLE
10

     

    COVENANTS

     

    Section
10.1         Payment of Principal, Premium and
Interest.

     

    The
Company covenants and agrees for the benefit of each series of Securities that
it will duly and punctually pay the principal of and any premium and interest on
the Securities of that series in accordance with the terms of the Securities and
this Indenture.

     

    Section
10.2         Maintenance of Office or
Agency.

     

    The
Company will maintain in each Place of Payment for any series of Securities an
office or agency where Securities of that series may be presented or surrendered
for payment, where Securities of that series may be surrendered for registration
of transfer or exchange, where Securities of that series may be surrendered for
conversion and where notices and demands to or upon the Company in respect of
the Securities of that series and this Indenture may be served.  The
Company will give prompt written notice to the Trustee of the location, and any
change in the location, of such office or agency.  If at any time the
Company shall fail to maintain any such required office or agency or shall fail
to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent to receive all
such presentations, surrenders, notices and demands.  Unless otherwise
provided in a supplemental indenture or pursuant to Section 3.1 hereof, the
Place of Payment for any series of Securities shall be the Corporate Trust
Office of the Trustee.

    
      
         

      

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

     

    Section
10.3         Money for Securities Payments to be
Held in Trust.

     

    If the
Company shall at any time act as its own Paying Agent with respect to any series
of Securities, it will, on or before each due date of the principal of or any
premium or interest on any of the Securities of that series, segregate and hold
in trust for the benefit of the Persons entitled thereto a sum sufficient to pay
the principal and any premium and interest so becoming due until such sums shall
be paid to such Persons or otherwise disposed of as herein provided and will
promptly notify the Trustee of its action or failure so to act.

     

    Whenever
the Company shall have one or more Paying Agents for any series of Securities,
it will, on or prior to each due date of the principal of or any premium or
interest on any Securities of that series, deposit with a Paying Agent a sum
sufficient to pay such amount, such sum to be held as provided by the Trust
Indenture Act, and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee of its action or failure so to act.

     

    The
Company will cause each Paying Agent for any series of Securities other than the
Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee, subject to the provisions of this Section,
that such Paying Agent will (1) comply with the provisions of the Trust
Indenture Act applicable to it as a Paying Agent and (2) during the continuance
of any default by the Company (or any other obligor upon the Securities of that
series) in the making of any payment in respect of the Securities of that
series, upon the written request of the Trustee, forthwith pay to the Trustee
all sums held in trust by such Paying Agent for payment in respect of the
Securities of that series.

     

    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 by Company Order
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
trusts 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.

    
      
         

      

      
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    Any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of or any premium or interest on any
Security of any series and remaining unclaimed for a period ending on the
earlier of the date that is ten Business Days prior to the date such money would
escheat to the State or two years after such principal, premium or interest has
become due and payable shall be paid to the Company on Company Request, or (if
then held by the Company) shall be discharged from such trust; and the Holder of
such Security shall thereafter, as an unsecured general creditor, look only to
the Company for payment thereof, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Company as
trustee thereof, shall thereupon cease; provided, however, that the
Trustee or such Paying Agent, before being required to make any such repayment,
may at the expense of the Company cause to be published once, in a newspaper
published in the English language, customarily published on each Business Day
and of general circulation in each Place of Payment, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be
less than 30 days from the date of such publication, any unclaimed balance of
such money then remaining will be repaid to the Company.

     

    Section
10.4         Statement by Officers as to
Default.

     

    The
Company will deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company ending after the date hereof, an Officers’
Certificate, stating whether or not to the best knowledge of the signers thereof
the Company is in default in the performance and observance of any of the terms,
provisions and conditions of this Indenture (without regard to any period of
grace or requirement of notice provided hereunder) and, if the Company shall be
in default, specifying all such defaults and the nature and status thereof of
which they may have knowledge. The fiscal year of the Company currently ends on
December 31; and the Company will give the Trustee prompt written notice of any
change of its fiscal year.

     

    Section
10.5         Existence.

     

    Subject
to Article 8, the Company will do or cause to be done all things necessary to
preserve and keep in full force and effect its existence.

     

    Section
10.6         Maintenance of
Properties.

     

    The
Company will cause all properties used or useful in the conduct of its business
to be maintained and kept in good condition, repair and working order and
supplied with all necessary equipment and will cause to be made all necessary
repairs, renewals, replacements, betterments and improvements thereof, all as,
and to the extent, in the judgment of the Company may be necessary so that the
business carried on in connection therewith may be properly and advantageously
conducted at all times; provided, however, that nothing
in this Section shall prevent the Company from discontinuing the operation or
maintenance of any of such properties if such discontinuance is, in the judgment
of the Company, desirable in the conduct of its business and not disadvantageous
in any material respect to the Holders.

     

    Section
10.7         Payment of Taxes and Other
Claims.

     

    The
Company will pay or discharge or cause to be paid or discharged, before the same
shall become delinquent, (1) all taxes, assessments and governmental charges
levied or imposed upon the Company or upon the income, profits or property of
the Company, and (2) all lawful claims for labor, materials and supplies which,
if unpaid, might by law become a lien upon the property of the Company; provided, however, that the
Company shall not be required to pay or discharge or cause to be paid or
discharged any such tax, assessment, charge or claim (i) whose amount,
applicability or validity is being contested in good faith by appropriate
proceedings or (ii) if the failure to pay or discharge would not have a material
adverse effect on the assets, business, operations, properties or condition
(financial or otherwise) of the Company and its subsidiaries, taken as a
whole.

    
      
         

      

      
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    Section
10.8         Waiver of Certain
Covenants.

     

    Except as
otherwise specified as contemplated by Section 3.1 for Securities of such
series, the Company may, with respect to the Securities of any series, omit in
any particular instance to comply with any term, provision or condition set
forth in any covenant provided pursuant to Section 3.1(19), 9.1(2), 9.1(7),
10.6 or 10.7 for the benefit of the Holders of such series if before the time
for such compliance the Holders of at least a majority in principal amount of
the Outstanding Securities of such series shall, by Act of such Holders, either
waive such compliance in such instance or generally waive compliance with such
term, provision or condition, but no such waiver shall extend to or affect such
term, provision or condition except to the extent so expressly waived, and,
until such waiver shall become effective, the obligations of the Company and the
duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect.

     

    ARTICLE
11

     

    REDEMPTION
OF SECURITIES

     

    Section
11.1         Applicability of
Article.

     

    Securities
of any series that are redeemable before their Stated Maturity shall be
redeemable in accordance with their terms and (except as otherwise specified as
contemplated by Section 3.1 for such Securities) in accordance with this
Article.

     

    Section
11.2         Election to Redeem; Notice to
Trustee.

     

    The
election of the Company to redeem any Securities shall be evidenced by a Board
Resolution or in another manner specified as contemplated by Section 3.1 for
such Securities.  In case of any redemption at the election of the
Company of less than all the Securities of any series (including any such
redemption affecting only a single Security), the Company shall, at least 45
days prior to the Redemption Date fixed by the Company (unless a shorter notice
shall be satisfactory to the Trustee), notify the Trustee of such Redemption
Date, of the principal amount of Securities of such series to be redeemed and,
if applicable, of the tenor of the Securities to be redeemed.  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 such restriction.

    
      
         

      

      
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    Section
11.3         Selection by Trustee of Securities to
Be Redeemed.

     

    If less
than all the Securities of any series are to be redeemed (unless all the
Securities of such series and of a specified tenor are to be redeemed or unless
such redemption affects only a single Security), the particular Securities to be
redeemed shall be selected not more than 45 days prior to the Redemption Date by
the Trustee, from the Outstanding Securities of such series not previously
called for redemption, by lot, or in the Trustee’s discretion, on a pro-rata
basis, provided
that the unredeemed portion of the principal amount of any Security shall be in
an authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security.  If less than all the Securities of
such series and of a specified tenor are to be redeemed (unless such redemption
affects only a single Security), the particular Securities to be redeemed shall
be selected not more than 45 days prior to the Redemption Date by the Trustee,
from the Outstanding Securities of such series and specified tenor not
previously called for redemption in accordance with the preceding
sentence.

     

    If any
Security selected for partial redemption is converted in part before termination
of the conversion right with respect to the portion of the Security so selected,
the converted portion of such Security shall be deemed (so far as may be) to be
the portion selected for redemption.  Securities that have been
converted during a selection of Securities to be redeemed shall be treated by
the Trustee as Outstanding for the purpose of such selection.

     

    The
Trustee shall promptly notify the Company in writing of the Securities selected
for redemption as aforesaid and, in case of any Securities selected for partial
redemption as aforesaid, the principal amount thereof to be
redeemed.

     

    The
provisions of the two preceding paragraphs shall not apply with respect to any
redemption affecting only a single Security, whether such Security is to be
redeemed in whole or in part.  In the case of any such redemption in
part, the unredeemed portion of the principal amount of the Security shall be in
an authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security.

     

    For all
purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the redemption of Securities shall relate, in the case of
any Securities redeemed or to be redeemed only in part, to the portion of the
principal amount of such Securities which has been or is to be
redeemed.

     

    Section
11.4         Notice of
Redemption.

     

    Notice of
redemption shall be given by first-class mail, postage prepaid, mailed not fewer
than 30 nor more than 60 days prior to the Redemption Date, unless a shorter
period is specified in the Securities to be redeemed, to each Holder of
Securities to be redeemed, at its address appearing in the Security
Register.

     

    All
notices of redemption shall state:

     

    (1)           the
Redemption Date,

    
      
         

      

      
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    (2)           the
Redemption Price (including accrued interest, if any),

     

    (3)           if
less than all the Outstanding Securities of any series consisting of more than a
single Security are to be redeemed, the identification (and, in the case of
partial redemption of any such Securities, the principal amounts) of the
particular Securities to be redeemed and, if less than all the Outstanding
Securities of any series consisting of a single Security are to be redeemed, the
principal amount of the particular Security to be redeemed,

     

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

     

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

     

    (6)           the
place or places where each such Security is to be surrendered for payment of the
Redemption Price,

     

    (7)           if
applicable, the conversion price or conversion rate, as the case may be, the
date on which the right to convert the principal of the Securities or the
portions thereof to be redeemed will terminate, and the place or places where
such Securities may be surrendered for conversion,

     

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

     

    (9)           the
CUSIP number or numbers and/or common codes of the Security being
redeemed.

     

    Notice of
redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s request, by the Trustee in the name
and at the expense of the Company and shall be irrevocable.

     

    Section
11.5         Deposit of Redemption
Price.

     

    On or
prior to any Redemption Date, the Company shall deposit with the Trustee or with
a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section 10.3) an amount of money sufficient to
pay the Redemption Price of, and (except if the Redemption Date shall be an
Interest Payment Date) accrued interest on, all the Securities which are to be
redeemed on that date.

     

    If any
Security called for redemption is converted, any money deposited with the
Trustee or with a Paying Agent or so segregated and held in trust for the
redemption of such Security shall (subject to the right of any Holder of such
Security to receive interest as provided in the last paragraph of Section 3.7)
be paid to the Company on Company Request, or if then held by the Company, shall
be discharged from such trust.

    
      
         

      

      
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    Section
11.6         Securities Payable on Redemption
Date.

     

    Notice of
redemption having been given as aforesaid, the Securities so to be redeemed
shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified, and from and after such date (unless the Company shall
default in the payment of the Redemption Price and accrued interest) such
Securities shall cease to bear interest.  Upon surrender of any such
Security for redemption in accordance with said notice, such Security shall be
paid by the Company at the Redemption Price, together with accrued interest to
the Redemption Date; provided, however, that, unless
otherwise specified as contemplated by Section 3.1, installments of interest
whose Stated Maturity is on or prior to the Redemption Date will be payable to
the Holders of such Securities, or one or more Predecessor Securities,
registered as such at the close of business on the relevant Record Dates
according to their terms and the provisions of Section 3.7.

     

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

     

    Section
11.7         Securities Redeemed in
Part.

     

    Any
Security which is to be redeemed only in part shall be surrendered at a Place of
Payment therefor (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or its attorney
duly authorized in writing), and the Company shall execute, and the Trustee
shall authenticate and deliver to the Holder of such Security without service
charge, a new Security or Securities of the same series and of like tenor, of
any authorized denomination as requested by such Holder, in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of
the Security so surrendered.

    
      
         

      

      
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    ARTICLE
12

     

    SINKING
FUNDS

     

    Section
12.1         Applicability of
Article.

     

    The
provisions of this Article shall be applicable to any sinking fund for the
retirement of Securities of any series except as otherwise specified as
contemplated by Section 3.1 for such Securities.

     

    The
minimum amount of any sinking fund payment provided for by the terms of any
Securities 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 such
Securities is herein referred to as an “optional sinking fund payment.” If
provided for by the terms of any Securities, the cash amount of any sinking fund
payment may be subject to reduction as provided in Section 12.2.  Each
sinking fund payment shall be applied to the redemption of Securities as
provided for by the terms of such Securities.

     

    Section
12.2         Satisfaction of Sinking Fund Payments
with Securities.

     

    The
Company (1) may deliver Outstanding Securities of a series (other than any
previously called for redemption) and (2) may apply as a credit Securities of a
series which 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 any
Securities of such series required to be made pursuant to the terms of such
Securities as and to the extent provided for by the terms of such Securities;
provided that
the Securities to be so credited have not been previously so
credited.  The Securities to be so credited shall be received and
credited for such purpose by the Trustee at the Redemption Price, as specified
in the Securities so to be redeemed, for redemption through operation of the
sinking fund and the amount of such sinking fund payment shall be reduced
accordingly.

     

    Section
12.3         Redemption of Securities for Sinking
Fund.

     

    Not fewer
than 60 days prior to each sinking fund payment date for any Securities, the
Company will deliver to the Trustee an Officers’ Certificate specifying the
amount of the next ensuing sinking fund payment for such Securities pursuant to
the terms of such Securities, the portion thereof, if any, which is to be
satisfied by payment of cash and the portion thereof, if any, which is to be
satisfied by delivering and crediting Securities pursuant to Section 12.2 and
will also deliver to the Trustee any Securities to be so
delivered.  Not fewer than 30 days prior to 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 11.3 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 11.4. Such notice having been
duly given, the redemption of such Securities shall be made upon the terms and
in the manner stated in Sections 11.6 and 11.7.

    
      
         

      

      
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    ARTICLE
13

     

    DEFEASANCE
AND COVENANT DEFEASANCE

     

    Section
13.1         Company’s Option to Effect Defeasance
or Covenant Defeasance.

     

    The
Company may elect, at its option at any time, to have Section 13.2 or Section
13.3 applied to any Securities or any series of Securities, as the case may be,
designated pursuant to Section 3.1 as being defeasible pursuant to such Section
13.2 or 13.3, in accordance with any applicable requirements provided pursuant
to Section 3.1 and upon compliance with the conditions set forth below in this
Article.  Any such election shall be evidenced by a Board Resolution
or in another manner specified as contemplated by Section 3.1 for such
Securities.

     

    Section
13.2         Defeasance and
Discharge.

     

    Upon the
Company’s exercise of its option (if any) to have this Section applied to any
Securities or any series of Securities, as the case may be, the Company shall be
deemed to have been discharged from its obligations, and the provisions of
Article 15 shall cease to be effective, with respect to such Securities as
provided in this Section on and after the date the conditions set forth in
Section 13.4 are satisfied (hereinafter called “Defeasance”).  For
this purpose, such Defeasance means that the Company shall be deemed to have
paid and discharged the entire indebtedness represented by such Securities and
to have satisfied all its other obligations under such Securities and this
Indenture insofar as such Securities are concerned (and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging the
same), subject to the following which shall survive until otherwise terminated
or discharged hereunder:

     

    (1)           the
rights of Holders of such Securities to receive, solely from the trust fund
described in Section 13.4 and as more fully set forth in such Section, payments
in respect of the principal of and any premium and interest on such Securities
when payments are due,

     

    (2)           the
Company’s obligations with respect to such Securities under Sections 3.4, 3.5,
3.6, 10.2 and 10.3, and, if applicable, Article 14,

     

    (3)           the
rights, powers, trusts, duties and immunities of the Trustee hereunder,
and

     

    (4)           this
Article.

     

    Subject
to compliance with this Article, the Company may exercise its option (if any) to
have this Section applied to any Securities notwithstanding the prior exercise
of its option (if any) to have Section 13.3 applied to such
Securities.

    
      
         

      

      
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    Section
13.3         Covenant
Defeasance.

     

    Upon the
Company’s exercise of its option (if any) to have this Section applied to any
Securities or any series of Securities, as the case may be,

     

    (1)           the
Company shall be released from its obligations under Sections 10.6 and 10.7 and
any covenants provided pursuant to Sections 3.1(19), 9.1(2) or 9.1(7) for the
benefit of the Holders of such Securities,

     

    (2)           the
occurrence of any event specified in Sections 5.1(4) (with respect to any of
Sections 10.6 and 10.7 and any such covenants provided pursuant to Section
3.1(19), 9.1(2) or 9.1(7)) and the occurrence of any Event of Default specified
pursuant to Section 3.1, shall be deemed not to be or result in an Event of
Default, and

     

    (3)           the
provisions of Article 15 shall cease to be effective, in each case with respect
to such Securities or series of Securities as provided in this Section on and
after the date the conditions set forth in Section 13.4 are satisfied
(hereinafter called “Covenant Defeasance”). For this purpose, such Covenant
Defeasance means that, with respect to such Securities, the Company may omit to
comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such specified Section (to the extent so specified
in the case of Section 5.1(4) and the occurrence of any Event of Default
specified pursuant to Section 3.1) or Article 15, whether directly or indirectly
by reason of any reference elsewhere herein to any such Section or Article or by
reason of any reference in any such Section or Article to any other provision
herein or in any other document, but the remainder of this Indenture and such
Securities shall be unaffected thereby.

     

    Section
13.4         Conditions to Defeasance or Covenant
Defeasance.

     

    The
following shall be the conditions to the application of Section 13.2 or Section
13.3 to any Securities or any series of Securities, as the case may
be:

     

    (1)           The
Company shall irrevocably have deposited or caused to be deposited with the
Trustee (or another trustee which satisfies the requirements contemplated by
Section 6.9 and agrees to comply with the provisions of this Article applicable
to it) as trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefits of
the Holders of such Securities,

     

    (A)        in
the case of Securities of a series denominated in currency of the United States
of America,

     

    (i)           cash
in currency of the United States of America in an amount, or

    
      
         

      

      
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    (ii)          U.S.
Government Obligations which through the scheduled payment of principal and
interest in respect thereof in accordance with their terms will provide, not
later than one day before the due date of any payment, an amount in cash,
or

     

    (iii)         a
combination thereof, or

     

    (B)         in
the case of Securities of a series denominated in currency other than that of
the United States of America,

     

    (i)           cash
in the currency in which such series of Securities is denominated in an amount,
or

     

    (ii)          Foreign
Government Obligations which through the scheduled payment of principal and
interest in respect thereof in accordance with their terms will provide, not
later than one day before the due date of any payment, an amount in cash,
or

     

    (iii)         a
combination thereof, in each case sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge, and which
shall be applied by the Trustee (or any such other qualifying trustee) to pay
and discharge, the principal of and any premium and interest on such Securities
on the respective Stated Maturities, in accordance with the terms of this
Indenture and such Securities.

     

    (2)           In
the event of an election to have Section 13.2 apply to any Securities or any
series of Securities, as the case may be, the Company shall have delivered to
the Trustee an Opinion of Counsel stating that

     

    (A)           the
Company has received from, or there has been published by, the Internal Revenue
Service a ruling or

     

    (B)           since
the date of this instrument, there has been a change in the applicable Federal
income tax law,

     

    (C)           in
either case (A) or (B) to the effect that, and based thereon such opinion shall
confirm that, the Holders of such Securities will not recognize gain or loss for
Federal income tax purposes as a result of the deposit, Defeasance and discharge
to be effected with respect to such Securities and will be subject to Federal
income tax on the same amount, in the same manner and at the same times as would
be the case if such deposit, Defeasance and discharge were not to
occur.

    
      
         

      

      
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    (3)           In
the event of an election to have Section 13.3 apply to any Securities or any
series of Securities, as the case may be, the Company shall have delivered to
the Trustee an Opinion of Counsel to the effect that the Holders of such
Securities will not recognize gain or loss for Federal income tax purposes as a
result of the deposit and Covenant Defeasance to be effected with respect to
such Securities and will be subject to Federal income tax on the same amount, in
the same manner and at the same times as would be the case if such deposit and
Covenant Defeasance were not to occur.

     

    (4)           The
Company shall have delivered to the Trustee an Officers’ Certificate to the
effect that neither such Securities nor any other Securities of the same series,
if then listed on any securities exchange, will be delisted as a result of such
deposit.

     

    (5)           No
event which is, or after notice or lapse of time or both would become, an Event
of Default with respect to such Securities or any other Securities shall have
occurred and be continuing at the time of such deposit or, with regard to any
such event specified in Sections 5.1(5) and (6), at any time on or prior to the
90th day after the date of such deposit (it being understood that this condition
shall not be deemed satisfied until after such 90th day).

     

    (6)           Such
Defeasance or Covenant Defeasance shall not cause the Trustee to have a
conflicting interest within the meaning of the Trust Indenture Act (assuming all
Securities are in default within the meaning of such Act).

     

    (7)           Such
Defeasance or Covenant Defeasance shall not result in a breach or violation of,
or constitute a default under, this Indenture or any other agreement or
instrument to which the Company is a party or by which it is bound.

     

    (8)           Such
Defeasance or Covenant Defeasance shall not result in the trust arising from
such deposit constituting an investment company within the meaning of the
Investment Company Act unless such trust shall be registered under such Act or
exempt from registration thereunder.

     

    (9)           At
the time of such deposit,

     

    (A)           no
default in the payment of any principal of or premium or interest on any Senior
Debt shall have occurred and be continuing,

     

    (B)           no
event of default with respect to any Senior Debt shall have resulted in such
Senior Debt becoming, and continuing to be, due and payable prior to the date on
which it would otherwise have become due and payable (unless payment of such
Senior Debt has been made or duly provided for), and

     

    (C)           no
other event of default with respect to any Senior Debt shall have occurred and
be continuing permitting (after notice or lapse of time or both) the holders of
such Senior Debt (or a trustee on behalf of such holders) to declare such Senior
Debt due and payable prior to the date on which it would otherwise have become
due and payable.

    
      
         

      

      
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    (10)        The
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent with respect to
such Defeasance or Covenant Defeasance have been complied with.

     

    Section
13.5         Deposited Money, U.S. Government
Obligations and Foreign Government Obligations to be Held in Trust;
Miscellaneous Provisions.

     

    Subject
to the provisions of the last paragraph of Section 10.3, all money, U.S.
Government Obligations and Foreign Government Obligations (including the
proceeds thereof) deposited with the Trustee or other qualifying trustee (solely
for purposes of this Section and Section 13.6, the Trustee and any such
other trustee are referred to collectively as the “Trustee”) pursuant to Section
13.4 in respect of any Securities shall be held in trust and applied by the
Trustee, in accordance with the provisions of such Securities and this
Indenture, to the payment, either directly or through any such Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Holders of such Securities, of all sums due and to become due
thereon in respect of principal and any premium and interest, but money so held
in trust need not be segregated from other funds except to the extent required
by law. Money, U.S. Government Obligations and Foreign Government Obligations so
held in trust shall not be subject to the provisions of Article 15.

     

    The
Company shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the U.S. Government Obligations or Foreign
Government Obligations deposited pursuant to Section 13.4 or the principal
and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of Outstanding
Securities.

     

    Anything
in this Article to the contrary notwithstanding, the Trustee shall deliver or
pay to the Company from time to time upon Company Request any money, U.S.
Government Obligations or Foreign Government Obligations held by it as provided
in Section 13.4 with respect to any Securities which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the
amount thereof which would then be required to be deposited to effect the
Defeasance or Covenant Defeasance, as the case may be, with respect to such
Securities.

     

    Section
13.6         Reinstatement.

     

    If the
Trustee or the Paying Agent is unable to apply any money in accordance with this
Article with respect to any Securities by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the obligations under this Indenture and such Securities
from which the Company has been discharged or released pursuant to Section 13.2
or 13.3 shall be revived and reinstated as though no deposit had occurred
pursuant to this Article with respect to such Securities, until such time as the
Trustee or Paying Agent is permitted to apply all money held in trust pursuant
to Section 13.5 with respect to such Securities in accordance with this Article;
provided, however, that if the
Company makes any payment of principal of or any premium or interest on any such
Security following such reinstatement of its obligations, the Company shall be
subrogated to the rights (if any) of the Holders of such Securities to receive
such payment from the money so held in trust.

    
      
         

      

      
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    ARTICLE
14

     

    CONVERSION
OF SECURITIES

     

    Section
14.1         Applicability of
Article.

     

    The
provisions of this Article shall be applicable to the Securities of any series
which are convertible into shares of Common Stock of the Company, and the
issuance of such shares of Common Stock upon the conversion of such Securities,
except as otherwise specified as contemplated by Section 3.1 for the Securities
of such series.

     

    Section
14.2         Exercise of Conversion
Privilege.

     

    In order
to exercise a conversion privilege, the Holder of a Security of a series with
such a privilege shall surrender such Security to the Company at the office or
agency maintained for that purpose pursuant to Section 10.2, accompanied by a
duly executed conversion notice to the Company substantially in the form set
forth in Section 2.6 stating that the Holder elects to convert such Security or
a specified portion thereof.  Such notice shall also state, if
different from the name and address of such Holder, the name or names (with
address) in which the certificate or certificates for shares of Common Stock,
which shall be issuable on such conversion, shall be
issued.  Securities surrendered for conversion shall (if so required
by the Company or the Trustee) be duly endorsed by or accompanied by instruments
of transfer in forms satisfactory to the Company and the Trustee duly executed
by the Holder or its attorney duly authorized in writing; and Securities so
surrendered for conversion (in whole or in part) during the period from the
close of business on any Regular Record Date to the opening of business on the
next succeeding Interest Payment Date (excluding Securities or portions thereof
called for redemption during the period beginning at the close of business on a
Regular Record Date and ending at the opening of business on the first Business
Day after the next succeeding Interest Payment Date, or if such Interest Payment
Date is not a Business Day, the second such Business Day) shall also be
accompanied by payment in funds acceptable to the Company of an amount equal to
the interest payable on such Interest Payment Date on the principal amount of
such Security then being converted, and such interest shall be payable to such
Holder notwithstanding the conversion of such Security, subject to the
provisions of Section 3.7 relating to the payment of Defaulted Interest by the
Company.  As promptly as practicable after the receipt of such notice
and of any payment required pursuant to a Board Resolution and, subject to
Section 3.3, set forth, or determined in the manner provided, in an Officers’
Certificate, or established in one or more indentures supplemental hereto
setting forth the terms of such series of Security, and the surrender of such
Security in accordance with such reasonable regulations as the Company may
prescribe, the Company shall issue and shall deliver, at the office or agency at
which such Security is surrendered, to such Holder or on its written order, a
certificate or certificates for the number of full shares of Common Stock
issuable upon the conversion of such Security (or specified portion thereof), in
accordance with the provisions of such Board Resolution, Officers’ Certificate
or supplemental indenture, and cash as provided therein in respect of any
fractional share of such Common Stock otherwise issuable upon such
conversion.  Such conversion shall be deemed to have been effected
immediately prior to the close of business on the date on which such notice and
such payment, if required, shall have been received in proper order for
conversion by the Company and such Security shall have been surrendered as
aforesaid (unless such Holder shall have so surrendered such Security and shall
have instructed the Company to effect the conversion on a particular date
following such surrender and such Holder shall be entitled to convert such
Security on such date, in which case such conversion shall be deemed to be
effected immediately prior to the close of business on such date) and at such
time the rights of the Holder of such Security as such Security Holder shall
cease and the person or persons in whose name or names any certificate or
certificates for shares of Common Stock of the Company shall be issuable upon
such conversion shall be deemed to have become the Holder or Holders of record
of the shares represented thereby.  Except as set forth above and
subject to the final paragraph of Section 3.7, no payment or adjustment shall be
made upon any conversion on account of any interest accrued on the Securities
(or any part thereof) surrendered for conversion or on account of any dividends
on the Common Stock of the Company issued upon such conversion.

    
      
         

      

      
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    In the
case of any Security which is converted in part only, upon such conversion the
Company shall execute and the Trustee shall authenticate and deliver to or on
the order of the Holder thereof, at the expense of the Company, a new Security
or Securities of the same series, of authorized denominations, in aggregate
principal amount equal to the unconverted portion of such Security.

     

    Section
14.3        No Fractional
Shares.

     

    No
fractional share of Common Stock of the Company shall be issued upon conversions
of Securities of any series.  If more than one Security shall be
surrendered for conversion at one time by the same Holder, the number of full
shares which shall be issuable upon conversion shall be computed on the basis of
the aggregate principal amount of the Securities (or specified portions thereof
to the extent permitted hereby) so surrendered.  If, except for the
provisions of this Section 14.3, any Holder of a Security or Securities would be
entitled to a fractional share of Common Stock of the Company upon the
conversion of such Security or Securities, or specified portions thereof, the
Company shall pay to such Holder an amount in cash equal to the current market
value of such fractional share computed, (i) if such Common Stock is listed or
admitted to unlisted trading privileges on a national securities exchange or
market, on the basis of the last reported sale price regular way on such
exchange or market on the last trading day prior to the date of conversion upon
which such a sale shall have been effected, or (ii) if such Common Stock is not
at the time so listed or admitted to unlisted trading privileges on a national
securities exchange or market, on the basis of the average of the bid and asked
prices of such Common Stock in the over-the-counter market, on the last trading
day prior to the date of conversion, as reported by the National Quotation
Bureau, Incorporated or similar organization if the National Quotation Bureau,
Incorporated is no longer reporting such information, or if not so available,
the fair market price as determined by the Board of Directors.  For
purposes of this Section, “trading day” shall mean each Monday, Tuesday,
Wednesday, Thursday and Friday other than any day on which the Common Stock is
not traded on the principal exchange or market on which the Common Stock is
traded or quoted.

    
      
         

      

      
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    Section
14.4        Adjustment of Conversion Price or
Conversion Rate.

     

    The
conversion price or conversion rate, as the case may be, of Securities of any
series that is convertible into Common Stock of the Company shall be adjusted
for any stock dividends, stock splits, reclassifications, combinations or
similar transactions in accordance with the terms of the supplemental indenture
or Board Resolutions setting forth the terms of the Securities of such
series.

     

    Whenever
the conversion price or conversion rate, as the case may be, is adjusted, the
Company shall compute the adjusted conversion price or conversion rate, as the
case may be, in accordance with terms of the applicable Board Resolution or
supplemental indenture and shall prepare an Officers’ Certificate setting forth
the adjusted conversion price or conversion rate, as the case may be, and
showing in reasonable detail the facts upon which such adjustment is based, and
such certificate shall forthwith be filed at each office or agency maintained
for the purpose of conversion of Securities pursuant to Section 10.2 and, if
different, with the Trustee.  The Company shall forthwith cause a
notice setting forth the adjusted conversion price or conversion rate, as the
case may be, to be mailed, first class postage prepaid, to each Holder of
Securities of such series at its address appearing on the Security Register and
to any conversion agent other than the Trustee.

     

    Section
14.5         Notice of Certain Corporate
Actions.

     

    In
case:

     

    (1)           the
Company shall declare a dividend (or any other distribution) on its Common Stock
payable otherwise than in cash out of its retained earnings (other than a
dividend for which approval of any shareholders of the Company is required) that
would require an adjustment pursuant to Section 14.4; or

     

    (2)           the
Company shall authorize the granting to all or substantially all of the holders
of its Common Stock of rights, options or warrants to subscribe for or purchase
any shares of capital stock of any class or of any other rights (other than any
such grant for which approval of any shareholders of the Company is required);
or

     

    (3)           of
any reclassification of the Common Stock of the Company (other than a
subdivision or combination of its outstanding shares of Common Stock, or of any
consolidation, merger or share exchange to which the Company is a party and for
which approval of any shareholders of the Company is required), or of the sale
of all or substantially all of the assets of the Company; or

    
      
         

      

      
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    (4)           of
the voluntary or involuntary dissolution, liquidation or winding up of the
Company; then the Company shall cause to be filed with the Trustee, and shall
cause to be mailed to all Holders at their last addresses as they shall appear
in the Security Register, at least 20 days (or 10 days in any case specified in
clause (1) or (2) above) prior to the applicable record date hereinafter
specified, a notice stating (i) the date on which a record is to be taken for
the purpose of such dividend, distribution, rights, options or warrants, or, if
a record is not to be taken, the date as of which the holders of Common Stock of
record to be entitled to such dividend, distribution, rights, options or
warrants are to be determined, or (ii) the date on which such reclassification,
consolidation, merger, share exchange, sale, dissolution, liquidation or winding
up is expected to become effective, and the date as of which it is expected that
holders of Common Stock of record shall be entitled to exchange their shares of
Common Stock for securities, cash or other property deliverable upon such
reclassification, consolidation, merger, share exchange, sale, dissolution,
liquidation or winding up. If at any time the Trustee shall not be the
conversion agent, a copy of such notice shall also forthwith be filed by the
Company with the Trustee.

     

    Section
14.6         Reservation of Shares of Common
Stock.

     

    The
Company shall at all times reserve and keep available, free from preemptive
rights, out of its authorized but unissued Common Stock, for the purpose of
effecting the conversion of Securities, the full number of shares of Common
Stock of the Company then issuable upon the conversion of all outstanding
Securities of any series that has conversion rights.

     

    Section
14.7         Payment of Certain Taxes upon
Conversion.

     

    Except as
provided in the next sentence, the Company will pay any and all taxes that may
be payable in respect of the issue or delivery of shares of its Common Stock on
conversion of Securities pursuant hereto.  The Company shall not,
however, be required to pay any tax which may be payable in respect of any
transfer involved in the issue and delivery of shares of its Common Stock in a
name other than that of the Holder of the Security or Securities to be
converted, and no such issue or delivery shall be made unless and until the
person requesting such issue has paid to the Company the amount of any such tax,
or has established, to the satisfaction of the Company, that such tax has been
paid.

     

    Section
14.8         Nonassessability.

     

    The
Company covenants that all shares of its Common Stock that may be issued upon
conversion of Securities will upon issue in accordance with the terms hereof be
duly and validly issued and fully paid and nonassessable.

    
      
         

      

      
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    Section
14.9         Provision in Case of
Consolidation, Merger or Sale of Assets.

     

    In case
of any consolidation or merger of the Company with or into any other Person, any
merger of another Person with or into the Company (other than a merger which
does not result in any reclassification, conversion, exchange or cancellation of
outstanding shares of Common Stock of the Company) or any conveyance, sale,
transfer or lease of all or substantially all of the assets of the Company, the
Person formed by such consolidation or resulting from such merger or which
acquires such assets, as the case may be, shall execute and deliver to the
Trustee a supplemental indenture providing that the Holder of each Security of a
series then Outstanding that is convertible into Common Stock of the Company
shall have the right thereafter (which right shall be the exclusive conversion
right thereafter available to said Holder), during the period such Security
shall be convertible, to convert such Security only into the kind and amount of
securities, cash and other property receivable upon such consolidation, merger,
conveyance, sale, transfer or lease by a holder of the number of shares of
Common Stock of the Company into which such Security might have been converted
immediately prior to such consolidation, merger, conveyance, sale, transfer or
lease, assuming such holder of Common Stock of the Company (i) is not a Person
with which the Company consolidated or merged with or into or which merged into
or with the Company or to which such conveyance, sale, transfer or lease was
made, as the case may be (a “Constituent Person”), or an Affiliate of a
Constituent Person and (ii) failed to exercise his rights of election, if any,
as to the kind or amount of securities, cash and other property receivable upon
such consolidation, merger, conveyance, sale, transfer or lease (provided that if the
kind or amount of securities, cash and other property receivable upon such
consolidation, merger, conveyance, sale, transfer, or lease is not the same for
each share of Common Stock of the Company held immediately prior to such
consolidation, merger, conveyance, sale, transfer or lease by others than a
Constituent Person or an Affiliate thereof and in respect of which such rights
of election shall not have been exercised (“Non-electing Share”), then for the
purpose of this Section 14.9 the kind and amount of securities, cash and other
property receivable upon such consolidation, merger, conveyance, sale, transfer
or lease by the holders of each Non-electing Share shall be deemed to be the
kind and amount so receivable per share by a plurality of the Non-electing
Shares).  Such supplemental indenture shall provide for adjustments
which, for events subsequent to the effective date of such supplemental
indenture, shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Article or in accordance with the terms of the
supplemental indenture or Board Resolutions setting forth the terms of such
adjustments.  The above provisions of this Section 14.9 shall
similarly apply to successive consolidations, mergers, conveyances, sales,
transfers or leases. Notice of the execution of such a supplemental indenture
shall be given by the Company to the Holder of each Security of a series that is
convertible into Common Stock of the Company as provided in Section 1.6 promptly
upon such execution.

     

    Neither
the Trustee nor any conversion agent, if any, shall be under any responsibility
to determine the correctness of any provisions contained in any such
supplemental indenture relating either to the kind or amount of shares of stock
or other securities or property or cash receivable by Holders of Securities of a
series convertible into Common Stock of the Company upon the conversion of their
Securities after any such consolidation, merger, conveyance, transfer, sale or
lease or to any such adjustment, but may accept as conclusive evidence of the
correctness of any such provisions, and shall be protected in relying upon, an
Opinion of Counsel with respect thereto, which the Company shall cause to be
furnished to the Trustee upon request.

    
      
         

      

      
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    Section
14.10      Duties of Trustee Regarding
Conversion.

     

    Neither
the Trustee nor any conversion agent shall at any time be under any duty or
responsibility to any Holder of Securities of any series that is convertible
into Common Stock of the Company to determine whether any facts exist which may
require any adjustment of the conversion price or conversion rate, as the case
may be, or with respect to the nature or extent of any such adjustment when
made, or with respect to the method employed, whether herein or in any
supplemental indenture, any resolutions of the Board of Directors or written
instrument executed by one or more officers of the Company provided to be
employed in making the same. Neither the Trustee nor any conversion agent shall
be accountable with respect to the validity or value (or the kind or amount) of
any shares of Common Stock of the Company, or of any securities or property,
which may at any time be issued or delivered upon the conversion of any
Securities and neither the Trustee nor any conversion agent makes any
representation with respect thereto. Subject to the provisions of Section 6.1,
neither the Trustee nor any conversion agent shall be responsible for any
failure of the Company to issue, transfer or deliver any shares of its Common
Stock or stock certificates or other securities or property upon the surrender
of any Security for the purpose of conversion or to comply with any of the
covenants of the Company contained in this Article 14 or in the applicable
supplemental indenture, resolutions of the Board of Directors or written
instrument executed by one or more duly authorized officers of the
Company.

     

    Section
14.11      Repayment of Certain Funds upon
Conversion.

     

    Any funds
which at any time shall have been deposited by the Company or on its behalf with
the Trustee or any other paying agent for the purpose of paying the principal
of, and premium, if any, and interest, if any, on any of the Securities
(including, but not limited to, funds deposited for the sinking fund referred to
in Article 12 hereof and funds deposited pursuant to Article 13 hereof) and
which shall not be required for such purposes because of the conversion of such
Securities as provided in this Article 14 shall after such conversion be repaid
to the Company by the Trustee upon the Company’s written request.

     

    ARTICLE
15

     

    SUBORDINATION
OF SECURITIES

     

    Section
15.1         Agreement of
Subordination.

     

    Except as
otherwise provided in a supplemental indenture or pursuant to Section 3.1, the
Company covenants and agrees, and each Holder of Securities issued hereunder by
its acceptance thereof likewise covenants and agrees, that all Securities shall
be issued subject to the provisions of this Article 15; and each Person holding
any Security, whether upon original issue or upon transfer, assignment or
exchange thereof, accepts and agrees to be bound by such
provisions.

     

    The
payment of the principal of, premium, if any, and interest on all Securities
(including, but not limited to, the redemption price with respect to the
Securities called for redemption in accordance with Article 11 as provided in
the Indenture) issued hereunder shall, to the extent and in the manner
hereinafter set forth, be subordinated and subject in right of payment to the
prior payment in full of all Senior Debt, whether outstanding at the date of
this Indenture or thereafter incurred.

    
      
         

      

      
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    No
provision of this Article 15 shall prevent the occurrence of any default or
Event of Default hereunder.

     

    Section
15.2         Payments to
Holders.

     

    No
payment shall be made with respect to the principal of, or premium, if any, or
interest on the Securities (including, but not limited to, the redemption price
with respect to the Securities to be called for redemption in accordance with
Article 11 as provided in the Indenture), except payments and distributions made
by the Trustee as permitted by the first or second paragraph of Section
15.5,

     

    (1)           if:

     

    (A)           a
default in the payment of principal, premium, if any, interest, rent or other
obligations due on any Senior Debt occurs and is continuing (or, in the case of
Senior Debt for which there is a period of grace, in the event of such a default
that continues beyond the period of grace, if any, specified in the instrument
or lease evidencing such Senior Debt) (a “Payment Default”), unless and until
such default shall have been cured or waived or shall have ceased to exist;
or

     

    (B)           a
default, other than a Payment Default, on any Designated Senior Debt occurs and
is continuing that then permits holders of such Designated Senior Debt to
accelerate its maturity and the Trustee receives a notice of the default (a
“Payment Blockage Notice”) from a holder of Designated Senior Debt, a
Representative of Designated Senior Debt or the Company (a “Non-Payment
Default”).

     

    If the
Trustee receives any Payment Blockage Notice pursuant to clause (ii) above, no
subsequent Payment Blockage Notice shall be effective for purposes of this
Section unless and until at least 365 days shall have elapsed since the
initial effectiveness of the immediately prior Payment Blockage Notice. No
Non-Payment Default that existed or was continuing on the date of delivery of
any Payment Blockage Notice to the Trustee shall be, or be made, the basis for a
subsequent Payment Blockage Notice.

     

    The
Company may and shall resume payments on and distributions in respect of the
Securities upon the earlier of:

     

    (2)           in
the case of any Payment Default, the date upon which the Payment Default is
cured or waived or ceases to exist, or

     

    (3)           in
the case of a Non-Payment Default, the earlier of (a) the date upon which such
Non-Payment Default is cured, waived or ceases to exist or (b) 179 days after
the date on which the applicable Payment Blockage Notice is received by the
Trustee, unless this Article 15 otherwise prohibits the payment or distribution
at such time.

    
      
         

      

      
        76

        
          

        

      

      
         

      

    

    Upon any
payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, to creditors upon any dissolution or
winding-up or liquidation or reorganization of the Company, whether voluntary or
involuntary or in bankruptcy, insolvency, reorganization, liquidation,
receivership or other proceedings, or upon an assignment for the benefit of
creditors or any marshalling of the assets and liabilities of the Company, or
otherwise, all amounts due or to become due upon all Senior Debt shall first be
paid in full in cash or other payment satisfactory to the holders of such Senior
Debt, or payment thereof in accordance with its terms provided for in cash or
other payment satisfactory to the holders of such Senior Debt, before any
payment is made on account of the principal of, premium, if any, or interest on
the Securities (except payments made pursuant to Article 4 from monies deposited
with the Trustee pursuant thereto prior to commencement of proceedings for such
dissolution, winding-up, liquidation, reorganization, assignment for the benefit
of creditors or the marshalling of assets and liabilities of the Company); and
upon any such dissolution, winding-up, liquidation, reorganization, assignment
for the benefit of creditors or marshalling of assets and liabilities of the
Company or bankruptcy, insolvency, receivership or other proceeding, any payment
by the Company, or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, to which the Holders of the
Securities or the Trustee would be entitled, except for the provision of this
Article 15, shall (except as aforesaid) be paid by the Company or by any
receiver, trustee in bankruptcy, liquidating trustee, agent or other Person
making such payment or distribution, or by the Holders of the Securities or by
the Trustee under this Indenture if received by them or it, directly to the
holders of Senior Debt (pro rata to such holders on the basis of the respective
amounts of Senior Debt held by such holders, or as otherwise required by law or
a court order) or their Representative or Representatives, or to the trustee or
trustees under any indenture pursuant to which any instruments evidencing any
Senior Debt may have been issued, as their respective interests may appear, to
the extent necessary to pay all Senior Debt in full, in cash or other payment
satisfactory to the holders of such Senior Debt, after giving effect to any
concurrent payment or distribution to or for the holders of Senior Debt, before
any payment or distribution or provision therefor is made to the Holders of the
Securities or to the Trustee.

     

    For
purposes of this Article 15, the words, “cash, property or securities” shall not
be deemed to include shares of stock of the Company as reorganized or
readjusted, or securities of the Company or any other corporation provided for
by a plan of reorganization or readjustment, the payment of which is
subordinated at least to the extent provided in this Article 15 with respect to
the Securities to the payment of all Senior Debt which may at the time be
outstanding; provided that (i) the
Senior Debt is assumed by the new corporation, if any, resulting from any
reorganization or readjustment, and (ii) the rights of the holders of Senior
Debt (other than leases which are not assumed by the Company or the new
corporation, as the case may be) are not, without the consent of such holders,
altered by such reorganization or readjustment.  The consolidation of
the Company with, or the merger of the Company into, another corporation or the
liquidation or dissolution of the Company following the conveyance or transfer
of its property as an entirety, or substantially as an entirety, to another
corporation upon the terms and conditions provided for in Article 8 shall not be
deemed a dissolution, winding-up, liquidation or reorganization for the purposes
of this Section 15.2 if such other corporation shall, as a part of such
consolidation, merger, conveyance or transfer, comply with the conditions stated
in Article 8.

    
      
         

      

      
        77

        
          

        

      

      
         

      

    

    In the
event of the acceleration of the Securities because of an Event of Default, no
payment or distribution shall be made to the Trustee or any Holder of Securities
in respect of the principal of, premium, if any, or interest on the Securities
(including, but not limited to, the redemption price with respect to the
Securities called for redemption in accordance with Article 11 as provided in
the Indenture), except payments and distributions made by the Trustee as
permitted by the first or second paragraph of Section 15.5, until all Senior
Debt has been paid in full in cash or other payment satisfactory to the holders
of Senior Debt or such acceleration is rescinded in accordance with the terms of
this Indenture. If payment of the Securities is accelerated because of an Event
of Default, the Company shall promptly notify holders of Senior Debt of the
acceleration.

     

    In the
event that, notwithstanding the foregoing provisions, any payment or
distribution of assets of the Company of any kind or character, whether in cash,
property or securities (including, without limitation, by way of setoff or
otherwise), prohibited by the foregoing, shall be received by the Trustee or the
Holders of the Securities before all Senior Debt is paid in full in cash or
other payment satisfactory to the holders of such Senior Debt, or provision is
made for such payment thereof in accordance with its terms in cash or other
payment satisfactory to the holders of such Senior Debt, such payment or
distribution shall be held in trust for the benefit of and shall be paid over or
delivered to the holders of Senior Debt or their Representative or
Representatives, or to the trustee or trustees under any indenture pursuant to
which any instruments evidencing any Senior Debt may have been issued, as their
respective interests may appear, as calculated by the Company, for application
to the payment of all Senior Debt remaining unpaid to the extent necessary to
pay all Senior Debt in full in cash or other payment satisfactory to the holders
of such Senior Debt, after giving effect to any concurrent payment or
distribution to or for the holders of such Senior Debt.

     

    Nothing
in this Section 15.2 shall apply to claims of, or payments to, the Trustee under
or pursuant to Section 6.7.  This Section 15.2 shall be subject to the
further provisions of Section 15.5.

     

    Section
15.3         Subrogation of
Securities.

     

    Subject
to the payment in full of all Senior Debt, the rights of the Holders of the
Securities shall be subrogated to the extent of the payments or distributions
made to the holders of such Senior Debt pursuant to the provisions of this
Article 15 (equally and ratably with the holders of all indebtedness of the
Company which by its express terms is subordinated to other indebtedness of the
Company to substantially the same extent as the Securities are subordinated and
is entitled to like rights of subrogation) to the rights of the holders of
Senior Debt to receive payments or distributions of cash, property or securities
of the Company applicable to the Senior Debt until the principal, premium, if
any, and interest on the Securities shall be paid in full; and, for the purposes
of such subrogation, no payments or distributions to the holders of the Senior
Debt of any cash, property or securities to which the Holders of the Securities
or the Trustee would be entitled except for the provisions of this Article 15,
and no payment over pursuant to the provisions of this Article 15, to or for the
benefit of the holders of Senior Debt by Holders of the Securities or the
Trustee, shall, as between the Company, its creditors other than holders of
Senior Debt, and the Holders of the Securities, be deemed to be a payment by the
Company to or on account of the Senior Debt; and no payments or distributions of
cash, property or securities to or for the benefit of the Holders of the
Securities pursuant to the subrogation provisions of this Article 15, which
would otherwise have been paid to the holders of Senior Debt shall be deemed to
be a payment by the Company to or for the account of the
Securities.  It is understood that the provisions of this Article 15
are and are intended solely for the purposes of defining the relative rights of
the Holders of the Securities, on the one hand, and the holders of the Senior
Debt, on the other hand.

    
      
         

      

      
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    Nothing
contained in this Article 15 or elsewhere in this Indenture or in the Securities
is intended to or shall impair, as among the Company, its creditors other than
the holders of Senior Debt, and the Holders of the Securities, the obligation of
the Company, which is absolute and unconditional, to pay to the Holders of the
Securities the principal of (and premium, if any) and interest on the Securities
as and when the same shall become due and payable in accordance with their
terms, or is intended to or shall affect the relative rights of the Holders of
the Securities and creditors of the Company other than the holders of the Senior
Debt, nor shall anything herein or therein prevent the Trustee or the Holder of
any Security from exercising all remedies otherwise permitted by applicable law
upon default under this Indenture, subject to the rights, if any, under this
Article 15 of the holders of Senior Debt in respect of cash, property or
securities of the Company received upon the exercise of any such
remedy.

     

    Upon any
payment or distribution of assets of the Company referred to in this Article 15,
the Trustee, subject to the provisions of Section 6.1, and the Holders of the
Securities shall be entitled to rely upon any order or decree made by any court
of competent jurisdiction in which such bankruptcy, dissolution, winding-up,
liquidation or reorganization proceedings are pending, or a certificate of the
receiver, trustee in bankruptcy, liquidating trustee, agent or other person
making such payment or distribution, delivered to the Trustee or to the Holders
of the Securities, for the purpose of ascertaining the persons entitled to
participate in such distribution, the holders of the Senior Debt and other
indebtedness of the Company, the amount thereof or payable thereon and all other
facts pertinent thereto or to this Article 15.

     

    Section
15.4         Authorization to Effect
Subordination.

     

    Each
Holder of a Security by the holder’s acceptance thereof authorizes and directs
the Trustee on the holder’s behalf to take such action as may be necessary or
appropriate to effectuate the subordination as provided in this Article 15 and
appoints the Trustee to act as the holder’s attorney-in-fact for any and all
such purposes.  If the Trustee does not file a proper proof of claim
or proof of debt in the form required in any proceeding referred to in Section
5.4 hereof at least 30 days before the expiration of the time to file such
claim, the holders of any Senior Debt or their representatives are hereby
authorized to file an appropriate claim for and on behalf of the Holders of the
Securities.

    
      
         

      

      
        79

        
          

        

      

      
         

      

    

    Section
15.5         Notice to
Trustee.

     

    The
Company shall give prompt written notice in the form of an Officers’ Certificate
to a Responsible Officer of the Trustee and to any Paying Agent of any fact
known to the Company which would prohibit the making of any payment of monies to
or by the Trustee or any Paying Agent in respect of the Securities pursuant to
the provisions of this Article 15.  Notwithstanding the provisions of
this Article 15 or any other provision of this Indenture, the Trustee shall not
be charged with knowledge of the existence of any facts which would prohibit the
making of any payment of monies to or by the Trustee in respect of the
Securities pursuant to the provisions of this Article 15, unless and until a
Responsible Officer of the Trustee shall have received written notice thereof at
the Corporate Trust Office from the Company (in the form of an Officers’
Certificate) or a Representative or a holder or holders of Senior Debt or from
any trustee therefor; and before the receipt of any such written notice, the
Trustee, subject to the provisions of Section 6.1, shall be entitled in all
respects to assume that no such facts exist; provided that if on a
date not fewer than two Business Days prior to the date upon which by the terms
hereof any such monies may become payable for any purpose (including, without
limitation, the payment of the principal of, or premium, if any, or interest on
any Security) the Trustee shall not have received, with respect to such monies,
the notice provided for in this Section 15.5, then, anything herein contained to
the contrary notwithstanding, the Trustee shall have full power and authority to
receive such monies and to apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary which may be
received by it on or after such prior date.

     

    Notwithstanding
anything in this Article 15 to the contrary, nothing shall prevent any
payment by the Trustee to the Holders of monies deposited with it pursuant to
Section 4.1, and any such payment shall not be subject to the provisions of
Section 15.1 or 15.2.

     

    The
Trustee, subject to the provisions of Section 6.1, shall be entitled to rely on
the delivery to it of a written notice by a Representative or a person
representing himself to be a holder of Senior Debt (or a trustee on behalf of
such holder) to establish that such notice has been given by a Representative or
a holder of Senior Debt or a trustee on behalf of any such holder or
holders.  The Trustee shall not be required to make any payment or
distribution to or on behalf of a holder of Senior Debt pursuant to this Article
15 unless it has received satisfactory evidence as to the amount of Senior Debt
held by such person, the extent to which such person is entitled to participate
in such payment or distribution and any other facts pertinent to the rights of
such person under this Article 15.

     

    Section
15.6         Trustee’s Relation to Senior
Debt.

     

    The
Trustee in its individual capacity shall be entitled to all the rights set forth
in this Article 15 in respect of any Senior Debt at any time held by it, to the
same extent as any other holder of Senior Debt, and nothing in this Indenture
shall deprive the Trustee of any of its rights as such holder.

    
      
         

      

      
        80

        
          

        

      

      
         

      

    

    With
respect to the holders of Senior Debt, the Trustee undertakes to perform or to
observe only such of its covenants and obligations as are specifically set forth
in this Article 15, and no implied covenants or obligations with respect to the
holders of Senior Debt shall be read into this Indenture against the
Trustee.  The Trustee shall not be deemed to owe any fiduciary duty to
the holders of Senior Debt and, subject to the provisions of Section 6.1, the
Trustee shall not be liable to any holder of Senior Debt (i) for any failure to
make any payments or distributions to such holders or (ii) if it shall pay over
or deliver to Holders of Securities, the Company or any other Person money or
assets to which any holder of Senior Debt shall be entitled by virtue of this
Article 15 or otherwise.

     

    Section
15.7         No Impairment of
Subordination.

     

    No right
of any present or future holder of any Senior Debt to enforce subordination as
herein provided shall at any time in any way be prejudiced or impaired by any
act or failure to act on the part of the Company or by any act or failure to
act, in good faith, by any such holder, or by any noncompliance by the Company,
the Trustee or any Holder of Securities with the terms, provisions and covenants
of this Indenture, regardless of any knowledge thereof which any such holder may
have or otherwise be charged with.

     

    Section
15.8         Certain Conversions/Exchanges Deemed
Payment.

     

    For the
purposes of this Article 15 only, (1) the issuance and delivery of junior
securities upon conversion or exchange of Securities in accordance with Article
14 or otherwise (except upon conversion of the Securities in accordance with
their terms) shall not be deemed to constitute a payment or distribution on
account of the principal of (or premium, if any) or interest on Securities or on
account of the purchase or other acquisition of Securities, and (2) the payment,
issuance or delivery of cash (except in satisfaction of fractional shares
pursuant to Section 14.3), property or securities (other than junior securities)
upon conversion or exchange of a Security shall be deemed to constitute payment
on account of the principal of such Security.  For the purposes of
this Section 15.8, the term “junior securities” means (a) shares of any stock of
any class of the Company, or (b) securities of the Company which are
subordinated in right of payment to all Senior Debt which may be outstanding at
the time of issuance or delivery of such securities to substantially the same
extent as, or to a greater extent than, the Securities are so subordinated as
provided in this Article. Nothing contained in this Article 15 or elsewhere in
this Indenture or in the Securities is intended to or shall impair, as among the
Company, its creditors other than holders of Senior Debt and the Holders of
Securities, the right, which is absolute and unconditional, of the Holder of any
Security to convert such Security in accordance with Article 14.

     

    Section
15.9         Article Applicable to Paying
Agents.

     

    If at any
time any Paying Agent other than the Trustee shall have been appointed by the
Company and be then acting hereunder, the term “Trustee” as used in this Article
shall (unless the context otherwise requires) be construed as extending to and
including such Paying Agent within its meaning as fully for all intents and
purposes as if such Paying Agent were named in this Article in addition to or in
place of the Trustee; provided, however, that the
first paragraph of Section 15.5 shall not apply to the Company or any Affiliate
of the Company if the Company or such Affiliate acts as Paying
Agent.

    
      
         

      

      
        81

        
          

        

      

      
         

      

    

    The
Trustee shall not be responsible for the actions or inactions of any other
Paying Agents (including the Company if acting as its own Paying Agent) and
shall have no control of any funds held by such other Paying
Agents.

     

    Section
15.10      Senior Debt Entitled to
Rely.

     

    The
holders of Senior Debt (including, without limitation, Designated Senior Debt)
shall have the right to rely upon this Article 15, and no amendment or
modification of the provisions contained herein shall diminish the rights of
such holders unless such holders shall have agreed in writing
thereto.

     

    Section
15.11      Reliance on Judicial Order or
Certificate of Liquidating Agent.

     

    Upon any
payment or distribution of assets of the Company referred to in this Article,
the Trustee and the Holders shall be entitled to rely upon any order or decree
entered by any court of competent jurisdiction in which such dissolution,
winding up, liquidation, reorganization, assignment for the benefit of creditors
or marshalling of assets and liabilities of the Company or bankruptcy,
insolvency, receivership or other like proceeding is pending, or a certificate
of the trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee
for the benefit of creditors, agent or other person making such payment or
distribution, delivered to the Trustee or to the Holders, for the purpose of
ascertaining the persons entitled to participate in such payment or
distribution, the holders of Senior Debt and other indebtedness of the Company,
the amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article.

     

    Section
15.12      Trust Monies Not
Subordinated.

     

    Notwithstanding
anything contained herein to the contrary, payments from money, U.S. Government
Obligations and/or Foreign Government Obligations held in trust under Article 4
or Article 13 by the Trustee for the payment of the principal of, premium, if
any, and interest on the Securities shall not be subordinated to the prior
payment in full of any Senior Debt of the Company or subject to the restrictions
set forth in this Article 15, and none of the Holders shall be obligated to pay
over any such amount to the Company or any holder of Senior Debt of the Company
or any other creditor of the Company.

     

    [The
remainder of this page is intentionally left blank.]

    
      
         

      

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

     

    
      
        
          	 
      	
                  SEARCHLIGHT
      MINERALS CORP.

                
	 
      	 
      
	 
      	
                  By:

                
	 
      	 
      
	 
      	
                  Title

                	 
      
	 
      	 
      
	 
      	
                  By:

                
	 
      	 
      
	 
      	
                  Title:

                	 
      

        

      

    

    
      
         

      

      
        83Exhibit 10.1

                                ESCROW AGREEMENT

This Escrow Agreement ("Agreement") is made and entered into as of this 19th day
of July,  2010,  by and among Meiguo  Ventures I, Inc.,  a Delaware  corporation
("Issuer")  and Keith  Roberts,  as  Stockholder  Representative  of the selling
stockholders who execute this Agreement  ("Selling  Stockholders") and who elect
to sell shares of common stock of the Issuer as provided  below;  and Wilmington
Trust Company, a Delaware banking corporation (" Escrow Agent ").

     WHEREAS,  the Issuer has filed with the Securities and Exchange  Commission
("SEC") a  registration  statement  on Form S-1  ("Form  S-1")  pursuant  to the
Securities  Act of 1933, as amended (the "Act") with respect to the  prospective
sale of shares in the Issuer by the Selling Stockholders (the "Offering");

     WHEREAS, the Offering is being conducted based upon the Issuer being deemed
to be a Blank Check issuer as that term is defined by subsection  (a)(2) of Rule
419 ("Rule 419") of Regulation C promulgated pursuant to the Act;

     WHEREAS,  if any of the  stockholders  of the Issuer who are  identified on
Schedule  "A" which is annexed  hereto  elects to sell shares of common stock of
the Issuer  pursuant to the Offering (each of such  stockholders  being deemed a
Selling Stockholder),  the Issuer desires to utilize the Escrow Agent's services
pursuant to the terms and conditions herein provided to satisfy the restrictions
and requirements imposed upon the Offering by Rule 419;

     WHEREAS,  if any Selling  Stockholder elects to sell shares of common stock
of the Issuer, then each Selling Stockholder who elects to sell shares of common
stock of the Issuer  pursuant  to the  Offering  shall  agree to be bound by the
terms and conditions of this Agreement as a condition of any such sale and shall
execute the Selling  Stockholder  Signature  Page,  in the form which is annexed
hereto as Schedule B.

     NOW,  THEREFORE,  in  consideration  of  the  mutual  covenants  which  are
hereinafter set forth and for good and valuable consideration,  receipt of which
is hereby acknowledged,

IT IS AGREED:

1. Recitals Adopted.  The parties hereto adopt as part of this Agreement each of
the  recitals  which is set forth above in the WHEREAS  clauses,  and agree that
such  recitals  shall be binding upon the parties  hereto by way of contract and
not merely by way of recital or  inducement;  and that such WHEREAS  clauses are
hereby  confirmed  and  ratified as being true and  accurate by each party as to
itself and himself.

2. Appointment of Escrow Agent.

     A. In  connection  with Selling  Stockholders'  possible  sale of shares of
common stock after such shares are  registered,  the Issuer hereby  appoints the
Escrow Agent to act as escrow agent in connection with the Offering  pursuant to
the terms and conditions set forth in this Agreement.

     B. The Escrow Agent shall receive  compensation to be paid by the Issuer as
set forth on Schedule C, annexed hereto and made a part hereof.
<PAGE>
3. Duties of Escrow Agent.

     A. Escrow Agent shall  establish an escrow  account (the "Escrow  Account")
into which the shares to be sold ("Escrow  Shares") and the funds to be received
from prospective purchasers of said shares ("Prospective Purchasers") as well as
any dividends  earned by the Prospective  Purchasers while the Escrow Shares are
being held in escrow ("Escrow Funds") in connection with any sale by the Selling
Stockholders pursuant to the Offering  (collectively,  the "Escrow Items") shall
be deposited  and held until an  acquisition  meeting the criteria  specified in
Rule 419 is completed. Escrow Funds shall be invested upon the written direction
of an officer of the Issuer; provided, however, that the Escrow Funds shall only
be invested in an  obligation  that  constitutes  a  "deposit",  as that term is
defined  in  section  3( L ) of  the  Federal  Deposit  Insurance  Act  (each  a
"Permitted  Investment").  The Issuer shall be solely  responsible  for ensuring
that such  directions  include only Permitted  Investments  and the Escrow Agent
shall not have any obligation with respect to such determination.

     B.  Escrow  Agent shall  receive  and hold all shares of common  stock sold
pursuant to the Offering  (i.e.,  the Escrow  Shares)  pursuant to the terms set
forth in this  Agreement and in accordance  with Rule 419. All Escrow Shares are
to remain as deposited  and shall be held until (i) released by the Escrow Agent
pursuant  to  Paragraphs  "D",  "E",  "F" or "G" of  this  Article  "3" of  this
Agreement  or (ii) the Escrow  Agent shall have  deposited  the Escrow  Items in
court  pursuant to  Paragraph  "G" of Article "5" of this  Agreement or the last
sentence of Paragraph "I" of Article "5" of this Agreement.  The identity of (i)
each Selling  Stockholder and (ii) the  Prospective  Purchaser shall be included
with the stock certificates or other documents  evidencing such securities which
are delivered to the Escrow Agent.  The Escrow Shares shall remain as issued and
deposited and shall be held for the sole benefit of the Prospective  Purchasers,
who shall have  voting  rights with  respect to the Escrow  Shares held in their
names,  as provided by applicable  state law. All stock  powers,  which shall be
duly  executed in blank,  shall be sent to the Escrow  Agent  separate  from the
certificates evidencing the Escrow Shares.

     C. If Escrow Agent shall receive written notice from the Issuer pursuant to
Article "9" of this  Agreement that the Issuer has entered into an agreement for
the acquisition of a business  pursuant to paragraphs  (e)(1) and (e)(2) of Rule
419,  and said  written  notice  includes a  representation  that the Issuer has
provided a post-effective amendment to the Issuer's registration statement which
has been  declared  effective by the SEC to each  Prospective  Purchaser and has
received confirmation from Prospective Purchasers pursuant to Rule 419(e)(2)(ii)
that said Prospective  Purchasers  intend to continue to remain investors in the
Issuer,  then Escrow  Agent,  within two (2) business  days,  shall  deliver the
Escrow  Shares to the  applicable  Prospective  Purchasers  who have  given said
confirmation at the address provided by the Selling Stockholders,  if known, and
shall deliver the Escrow Funds to the corresponding  Selling Stockholders or, on
their behalf to the brokerage account set forth in the Company's records,  or if
no brokerage  account is provided,  to their home address  which is specified in
the Company's records.

     D. If Escrow Agent shall receive written notice from the Issuer pursuant to
Article "9" of this  Agreement  that the Issuer has entered into an  Acquisition
Agreement pursuant to paragraphs (e)(1) and (e)(2) of Rule 419, and said written
notice includes a  representation  that the Issuer has provided a post-effective
amendment  to the  Issuer's  registration  statement  which  has  been  declared
effective by the SEC to each  Prospective  Purchaser,  and either (i) Issuer has
received confirmation from Prospective Purchasers pursuant to Rule 419(e)(2)(ii)
that said  Prospective  Purchasers do not intend to continue to remain investors
in the Issuer or (ii) more than forty-five (45) business days have elapsed after
the  effective  date of the  post-effective  amendment,  then Escrow Agent shall
within  two (2)  business  days  return the  Escrow  Funds to the  corresponding
Prospective  Purchasers at the address provided by the Selling Stockholders,  if
known,  and  shall  return  the  Escrow  Shares  to  the  corresponding  Selling
Stockholders  or, on their  behalf  to the  brokerage  account  set forth in the
Company's records, or if no brokerage account is provided, to their home address
which is specified in the Company's records.

                                       2
<PAGE>
     E. If upon receiving  written  instructions from the Issuer that the Issuer
has not (i) negotiated an acquisition  transaction,  (ii) filed a post-effective
amendment  to  its  registration  statement,   (iii)  successfully  completed  a
reconfirmation  offering meeting the requirements of Rule 419 and (iv) closed on
the acquisition  agreement  within eighteen (18) months after the effective date
of its registration  statement,  then Escrow Agent shall return the Escrow Funds
to the corresponding Prospective Purchasers,  and shall return the Escrow Shares
to the corresponding  Selling Stockholders  pursuant to the written instructions
from the Issuer.

     F. If the Issuer elects to terminate the Offering  prior to the  occurrence
of the events  specified  in  Paragraphs  "D", "E" or "F" of this Article "3" of
this Agreement, then the Issuer shall notify Escrow Agent in writing pursuant to
Article "9" of this  Agreement  that the  Offering has been  terminated  and the
registration  statement withdrawn,  whereupon Escrow Agent shall, within two (2)
business days, return the Escrow Funds to the Prospective Purchasers,  and shall
return the Escrow Shares to the Selling Stockholders.

4. Representations, Warrants and Covenants of Escrow Agent.

     A. Escrow Agent shall deposit the gross proceeds, if any, from the Offering
promptly into the Escrow Account.  Dividends, if any, earned on said funds shall
be held in the Escrow Account until the funds are released.  If the Escrow Funds
are released to a Prospective Purchaser, the Prospective Purchaser shall receive
any  dividends  earned on such funds until the date of release.  If Escrow Funds
are released to the Selling Stockholders,  any dividends earned on such funds up
to the date of release shall be released to the Selling Stockholders.

     B. Escrow Agent shall  maintain in good faith and in the regular  course of
business Escrow Account records,  providing that the funds in the Escrow Account
are held for the benefit of the  purchasers and showing the name and interest of
each party to the account.

     C. Except as set forth herein,  no transfer or other  disposition of Escrow
Shares  shall  be  permitted  other  than  by will or the  laws of  descent  and
distribution,  or pursuant to a qualified domestic relations order as defined by
the  Internal  Revenue  Code  of  1986  [26  U.S.C.  1 et  seq.],  or the  rules
thereunder.

5. Rights and Immunities of Escrow Agent.  Acceptance by the Escrow Agent of its
duties  pursuant  to this  Agreement  is  subject  to the  following  terms  and
conditions,  which all parties to this  Agreement  hereby agree shall govern and
control the rights, duties and immunities of the Escrow Agent:

     A. The  duties and  obligations  of the Escrow  Agent  shall be  determined
solely by the express  provisions  of this  Agreement and the Escrow Agent shall
only be responsible  for the  performance of such duties and  obligations as are
specifically  set out in this  Agreement.  This Agreement shall not be deemed to
create a  fiduciary  relationship  between  the  parties  hereto  under state or
federal law except as specifically provided in this Agreement.

     B.   (i) The  Escrow  Agent is  hereby  released  and  exculpated  from all
liability,  costs,  and expenses  whatsoever which arise out of or in connection
with the Escrow Agent's activities as escrow agent hereunder, including, but not
limited to, any liability,  cost or expense which is caused by the negligence or
gross negligence of the Escrow Agent.  Notwithstanding the foregoing, the Escrow
Agent shall be liable  only to the extent of any loss or damage  which is caused
by its willful misconduct.

          (ii) The  Escrow  Agent  shall  not be  obligated  to  verify  (i) the
authenticity of any documents submitted to it as originals, (ii) the genuineness
of the signatures on any documents  submitted to it; (iii) the legal capacity of
any  persons  who  executed   any  document   submitted  to  it;  (iv)  the  due

                                       3
<PAGE>
authorization  and  valid  execution  of any  agreement  submitted  to it by all
parties thereto;  (v) that any agreement submitted to it constitutes a valid and
legally binding agreement and obligation of the parties; and (vi) the conformity
to the originals of any documents  submitted to it (a) as photostatic  copies or
(b) via facsimile.

     C. The Escrow  Agent may act or refrain  from  acting  with  respect to any
matter which is referred to herein in reliance  upon  either:  (i) the advice of
any counsel who may be selected by the Escrow  Agent from time to time or (ii) a
good  faith  determination  by the  Escrow  Agent.  The  Escrow  Agent is hereby
released and exculpated  from all liability or claimed  liability by the parties
or any other person which may arise or be alleged to have arisen, out of or as a
result of, in  connection  with  acting as Escrow  Agent or in  refraining  from
acting  upon  either:  (i)  the  advice  of any  counsel  or  (ii) a good  faith
determination by the Escrow Agent.

     D.  Escrow  Agent  shall  not be  required  to use  its  own  funds  in the
performance  of any of its  obligations  or duties or the exercise of any of its
rights or powers,  and shall not be required to take any action which, in Escrow
Agent's  sole and  absolute  judgment,  could  cause it to incur any  expense or
liability  unless  furnished with security and indemnity  which it deems, in its
sole and absolute discretion, to be satisfactory.

     E. The Escrow Agent may rely upon any paper or other  document which may be
submitted to the Escrow Agent in connection  with its duties  hereunder which is
believed by the Escrow Agent to be genuine and to have been signed by the proper
party or parties  and is hereby  released  and  exculpated  from all  liability,
including, but not limited to, losses, costs, consequential damages and expenses
whatsoever  which arises out of or in connection with its actions based upon any
such paper or other  document,  and the Escrow  Agent shall have no liability or
responsibility with respect to the form, execution or validity thereof.

     F. The Escrow  Agent may  institute  or defend any action or legal  process
which  involves  any  matter  which is  referred  to herein  which in any manner
affects the Escrow Agent or its duties or liabilities hereunder,  but the Escrow
Agent shall not be required to institute or defend such action or process unless
or until  requested  to do so,  and then only  upon  receiving  full  indemnity,
against any and all claims,  liabilities,  judgments,  reasonable attorneys fees
and other expenses of every kind in relation thereto. Such indemnification shall
be in a form  and  amount  satisfactory  to the  Escrow  Agent,  in its sole and
absolute discretion, and from such parties determined by the Escrow Agent in its
sole and absolute discretion.

     G. The Issuer and the Selling Stockholders, jointly and severally, agree to
and shall  indemnify  and save the Escrow  Agent  harmless  from and against any
losses,  claims,  liabilities,  judgments,  reasonable attorneys' fees and other
expenses of every kind and nature which may be  suffered,  sustained or incurred
by the Escrow Agent by reason of its acceptance of, and its  performance  under,
this Agreement  except for the Escrow Agent's willful  misconduct.  In addition,
the Escrow  Agent  shall be  entitled  to the fair  value of the legal  services
incurred to outside  counsel with respect to the Escrow  Agent's  acceptance of,
and its performance pursuant to this Agreement.

     H. The Escrow Agent may at any time,  in its sole and absolute  discretion,
deposit the Escrow Items with a court of competent  jurisdiction  in Wilmington,
Delaware pursuant to an action of interpleader, and upon such deposit the Escrow
Agent shall be released  from any further  liability or obligation as the Escrow
Agent.

     I. In the event of any  dispute  which is  referred  to herein,  the Escrow
Agent shall be entitled to consult with counsel and commence or defend any legal
proceeding if the Escrow Agent, in its good faith  determination,  determines to
do so, and shall be  reimbursed by the Issuer and the Selling  Stockholders  for
all legal fees and  expenses  in  connection  with such  consultation  and legal
proceeding.

                                       4
<PAGE>
     J. The Escrow  Agent may resign at any time from its duties as Escrow Agent
by giving at least thirty (30) days prior written notice ("Resignation  Notice")
pursuant  to Article  "9" of this  Agreement  to the  Issuer and to all  Selling
Shareholders and Prospective  Purchasers who have Escrow Items being held by the
Escrow Agent.  The Escrow Agent shall upon the (i)  acceptance of the new escrow
agent by the Issuer and (ii)  presentation of an executed  agreement  appointing
said new escrow agent,  turn over to said escrow agent the Escrow  Items.  If no
such  escrow  agent is  appointed  within  thirty  (30) days after the giving of
Resignation  Notice,  the Escrow Agent may deposit the Escrow Items with a court
of competent jurisdiction in Wilmington, Delaware.

     K. The Escrow Agent is not a party to or bound by any agreement  pertaining
to the  Offering  or any other  agreement  between  the Issuer  and the  Selling
Stockholders, except this Agreement.

     L. The duties of the Escrow Agent hereunder are entirely ministerial, being
limited to receiving,  holding,  and disbursing the amount in escrow as provided
herein.  The Escrow Agent may rely upon and will be protected in acting upon any
paper or other  document  which may be  submitted to it in  connection  with its
duties  hereunder  and which is  believed  by it to be genuine  and to have been
signed by the proper party or parties or their  representatives,  and shall have
no liability or responsibility with respect to the form, execution,  or validity
thereof.

     M. The Escrow  Agent's  obligation to act as Escrow Agent  pursuant to this
Agreement shall terminate at such time as (i) the Escrow Agent shall deliver the
Escrow Items pursuant to Paragraphs  "D", "E", "F" or "G" of Article "3" of this
Agreement  or (ii) the Escrow  Agent shall have  deposited  the Escrow  Items in
court  pursuant to Paragraph  "G" of this  Article "5" of this  Agreement or the
last sentence of Paragraph "I" of this Article "5" of this Agreement.

6. Duties of Issuer.  Upon  request of the Escrow  Agent,  Issuer  shall  timely
execute and deliver any and all documents,  and perform any and all acts, as may
be reasonably and customarily  required to be executed or performed by an issuer
in connection  with the parties'  fulfillment  of their  respective  obligations
under an escrow agreement such as this Agreement.

7. Authority. The persons executing this Agreement hereby represent that each is
duly authorized to enter into this Agreement in the capacity specified, and upon
request,  will  provide  documentation  to the Escrow  Agent and the other party
which supports his or her authority to enter into this Agreement.

8. Miscellaneous.

     A.  Headings.  The headings  contained in this  Agreement are for reference
purposes only and shall not affect in any way the meaning or  interpretation  of
this Agreement.

     B.  Enforceability.  If any provision  which is contained in this Agreement
should,  for any reason,  be held to be invalid or  unenforceable in any respect
under  the  laws  of  any  State  of  the  United  States,  such  invalidity  or
unenforceability  shall  not  affect  any  other  provision  of this  Agreement.
Instead,  this Agreement shall be construed as if such invalid or  unenforceable
provisions had not been contained herein.

     C.  Amendment.  This  Agreement  may not be  changed,  modified,  extended,
terminated or discharged  orally but only by an agreement in writing,  signed by
all of the parties to this Agreement.

                                       5
<PAGE>
9. Notices.  Any notice or other  communication  required or permitted hereunder
must be in  writing  and sent by either (i)  certified  mail,  postage  prepaid,
return receipt requested,  (ii) overnight delivery with confirmation of delivery
or (iii)  facsimile  transmission  with an original  mailed by first class mail,
postage prepaid, addressed as follows:

If to the Issuer:
                    Meiguo Ventures I, Inc.
                    28248 North Tatum Blvd., Suite B-1-434
                    Cave Creek, Arizona 85331
                    Attention: David W. Keaveney
                    Facsimile No.: (210) 579-1775

If to the Escrow Agent:

                    Wilmington Trust Company
                    1100 N. Market St.
                    Wilmington, DE 19890
                    Attention: James P. Lawler
                    Facsimile No.: (302) 636-4149

If to the Selling Shareholders and Prospective Purchasers: to the address as set
forth  in the  Company's  records  or in each  case to such  other  address  and
facsimile number as shall have last been furnished by like notice. If mailing is
impossible due to an absence of postal service, and the other methods of sending
notice  set  forth  in this  Article  "9" of this  Agreement  are not  otherwise
available,  notice shall be hand  delivered  to the  aforesaid  addresses.  Each
notice or  communication  shall be  deemed to have been  given as of the date of
receipt; provided, however, that any notice sent by facsimile shall be deemed to
have been  given as of the date sent by  facsimile  if a copy of such  notice is
also  mailed by first class mail on the date sent by  facsimile;  if the date of
mailing is not the same as the date of sending  by  facsimile,  then the date of
mailing by first class mail shall be deemed to be the date upon which  notice is
given.

10. Governing Law. This Agreement shall in all respects be construed,  governed,
applied  and  enforced  in  accordance  with the laws of the  State of  Delaware
applicable to contracts made and to be performed therein,  without giving effect
to the principles of conflicts of law that would call for the application of the
laws of any other jurisdiction. Furthermore, the parties hereby agree:

     A. That any  proceeding to enforce the  provisions of this Agreement may be
commenced in the Courts of the State of Delaware and federal courts in the State
of Delaware having subject matter jurisdiction;

     B. To hereby  irrevocably  and  unconditionally  consent  to and  submit to
personal  jurisdiction  over each of them by the Courts of the State of Delaware
and federal courts in the State of Delaware,  and appellate  courts thereof,  in
any action or proceeding,  or for recognition and enforcement of any judgment in
respect thereof;

     C. To hereby waive personal service of any and all process and specifically
consent  that in any such  action or  proceeding,  any service of process may be
effectuated upon any of them by certified mail, return receipt requested, to the
addresses  which are set forth in Article "9" of this  Agreement or in each case
to such other  addresses  as shall have last been  furnished by the like notice;
and

                                       6
<PAGE>
     D. To hereby waive any objection that they may now or hereafter have to the
venue of any such action or  proceeding in any such court or that such action or
proceeding was brought in an inconvenient  court and agree not to plead or claim
the same.

11.  Construction.  Each of the parties hereto hereby further  acknowledges  and
agrees  that  (i)  each has  been  advised  by  counsel  during  the  course  of
negotiations and (ii) each counsel has had significant  input in the development
of this Agreement and (iii) this Agreement  shall not,  therefore,  be construed
more strictly against any party  responsible for its drafting  regardless of any
presumption  or rule  requiring  construction  against the party whose  attorney
drafted this Agreement.

12. Entire Agreement.  This Agreement and all documents and instruments referred
to herein (i) constitute the entire agreement and supersede all prior agreements
and understandings, both written and oral, among the parties with respect to the
subject matter hereof and thereof,  and (ii) are not intended to confer upon any
person other than the parties hereto any rights or remedies hereunder.

13.  Further  Assurances.  The  parties  agree to execute any and all such other
further instruments and documents,  and to take any and all such further actions
which are reasonably  required to effectuate  this Agreement and the intents and
purposes hereof.

14. Binding  Agreement.  This  Agreement  shall be binding upon and inure to the
benefit  of the  parties  hereto  and their  heirs,  executors,  administrators,
personal representatives, successors and assigns.

15. Non-Waiver.  Except as otherwise expressly provided herein, no waiver of any
covenant, condition, or provision of this Agreement shall be deemed to have been
made  unless  expressly  in writing  and signed by the party  against  whom such
waiver is charged; and (i) the failure of any party to insist in any one or more
cases upon the performance of any of the provisions,  covenants or conditions of
this Agreement or to exercise any option herein contained shall not be construed
as a waiver or relinquishment  for the future of any such provisions,  covenants
or conditions,  (ii) the acceptance of performance of anything  required by this
Agreement to be performed with knowledge of the breach or failure of a covenant,
condition  or  provision  hereof  shall not be deemed a waiver of such breach or
failure,  and (iii) no waiver by any party of one breach by another  party shall
be construed as a waiver of any other or subsequent breach.

16.  Modifications.  This  Agreement  may not be  changed,  modified,  extended,
terminated or discharged orally, but only by an agreement in writing,  signed by
all of the parties to this Agreement.

17.   Exhibits.   All  Exhibits  annexed  or  attached  to  this  Agreement  are
incorporated into this Agreement by reference thereto and constitute an integral
part of this Agreement.

18.  Severability.  The provisions of this Agreement shall be deemed  separable.
Therefore,  if  any  part  of  this  Agreement  is  rendered  void,  invalid  or
unenforceable, such rendering shall not affect the validity or enforceability of
the remainder of this Agreement;  provided,  however,  that if the part or parts
which are void, invalid or unenforceable as aforesaid shall substantially impair
the value of this whole  Agreement  to any party,  that  party may  cancel,  and
terminate the Agreement by giving written notice to the other party.

19.  Counterparts.  This Agreement may be executed in two or more  counterparts,
each of which  shall be  deemed an  original,  but all of which  together  shall
constitute one and this same Agreement.  Facsimile signatures shall be deemed to
be original signatures.

                                       7
<PAGE>
IN WITNESS  WHEREOF,  the parties  hereto have executed this Agreement as of the
date and the year first above written.

Meiguo Ventures I, Inc.
28248 North Tatum Blvd., Suite B-1-434
New York, New York  10022

By: /s/ David W. Keaveney
    ------------------------------------------
    David W. Keaveney, Chief Executive Officer

Wilmington Trust Company, As Escrow Agent

By: /s/ Patrick J. Donahue
    ------------------------------------------
    Patrick J. Donahue, Vice President
<PAGE>
Stockholder Representative:

/s/ Keith Roberts
----------------------------------------------
Keith Roberts

                                       8
<PAGE>
                                   SCHEDULE A

                        LIST OF THE SELLING STOCKHOLDERS

NAME OF SELLING                                  BENEFICIAL HOLDINGS
SECURITY HOLDER                                  BEFORE THE OFFERING
---------------                                  -------------------
Erin Anemaet                                          57,800
Krsta Brcic                                           46,835
Janja Cerovina                                        50,000
Cindy Cho                                             57,924
Peter Cho                                             55,061
Melissa Conners                                       60,055
Zoran Cvetojevic                                      46,835
Miso Cvetojevic                                       46,835
Bojan Cvetojevic                                      46,835
Zarko Cvetojevic                                      46,835
Jelena Cvetojevic                                     46,835
Verica Djordjevic                                     46,835
Natalie Englehart                                     60,000
Alexandre Figueirdo                                   64,000
Ljubica Gombar                                        50,000
Dragana Kovacevic                                     46,835
Rom Macari                                            59,000
Michal Majernik                                       58,500
Milovan Mavrak                                        50,000
Slavica Mavrak                                        50,000
Dragon Mikovic                                        50,000
Dusica Mikovic                                        50,000
Zoran Miletic                                         50,000
Juan Pasqual                                          64,000
Jovanny Palma                                         55,500
Damjan Pavolivic                                      59,300
Mariya Popov                                          60,699
Kevin Price                                           64,000
Julie Provost                                         58,900
Prvoslav Puric                                        50,000
Jovan Puric                                           50,000
Veselin Puric                                         50,000
Mira Puric                                            50,000
Ivan Radovic                                          50,000
Suncica Radovic                                       50,000
Viktor Ristic                                         58,500
Keith Roberts                                         54,000
Steven Roberts                                        62,500
Leighanne Roberts                                     63,500
Carol Robichaud                                       55,000
Roxane Rojas                                          65,000
Teresita Rubio                                        65,000
Andres Rubio                                          65,000
Sandra Rubio                                          53,000

                                       9
<PAGE>
Sretko Sinikovic                                      50,000
Brcic Slavka                                          46,835
Dragana Stosic                                        50,000
Bratislav Stosic                                      50,000
Peter Tate                                            65,000
Cavor Vladislavka                                     46,835
Phillip Welsh                                         63,000
David Wise                                           200,000
Marta Zecevic                                         50,000
Nebojsa Zecevic                                       50,000
Charlotte Zur                                         60,000

                                       10
<PAGE>
                                   SCHEDULE B

                       SELLING STOCKHOLDER SIGNATURE PAGE

     The  undersigned  Selling  Stockholder  of Meiguo  Ventures  I,  Inc.  (the
"Company")  hereby  agrees  that if he or she  decides to sell the shares of the
Company pursuant to the Form S-1 Registration  Statement in compliance with Rule
419 of  Regulation C  promulgated  pursuant to the  Securities  Act of 1933,  as
amended,  he or she shall comply with the terms of the Escrow Agreement to which
this Signature Page is attached.

Name of Selling Stockholder:

/s/ Erin Anemaet
-------------------------------
Erin Anemaet

/s/ Krsta Brcic
-------------------------------
Krsta Brcic

/s/ Janja Cerovina
-------------------------------
Janja Cerovina

/s/ Cindy Cho
-------------------------------
Cindy Cho

/s/ Peter Cho
-------------------------------
Peter Cho

/s/ Melissa Conners
-------------------------------
Melissa Conners

/s/ Zoran Cvetojevic
-------------------------------
Zoran Cvetojevic

/s/ Miso Cvetojevic
-------------------------------
Miso Cvetojevic

/s/ Bojan Cvetojevic
-------------------------------
Bojan Cvetojevic

/s/ Zarko Cvetojevic
-------------------------------
Zarko Cvetojevic

/s/ Jelena Cvetojevic
-------------------------------
Jelena Cvetojevic

/s/ Verica Djordjevic
-------------------------------
Verica Djordjevic

/s/ Natalie Englehart
-------------------------------
Natalie Englehart

                                       11
<PAGE>
/s/ Alexandre Figuerido
-------------------------------
Alexandre Figuerido

/s/ Ljubica Gombar
-------------------------------
Ljubica Gombar

/s/ Dragana Kovacevic
-------------------------------
Dragana Kovacevic

/s/ Rom Macari
-------------------------------
Rom Macari

/s/ Michal Majernik
-------------------------------
Michal Majernik

/s/ Milovan Mavrak
-------------------------------
Milovan Mavrak

/s/ Slavica Mavrak
-------------------------------
Slavica Mavrak

/s/ Dragon Mikovic
-------------------------------
Dragon Mikovic

/s/ Dusica Mikovic
-------------------------------
Dusica Mikovic

/s/ Zoran Miletic
-------------------------------
Zoran Miletic

/s/ Juan Pasqual
-------------------------------
Juan Pasqual

/s/ Jovanny Palma
-------------------------------
Jovanny Palma

/s/ Damjan Pavolivic
-------------------------------
Damjan Pavolivic

/s/ Mariya Popov
-------------------------------
Mariya Popov

/s/ Kevin Price
-------------------------------
Kevin Price

/s/ Julie Provost
-------------------------------
Julie Provost

/s/ Prvoslav Puric
-------------------------------
Prvoslav Puric

                                       12
<PAGE>
/s/ Jovan Puric
-------------------------------
Jovan Puric

/s/ Veselin Puric
-------------------------------
Veselin Puric

/s/ Mira Puric
-------------------------------
Mira Puric

/s/ Ivan Radovic
-------------------------------
Ivan Radovic

/s/ Suncica Radovic
-------------------------------
Suncica Radovic

/s/ Viktor Ristic
-------------------------------
Viktor Ristic

/s/ Keith Roberts
-------------------------------
Keith Roberts

/s/ Steven Roberts
-------------------------------
Steven Roberts

/s/ Leighanne Roberts
-------------------------------
Leighanne Roberts

/s/ Carol Robichaud
-------------------------------
Carol Robichaud

/s/ Roxane Rojas
-------------------------------
Roxane Rojas

/s/ Teresita Rubio
-------------------------------
Teresita Rubio

/s/ Andres Rubio
-------------------------------
Andres Rubio

/s/ Sandra Rubio
-------------------------------
Sandra Rubio

/s/ Sretko Sinikovic
-------------------------------
Sretko Sinikovic

/s/ Brcic Slavka
-------------------------------
Brcic Slavka

                                       13
<PAGE>
/s/ Dragana Stosic
-------------------------------
Dragana Stosic

/s/ Bratislav Stosic
-------------------------------
Bratislav Stosic

/s/ Peter Tate
-------------------------------
Peter Tate

/s/ Cavor Vladislavka
-------------------------------
Cavor Vladislavka

/s/ Phillip Welsh
-------------------------------
Phillip Welsh

/s/ David Wise
-------------------------------
David Wise

/s/ Marta Zecevic
-------------------------------
Marta Zecevic

/s/ Nebojsa Zecevic
-------------------------------
Nebojsa Zecevic

/s/ Charlotte Zur
-------------------------------
Charlotte Zur

                                       14
<PAGE>
                                    Exhibit C

                                   Escrow Fees

The escrow fee  payable  to  Wilmington  Trust  Company  shall be $2,500,  which
constitute a one time annual fee for the period  ending  September  30, 2011. In
the event this Escrow  Agreement is still in effect on September 30, 2011,  then
Meiguo  Ventures I, Inc.  shall pay an  additional  $2,500 to  Wilmington  Trust
Company for the period ending  September 30, 2012. In the event that this Escrow
Agreement is still in effect on September  30,  2012,  the parties  hereto shall
negotiate a new fee for any period beyond September 30, 2012.

                                       15

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