Document:

Exhibit 4.1

 

AMENDMENT TO AMENDED RIGHTS AGREEMENT

 

THIS AMENDMENT
(this “Amendment”) to the amended Rights Agreement (the “Rights Agreement”),
effective as of January 18, 2005, by and between Rentech, Inc., a
Colorado corporation (the “Company”), and Computershare Trust Company, Inc.
as Rights Agent (the “Rights Agent”) is effective as of April 13, 2006.

 

RECITALS

 

WHEREAS,
effective as of the April 13, 2006, the Board of Directors amended the
Rights Plan as set forth herein to provide that each Right shall represent the
right to purchase one five-hundredth of a Preference Share and to provide that
Rights may be issued with respect to Common Shares that shall become
outstanding after the Distribution Date; and

 

WHEREAS,
in accordance with Section 27 of the Rights Agreement, this Amendment is
entered into by the Company and the Rights Agent.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing recitals and the mutual covenants herein set
forth and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally
bound, the parties hereto hereby agree as follows:

 

1.                                      Definitions. Unless otherwise defined herein, all terms
defined in the Rights Agreement have the same meaning when used herein.

 

2.                                      Amendment
to Rights Issuances.

 

(a) The first Whereas clause of the Rights Agreement is herby
amended and restated in its entirety as follows:

 

“WHEREAS, on October 28,
1998, the Board of Directors of the Company authorized and declared a dividend,
payable as of December 1, 1998, of one preference share purchase right (a “Right”)
for each Common Share (as hereinafter defined) of the Company outstanding on November 10,
1998 (the “Record Date”), each Right representing the right to purchase one five-hundredth
of a Preference Share (as hereinafter defined), upon the terms and subject to
the conditions herein set forth, and has further authorized and directed the
issuance of one Right with respect to each Common Share that shall become
outstanding between the Record Date and the earliest of the Distribution Date,
the Redemption Date or the Final Expiration Date (as such terms are hereinafter
defined); provided, however, that Rights may be
issued with respect to Common Shares that shall become outstanding after the
Distribution Date and prior to earliest of the Redemption Date, the Final
Expiration Date or the time at which such Rights are exchanged as provided for
in Section 24 hereof.”

 

1

 

(b) Section 22 of the Rights
Agreement is hereby amended and restated in its entirety as follows:

 

“Issuance of New Right Certificates  Notwithstanding any of the provisions of this
Agreement or of the Rights to the contrary, the Company may, at its option,
issue new Right Certificates evidencing Rights in such form as may be
approved by its Board of Directors to reflect any adjustment or change in the
Purchase Price and the number or kind or class of shares or other
securities or property purchasable under the Right Certificates made in
accordance with the provisions of this Agreement. In addition, in connection
with the issuance or sale of Common Shares following the Distribution Date and
prior to the earliest of the Redemption Date, the Final Expiration Date or the
time at which such Rights are exchanged as provided for in Section 24
hereof, the Company shall, with respect to Common Shares so issued or sold
pursuant to the exercise of stock options or under any employee plan or
arrangement, granted or awarded, or upon exercise, conversion or exchange of
securities hereinafter issued by the Company, in each case existing prior to
the Distribution Date, issue Right Certificates representing the appropriate
number of Rights in connection with such issuance or sale; provided, however,
that (i) no such Right Certificate shall be issued if, and to the extent
that, the Company shall be advised by counsel that such issuance would create a
significant risk of material adverse tax consequences to the Company or the
Person to whom such Right Certificate would be issued and (ii) no such
Right Certificate shall be issued if, and to the extent that, appropriate
adjustment shall otherwise have been made in lieu of the issuance thereof.”

 

3.                                      Amendment
to Rights. All references in the
Rights Agreement to “one three-hundredth” (or the plural), other than in the
second Whereas clause of the recitals, are hereby amended to read “one five-hundredth”
(or the plural, as the case may be).

 

4.                                      Full
Force And Effect. Except to the extent expressly provided in this
Amendment, the terms and conditions of the Rights Agreement remain in full
force and effect.

 

5.                                      Counterparts. This Amendment may be executed in any
number of counterparts, each of which when so delivered shall be deemed an
original, but all such counterparts taken together shall constitute but one and
the same instrument.

 

6.                                      Severability. Any provision of this Amendment which is
prohibited or unenforceable shall be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions
hereof in that jurisdiction or affecting the validity or enforceability of such
provision in any other jurisdiction.

 

7.                                      Governing Law. This Amendment shall be governed by the laws
of the State of Colorado.

 

2

 

IN WITNESS
WHEREOF, the parties hereto have caused this Amendment to be executed as of the
date first above written.

 

	
   

  	
  RENTECH, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ D. Hunt Ramsbottom

  	
   

  
	
   

  	
   

  	
  Name: D. Hunt Ramsbottom

  
	
   

  	
   

  	
  Title: CEO and President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMPUTERSHARE TRUST
  COMPANY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Kelly Gwinn

  	
   

  
	
   

  	
   

  	
  Name: Kelly Gwinn

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John M. Wahl

  	
   

  
	
   

  	
   

  	
  Name: John M. Wahl

  
	
   

  	
   

  	
  Title: Corporate Trust OfficerExhibit 4.2

 

 

 

RENTECH, INC.

 

 

INDENTURE

 

Dated as of April 18,
2006

 

 

Wells Fargo
Bank, National Association

 

Trustee

 

Guaranteed to
the extent set forth herein by the Guarantors named herein.

 

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I.
  DEFINITIONS AND INCORPORATION BY REFERENCE

  	
  1

  
	
  Section 1.1.

  	
  Definitions

  	
  1

  
	
  Section 1.2.

  	
  Other Definitions

  	
  5

  
	
  Section 1.3.

  	
  Incorporation by Reference of
  Trust Indenture Act

  	
  5

  
	
  Section 1.4.

  	
  Rules of Construction

  	
  6

  
	
  ARTICLE II.
  THE SECURITIES

  	
  6

  
	
  Section 2.1.

  	
  Issuable in Series

  	
  6

  
	
  Section 2.2.

  	
  Establishment of Terms of
  Series of Securities

  	
  6

  
	
  Section 2.3.

  	
  Execution and Authentication

  	
  9

  
	
  Section 2.4.

  	
  Registrar and Paying Agent

  	
  10

  
	
  Section 2.5.

  	
  Paying Agent to Hold Money in
  Trust

  	
  10

  
	
  Section 2.6.

  	
  Securityholder Lists

  	
  11

  
	
  Section 2.7.

  	
  Transfer and Exchange

  	
  11

  
	
  Section 2.8.

  	
  Mutilated, Destroyed, Lost
  and Stolen Securities

  	
  11

  
	
  Section 2.9.

  	
  Outstanding Securities

  	
  12

  
	
  Section 2.10.

  	
  Treasury Securities

  	
  13

  
	
  Section 2.11.

  	
  Temporary Securities

  	
  13

  
	
  Section 2.12.

  	
  Cancellation

  	
  13

  
	
  Section 2.13.

  	
  Defaulted Interest

  	
  13

  
	
  Section 2.14.

  	
  Global Securities

  	
  13

  
	
  Section 2.15.

  	
  CUSIP Numbers

  	
  15

  
	
  ARTICLE III.
  REDEMPTION

  	
  15

  
	
  Section 3.1.

  	
  Notice to Trustee

  	
  15

  
	
  Section 3.2.

  	
  Selection of Securities to be
  Redeemed

  	
  15

  
	
  Section 3.3.

  	
  Notice of Redemption

  	
  15

  
	
  Section 3.4.

  	
  Effect of Notice of
  Redemption

  	
  16

  
	
  Section 3.5.

  	
  Deposit of Redemption Price

  	
  16

  
	
  Section 3.6.

  	
  Securities Redeemed in Part

  	
  16

  
	
  ARTICLE IV.
  COVENANTS

  	
  17

  
	
  Section 4.1.

  	
  Payment of Principal and
  Interest

  	
  17

  
	
  Section 4.2.

  	
  SEC Reports

  	
  17

  
	
  Section 4.3.

  	
  Compliance Certificate

  	
  17

  
	
  Section 4.4.

  	
  Stay, Extension and Usury
  Laws

  	
  17

  
	
  Section 4.5.

  	
  Corporate Existence

  	
  18

  
	
  Section 4.6.

  	
  Taxes

  	
  18

  
	
  ARTICLE V.
  SUCCESSORS

  	
  18

  
	
  Section 5.1.

  	
  When Company May Merge,
  Etc.

  	
  18

  
	
  Section 5.2.

  	
  Successor Corporation
  Substituted

  	
  18

  
	
  ARTICLE VI.
  DEFAULTS AND REMEDIES

  	
  19

  
	
  Section 6.1.

  	
  Events of Default

  	
  19

  
	
  Section 6.2.

  	
  Acceleration of Maturity;
  Rescission and Annulment

  	
  20

  
	
  Section 6.3.

  	
  Collection of Indebtedness
  and Suits for Enforcement by Trustee

  	
  21

  
	
  Section 6.4.

  	
  Trustee May File Proofs
  of Claim

  	
  22

  

 

i

 

	
  Section 6.5.

  	
  Trustee May Enforce
  Claims Without Possession of Securities

  	
  23

  
	
  Section 6.6.

  	
  Application of Money
  Collected

  	
  23

  
	
  Section 6.7.

  	
  Limitation on Suits

  	
  23

  
	
  Section 6.8.

  	
  Unconditional Right of
  Holders to Receive Principal and Interest

  	
  24

  
	
  Section 6.9.

  	
  Restoration of Rights and
  Remedies

  	
  24

  
	
  Section 6.10.

  	
  Rights and Remedies
  Cumulative

  	
  24

  
	
  Section 6.11.

  	
  Delay or Omission Not Waiver

  	
  25

  
	
  Section 6.12.

  	
  Control by Holders

  	
  25

  
	
  Section 6.13.

  	
  Waiver of Past Defaults

  	
  25

  
	
  Section 6.14.

  	
  Undertaking for Costs

  	
  25

  
	
  ARTICLE VII.
  TRUSTEE

  	
  26

  
	
  Section 7.1.

  	
  Duties of Trustee

  	
  26

  
	
  Section 7.2.

  	
  Rights of Trustee

  	
  27

  
	
  Section 7.3.

  	
  Individual Rights of Trustee

  	
  28

  
	
  Section 7.4.

  	
  Trustee’s Disclaimer

  	
  28

  
	
  Section 7.5.

  	
  Notice of Defaults

  	
  28

  
	
  Section 7.6.

  	
  Reports by Trustee to Holders

  	
  28

  
	
  Section 7.7.

  	
  Compensation and Indemnity

  	
  29

  
	
  Section 7.8.

  	
  Replacement of Trustee

  	
  29

  
	
  Section 7.9.

  	
  Successor Trustee by Merger,
  etc

  	
  30

  
	
  Section 7.10.

  	
  Eligibility; Disqualification

  	
  30

  
	
  Section 7.11.

  	
  Preferential Collection of
  Claims Against Company

  	
  31

  
	
  ARTICLE VIII.
  SATISFACTION AND DISCHARGE; DEFEASANCE

  	
  31

  
	
  Section 8.1.

  	
  Satisfaction and Discharge of
  Indenture

  	
  31

  
	
  Section 8.2.

  	
  Application of Trust Funds;
  Indemnification

  	
  32

  
	
  Section 8.3.

  	
  Legal Defeasance of
  Securities of any Series

  	
  32

  
	
  Section 8.4.

  	
  Covenant Defeasance

  	
  34

  
	
  Section 8.5.

  	
  Repayment to Company

  	
  35

  
	
  ARTICLE IX.
  AMENDMENTS AND WAIVERS

  	
  35

  
	
  Section 9.1.

  	
  Without Consent of Holders

  	
  35

  
	
  Section 9.2.

  	
  With Consent of Holders

  	
  36

  
	
  Section 9.3.

  	
  Limitations

  	
  36

  
	
  Section 9.4.

  	
  Compliance with Trust
  Indenture Act

  	
  37

  
	
  Section 9.5.

  	
  Revocation and Effect of
  Consents

  	
  37

  
	
  Section 9.6.

  	
  Notation on or Exchange of
  Securities

  	
  37

  
	
  Section 9.7.

  	
  Trustee Protected

  	
  38

  
	
  ARTICLE X.
  MISCELLANEOUS

  	
  38

  
	
  Section 10.1.

  	
  Trust Indenture Act Controls

  	
  38

  
	
  Section 10.2.

  	
  Notices

  	
  38

  
	
  Section 10.3.

  	
  Communication by Holders with
  Other Holders

  	
  39

  
	
  Section 10.4.

  	
  Certificate and Opinion as to
  Conditions Precedent

  	
  39

  
	
  Section 10.5.

  	
  Statements Required in
  Certificate or Opinion

  	
  39

  
	
  Section 10.6.

  	
  Rules by Trustee and
  Agents

  	
  40

  
	
  Section 10.7.

  	
  Legal Holidays

  	
  40

  
	
  Section 10.8.

  	
  No Recourse Against Others

  	
  40

  
	
  Section 10.9.

  	
  Counterparts

  	
  40

  

 

ii

 

	
  Section 10.10.

  	
  Governing Laws

  	
  40

  
	
  Section 10.11.

  	
  No Adverse Interpretation of
  Other Agreements

  	
  40

  
	
  Section 10.12.

  	
  Successors

  	
  40

  
	
  Section 10.13.

  	
  Severability

  	
  41

  
	
  Section 10.14.

  	
  Table of Contents, Headings,
  Etc

  	
  41

  
	
  Section 10.15.

  	
  Securities in a Foreign
  Currency or in ECU

  	
  41

  
	
  Section 10.16.

  	
  Judgment Currency

  	
  42

  
	
  ARTICLE XI.
  SINKING FUNDS

  	
  42

  
	
  Section 11.1.

  	
  Applicability of Article

  	
  42

  
	
  Section 11.2.

  	
  Satisfaction of Sinking Fund
  Payments with Securities

  	
  42

  
	
  Section 11.3.

  	
  Redemption of Securities for
  Sinking Fund

  	
  43

  
	
  ARTICLE XII.
  GUARANTEES

  	
  44

  
	
  Section 12.1.

  	
  Guarantee

  	
  44

  

 

iii

 

RENTECH, INC.

 

Reconciliation
and tie between Trust Indenture Act of 1939 and

Indenture, dated as of April 18, 2006

 

	
  § 310(a)(1)

  	
   

  	
  7.10

  
	
  (a)(2)

  	
   

  	
  7.10

  
	
  (a)(3)

  	
   

  	
  Not
  Applicable

  
	
  (a)(4)

  	
   

  	
  Not Applicable

  
	
  (a)(5)

  	
   

  	
  7.10

  
	
  (b)

  	
   

  	
  7.10

  
	
  § 311(a)

  	
   

  	
  7.11

  
	
  (b)

  	
   

  	
  7.11

  
	
  (c)

  	
   

  	
  Not
  Applicable

  
	
  § 312(a)

  	
   

  	
  2.6

  
	
  (b)

  	
   

  	
  10.3

  
	
  (c)

  	
   

  	
  10.3

  
	
  § 313(a)

  	
   

  	
  7.6

  
	
  (b)(1)

  	
   

  	
  7.6

  
	
  (b)(2)

  	
   

  	
  7.6

  
	
  (c)(1)

  	
   

  	
  7.6

  
	
  (d)

  	
   

  	
  7.6

  
	
  § 314(a)

  	
   

  	
  4.2, 10.5

  
	
  (b)

  	
   

  	
  Not
  Applicable

  
	
  (c)(1)

  	
   

  	
  10.4

  
	
  (c)(2)

  	
   

  	
  10.4

  
	
  (c)(3)

  	
   

  	
  Not
  Applicable

  
	
  (d)

  	
   

  	
  Not
  Applicable

  
	
  (e)

  	
   

  	
  10.5

  
	
  (f)

  	
   

  	
  Not
  Applicable

  
	
  § 315(a)

  	
   

  	
  7.1

  
	
  (b)

  	
   

  	
  7.5

  
	
  (c)

  	
   

  	
  7.1

  
	
  (d)

  	
   

  	
  7.1

  
	
  (e)

  	
   

  	
  6.14

  
	
  § 316(a)

  	
   

  	
  2.10

  
	
  (a)(1)(A)

  	
   

  	
  6.12

  
	
  (a)(1)(B)

  	
   

  	
  6.13

  
	
  (b)

  	
   

  	
  6.8

  
	
  § 317(a)(1)

  	
   

  	
  6.3

  
	
  (a)(2)

  	
   

  	
  6.4

  
	
  (b)

  	
   

  	
  2.5

  
	
  § 318(a)

  	
   

  	
  10.1

  

 

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

 

iv

 

Indenture dated as of April 18, 2006 between Rentech, Inc., a
Colorado corporation (“Company”), the guarantors listed on the signature pages hereto
(the “Guarantors”) and Wells Fargo Bank, National Association, as trustee (“Trustee”).

 

Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the Holders of the Securities issued under
this Indenture.

 

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1.                                 Definitions.

 

“Additional Amounts” means any additional amounts which are required
hereby or by any Security, under circumstances specified herein or therein, to
be paid by the Company in respect of certain taxes imposed on Holders specified
therein and which are owing to such Holders.

 

“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. For the purposes of this definition, “control”
(including, with correlative meanings, the terms “controlled by” and “under
common control with”), as used with respect to any person, shall mean the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such person, whether through the
ownership of voting securities or by agreement or otherwise.

 

“Agent” means any Registrar, Paying Agent or Service Agent.

 

“Authorized Newspaper” means a newspaper in an official language of the
country of publication customarily published at least once a day for at least
five days in each calendar week and of general circulation in the place in
connection with which the term is used. If it shall be impractical in the
opinion of the Trustee to make any publication of any notice required hereby in
an Authorized Newspaper, any publication or other notice in lieu thereof that
is made or given by the Trustee shall constitute a sufficient publication of
such notice.

 

“Bearer” means anyone in possession from time to time of a Bearer
Security.

 

“Bearer Security” means any Security, including any interest coupon
appertaining thereto, that does not provide for the identification of the
Holder thereof.

 

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

 

“Board Resolution” means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been adopted by the
Board of Directors or pursuant to authorization by the Board of Directors and
to be in full force and effect on the date of the certificate and delivered to
the Trustee.

 

 

“Business Day” means, unless otherwise provided by Board Resolution,
Officers’ Certificate or supplemental indenture hereto for a particular Series,
any day except a Saturday, Sunday or a legal holiday in The City of New York on
which banking institutions are authorized or required by law, regulation or
executive order to close.

 

“Company” means the party named as such above until a successor
replaces it and thereafter means the successor.

 

“Company Order” means a written order signed in the name of the Company
by two Officers, one of whom must be the Company’s principal executive officer,
principal financial officer or principal accounting officer.

 

“Company Request” means a written request signed in the name of the
Company by its Chairman of the Board, a President or a Vice President, and by
its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary,
and delivered to the Trustee.

 

“Corporate Trust Office” means the office of the Trustee at which at
any particular time its corporate trust business shall be principally
administered.

 

“Debt” of any person as of any date means, without duplication, all
indebtedness of such person in respect of borrowed money, including all
interest, fees and expenses owed in respect thereto (whether or not the
recourse of the lender is to the whole of the assets of such person or only to
a portion thereof), or evidenced by bonds, notes, debentures or similar
instruments.

 

“Default” means any event which is, or after notice or passage of time
would be, an Event of Default.

 

“Depository” means, with respect to the Securities of any Series issuable
or issued in whole or in part in the form of one or more Global
Securities, the person designated as Depository for such Series by the
Company, which Depository shall be a clearing agency registered under the
Exchange Act; and if at any time there is more than one such person, “Depository”
as used with respect to the Securities of any Series shall mean the
Depository with respect to the Securities of such Series.

 

“Discount Security” means any Security that provides for an amount less
than the stated principal amount thereof to be due and payable upon declaration
of acceleration of the maturity thereof pursuant to Section 6.2.

 

“Dollars” means the currency of The United States of America.

 

“ECU” means the European Currency Unit as determined by the Commission
of the European Union.

 

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

 

“Foreign Currency” means any currency or currency unit issued by a
government other than the government of The United States of America.

 

2

 

“Foreign Government Obligations” means with respect to Securities of
any Series that are denominated in a Foreign Currency, (i) direct
obligations of the government that issued or caused to be issued such currency
for the payment of which obligations its full faith and credit is pledged or (ii) obligations
of a person controlled or supervised by or acting as an agency or
instrumentality of such government the timely payment of which is unconditionally
guaranteed as a full faith and credit obligation by such government, which, in
either case under clauses (i) or (ii), are not callable or redeemable at
the option of the issuer thereof.

 

“Global Security” or “Global Securities” means a Security or
Securities, as the case may be, in the form established pursuant to Section 2.2
evidencing all or part of a Series of Securities, issued to the
Depository for such Series or its nominee, and registered in the name of
such Depository or nominee.

 

“Guarantee” means a guarantee by any Guarantor of the Company’s obligations
under this Indenture.

 

“Guarantor” means each of the parties identified as such above until a
successor replaces it and thereafter means the successor.

 

“Holder” or “Securityholder” means a person in whose name a Security is
registered or the holder of a Bearer Security.

 

“Indenture” means this Indenture as amended from time to time and shall
include the form and terms of particular Series of Securities
established as contemplated hereunder.

 

“interest” with respect to any Discount Security which by its terms
bears interest only after Maturity, means interest payable after Maturity.

 

“Maturity,” when used with respect to any Security or installment of
principal thereof, means the date on which the principal of such Security or
such installment of principal becomes due and payable as therein or herein
provided, whether at the Stated Maturity or by declaration of acceleration,
call for redemption, notice of option to elect repayment or otherwise.

 

“Officer” means the Chairman of the Board, any President, any
Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any
Assistant Secretary of the Company.

 

“Officers’ Certificate” means a certificate signed by two Officers, one
of whom must be the Company’s principal executive officer, principal financial
officer or principal accounting officer.

 

“Opinion of Counsel” means a written opinion of legal counsel who is
acceptable to the Trustee. The counsel may be an employee of or counsel to
the Company.

 

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

 

3

 

“principal” of a Security means the principal of the Security plus,
when appropriate, the premium, if any, on, and any Additional Amounts in
respect of, the Security.

 

“Responsible Officer” means any officer of the Trustee in its Corporate
Trust Office and also means, with respect to a particular corporate trust
matter, any other officer to whom any corporate trust matter is referred
because of his or her knowledge of and familiarity with a particular subject.

 

“SEC” means the Securities and Exchange Commission.

 

“Securities” means the debentures, notes or other debt instruments of
the Company of any Series authenticated and delivered under this
Indenture.

 

“Series” or “Series of Securities” means each series of debentures,
notes or other debt instruments of the Company created pursuant to Sections 2.1
and 2.2 hereof.

 

“Significant Subsidiary” means (i) any direct or indirect
Subsidiary of the Company that would be a “significant subsidiary” as defined
in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to
the Securities Act of 1933, as amended, as such regulation is in effect on the
date hereof, or (ii) any group of direct or indirect Subsidiaries of the
Company that, taken together as a group, would be a “significant subsidiary” as
defined in Article 1, Rule 1-02 of Regulation S-X, promulgated
pursuant to the Securities Act of 1933, as amended, as such regulation is in
effect on the date hereof.

 

“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” of any specified person means any corporation of which at
least a majority of the outstanding stock having by the terms thereof ordinary
voting power for the election of directors of such corporation (irrespective of
whether or not at the time stock of any other class or classes of such
corporation shall have or might have voting power by reason of the happening of
any contingency) is at the time directly or indirectly owned by such person, or
by one or more other Subsidiaries, or by such person and one or more other Subsidiaries.

 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb)
as in effect on the date of this Indenture; provided,
however, that in the event the Trust Indenture Act of 1939 is
amended after such date, “TIA” means, to the extent required by any such
amendment, the Trust Indenture Act 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.

 

4

 

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

 

Section 1.2.                                 Other
Definitions.

 

	
  TERM

  	
   

  	
  DEFINED IN

  SECTION

  
	
   

  	
   

  	
   

  
	
  “Bankruptcy Law”

  	
   

  	
  6.

  	
  1

  
	
  “Custodian”

  	
   

  	
  6.

  	
  1

  
	
  “Event of Default”

  	
   

  	
  6.

  	
  1

  
	
  “Journal”

  	
   

  	
  10.

  	
  15

  
	
  “Judgment Currency”

  	
   

  	
  10.

  	
  16

  
	
  “Legal Holiday”

  	
   

  	
  10.

  	
  7

  
	
  “mandatory sinking fund payment”

  	
   

  	
  11.

  	
  1

  
	
  “Market Exchange Rate”

  	
   

  	
  10.

  	
  15

  
	
  “New York Banking Day”

  	
   

  	
  10.

  	
  16

  
	
  “optional sinking fund payment”

  	
   

  	
  11.

  	
  1

  
	
  “Paying Agent”

  	
   

  	
  2.

  	
  4

  
	
  “Registrar”

  	
   

  	
  2.

  	
  4

  
	
  “Required Currency”

  	
   

  	
  10.

  	
  16

  
	
  “Service Agent”

  	
   

  	
  2.

  	
  4

  
	
  “successor person”

  	
   

  	
  5.

  	
  1

  

 

Section 1.3.                                 Incorporation
by Reference of Trust Indenture Act.

 

Whenever this Indenture refers to a provision of the TIA, the provision
is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings:

 

“Commission” means the SEC.

 

“indenture securities” means the Securities.

 

“indenture security holder” means a Securityholder.

 

“indenture to be qualified” means this Indenture.

 

5

 

“indenture trustee” or “institutional trustee” means the Trustee.

 

“obligor” on the indenture securities means the Company and any
Guarantor and any successor obligor upon the Securities.

 

All other terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by SEC rule under
the TIA and not otherwise defined herein are used herein as so defined.

 

Section 1.4.                                 Rules of
Construction.

 

Unless the context otherwise requires:

 

(a)                                  a
term has the meaning assigned to it;

 

(b)                                 an
accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles;

 

(c)                                  references
to “generally accepted accounting principles” shall mean generally accepted
accounting principles in effect as of the time when and for the period as to
which such accounting principles are to be applied;

 

(d)                                 “or”
is not exclusive;

 

(e)                                  words
in the singular include the plural, and in the plural include the singular; and

 

(f)                                    provisions
apply to successive events and transactions.

 

ARTICLE II.

THE SECURITIES

 

Section 2.1.                                 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. All Securities of a Series shall be
identical except as may be set forth in a Board Resolution, a supplemental
indenture or an Officers’ Certificate detailing the adoption of the terms
thereof pursuant to the authority granted under a Board Resolution. In the case
of Securities of a Series to be issued from time to time, the Board
Resolution, Officers’ Certificate or supplemental indenture may provide
for the method by which specified terms (such as interest rate, maturity date,
record date or date from which interest shall accrue) are to be determined. Securities
may differ between Series in respect of any matters, provided that all Series of
Securities shall be equally and ratably entitled to the benefits of the
Indenture.

 

Section 2.2.                                 Establishment
of Terms of Series of Securities.

 

6

 

At or prior to the issuance of any Securities within a Series, the
following shall be established (as to the Series generally, in the case of
Subsection 2.2.1 and either as to such Securities within the Series or
as to the Series generally in the case of Subsections 2.2.2 through
2.2.22) by a Board Resolution, a supplemental indenture or an Officers’
Certificate pursuant to authority granted under a Board Resolution:

 

2.2.1.                     the
title of the Series (which shall distinguish the Securities of that
particular Series from the Securities of any other Series);

 

2.2.2.                     the
price or prices (expressed as a percentage of the principal amount thereof) at
which the Securities of the Series will be issued;

 

2.2.3.                     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 2.7,
2.8, 2.11, 3.6 or 9.6);

 

2.2.4.                     the
date or dates on which the principal of the Securities of the Series is
payable;

 

2.2.5.                     the
rate or rates (which may be fixed or variable) per annum or, if
applicable, the method used to determine such rate or rates (including, but not
limited to, any commodity, commodity index, stock exchange index or financial
index) at which the Securities of the Series shall bear interest, if any,
the date or dates from which such interest, if any, shall accrue, the date or
dates on which such interest, if any, shall commence and be payable and any
regular record date for the interest payable on any interest payment date;

 

2.2.6.                     the
place or places where the principal of and interest, if any, on the Securities
of the Series shall be payable, or the method of such payment, if by wire
transfer, mail or other means;

 

2.2.7.                     if
applicable, the period or periods within which, the price or prices at which
and the terms and conditions upon which the Securities of the Series may be
redeemed, in whole or in part, at the option of the Company;

 

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

 

2.2.9.                     the
dates, if any, on which and the price or prices at which the Securities of the Series will
be repurchased by the Company at the option of the Holders thereof and other
detailed terms and provisions of such repurchase obligations;

 

2.2.10.               if
other than denominations of $1,000 and any integral multiple thereof, the
denominations in which the Securities of the Series shall be issuable;

 

7

 

2.2.11.               the
forms of the Securities of the Series in bearer or fully registered form (and,
if in fully registered form, whether the Securities will be issuable as Global
Securities);

 

2.2.12.               if
other than the principal amount thereof, the portion of the principal amount of
the Securities of the Series that shall be payable upon declaration of
acceleration of the maturity thereof pursuant to Section 6.2;

 

2.2.13.               the
currency of denomination of the Securities of the Series, which may be
Dollars or any Foreign Currency, including, but not limited to, the ECU, and if
such currency of denomination is a composite currency other than the ECU, the
agency or organization, if any, responsible for overseeing such composite
currency;

 

2.2.14.               the
designation of the currency, currencies or currency units in which payment of
the principal of and interest, if any, on the Securities of the Series will
be made;

 

2.2.15.               if
payments of principal of or interest, if any, on the Securities of the Series are
to be made in one or more currencies or currency units other than that or those
in which such Securities are denominated, the manner in which the exchange rate
with respect to such payments will be determined;

 

2.2.16.               the
manner in which the amounts of payment of principal of or interest, if any, on
the Securities of the Series will be determined, if such amounts may be
determined by reference to an index based on a currency or currencies or by
reference to a commodity, commodity index, stock exchange index or financial
index;

 

2.2.17.               the
provisions, if any, relating to any security provided for the Securities of the
Series;

 

2.2.18.               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 6.2;

 

2.2.19.               any
addition to or change in the covenants set forth in Articles IV or V which
applies to Securities of the Series;

 

2.2.20.               any
other terms of the Securities of the Series (which terms shall not be
inconsistent with the provisions of this Indenture, except as permitted by Section 9.1,
but which may modify or delete any provision of this Indenture insofar as
it applies to such Series);

 

2.2.21.               any
depositories, interest rate calculation agents, exchange rate calculation
agents or other agents with respect to Securities of such Series if other
than those appointed herein; and

 

2.2.22.               the
form and terms of any Guarantee of any Securities of the series.

 

All Securities of any one Series need not be issued at the same
time and may be issued from time to time, consistent with the terms of
this Indenture, if so provided by or

 

8

 

pursuant to the Board Resolution,
supplemental indenture or Officers’ Certificate referred to above, and the
authorized principal amount of any Series may not be increased to
provide for issuances of additional Securities of such Series, unless otherwise
provided in such Board Resolution, supplemental indenture or Officers’
Certificate.

 

Section 2.3.                                 Execution
and Authentication.

 

Two Officers shall sign the Securities for the Company by manual or
facsimile signature.

 

If an Officer whose signature is on a Security no longer holds that
office at the time the Security is authenticated, the Security shall
nevertheless be valid.

 

A Security shall not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent. The signature shall be
conclusive evidence that the Security has been authenticated under this
Indenture.

 

The Trustee shall at any time, and from time to time, authenticate
Securities for original issue in the principal amount provided in the Board
Resolution, supplemental indenture hereto or Officers’ Certificate, upon
receipt by the Trustee of a Company Order. Such Company Order may authorize
authentication and delivery pursuant to oral or electronic instructions from
the Company or its duly authorized agent or agents, which oral instructions
shall be promptly confirmed in writing. Each Security shall be dated the date
of its authentication unless otherwise provided by a Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate.

 

The aggregate principal amount of Securities of any Series outstanding
at any time may not exceed any limit upon the maximum principal amount for
such Series set forth in the Board Resolution, supplemental indenture
hereto or Officers’ Certificate delivered pursuant to Section 2.2, except
as provided in Section 2.8.

 

Prior to the issuance of Securities of any Series, the Trustee shall
have received and (subject to Section 7.2) shall be fully protected in
relying on:  (a) the Board
Resolution, supplemental indenture hereto or Officers’ Certificate establishing
the form of the Securities of that Series or of Securities within
that Series and the terms of the Securities of that Series or of
Securities within that Series, (b) an Officers’ Certificate complying with
Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

 

The Trustee shall have the right to decline to authenticate and deliver
any Securities of such Series: (a) if the Trustee, being advised by
counsel, determines that such action may not lawfully be taken; or (b) if
the Trustee in good faith by its board of directors or trustees, executive
committee or a trust committee of directors and/or vice-presidents shall
determine that such action would expose the Trustee to personal liability to
Holders of any then outstanding Series of Securities.

 

The Trustee may appoint an authenticating agent acceptable to the
Company to authenticate Securities. An authenticating agent may authenticate
Securities whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes

 

9

 

authentication by such agent. An
authenticating agent has the same rights as an Agent to deal with the Company
or an Affiliate.

 

Section 2.4.                                 Registrar
and Paying Agent.

 

The Company shall maintain, with respect to each Series of
Securities, at the place or places specified with respect to such Series pursuant
to Section 2.2, an office or agency where Securities of such Series may be
presented or surrendered for payment (“Paying Agent”), where Securities of such
Series may be surrendered for registration of transfer or exchange (“Registrar”)
and where notices and demands to or upon the Company in respect of the
Securities of such Series and this Indenture may be served (“Service
Agent”). The Registrar shall keep a register with respect to each Series of
Securities and to their transfer and exchange. The Company will give prompt
written notice to the Trustee of the name and address, and any change in the
name or address, of each Registrar, Paying Agent or Service Agent. If at any
time the Company shall fail to maintain any such required Registrar, Paying
Agent or Service Agent or shall fail to furnish the Trustee with the name and
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.

 

The Company may also from time to time designate one or more
co-registrars, additional paying agents or additional service agents 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 obligations to maintain a Registrar, Paying Agent
and Service Agent in each place so specified pursuant to Section 2.2 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 name or address of any such co-registrar, additional paying agent
or additional service agent. The term “Registrar” includes any co-registrar;
the term “Paying Agent” includes any additional paying agent; and the term “Service
Agent” includes any additional service agent.

 

The Company hereby appoints the Trustee the initial Registrar, Paying
Agent and Service Agent for each Series unless another Registrar, Paying
Agent or Service Agent, as the case may be, is appointed prior to the time
Securities of that Series are first issued.

 

Section 2.5.                                 Paying
Agent to Hold Money in Trust.

 

The Company shall require each Paying Agent other than the Trustee to
agree in writing that the Paying Agent will hold in trust, for the benefit of
Securityholders of any Series of Securities, or the Trustee, all money
held by the Paying Agent for the payment of principal of or interest on the Series of
Securities, and will notify the Trustee of any default by the Company in making
any such payment. While any such default continues, the Trustee may require
a Paying Agent to pay all money held by it to the Trustee. The Company at any
time may require a Paying Agent to pay all money held by it to the Trustee.
Upon payment over to the Trustee, the Paying Agent (if other than the Company
or a Subsidiary) shall have no further liability for the money. If the Company
or a Subsidiary acts as Paying Agent, it shall segregate and hold in a

 

10

 

separate trust fund for the benefit of
Securityholders of any Series of Securities all money held by it as Paying
Agent.

 

Section 2.6.                                   Securityholder
Lists.

 

The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of
Securityholders of each Series of Securities and shall otherwise comply
with TIA § 312(a). If the Trustee is not the Registrar, the Company shall
furnish to the Trustee at least ten days before each interest payment date and
at such other times as the Trustee may request in writing a list, in such form and
as of such date as the Trustee may reasonably require, of the names and
addresses of Securityholders of each Series of Securities.

 

Section 2.7.                                   Transfer
and Exchange.

 

Where Securities of a Series are presented to the Registrar or a
co-registrar with a request to register a transfer or to exchange them for an
equal principal amount of Securities of the same Series, the Registrar shall
register the transfer or make the exchange if its requirements for such
transactions are met. To permit registrations of transfers and exchanges, the
Trustee shall authenticate Securities at the Registrar’s request. No service
charge shall be made for any registration of transfer or exchange (except as
otherwise expressly permitted herein), but the Company may require payment
of a sum sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith (other than any such transfer tax or similar
governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or
9.6).

 

Neither the Company nor the Registrar shall be required (a) to
issue, register the transfer of, or exchange Securities of any Series for
the period beginning at the opening of business fifteen days immediately
preceding the mailing of a notice of redemption of Securities of that Series selected
for redemption and ending at the close of business on the day of such mailing,
or (b) to register the transfer of or exchange Securities of any Series selected,
called or being called for redemption as a whole or the portion being redeemed
of any such Securities selected, called or being called for redemption in part.

 

Section 2.8.                                 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 upon its request the Trustee shall
authenticate and make available for delivery, 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.

 

11

 

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 2.9.                                 Outstanding
Securities.

 

The Securities outstanding at any time are all the Securities
authenticated by the Trustee except for those canceled by it, those delivered
to it for cancellation, those reductions in the interest on a Global Security
effected by the Trustee in accordance with the provisions hereof and those
described in this Section as not outstanding.

 

If a Security is replaced pursuant to Section 2.8, it ceases to be
outstanding until the Trustee receives proof satisfactory to it that the
replaced Security is held by a bona fide purchaser.

 

If the Paying Agent (other than the Company, a Subsidiary or an
Affiliate of any thereof) holds on the Maturity of Securities of a Series money
sufficient to pay such Securities payable on that date, then on and after that
date such Securities of the Series cease to be outstanding and interest on
them ceases to accrue.

 

A Security does not cease to be outstanding because the Company or an
Affiliate holds the Security.

 

In determining whether the Holders of the requisite principal amount of
outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of a
Discount Security that shall be deemed to be outstanding for such purposes
shall be the amount of the principal thereof that would be due and payable as
of the date of such determination upon a declaration of acceleration of the
Maturity thereof pursuant to Section 6.2.

 

12

 

Section 2.10.                           Treasury
Securities.

 

In determining whether the Holders of the required principal amount of
Securities of a Series have concurred in any request, demand,
authorization, direction, notice, consent or waiver Securities of a Series owned
by the Company or an Affiliate shall be disregarded, except that for the
purposes of determining whether the Trustee shall be protected in relying on
any such request, demand, authorization, direction, notice, consent or waiver
only Securities of a Series that the Trustee knows are so owned shall be
so disregarded.

 

Section 2.11.                           Temporary
Securities.

 

Until definitive Securities are ready for delivery, the Company may prepare
and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary
Securities shall be substantially in the form of definitive Securities but
may have variations that the Company considers appropriate for temporary
Securities. Without unreasonable delay, the Company shall prepare and the
Trustee upon request shall authenticate definitive Securities of the same Series and
date of maturity in exchange for temporary Securities. Until so exchanged,
temporary securities shall have the same rights under this Indenture as the
definitive Securities.

 

Section 2.12.                           Cancellation.

 

The Company at any time may deliver Securities to the Trustee for
cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for registration of transfer, exchange or
payment. The Trustee shall cancel all Securities surrendered for transfer,
exchange, payment, replacement or cancellation and shall destroy such canceled
Securities (subject to the record retention requirement of the Exchange Act)
and deliver a certificate of such destruction to the Company, unless the
Company otherwise directs. The Company may not issue new Securities to
replace Securities that it has paid or delivered to the Trustee for
cancellation.

 

Section 2.13.                           Defaulted
Interest.

 

If the Company defaults in a payment of interest on a Series of
Securities, it shall pay the defaulted interest, plus, to the extent permitted
by law, any interest payable on the defaulted interest, to the persons who are
Securityholders of the Series on a subsequent special record date. The
Company shall fix the record date and payment date. At least 30 days before the
record date, the Company shall mail to the Trustee and to each Securityholder
of the Series a notice that states the record date, the payment date and
the amount of interest to be paid. The Company may pay defaulted interest
in any other lawful manner.

 

Section 2.14.                           Global
Securities.

 

2.14.1.               Terms
of Securities. A Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate shall establish whether the Securities of a Series shall
be issued in whole or in part in the form of one or more Global
Securities and the Depository for such Global Security or Securities.

 

13

 

2.14.2.               Transfer
and Exchange.   Notwithstanding any provisions to the contrary
contained in Section 2.7 of the Indenture and in addition thereto, any
Global Security shall be exchangeable pursuant to Section 2.7 of the
Indenture for Securities registered in the names of Holders other than the
Depository for such Security or its nominee only if (i) such Depository
notifies the Company that it is unwilling or unable to continue as Depository
for such Global Security or if at any time such Depository ceases to be a
clearing agency registered under the Exchange Act, and, in either case, the
Company fails to appoint a successor Depository within 90 days of such event, (ii) the
Company executes and delivers to the Trustee an Officers’ Certificate to the
effect that such Global Security shall be so exchangeable or (iii) an Event
of Default with respect to the Securities represented by such Global Security
shall have happened and be continuing. Any Global Security that is exchangeable
pursuant to the preceding sentence shall be exchangeable for Securities
registered in such names as the Depository shall direct in writing in an
aggregate principal amount equal to the principal amount of the Global Security
with like tenor and terms.

 

Except as provided in this Section 2.14.2, a Global Security may not
be transferred except as a whole by the Depository with respect to such Global
Security to a nominee of such Depository, by a nominee of such Depository to
such Depository or another nominee of such Depository or by the Depository or
any such nominee to a successor Depository or a nominee of such a successor
Depository.

 

2.14.3.               Legend.
Any Global Security issued 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 the Depository or a
nominee of the Depository. This Security is exchangeable for Securities
registered in the name of a person other than the Depository or its nominee
only in the limited circumstances described in the Indenture, and may not
be transferred except as a whole by the Depository to a nominee of the
Depository, by a nominee of the Depository to the Depository or another nominee
of the Depository or by the Depository or any such nominee to a successor
Depository or a nominee of such a successor Depository.”

 

2.14.4.               Acts
of Holders. The Depository, as a Holder, may appoint agents and
otherwise authorize participants to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action which a Holder
is entitled to give or take under the Indenture.

 

2.14.5.               Payments.
 Notwithstanding the other provisions of this Indenture, unless otherwise
specified as contemplated by Section 2.2, payment of the principal of and
interest, if any, on any Global Security shall be made to the Holder thereof.

 

2.14.6.               Consents,
Declaration and Directions.  Except as provided in Section 2.14.5,
the Company, the Trustee and any Agent shall treat a person as the Holder of
such principal amount of outstanding Securities of such Series represented
by a Global Security as shall be specified in a written statement of the
Depositary with respect to such Global Security,

 

14

 

for purposes
of obtaining any consents, declarations, waivers or directions required to be
given by the Holders pursuant to this Indenture.

 

Section 2.15.                             CUSIP
Numbers.

 

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

 

ARTICLE III.

REDEMPTION

 

Section 3.1.                                   Notice
to Trustee.

 

The Company may, with respect to any Series of Securities, reserve
the right to redeem and pay the Series of Securities or may covenant
to redeem and pay the Series of Securities or any part thereof prior
to the Stated Maturity thereof at such time and on such terms as provided for
in such Securities. If a Series of Securities is redeemable and the
Company wants or is obligated to redeem prior to the Stated Maturity thereof
all or part of the Series of Securities pursuant to the terms of such
Securities, it shall notify the Trustee of the redemption date and the
principal amount of Series of Securities to be redeemed. The Company shall
give the notice at least 45 days before the redemption date (or such shorter
notice as may be acceptable to the Trustee).

 

Section 3.2.                                   Selection
of Securities to be Redeemed.

 

Unless otherwise indicated for a particular Series by a Board
Resolution, a supplemental indenture or an Officers’ Certificate, if less than
all the Securities of a Series are to be redeemed, the Trustee shall select
the Securities of the Series to be redeemed in any manner that the Trustee
deems fair and appropriate. The Trustee shall make the selection from
Securities of the Series outstanding not previously called for redemption.
The Trustee may select for redemption portions of the principal of
Securities of the Series that have denominations larger than $1,000. Securities
of the Series and portions of them it selects shall be in amounts of
$1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable
in other denominations pursuant to Section 2.2.10, the minimum principal
denomination for each Series and integral multiples thereof. Provisions of
this Indenture that apply to Securities of a Series called for redemption
also apply to portions of Securities of that Series called for redemption.

 

Section 3.3.                                   Notice
of Redemption.

 

Unless otherwise indicated for a particular Series by Board
Resolution, a supplemental indenture hereto or an Officers’ Certificate, at
least 30 days but not more than 60 days before a redemption date, the Company
shall mail a notice of redemption by first-class mail

 

15

 

to each Holder whose Securities are to be
redeemed and if any Bearer Securities are outstanding, publish on one occasion
a notice in an Authorized Newspaper.

 

The notice shall identify the Securities of the Series to be
redeemed and shall state:

 

(a)                                  the
redemption date;

 

(b)                                 the
redemption price;

 

(c)                                  the
name and address of the Paying Agent;

 

(d)                                 that
Securities of the Series called for redemption must be surrendered to the
Paying Agent to collect the redemption price;

 

(e)                                  that
interest on Securities of the Series called for redemption ceases to
accrue on and after the redemption date; and

 

(f)                                    any
other information as may be required by the terms of the particular Series or
the Securities of a Series being redeemed.

 

At the Company’s request, the Trustee shall give the notice of
redemption in the Company’s name and at its expense.

 

Section 3.4.                                 Effect
of Notice of Redemption.

 

Once notice of redemption is mailed or published as provided in Section 3.3,
Securities of a Series called for redemption become due and payable on the
redemption date and at the redemption price. A notice of redemption may not
be conditional. Upon surrender to the Paying Agent, such Securities shall be
paid at the redemption price plus accrued interest to the redemption date.

 

Section 3.5.                                 Deposit
of Redemption Price.

 

On or before the redemption date, the Company shall deposit with the
Paying Agent money sufficient to pay the redemption price of and accrued
interest, if any, on all Securities to be redeemed on that date.

 

Section 3.6.                                 Securities
Redeemed in Part.

 

Upon surrender of a Security that is redeemed in part, the Trustee
shall authenticate for the Holder a new Security of the same Series and
the same maturity equal in principal amount to the unredeemed portion of the
Security surrendered.

 

16

 

ARTICLE IV.

COVENANTS

 

Section 4.1.                                 Payment
of Principal and Interest.

 

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

 

Section 4.2.                                 SEC
Reports.

 

The Company shall deliver to the Trustee within 15 days after it files
them with the SEC copies of the annual reports and of the information,
documents, and other reports (or copies of such portions of any of the
foregoing as the SEC may by rules and regulations prescribe) which
the Company is required to file with the SEC pursuant to Section 13 or 15(d) of
the Exchange Act. The Company also shall comply with the other provisions of
TIA § 314(a).

 

Section 4.3.                                 Compliance
Certificate.

 

The Company shall deliver to the Trustee, within 90 days after the end
of each fiscal year of the Company, an Officers’ Certificate stating that a
review of the activities of the Company and its Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether the Company has kept, observed,
performed and fulfilled its obligations under this Indenture, and further
stating, as to each such Officer signing such certificate, that to the best of
his knowledge the Company has kept, observed, performed and fulfilled each and
every covenant contained in this Indenture and is not in default in the performance
or observance of any of the terms, provisions and conditions hereof (or, if a
Default or Event of Default shall have occurred, describing all such Defaults
or Events of Default of which he may have knowledge).

 

The Company will, so long as any of the Securities are outstanding,
deliver to the Trustee, forthwith upon becoming aware of any Default or Event
of Default, an Officers’ Certificate specifying such Default or Event of
Default and what action the Company is taking or proposes to take with respect
thereto.

 

Section 4.4.                                 Stay,
Extension and Usury Laws.

 

The Company and any Guarantors covenant (to the extent that they may lawfully
do so) that they will not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or
usury law wherever enacted, now or at any time hereafter in force, which may affect
the covenants or the performance of this Indenture or the Securities; and the
Company and each Guarantor (to the extent they may lawfully do so) hereby
expressly waives all benefit or advantage of any such law and covenants that they
will not, by resort to any such law, 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 has been enacted.

 

17

 

Section 4.5.                                 Corporate
Existence.

 

Subject to Article V, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate
existence and the corporate, partnership or other existence of each Significant
Subsidiary in accordance with the respective organizational documents of each
Significant Subsidiary and the rights (charter and statutory), licenses and
franchises of the Company and its Significant Subsidiaries; provided, however, that the Company shall
not be required to preserve any such right, license or franchise, or the
corporate, partnership or other existence of any Significant Subsidiary, if the
Board of Directors shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company and its Subsidiaries
taken as a whole and that the loss thereof is not adverse in any material respect
to the Holders.

 

Section 4.6.                                 Taxes.

 

The Company shall, and shall cause each of its Significant Subsidiaries
to, pay prior to delinquency all taxes, assessments and governmental levies,
except as contested in good faith and by appropriate proceedings.

 

ARTICLE V.

SUCCESSORS

 

Section 5.1.                                 When
Company May Merge, Etc.

 

The Company shall not consolidate with or merge into, or convey,
transfer or lease all or substantially all of its properties and assets to, any
person (a “successor person”), and may not permit any person to merge
into, or convey, transfer or lease its properties and assets substantially as
an entirety to, the Company, unless:

 

(a)                                  the
successor person (if any) is a corporation, partnership, trust or other entity
organized and validly existing under the laws of any U.S. domestic jurisdiction
and expressly assumes the Company’s obligations on the Securities and under
this Indenture and

 

(b)                           immediately
after giving effect to the transaction, no Default or Event of Default, shall
have occurred and be continuing.

 

The Company shall deliver to the Trustee prior to the consummation of
the proposed transaction an Officers’ Certificate to the foregoing effect and
an Opinion of Counsel stating that the proposed transaction and such
supplemental indenture comply with this Indenture.

 

Section 5.2.                                 Successor
Corporation Substituted.

 

Upon any consolidation or merger, or any sale, lease, conveyance or
other disposition of all or substantially all of the assets of the Company in
accordance with Section 5.1, the successor corporation formed by such
consolidation or into or with which the Company is merged or to which such
sale, lease, conveyance or other disposition is made shall succeed to,

 

18

 

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 has been named as the Company herein; provided, however, that the predecessor
Company in the case of a sale, lease, conveyance or other disposition shall not
be released from the obligation to pay the principal of and interest, if any,
on the Securities.

 

ARTICLE VI.

DEFAULTS AND REMEDIES

 

Section 6.1.                                 Events
of Default.

 

“Event of Default,” wherever used herein with respect to Securities of
any Series, means any one of the following events, unless in the establishing
Board Resolution, supplemental indenture or Officers’ Certificate, it is
provided that such Series shall not have the benefit of said Event of
Default:

 

(a)                            default
in the payment of any interest on any Security of that Series when it
becomes due and payable, and continuance of such default for a period of 30
days (unless the entire amount of such payment is deposited by the Company with
the Trustee or with a Paying Agent prior to the expiration of such period of 30
days); or

 

(b)                           default in
the payment of the principal of any Security of that Series at its
Maturity; or

 

(c)                            default
in the deposit of any sinking fund payment, when and as due in respect of any
Security of that Series; or

 

(d)                           default in
the performance or breach of any covenant or warranty of the Company in this
Indenture (other than a covenant or warranty that has been included in this
Indenture solely for the benefit of Series of Securities other than that
Series), which default continues uncured for a period of 60 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

 

(e)                            a default
under any Debt of the Company (including a default with respect to Securities
of any Series other than that Series) or any Subsidiary, whether such Debt
now exists or shall hereafter be created, if (A) such default results from
the failure to pay any such Debt when it becomes due, (B) the principal
amount of such Debt, together with the principal amount of any other such Debt
in default for failure to pay principal at stated final maturity or the
maturity of which has been so accelerated, aggregates $150,000 or more at any
one time outstanding, and (C) such Debt is not discharged or such
acceleration is not rescinded or annulled within 10 days after written notice
to the Company by the holder or holders of such Debt in the manner provided for
in the applicable debt instrument; or

 

19

 

(f)                              the
Company or any of its Significant Subsidiaries pursuant to or within the
meaning of any Bankruptcy Law:

 

(i)                                     commences
a voluntary case,

 

(ii)                                  consents
to the entry of an order for relief against it in an involuntary case,

 

(iii)                               consents
to the appointment of a Custodian of it or for all or substantially all of its
property,

 

(iv)                              makes
a general assignment for the benefit of its creditors, or

 

(v)                                 generally
is unable to pay its debts as the same become due; or

 

(g)                           a court of
competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(i)                                     is
for relief against the Company or any of its Significant Subsidiaries in an
involuntary case,

 

(ii)                                  appoints
a Custodian of the Company or any of its Significant Subsidiaries or for all or
substantially all of its property, or

 

(iii)                               orders
the liquidation of the Company or any of its Significant Subsidiaries,

 

and the order or decree remains unstayed and in effect for 60 days; or

 

(h)                           any other
Event of Default provided with respect to Securities of that Series, which is
specified in a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate, in accordance with Section 2.2.18. 

 

The term “Bankruptcy Law” means title 11, U.S. Code or any similar
Federal or State law for the relief of debtors. The term “Custodian” means any
receiver, trustee, assignee, liquidator or similar official under any
Bankruptcy Law.

 

Section 6.2.                                 Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of Default with respect to Securities of any Series at
the time outstanding occurs and is continuing (other than an Event of Default
referred to in Section 6.1(f) or (g)) 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 (or, if any Securities of that Series are Discount Securities, such
portion of the principal amount as may be specified in the terms of such
Securities) of and accrued and unpaid interest, if any, on all of the
Securities of that Series to be due and payable immediately, by a notice
in writing to the Company (and to the Trustee if given by Holders), and upon
any such declaration such principal amount (or specified amount) and accrued
and unpaid interest, if any, shall become immediately

 

20

 

due and payable. If an Event of Default
specified in Section 6.1(f) or (g) shall occur, the principal
amount (or specified amount) of and accrued and unpaid interest, if any, on all
outstanding Securities shall ipso facto
become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holder.

 

At any time after such a declaration of acceleration with respect to
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:

 

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

 

(i)                                     all
overdue interest, if any, on all Securities of that Series,

 

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

 

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

 

(iv)                              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

 

(b)                           all Events
of Default with respect to Securities of that Series, other than the
non-payment of the principal of Securities of that Series which have become
due solely by such declaration of acceleration, have been cured or waived as
provided in Section 6.13.

 

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

 

Section 6.3.                                 Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that if

 

(a)                            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

 

(b)                           default is
made in the payment of principal of any Security at the Maturity thereof, or

 

21

 

(c)                            default
is made in the deposit of any sinking fund payment when and as due by the terms
of a Security,

 

then, 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 interest and, to the extent that payment of such interest shall
be legally enforceable, interest on any overdue principal or 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.

 

If the Company fails to pay such amounts forthwith upon such demand,
the Trustee, in its own name and as trustee of an express trust, may institute
a judicial proceeding for the collection of the sums so due and unpaid, may prosecute
such proceeding to judgment or final decree and may enforce the same
against the Company or any other obligor upon such Securities and collect the
moneys adjudged or deemed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon such Securities, wherever
situated.

 

If an Event of Default with respect to any 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 6.4.                                 Trustee
May File Proofs of Claim.

 

In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the
Securities or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal of the Securities
shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand on
the Company for the payment of overdue principal or interest) shall be entitled
and empowered, by intervention in such proceeding or otherwise,

 

(a)                            to file
and prove a claim for the whole amount of principal and interest owing and
unpaid in respect of the Securities and to file such other papers or documents
as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and of the
Holders allowed in such judicial proceeding, and

 

(b)                           to collect
and receive any moneys or other property payable or deliverable on any such
claims and to distribute the same,

 

22

 

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 7.7.

 

Nothing herein contained 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.

 

Section 6.5.                                 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 6.6.                                 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
interest, upon presentation of the Securities and the notation thereon of the
payment if only partially paid and upon surrender thereof if fully paid:

 

First:                                                        To
the payment of all amounts due the Trustee under Section 7.7; and

 

Second:                                        To the payment
of the amounts then due and unpaid for principal of 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 interest,
respectively; and

 

Third:                                                   To
the Company.

 

Section 6.7.                                 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

 

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

 

23

 

(b)                           the
Holders of not less than 25% in 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;

 

(c)                            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;

 

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

 

(e)                            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 such Holders.

 

Section 6.8.                                 Unconditional
Right of Holders to Receive Principal and Interest.

 

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 interest, if any, on such Security on
the Stated Maturity or Stated Maturities expressed in such Security (or, in the
case of redemption, on the redemption date) and to institute suit for the enforcement
of any such payment, and such rights shall not be impaired without the consent
of such Holder.

 

Section 6.9.                                 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, any Guarantors, 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 6.10.                           Rights
and Remedies Cumulative.

 

Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities in Section 2.8, 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

 

24

 

otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

 

Section 6.11.                           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 or by the
Holders, as the case may be.

 

Section 6.12.                           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

 

(a)                            such
direction shall not be in conflict with any rule of law or with this
Indenture,

 

(b)                           the
Trustee may take any other action deemed proper by the Trustee which is
not inconsistent with such direction, and

 

(c)                            subject
to the provisions of Section 6.1, the Trustee shall have the right to
decline to follow any such direction if the Trustee in good faith shall, by a
Responsible Officer of the Trustee, determine that the proceeding so directed
would involve the Trustee in personal liability.

 

Section 6.13.                           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 a Default in the
payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a
majority in principal amount of the outstanding Securities of any Series may rescind
an acceleration and its consequences, including any related payment default
that resulted from such acceleration). 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 6.14.                           Undertaking
for Costs.

 

All parties to this Indenture agree, and each Holder of any Security by
his acceptance thereof shall be deemed to have agreed, that any court may in
its discretion require, in any suit for the enforcement of any right or remedy
under this Indenture, or in any suit against

 

25

 

the Trustee for any action taken, suffered or
omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the
Company, to any suit instituted by any Guarantor, to any suit instituted by the
Trustee, to any suit instituted by any Holder, or group of Holders, holding in
the aggregate more than 10% in principal amount of the outstanding Securities
of any Series, or to any suit instituted by any Holder for the enforcement of
the payment of the principal of or interest on any Security on or after the
Stated Maturity or Stated Maturities expressed in such Security (or, in the
case of redemption, on the redemption date).

 

ARTICLE VII.

TRUSTEE

 

Section 7.1.                                 Duties
of Trustee.

 

(a)                            If an
Event of Default has occurred and is continuing, the Trustee shall exercise the
rights and powers vested in it by this Indenture and use the same degree of
care and skill in their exercise as a prudent man would exercise or use under
the circumstances in the conduct of his own affairs.

 

(b)                           Except
during the continuance of an Event of Default:

 

(i)                                     The
Trustee need perform only those duties that are specifically set forth in
this Indenture and no others.

 

(ii)                                  In
the absence of bad faith on its part, the Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed
therein, upon Officers’ Certificates or Opinions of Counsel furnished to the
Trustee and conforming to the requirements of this Indenture; however,
in the case of any such Officers’ Certificates or Opinions of Counsel which by
any provisions hereof are specifically required to be furnished to the Trustee,
the Trustee shall examine such Officers’ Certificates and Opinions of Counsel
to determine whether or not they conform to the requirements of this
Indenture.

 

(c)                            The
Trustee may not be relieved from liability for its own negligent action,
its own negligent failure to act or its own willful misconduct, except that:

 

(i)                                     This
paragraph does not limit the effect of paragraph (b) of this Section.

 

(ii)                                  The
Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in
ascertaining the pertinent facts.

 

26

 

(iii)                               The
Trustee shall not be liable with respect to any action taken, suffered or
omitted to be taken by it with respect to Securities of any Series in good
faith in accordance with the direction of the Holders of a majority in
principal amount of the outstanding Securities of such Series relating to
the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Indenture with respect to the Securities of such Series.

 

(d)                           Every
provision of this Indenture that in any way relates to the Trustee is subject
to paragraph (a), (b) and (c) of this Section.

 

(e)                            The
Trustee may refuse to perform any duty or exercise any right or power
unless it receives indemnity satisfactory to it against any loss, liability or
expense.

 

(f)                              The
Trustee shall not be liable for interest on any money received by it except as
the Trustee may agree in writing with the Company. Money held in trust by
the Trustee need not be segregated from other funds except to the extent
required by law.

 

(g)                           No
provision of this Indenture shall require the Trustee to risk its own funds or
otherwise incur any financial liability in the performance of any of its
duties, 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 is not reasonably assured to it.

 

(h)                           The Paying
Agent, the Registrar and any authenticating agent shall be entitled to the
protections, immunities and standard of care as are set forth in paragraphs
(a), (b) and (c) of this Section with respect to the Trustee.

 

Section 7.2.                                 Rights
of Trustee.

 

(a)                            The
Trustee may rely on and shall be protected in acting or refraining from
acting upon any document believed by it to be genuine and to have been signed
or presented by the proper person. The Trustee need not investigate any fact or
matter stated in the document.

 

(b)                           Before the
Trustee acts or refrains from acting, it may require an Officers’ Certificate
or an Opinion of Counsel. The Trustee shall not be liable for any action it
takes or omits to take in good faith in reliance on such Officers’ Certificate
or Opinion of Counsel.

 

(c)                            The
Trustee may act through agents and shall not be responsible for the
misconduct or negligence of any agent appointed with due care. No Depository
shall be deemed an agent of the Trustee and the Trustee shall not be
responsible for any act or omission by any Depository.

 

(d)                           The
Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers.

 

27

 

(e)                            The
Trustee may consult with counsel and the 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.

 

(f)                              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 of Securities 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.

 

Section 7.3.                                 Individual
Rights of Trustee.

 

The Trustee in its individual or any other capacity may become the
owner or pledgee of Securities and may otherwise deal with the Company or
an Affiliate with the same rights it would have if it were not Trustee. Any
Agent may do the same with like rights. The Trustee is also subject to
Sections 7.10 and 7.11.

 

Section 7.4.                                 Trustee’s
Disclaimer.

 

The Trustee makes no representation as to the validity or adequacy of
this Indenture or the Securities, it shall not be accountable for the Company’s
use of the proceeds from the Securities, and it shall not be responsible for
any statement in the Securities other than its authentication.

 

Section 7.5.                                 Notice
of Defaults.

 

If a Default or Event of Default occurs and is continuing with respect
to the Securities of any Series and if it is known to a Responsible
Officer of the Trustee, the Trustee shall mail to each Securityholder of the
Securities of that Series and, if any Bearer Securities are outstanding,
publish on one occasion in an Authorized Newspaper, notice of a Default or
Event of Default within 90 days after it occurs or, if later, after a
Responsible Officer of the Trustee has knowledge of such Default or Event of
Default. Except in the case of a Default or Event of Default in payment of
principal of or interest on any Security of any Series, the Trustee may withhold
the notice if and so long as its corporate trust committee or a committee of
its Responsible Officers in good faith determines that withholding the notice
is in the interests of Securityholders of that Series.

 

Section 7.6.                                 Reports
by Trustee to Holders.

 

Within 60 days after May 15 in each year, the Trustee shall
transmit by mail to all Securityholders, as their names and addresses appear on
the register kept by the Registrar and, if any Bearer Securities are
outstanding, publish in an Authorized Newspaper, a brief report dated as of
such May 15, in accordance with, and to the extent required under, TIA § 313.

 

A copy of each report at the time of its mailing to Securityholders of
any Series shall be filed with the SEC and each stock exchange on which
the Securities of that Series are

 

28

 

listed. The Company shall promptly notify the
Trustee when Securities of any Series are listed on any stock exchange.

 

Section 7.7.                                 Compensation
and Indemnity.

 

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

 

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

 

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

 

To secure the Company’s payment obligations in this Section, the
Trustee shall have a lien prior to the Securities of any Series on all
money or property held or collected by the Trustee, except that held in trust
to pay principal and interest on particular Securities of that Series.

 

When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.1(f) or (g) occurs, the expenses
and the compensation for the services are intended to constitute expenses of
administration under any Bankruptcy Law.

 

Section 7.8.                                 Replacement
of Trustee.

 

A resignation or removal of the Trustee and appointment of a successor
Trustee shall become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section.

 

The Trustee may resign with respect to the Securities of one or
more Series by so notifying the Company. The Holders of a majority in
principal amount of the Securities of any Series may remove the
Trustee with respect to that Series by so notifying the Trustee and the
Company. The Company may remove the Trustee with respect to Securities of
one or more Series if:

 

(a)                            the
Trustee fails to comply with Section 7.10;

 

29

 

(b)                           the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy Law;

 

(c)                            a
Custodian or public officer takes charge of the Trustee or its property; or

 

(d)                           the
Trustee becomes incapable of acting.

 

If the Trustee resigns or is removed or if a vacancy exists in the
office of Trustee for any reason, the Company shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office,
the Holders of a majority in principal amount of the then outstanding
Securities may appoint a successor Trustee to replace the successor
Trustee appointed by the Company.

 

If a successor Trustee with respect to the Securities of any one or
more Series does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Company or the Holders of at
least 10% in principal amount of the Securities of the applicable Series may petition
any court of competent jurisdiction for the appointment of a successor Trustee.

 

If the Trustee with respect to the Securities of any one or more Series fails
to comply with Section 7.10, any Securityholder of the applicable Series may petition
any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

 

A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. Immediately after that,
the retiring Trustee shall transfer all property held by it as Trustee to the
successor Trustee subject to the lien provided for in Section 7.7, the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the Trustee
with respect to each Series of Securities for which it is acting as
Trustee under this Indenture. A successor Trustee shall mail a notice of its
succession to each Securityholder of each such Series and, if any Bearer
Securities are outstanding, publish such notice on one occasion in an
Authorized Newspaper. Notwithstanding replacement of the Trustee pursuant to
this Section 7.8, the Company’s obligations under Section 7.7 hereof
shall continue for the benefit of the retiring trustee with respect to expenses
and liabilities incurred by it prior to such replacement.

 

Section 7.9.                                 Successor
Trustee by Merger, etc.

 

If the Trustee consolidates with, merges or converts into, or transfers
all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the
successor Trustee.

 

Section 7.10.                           Eligibility;
Disqualification.

 

This Indenture shall always have a Trustee who satisfies the
requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always
have a combined capital and surplus of at least $25,000,000 as set forth in its
most recent published annual report of condition. The Trustee shall comply with
TIA § 310(b).

 

30

 

Section 7.11.                           Preferential
Collection of Claims Against Company.

 

The Trustee is subject to TIA §  311(a), excluding any creditor
relationship listed in TIA § 311(b). A Trustee who has resigned or been
removed shall be subject to TIA § 311(a) to the extent indicated.

 

ARTICLE VIII.

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1.                                 Satisfaction
and Discharge of Indenture.

 

This Indenture shall upon Company Order cease to be of further effect
(except as hereinafter provided in this Section 8.1), and the Trustee, at
the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when

 

(a)                            either

 

(i)                                     all
Securities theretofore authenticated and delivered (other than Securities that
have been destroyed, lost or stolen and that have been replaced or paid) have
been delivered to the Trustee for cancellation; or

 

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

 

(1)                                  have
become due and payable, or

 

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

 

(3)                                  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, or

 

(4)                                  are
deemed paid and discharged pursuant to Section 8.3, as applicable;

 

and the Company, in the case of (1), (2) or (3) above, has
deposited or caused to be deposited with the Trustee as trust funds in trust an
amount sufficient for the purpose of paying and discharging the entire
indebtedness on such Securities not theretofore delivered to the Trustee for
cancellation, for principal and interest to the date of such deposit (in the
case of Securities which have become due and payable on or prior to the date of
such deposit) or to the Stated Maturity or redemption date, as the case may be;

 

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

 

31

 

(c)                            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 7.7, and, if money
shall have been deposited with the Trustee pursuant to clause (a) of this
Section, the provisions of Sections 2.4, 2.7, 2.8, 8.1, 8.2 and 8.5 shall survive.

 

Section 8.2.                                 Application
of Trust Funds; Indemnification.

 

(a)                            Subject
to the provisions of Section 8.5, all money deposited with the Trustee
pursuant to Section 8.1, all money and U.S. Government Obligations or
Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3
or 8.4 and all money received by the Trustee in respect of U.S. Government
Obligations or Foreign Government Obligations deposited with the Trustee
pursuant to Section 8.3 or 8.4, 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 interest for whose payment such
money has been deposited with or received by the Trustee or to make mandatory
sinking fund payments or analogous payments as contemplated by Sections 8.3 or
8.4.

 

(b)                           The
Company shall pay and shall indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against U.S. Government Obligations or Foreign
Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the
interest and principal received in respect of such obligations other than any
payable by or on behalf of Holders.

 

(c)                            The
Trustee shall deliver or pay to the Company from time to time upon Company
Request any U.S. Government Obligations or Foreign Government Obligations or
money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a
nationally recognized firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, are then
in excess of the amount thereof which then would have been required to be
deposited for the purpose for which such U.S. Government Obligations or Foreign
Government Obligations or money were deposited or received. This provision
shall not authorize the sale by the Trustee of any U.S. Government Obligations
or Foreign Government Obligations held under this Indenture.

 

Section 8.3.                                 Legal
Defeasance of Securities of any Series.

 

Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2.20,
to be inapplicable to Securities of any Series, the Company shall be deemed to
have paid and discharged the entire indebtedness on all the outstanding
Securities of such Series on the 91st day after the date of the deposit
referred to in subparagraph (d) hereof, and the provisions of this
Indenture, as it relates to such outstanding Securities of such Series, shall
no longer be in effect

 

32

 

(and the Trustee, at the expense of the
Company, shall, at Company Request, execute proper instruments acknowledging
the same), except as to:

 

(a)                            the
rights of Holders of Securities of such Series to receive, from the trust
funds described in subparagraph (d) hereof, (i) payment of the
principal of and each installment of principal of and interest on the
outstanding Securities of such Series on the Stated Maturity of such
principal or installment of principal or interest and (ii) the benefit of
any mandatory sinking fund payments applicable to the Securities of such Series on
the day on which such payments are due and payable in accordance with the terms
of this Indenture and the Securities of such Series;

 

(b)                           the
provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and

 

(c)                            the
rights, powers, trust and immunities of the Trustee hereunder;

 

provided that, the
following conditions shall have been satisfied:

 

(d)                           the
Company shall have deposited or caused to be deposited irrevocably with the
Trustee as trust funds in trust for the purpose of making the following
payments, specifically pledged as security for and dedicated solely to the
benefit of the Holders of such Securities (i) in the case of Securities of
such Series denominated in Dollars, cash in Dollars (or such other money
or currencies as shall then be legal tender in the United States) and/or U.S.
Government Obligations, or (ii) in the case of Securities of such Series denominated
in a Foreign Currency (other than a composite currency), money and/or Foreign
Government Obligations, which through the payment of interest and principal in
respect thereof, in accordance with their terms, will provide (and without
reinvestment and assuming no tax liability will be imposed on such Trustee),
not later than one day before the due date of any payment of money, an amount
in cash, 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 each installment of principal
(including mandatory sinking fund or analogous payments) of and interest, if any,
on all the Securities of such Series on the dates such installments of
interest or principal are due;

 

(e)                            such
deposit will 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;

 

(f)                              no
Default or Event of Default with respect to the Securities of such Series shall
have occurred and be continuing on the date of such deposit or during the
period ending on the 91st day after such date;

 

(g)                           the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel to the effect that (i) the Company has received from,
or there has been published by, the Internal Revenue Service a ruling, or (ii) since
the date of execution of this Indenture, there has been a change in the
applicable Federal income tax law, in either case to the effect that, and based
thereon such Opinion of Counsel shall confirm that, the Holders of the
Securities of such Series will not recognize income, gain

 

33

 

or loss for Federal income tax
purposes as a result of such deposit, defeasance and discharge and will be
subject to Federal income tax on the same amount and in the same manner and at
the same times as would have been the case if such deposit, defeasance and
discharge had not occurred;

 

(h)                           the
Company shall have delivered to the Trustee an Officers’ Certificate stating
that the deposit was not made by the Company with the intent of preferring the
Holders of the Securities of such Series over any other creditors of the
company or with the intent of defeating, hindering, delaying or defrauding any
other creditors of the Company;

 

(i)                               such
deposit shall not result in the trust arising from such deposit constituting an
investment company (as defined in the Investment Company Act of 1940, as
amended), or such trust shall be qualified under such Act or exempt from
regulation thereunder; and

 

(j)                               the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for
relating to the defeasance contemplated by this Section have been complied
with.

 

Section 8.4.                                 Covenant
Defeasance.

 

Unless this Section 8.4 is otherwise specified pursuant to Section 2.2.20
to be inapplicable to Securities of any Series, on and after the 91st day after
the date of the deposit referred to in subparagraph (a) hereof, the
Company may omit to comply with any term, provision or condition set forth
under Sections 4.2, 4.3, 4.4, 4.5, 4.6, and 5.1 as well as any additional
covenants contained in a supplemental indenture hereto for a particular Series of
Securities or a Board Resolution or an Officers’ Certificate delivered pursuant
to Section 2.2.20 (and the failure to comply with any such covenants shall
not constitute a Default or Event of Default under Section 6.1) and the
occurrence of any event described in clause (e) of Section 6.1 shall
not constitute a Default or Event of Default hereunder, with respect to the
Securities of such Series, provided
that the following conditions shall have been satisfied:

 

(a)                            With
reference to this Section 8.4, the Company has deposited or caused to be
irrevocably deposited (except as provided in Section 8.2(c)) with the
Trustee as trust funds in trust, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of such Securities (i) in
the case of Securities of such Series denominated in Dollars, cash in
Dollars (or such other money or currencies as shall then be legal tender in the
United States) and/or U.S. Government Obligations, or (ii) in the case of
Securities of such Series denominated in a Foreign Currency (other than a
composite currency), money and/or Foreign Government Obligations, which through
the payment of interest and principal in respect thereof, in accordance with
their terms, will provide (and without reinvestment and assuming no tax
liability will be imposed on such Trustee), not later than one day before the
due date of any payment of money, an amount in cash, sufficient, in the opinion
of a nationally recognized firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, to

 

34

 

pay principal and interest, if
any, on and any mandatory sinking fund in respect of the Securities of such Series on
the dates such installments of interest or principal are due;

 

(b)                           Such
deposit will 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;

 

(c)                            No
Default or Event of Default with respect to the Securities of such Series shall
have occurred and be continuing on the date of such deposit or during the
period ending on the 91st day after such date;

 

(d)                           the
Company shall have delivered to the Trustee an Opinion of Counsel confirming
that Holders of the Securities of such Series will not recognize income,
gain or loss for federal income tax purposes as a result of such deposit and
defeasance and will be subject to federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such
deposit and defeasance had not occurred;

 

(e)                            the
Company shall have delivered to the Trustee an Officers’ Certificate stating
the deposit was not made by the Company with the intent of preferring the
Holders of the Securities of such Series over any other creditors of the
Company or with the intent of defeating, hindering, delaying or defrauding any
other creditors of the Company; and

 

(f)                              The
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the defeasance contemplated by this Section have been
complied with.

 

Section 8.5.                                 Repayment
to Company.

 

The Trustee and the Paying Agent shall pay to the Company upon request any
money held by them for the payment of principal and interest that remains
unclaimed for two years. After that, Securityholders entitled to the money must
look to the Company for payment as general creditors unless an applicable
abandoned property law designates another person.

 

ARTICLE IX.

AMENDMENTS AND WAIVERS

 

Section 9.1.                                 Without
Consent of Holders.

 

The Company, any Guarantor and the Trustee may amend or supplement
this Indenture or the Securities of one or more Series without the consent
of any Securityholder:

 

(a)                            to cure
any ambiguity, defect or inconsistency;

 

(b)                           to comply
with Article V;

 

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

 

35

 

(d)                           to make
any change that does not adversely affect the rights of any Securityholder;

 

(e)                            to
provide for the issuance of and establish the form and terms and
conditions of Securities of any Series as permitted by this Indenture;

 

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

 

(g)                           to comply
with requirements of the SEC in order to effect or maintain the qualification
of this Indenture under the TIA.

 

Section 9.2.                                 With
Consent of Holders.

 

The Company, any Guarantor and the Trustee may enter into a
supplemental indenture with the written consent of the Holders of at least a
majority in principal amount of the outstanding Securities of each Series affected
by such supplemental indenture (including consents obtained in connection with
a tender offer or exchange offer for the Securities of such Series), for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of any supplemental indenture or of
modifying in any manner the rights of the Securityholders of each such Series. Except
as provided in Section 6.13, the Holders of at least a majority in
principal amount of the outstanding Securities of each Series affected by
such waiver by notice to the Trustee (including consents obtained in connection
with a tender offer or exchange offer for the Securities of such Series) may waive
compliance by the Company or any Guarantor with any provision of this Indenture
or the Securities with respect to such Series.

 

It shall not be necessary for the consent of the Holders of Securities
under this Section 9.2 to approve the particular form of any proposed
supplemental indenture or waiver, but it shall be sufficient if such consent
approves the substance thereof. After a supplemental indenture or waiver under
this section becomes effective, the Company shall mail to the Holders of
Securities affected thereby and, if any Bearer Securities affected thereby are
outstanding, publish on one occasion in an Authorized Newspaper, a notice
briefly describing the supplemental indenture or waiver. Any failure by the
Company to mail or publish such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental
indenture or waiver.

 

Section 9.3.                                 Limitations.

 

Without the consent of each Securityholder affected, an amendment or
waiver may not:

 

(a)                            change
the amount of Securities whose Holders must consent to an amendment, supplement
or waiver;

 

36

 

(b)                           reduce the
rate of or extend the time for payment of interest (including default interest)
on any Security;

 

(c)                            reduce
the principal or change the Stated Maturity of any Security or reduce the
amount of, or postpone the date fixed for, the payment of any sinking fund or
analogous obligation;

 

(d)                           reduce the
principal amount of Discount Securities payable upon acceleration of the
maturity thereof;

 

(e)                            waive a
Default or Event of Default in the payment of the principal of or interest, if
any, on any Security (except a rescission of acceleration of the Securities of
any Series by the Holders of at least a majority in principal amount of
the outstanding Securities of such Series and a waiver of the payment
default that resulted from such acceleration);

 

(f)                              make
the principal of or interest, if any, on any Security payable in any currency
other than that stated in the Security;

 

(g)                           waive a
redemption payment with respect to any Security or change any of the provisions
with respect to the redemption of any Securities; or

 

(h)                           make any
change in Sections 6.8, 6.13, 9.3 (this sentence), 10.15 or 10.16.

 

Section 9.4.                                 Compliance
with Trust Indenture Act.

 

Every amendment to this Indenture or the Securities of one or more Series shall
be set forth in a supplemental indenture hereto that complies with the TIA as
then in effect.

 

Section 9.5.                                 Revocation
and Effect of Consents.

 

Until an amendment or waiver becomes effective, a consent to it by a
Holder of a Security is a continuing consent by the Holder and every subsequent
Holder of a Security or portion of a Security that evidences the same debt as
the consenting Holder’s Security, even if notation of the consent is not made
on any Security. However, any such Holder or subsequent Holder may revoke
the consent as to his Security or portion of a Security if the Trustee receives
the notice of revocation before the date the amendment or waiver becomes
effective.

 

Any amendment or waiver once effective shall bind every Securityholder
of each Series affected by such amendment or waiver unless it is of the
type described in any of clauses (a) through (g) of Section 9.3.
In that case, the amendment or waiver shall bind each Holder of a Security who
has consented to it and every subsequent Holder of a Security or portion of a
Security that evidences the same debt as the consenting Holder’s Security.

 

Section 9.6.                                 Notation
on or Exchange of Securities.

 

The Trustee may place an appropriate notation about an amendment
or waiver on any Security of any Series thereafter authenticated. The
Company in exchange for Securities of

 

37

 

that Series may issue and the
Trustee shall authenticate upon request new Securities of that Series that
reflect the amendment or waiver.

 

Section 9.7.                                 Trustee
Protected.

 

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 Section 7.1) 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 shall sign all supplemental indentures, except that the Trustee need
not sign any supplemental indenture that adversely affects its rights.

 

ARTICLE X.

MISCELLANEOUS

 

Section 10.1.                           Trust
Indenture Act Controls.

 

If any provision of this Indenture limits, qualifies, or conflicts with
another provision which is required or deemed to be included in this Indenture
by the TIA, such required or deemed provision shall control.

 

Section 10.2.                           Notices.

 

Any notice or communication by the Company, any Guarantor or the Trustee
to any of the others is duly given if in writing and delivered in person or
mailed by first-class mail:

 

if to the Company or any Guarantor:

 

Rentech, Inc.

1331 17th Street, Suite 720

Denver, Colorado 80202-1557

Attention: General Counsel

 

if to the Trustee:

 

Wells Fargo Bank, National Association

707 Wilshire Blvd, 17th Floor

Los Angeles, CA 90017

Attention: Maddy Hall, Corporate Trust Services

 

The Company, any Guarantor or the Trustee by notice to the others may designate
additional or different addresses for subsequent notices or communications.

 

Any notice or communication to a Securityholder shall be mailed by
first-class mail to his address shown on the register kept by the
Registrar and, if any Bearer Securities are outstanding, published in an Authorized
Newspaper. Failure to mail a notice or communication

 

38

 

to a Securityholder of any Series or any
defect in it shall not affect its sufficiency with respect to other
Securityholders of that or any other Series.

 

If a notice or communication is mailed or published in the manner
provided above, within the time prescribed, it is duly given, whether or not
the Securityholder receives it.

 

If the Company mails a notice or communication to Securityholders, it
shall mail a copy to the Trustee and each Agent at the same time.

 

Section 10.3.                           Communication
by Holders with Other Holders.

 

Securityholders of any Series may communicate pursuant to TIA
§ 312(b) with other Securityholders of that Series or any other Series with
respect to their rights under this Indenture or the Securities of that Series or
all Series. The Company, the Trustee, the Registrar and anyone else shall have
the protection of TIA § 312(c).

 

Section 10.4.                           Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or application by the Company to the Trustee to take
any action under this Indenture, the Company shall furnish to the Trustee:

 

(a)                            an
Officers’ Certificate stating that, in the opinion of the signers, all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with; and

 

(b)                           an Opinion
of Counsel stating that, in the opinion of such counsel, all such conditions
precedent have been complied with.

 

Section 10.5.                           Statements
Required in Certificate or Opinion.

 

Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and
shall include:

 

(a)                            a
statement that the person making such certificate or opinion has read such
covenant or condition;

 

(b)                           a brief
statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are
based;

 

(c)                            a
statement that, in the opinion of such person, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as
to whether or not such covenant or condition has been complied with; and

 

(d)                           a
statement as to whether or not, in the opinion of such person, such condition
or covenant has been complied with.

 

39

 

Section 10.6.                           Rules by
Trustee and Agents.

 

The Trustee may make reasonable rules for action by or a
meeting of Securityholders of one or more Series. Any Agent may make
reasonable rules and set reasonable requirements for its functions.

 

Section 10.7.                           Legal
Holidays.

 

Unless otherwise provided by Board Resolution, Officers’ Certificate or
supplemental indenture for a particular Series, a “Legal Holiday” is any day
that is not a Business Day. If a payment date is a Legal Holiday at a place of
payment, payment may be made at that place on the next succeeding day that
is not a Legal Holiday, and no interest shall accrue for the intervening
period.

 

Section 10.8.                           No
Recourse Against Others.

 

A director, officer, employee or stockholder, as such, of the Company or
any Guarantor shall not have any liability for any obligations of the Company
under the Securities, any guarantees thereof or the Indenture or for any claim
based on, in respect of or by reason of such obligations or their creation. Each
Securityholder by accepting a Security waives and releases all such liability. The
waiver and release are part of the consideration for the issue of the
Securities.

 

Section 10.9.                           Counterparts.

 

This Indenture may be executed in any number of counterparts and
by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement.

 

Section 10.10.                     Governing
Laws.

 

THIS INDENTURE AND THE SECURITIES (INCLUDING
ANY GUARANTEES THEREOF) SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD
TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

Section 10.11.                     No Adverse
Interpretation of Other Agreements.

 

This Indenture may not be used to interpret another indenture,
loan or debt agreement of the Company or a Subsidiary. Any such indenture, loan
or debt agreement may not be used to interpret this Indenture.

 

Section 10.12.                     Successors.

 

All agreements of the Company in this Indenture and the Securities
shall bind its successor. All agreements of the Trustee in this Indenture shall
bind its successor. All agreements of any Guarantor in this Indenture shall
bind its successors.

 

40

 

Section 10.13.                     Severability.

 

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 10.14.                     Table of
Contents, Headings, Etc.

 

The Table of Contents, Cross Reference Table, and headings of the
Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof, and shall in no
way modify or restrict any of the terms or provisions hereof.

 

Section 10.15.                     Securities
in a Foreign Currency or in ECU.

 

Unless otherwise specified in a Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.2
of this Indenture with respect to a particular Series of Securities,
whenever for purposes of this Indenture any action may be taken by the
Holders of a specified percentage in aggregate principal amount of Securities
of all Series or all Series affected by a particular action at the
time outstanding and, at such time, there are outstanding Securities of any Series which
are denominated in a coin or currency other than Dollars (including ECUs), then
the principal amount of Securities of such Series which shall be deemed to
be outstanding for the purpose of taking such action shall be that amount of
Dollars that could be obtained for such amount at the Market Exchange Rate at
such time. For purposes of this Section 10.15, “Market Exchange Rate”
shall mean the noon Dollar buying rate in New York City for cable transfers of
that currency as published by the Federal Reserve Bank of New York; provided, however, in the case of ECUs,
Market Exchange Rate shall mean the rate of exchange determined by the
Commission of the European Union (or any successor thereto) as published in the
Official Journal of the European Union (such publication or any successor
publication, the “Journal”). If such Market Exchange Rate is not available for
any reason with respect to such currency, the Trustee shall use, in its sole
discretion and without liability on its part, such quotation of the Federal
Reserve Bank of New York or, in the case of ECUs, the rate of exchange as
published in the Journal, as of the most recent available date, or quotations
or, in the case of ECUs, rates of exchange from one or more major banks in The
City of New York or in the country of issue of the currency in question or, in
the case of ECUs, in Luxembourg or such other quotations or, in the case of
ECUs, rates of exchange as the Trustee, upon consultation with the Company,
shall deem appropriate. The provisions of this paragraph shall apply in
determining the equivalent principal amount in respect of Securities of a Series denominated
in currency other than Dollars in connection with any action taken by Holders
of Securities pursuant to the terms of this Indenture.

 

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

 

41

 

Section 10.16.                     Judgment
Currency.

 

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

 

ARTICLE XI.

SINKING FUNDS

 

Section 11.1.                           Applicability
of Article.

 

The provisions of this Article shall be applicable to any sinking
fund for the retirement of the Securities of a Series, except as otherwise
permitted or required by any form of Security of such Series issued
pursuant to this Indenture.

 

The minimum amount of any sinking fund payment provided for by the
terms of the Securities of any Series is herein referred to as a “mandatory
sinking fund payment” and any other amount provided for by the terms of
Securities of such Series is herein referred to as an “optional sinking
fund payment.”  If provided for by the
terms of Securities of any Series, the cash amount of any sinking fund payment may be
subject to reduction as provided in Section 11.2. Each sinking fund
payment shall be applied to the redemption of Securities of any Series as
provided for by the terms of the Securities of such Series.

 

Section 11.2.                           Satisfaction
of Sinking Fund Payments with Securities.

 

The Company may, in satisfaction of all or any part of any sinking
fund payment with respect to the Securities of any Series to be made
pursuant to the terms of such Securities

 

42

 

(1) deliver outstanding Securities of
such Series to which such sinking fund payment is applicable (other than
any of such Securities previously called for mandatory sinking fund redemption)
and (2) apply as credit Securities of such Series to which such
sinking fund payment is applicable and which have been redeemed either at the
election of the Company pursuant to the terms of such Series of Securities
(except pursuant to any mandatory sinking fund) or through the application of
permitted optional sinking fund payments or other optional redemptions pursuant
to the terms of such Securities, provided
that such Securities have not been previously so credited. Such Securities
shall be received by the Trustee, together with an Officers’ Certificate with
respect thereto, not later than 15 days prior to the date on which the Trustee
begins the process of selecting Securities for redemption, and shall be
credited for such purpose by the Trustee at the price specified in such
Securities for redemption through operation of the sinking fund and the amount
of such sinking fund payment shall be reduced accordingly. If as a result of
the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2,
the principal amount of Securities of such Series to be redeemed in order
to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee
need not call Securities of such Series for redemption, except upon
receipt of a Company Order that such action be taken, and such cash payment
shall be held by the Trustee or a Paying Agent and applied to the next
succeeding sinking fund payment, provided,
however, that the Trustee or such Paying Agent shall from time to
time upon receipt of a Company Order pay over and deliver to the Company any
cash payment so being held by the Trustee or such Paying Agent upon delivery by
the Company to the Trustee of Securities of that Series purchased by the
Company having an unpaid principal amount equal to the cash payment required to
be released to the Company.

 

Section 11.3.                           Redemption
of Securities for Sinking Fund.

 

Not less than 45 days (unless otherwise indicated in the Board
Resolution, supplemental indenture hereto or Officers’ Certificate in respect
of a particular Series of Securities) prior to each sinking fund payment
date for any Series of Securities, the Company will deliver to the Trustee
an Officers’ Certificate specifying the amount of the next ensuing mandatory
sinking fund payment for that Series pursuant to the terms of that Series,
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 of Securities of that Series pursuant to Section 11.2, and
the optional amount, if any, to be added in cash to the next ensuing mandatory
sinking fund payment, and the Company shall thereupon be obligated to pay the
amount therein specified. Not less than 30 days (unless otherwise indicated in
the Board Resolution, Officers’ Certificate or supplemental indenture in
respect of a particular Series of Securities) before each such sinking
fund payment date the Trustee shall select the Securities to be redeemed upon
such sinking fund payment date in the manner specified in Section 3.2 and
cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 3.3. Such notice
having been duly given, the redemption of such Securities shall be made upon
the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.

 

43

 

ARTICLE XII.

GUARANTEES

 

Section 12.1.                           Guarantee.

 

Securities of any Series may be guaranteed by one or more of
the Guarantors. The terms and the form of any such Guarantee will be
established in the manner contemplated by Section 2.2 for those particular
Securities, and pursuant to duly adopted resolutions of the board of directors
(or similar governing body) or any authorized committee thereof of each such
Guarantor.

 

44

 

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

 

	
   

  	
  RENTECH, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ D. Hunt Ramsbottom

  	
   

  
	
   

  	
   

  	
  Name: D. Hunt Ramsbottom

  
	
   

  	
   

  	
  Its: CEO and President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, NATIONAL

  
	
   

  	
  ASSOCIATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Maddy Hall

  	
   

  
	
   

  	
   

  	
  Name: Maddy Hall

  	
   

  
	
   

  	
   

  	
  Its: Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  PETROLEUM MUD LOGGING, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ D. Hunt Ramsbottom

  	
   

  
	
   

  	
   

  	
  Name: D. Hunt Ramsbottom

  
	
   

  	
   

  	
  Its: President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  RENTECH DEVELOPMENT

  
	
   

  	
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ D. Hunt Ramsbottom

  	
   

  
	
   

  	
   

  	
  Name: D. Hunt Ramsbottom

  
	
   

  	
   

  	
  Its: President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  RENTECH SERVICES CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ D. Hunt Ramsbottom

  	
   

  
	
   

  	
   

  	
  Name: D. Hunt Ramsbottom

  
	
   

  	
   

  	
  Its: President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SAND CREEK ENERGY, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ D. Hunt Ramsbottom

  	
   

  
	
   

  	
   

  	
  Name: D. Hunt Ramsbottom

  
	
   

  	
   

  	
  Its: President

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