Document:

<PAGE>

                                                                    EXHIBIT 10.1

                                ESCROW AGREEMENT

         THIS AGREEMENT is made and entered into as of the 6th day of June
2002, by and among INLAND RETAIL REAL ESTATE TRUST, INC., a Maryland corporation
(the "Company"), INLAND SECURITIES CORPORATION, an Illinois Corporation (the
"Dealer Manager"), and LASALLE BANK NATIONAL ASSOCIATION, CHICAGO, ILLINOIS (the
"Escrow Agent").

         1. The Company does hereby open this escrow and Escrow Agent's sole
concern and duties shall be as specifically set forth herein:

                  1.1. From time to time during the course of this escrow, in
         connection with the Company's offering (the "Offering") of up to
         150,000,000 shares of common stock on a "best efforts" basis (the
         "Shares") (exclusive of Shares offered and sold pursuant to the
         Company's distribution reinvestment program), Escrow Agent will receive
         from subscribers deposits to be held in escrow in accordance with the
         terms hereof. All such funds received by Escrow Agent shall be placed
         into an account entitled "Inland Retail Real Estate Trust, Inc.
         Subscription Account" (the "Escrow Account"), which shall be invested
         pursuant to Section 10 hereof.

         2. All deposits from each subscriber shall be accompanied by the
subscriber name, social security number, current address and investment amount.

         3. Checks deposited in the Escrow Account from the various subscribers
shall be made payable to "LBNA/Escrow Agent for IRRET."

         4. All parties understand and are aware that all funds received during
the course of the escrow and deposited in the Escrow Account must clear the
normal banking channels prior to the release of any funds.

         5. The Company understands that it is not entitled to any funds
received into escrow in the event of cancellation of the Offering and in such
event, deposits shall be returned to the subscribers.

         6. The parties agree that this is an impound escrow between the
Company, the Dealer Manager and the Escrow Agent. The Company and the Dealer
Manager agree that the subscribers who deposit into the "Escrow Account" are not
a party to this escrow.

         7. All documents, including any instrument necessary for the
negotiation or other transfer of escrow assets, deposited simultaneously with
the execution of this Agreement are approved by the Company, and the Escrow
Agent shall not be obligated to inquire as to the form, manner of execution or
validity of these documents or any document hereafter deposited pursuant to the
provisions hereof, nor shall the Escrow Agent be obligated to inquire as to the
identity, authority or rights of the persons executing the same. The Escrow
Agent shall be liable

<PAGE>

under this Agreement only for its gross negligence or willful misconduct in the
performance of its duties expressly set forth in this Agreement. The Escrow
Agent shall have a lien on all securities, monies and documents deposited in
this escrow by each subscriber to secure Escrow Agent's reasonable compensation
and expenses and for judgments, attorneys' fees and other liabilities which the
Escrow Agent may incur or sustain by reason of this escrow, and the undersigned
agrees to pay to Escrow Agent, upon demand, amounts to satisfy all such
liabilities, fees and expenses. In case of conflicting demands upon it, the
Escrow Agent may withhold performance of this escrow until such time as the
conflicting demands shall have been withdrawn or the rights of the respective
parties shall have been settled by court adjudication, arbitration, joint order
or otherwise.

         8. Until the termination of the Offering, the Company shall notify the
Escrow Agent of the Company's acceptance or rejection of each subscription
agreement as promptly as practicable, but in any event within ten (10) days of
its receipt, and of any subscription which is rescinded within five (5) days of
such rescission. If the Escrow Agent receives notice that a subscription is
rejected by the Company, the subscriber's deposit will be returned by the Escrow
Agent to the subscriber, without interest or deduction, as promptly as
practicable, but in any event within ten (10) days after its receipt of notice
from the Company that the subscription has been rejected. If a subscription is
rescinded, the Escrow Agent shall return to the subscriber the subscriber's
deposit, without interest or deduction, within seven (7) days of being notified
by the Company of such rescission. In the event the check of a subscriber whose
subscription has been rescinded has been negotiated (and if the funds
represented thereby have been disbursed to the Company), the Company shall
deposit with the Escrow Agent an amount of funds equal to the amount necessary
to be returned to the subscriber (or the Escrow Agent may deduct such amount
from any funds due to the Company under this Agreement). The Escrow Agent shall
not be liable for the failure to return a rejected or rescinded subscription if
the Company fails to notify the Escrow Agent of the rejection of rescission of
the corresponding subscription agreement.

         9. Commencing with the date paid subscriptions have been received and
accepted for Shares of the Company (such initial date of the Company's
prospectus being the "Effective Date"), and ending on the Termination Date (the
"Offering Period"), the Escrow Agent shall (i) disburse to the Company on a
weekly basis any funds received by the Escrow Agent for accepted subscriptions
(but not those funds of a subscriber whose subscription has been rejected or
rescinded of which the Escrow Agent has been notified by the Company, or
otherwise in accordance with the Company's written request; and (ii) invest any
funds held in the escrow subject to paragraph 10 hereof, in such instruments as
the Company may direct. Upon termination of the Offering, which shall occur not
later than 12 months after the Effective Date, provided however that, subject to
requalification in certain states, the Company may extend the Offering Period
from time to time, but in no event more than two years after the Effective Date
(the "Termination Date"), all amounts theretofore undistributed shall be
distributed to the Company, and this escrow shall close and be consummated in
its entirety.

         10. The funds deposited herein shall be invested in federally insured
bank accounts (e.g., savings accounts), short-term certificates of deposit
issued by a bank, short-term securities issued or guaranteed by the United
States government and any other investments permitted under Rule 15c2-4 of the
Securities Exchange Act of 1934, as amended, at the direction of the Company.
The interest on such investments shall, on a monthly basis while subscribers'
deposits

                                       2

<PAGE>

remain in escrow and, if all conditions herein are met, when such deposits are
disbursed to the Company, be disbursed by the Escrow Agent to the Company in
accordance with paragraph 9 hereof.

         11. The Company agrees to disburse to the Dealer Manager any funds due
to it for the Offering in accordance with the terms and conditions of the Dealer
Manager Agreement dated June 6, 2002 between the Company and the Dealer
Manager, provided that the Escrow Agent has disbursed to the Company the funds
due to the Company for the related subscriptions. The Dealer Manager shall
assist the Company in connection with the Company's compliance with this
Agreement. The Dealer Manager shall not have any lien on or security interest in
any securities, monies or documents deposited in this escrow.

         12. Any notices which are required or desired to be given hereunder to
the parties hereto shall be in writing and may be given by mailing the same to
the address indicated below (or to such other address as either of the parties
may have theretofore substituted therefor by written notification to the other
party hereto), by registered or certified United States mail, postage prepaid.
For all purposes hereof, any notice so mailed by the Escrow Agent shall be
treated as though served upon the party to whom it was mailed at the time it is
deposited in the United States mail by the Escrow Agent whether or not such
party thereafter actually receives such notice. Notices to the Escrow Agent
shall be in writing and shall not be deemed to be given until actually received
by the Escrow Agent's corporate trust department. Whenever under the terms
hereof the time for giving a notice or performing an act falls upon a Saturday,
Sunday or bank holiday, such time shall be extended to the Escrow Agent's next
business day.

         13. The Escrow Agent, when acting as the Escrow Agent undertakes to
perform only such duties as are expressly set forth herein and the Escrow Agent
shall not be subject to, nor obliged to recognize, any other agreement between,
or direction or instruction of, the Company even though reference thereto may be
made herein; provided, however, this Agreement may be amended at any time or
times by an instrument in writing signed by the Company, the Dealer Manager and
Escrow Agent. In the event the Escrow Agent becomes involved in or is threatened
with litigation by reason hereof, it is hereby authorized to and may deposit
with the clerk of a court of competent jurisdiction any and all funds held by it
pursuant hereto, and thereupon the Escrow Agent shall stand fully relieved and
discharged of any further duties hereunder.

         14. If any property subject hereto is at any time attached, garnished
or levied upon, under any court order, or in case the payment, assignment,
transfer, conveyance or delivery of any such property shall be stayed or
enjoined by any court order, or in any case any order, judgment or decree shall
be made or entered by any court affecting such property, or any part thereof,
then in any of such events, the Escrow Agent is authorized, in its sole
discretion, to rely upon and comply with any such order, writ, judgment or
decree, which it is advised by legal counsel of its own choosing is binding upon
it, and if it complies with any such order, writ, judgment or decree, it shall
not be liable to any of the parties hereto or to any other person, firm or
corporation by reason of such compliance, even though such order, writ, judgment
or decree may be subsequently reversed, modified, annulled, set aside or
vacated.

         15. This Agreement shall be construed, enforced and administered in
accordance with the internal laws, as opposed to the conflicts of laws
provisions, of the State of Illinois.

                                       3

<PAGE>

         16. In consideration for its services as Escrow Agent, the Escrow Agent
shall be entitled to receive compensation and reasonable costs and expenses in
connection with this Escrow as set forth in Exhibit A hereto, which fees, costs
and expenses shall be payable by the Company.

         17. The Escrow Agent may resign at any time upon giving at least thirty
(30) days prior written notice to the Company; provided, however, that no such
resignation shall become effective until the appointment of a successor escrow
agent which shall be accomplished as follows: The Company shall use its best
efforts to select a successor escrow agent within thirty (30) days after
receiving such notice. If the Company fails to appoint a successor escrow agent
within such time, the Escrow Agent shall have the right to appoint a successor
escrow agent. The successor escrow agent shall execute and deliver an instrument
accepting such appointment and it shall, without further acts, be vested with
all the estates, properties, rights, powers, and duties of the predecessor
escrow agent as if originally named as escrow agent. Upon delivery of such
instrument, the Escrow Agent shall be discharged from any further duties and
liability under this Agreement. The Escrow Agent shall be paid any outstanding
fees and expenses prior to transferring assets to a successor escrow agent.

         18. Any notice required to be given hereunder by any of the parties
hereto shall be addressed as follows:

                       If to the Company:

                       Inland Retail Real Estate Trust, Inc.
                       2901 Butterfield Road
                       Oak Brook, Illinois  60523
                       Attention:  Ms. Roberta S. Matlin, Vice President
                       Telephone:  (630) 218-8000
                       Facsimile:  (630) 218-4955

                       If to the Dealer Manager:

                       Inland Securities Corporation
                       2901 Butterfield Road
                       Oak Brook, Illinois 60523
                       Attention:  Ms. Brenda G. Gujral, President
                       Telephone:  (630) 218-8000
                       Facsimile:  (630) 218-4955

                       If to Escrow Agent:

                       LaSalle Bank National Association
                       135 South LaSalle Street
                       Chicago, Illinois 60603
                       Attention: Mr. Mark LoIacono, Corporate Trust Department
                       Telephone:  (312) 904-6836
                       Facsimile:  (312) 904-2236

                                       4

<PAGE>

         19. The foregoing is subject to the following conditions:

         The obligations and duties of the Escrow Agent are confined to those
specifically enumerated in the escrow instructions. The Escrow Agent shall not
be subject to, nor be under any obligation to ascertain or construe the terms
and conditions of any other instrument, whether or not now or hereafter
deposited with or delivered to the Escrow Agent or referred to in the escrow
instructions, nor shall the Escrow Agent be obligated to inquire as to the form,
execution, sufficiency, or validity of any such instrument nor to inquire as to
the identity, authority, or rights of the person or persons executing or
delivering the same.

         The Escrow Agent shall not be personally liable for any act which it
may do or omit to do hereunder in good faith and in the exercise of its own best
judgment. Any act done or omitted by the Escrow Agent pursuant to the advice of
its attorneys shall be deemed conclusively to have been performed or omitted in
good faith by the Escrow Agent.

         If the Escrow Agent should receive or become aware of any conflicting
demands or claims with respect to this Agreement, or the rights of any of the
parties hereto, or any money, property, or instruments deposited herein or
affected hereby, the Escrow Agent shall have the right in its sole discretion,
without liability for interest or damages, to discontinue any or all further
acts on its part until such conflict is resolved to its satisfaction and/or to
commence or defend any action or proceeding for the determination of such
conflict.

         Notwithstanding any other provision hereof, in the event of any
dispute, disagreement or legal action relating to or arising in connection with
the escrow, the Escrow Account, or the performance of the Escrow Agent's duties
under this Agreement, the Escrow Agent will not be required to determine the
controversy or to take any action regarding it. The Escrow Agent may hold all
documents and funds and may wait for settlement of any such controversy by final
appropriate legal proceedings, arbitration, or other means as, in the Escrow
Agent's discretion, it may require. In such event, the Escrow Agent will not be
liable for interest or damage. Furthermore, the Escrow Agent may, at its option,
file an action of interpleader requiring the parties to answer and litigate any
claims and rights among themselves. The Escrow Agent is authorized, at its
option, to deposit with the Court in which such interpleader action is filed all
documents and funds held in escrow. The Escrow Agent is further authorized to
withhold from such deposit for its own account an amount sufficient to
compensate itself for all costs, expenses, charges, and reasonable attorneys'
fees incurred by it due to the interpleader action. Upon initiating such action,
the Escrow Agent shall be fully released and discharged of and from all
obligations and liability imposed by the terms of this Agreement.

                                       5

<PAGE>

         The Company and Dealer Manager agree, jointly and severally, to
indemnify and hold the Escrow Agent, its officers, directors and employees
harmless from and against all costs, damages, judgments, attorney's fees
(whether such attorneys shall be regularly retained or specially employed),
expenses, obligations and liabilities of every kind and nature which the Escrow
Agent may incur, sustain, or be required to pay in connection with or arising
out of this Agreement, and to pay the Escrow Agent on demand the amount of all
such costs, damages, judgments, attorney's fees, expenses, obligations, and
liabilities. To secure said indemnification and to satisfy its compensation
hereunder, the Escrow Agent is hereby given a first lien upon and the right to
reimburse itself therefor out of, all of the rights, titles, and interests of
each of said parties in all money, property, and instruments deposited
hereunder, except for any money, property or instruments that relate to money
received that must be returned pursuant to the provisions of the second to last
sentence of paragraph 9.

                                       6

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Escrow
Agreement as of the day and year first above written.

                                          INLAND RETAIL REAL ESTATE TRUST, INC.

                                          By:  /s/ Robert D. Parks
                                              ----------------------------------
                                          Title:   Chairman
                                                 -------------------------------

                                          INLAND SECURITIES CORPORATION

                                          By:  /s/ Brenda Gail Gujral
                                              ----------------------------------
                                          Title:   President
                                                 -------------------------------

                                          LASALLE BANK NATIONAL ASSOCIATION
                                          CHICAGO, IL

                                          By:  /s/ John Porter
                                              ----------------------------------
                                          Title:   Vice President
                                                 -------------------------------

                                       7

<PAGE>

                                    Exhibit A

                                  ESCROW AGENT
                                SCHEDULE OF FEES

Acceptance Fee:                     $1,000.00
Quarterly Administration Fee:       $3,000.00

THE ACCEPTANCE FEE AND INITIAL QUARTERLY ADMINISTRATION FEE ARE DUE UPON
EXECUTION OF THE ESCROW AGREEMENT.

Any investment transaction not in a money market fund or in the LaSalle Bank
National Association Time Deposit, Open Account ("TDOA") will incur a $100.00
per transaction fee. The parties to the agreement understand and agree that
LaSalle may receive certain revenue in the form of 12b-1 or shareholder
servicing fees on certain mutual fund investments. Such fees are disclosed in
the prospectus for any such fund. These fees are paid to LaSalle directly from
the mutual fund provider and are not fees paid by the parties to the Agreement.

All out-of-pocket expenses will be billed at our cost. Out-of-pocket expenses
include, but are not limited to, professional services (e.g. legal or
accounting), travel expenses, telephone and facsimile transmission costs,
postage (including express mail and overnight delivery charges), and copying
charges.

                                       8Lincoln National Corporation

 

EXHIBIT 4.1

LINCOLN NATIONAL CORPORATION

5.25% Note due June 15, 2007

	 	 	 
	[Registered]	 	
CUSIP 534187AN9
	
	
	
	

	
	
	
	

	
	
	
	

	
	
	
	

	No. R-1	 	
U.S. $250,000,000

	 	 	 
	 	THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE
OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER
OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH
DEPOSITORY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.
	 
	 	UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED
BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

         Lincoln National Corporation, a corporation organized and existing under
the laws of the State of Indiana (hereinafter called the “Company”, which term
includes any successor corporation under the Indenture hereinafter referred
to), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of TWO HUNDRED FIFTY MILLION DOLLARS
($250,000,000) on June 15, 2007 and to pay interest thereon from June 3, 2002
or from the most recent interest payment date to which interest has been paid
or duly provided for, semi-annually on June 15 and December 15, in each year,
commencing on December 15, 2002, at the rate of 5.25% per annum until the
principal hereof is paid or such payment is duly provided for. The
interest so payable and punctually paid or duly provided for on any
interest payment date will, as provided in the Indenture, be paid to
the person in whose name this Note (or one or more predecessor Notes) is
registered at the close of business on the

 

 

next preceding December 1 and June 1, respectively (each respectively a “Record
Date”), subject to certain exceptions as provided in the Indenture. Payment of
the principal of, and interest on, this Note will be made at the designated
office or agency of the Company maintained for such purpose in The City of New
York, New York in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debt or,
at the option of the Company, interest so payable may be paid by check to the
order of said Holder mailed to his address appearing on the Security Register.
Any interest not so punctually paid or duly provided for shall be payable as
provided in the Note. Interest on this Note will be computed on the basis of a
360-day year of twelve 30-day months.

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

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

         IN WITNESS WHEREOF, Lincoln National Corporation has caused this
instrument to be duly executed.

	 	LINCOLN NATIONAL CORPORATION

By:      /s/ Richard C. Vaughn                      

Name:  Richard C. Vaughan

Title:    Executive Vice President and

             Chief Financial Officer

	 	By:       /s/ Frederick J. Crawford                      

Name:   Frederick J. Crawford

Title:     Vice President and Treasurer

Attest:   /s/ Sharon Jeffers     

Name:    Sharon Jeffers

Title:     Assistant Secretary

Dated: June 3, 2002

-2-

 

Dated: June 3, 2002

Trustee’s Certificate of Authentication

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

	 	THE BANK OF NEW YORK, as Trustee

By:     /s/ Terence Rawlins                         

          Authorized Signatory

-3-

 

[Reverse of Note]

LINCOLN NATIONAL CORPORATION

5.25% Notes due June 15, 2007

         This Note is one of a duly authorized issue of Securities of the Company
of a series hereinafter specified, all issued and to be issued under an
Indenture dated as of September 15, 1994 (herein called the “Indenture”),
between the Company and The Bank of New York, as Trustee (herein called the
“Trustee”, which term includes any successor Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the Holder of the
Securities and the terms upon which the Securities are, and are to be,
authenticated and delivered. The Securities may be issued in one or more
series, the terms of which different series may vary as provided in the
Indenture. This Note is one of a series of the Securities of the Company
designated as its 5.25% Notes due June 15, 2007 (herein called the “Notes”),
limited initially in aggregate principal amount to $250,000,000, except as set
forth herein or as otherwise provided in the Indenture (including to reopen
this series in order to issue additional Notes). The Notes of this series are
issuable in registered form only in denominations of $1,000 or integral
multiples thereof.

         The Company may, at its option, upon not less than 30 days’ notice by
mail, redeem the Securities of this series on any date in whole at any time or
in part from time to time at a redemption price equal to any accrued and unpaid
interest plus the greater of (a) the principal amount thereof and (b) an amount
equal to the Discounted Remaining Fixed Amount Payments.

         “Discounted Remaining Fixed Amount Payments” means, in respect of a
Security of this series, an amount equal to the sum of the Current Values of
the amounts of interest and principal that would have been payable by the
Company pursuant to the terms of this Security on each interest payment date
after the redemption date and at the stated maturity of the final payment of
principal thereof (assuming that the Company had not redeemed such Security
prior to such stated maturity).

         “Current Value” means, in respect of any amount, the present value of that
amount on the redemption date after discounting that amount on a semiannual
basis from the originally scheduled date for payment on the basis of the
Treasury Rate plus 12.5 basis points.

         “Treasury Rate” means a per annum rate (expressed as a decimal and, in the
case of United States Treasury bills, converted to a per annum yield)
determined on the redemption date to be the per annum rate equal to the
semiannual bond equivalent yield to maturity for United States Treasury
securities maturing at the stated maturity of the final payment of principal of
this series of Securities, as determined by reference to the weekly average
yield to maturity for United States Treasury securities maturing on such stated
maturity if reported in the most recent Statistical Release H.15 (519) of the
Board of Governors of the Federal Reserve (or any successor release), or, if no
such securities weekly average yield is so reported (but such release, or any
successor release, continues to be published), by interpolation between the
most recent weekly average yields to maturity for two series of United States
Treasury securities, (i) one

-4-

 

maturing as close as possible to, but earlier than, such stated maturity
and (ii) the other maturing as close as possible to, but later than, such
stated maturity, in each case as published in the most recent Statistical
Release H.15 (519) of the Board of Governors of the Federal Reserve (or any
successor release). If the Board of Governors of the Federal Reserve ceases
publication of the weekly average yield to maturity for United States Treasury
securities in Statistical Release H.15 (519) (or any successor release), then
the Treasury Rate shall be determined by a primary U.S. Government securities
dealer in The City of New York selected by the Company.

         Notice of any redemption will be mailed at least 30 days but not more than
60 days before the redemption date to each Holder of Securities to be redeemed
at such Holder’s registered address. Unless the Company defaults in payment of
the redemption price, on and after the redemption date interest shall cease to
accrue on such Securities or portions thereof called for redemption.

         In the event of redemption of this Security in part only, a new Security
or Securities of this series for the unredeemed portion hereof will be issued
in the name of the Holder hereof upon the cancellation hereof.

         The Notes are not entitled to any sinking fund. If an Event of Default
shall occur with respect to the Notes, the principal of the Notes may be
declared due and payable in the manner and with the effect provided in the
Indenture.

         The Indenture contains provisions for defeasance at any time of the Notes,
upon which the Company, at its option, shall be deemed to have been Discharged
from its obligations with respect to the Notes or shall cease to be under any
obligation to comply with certain restrictive covenants of the Indenture.

         Subject to certain exceptions, the Indenture or the Notes may be amended
or supplemented with the consent of the Holders of at least a majority in
principal amount of the Outstanding Securities affected by such amendment or
supplement voting as one class. Without the consent of any Holder, the Company
and the Trustee may amend or supplement the Indenture or the Notes to, among
other things, cure any ambiguity, defect or inconsistency. Subject to certain
exceptions, any past default or Event of Default may be waived by the Holders
of at least a majority in principal amount of the Outstanding Securities of any
series affected on behalf of the Holders of the Securities of that series or
the Holders of at least a majority in principal amount of all the Outstanding
Securities voting as one class. Any such consent or waiver by the Holder of
this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note or upon any Note issued upon the transfer hereof
or in exchange herefor or in lieu hereof.

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

         As provided in the Indenture and subject to certain limitations therein
set forth, this Note is transferable on the Security Register of the Company,
upon surrender of this Note for transfer

-5-

 

at the office or agency of the Company in The City of New York, New York,
duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Registrar, duly executed by the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more
new Notes, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

         The Notes are issuable in registered form without coupons in denominations
of $1,000 and integral multiples thereof. As provided in the Indenture and
subject to certain limitations therein set forth, this Note is exchangeable for
a like aggregate principal amount of Notes of different authorized
denominations as requested by the Holder surrendering the same.

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

         The Company, the Trustee and any agent of the Company or the Trustee may
treat the person in whose name this Note is registered as the owner hereof for
the purpose of receiving payment as herein provided and for all other purposes
whether or not this Note be overdue, and neither the Company, the Trustee nor
any such agent shall be affected by notice to the contrary.

         No recourse shall be had for the payment of the principal of, or the
interest on, this Note or for any claim based hereon or otherwise in any manner
in respect hereof, or in respect of the Indenture, against any incorporator,
shareholder, officer or director, as such, past, present or future, of the
Company or of any predecessor or successor corporation, whether by virtue of
any constitutional provision or statute or rule of law, or by the enforcement
of any assessment or penalty or in any other manner, all such liability being
expressly waived and released by the acceptance hereof and as part of the
consideration for the issue hereof.

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

-6-

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