Document:

Energy Fuels Inc.: Exhibit 4.6 - Filed by newsfilecorp.com

	 
	 
	 
	ENERGY FUELS INC. 
	as Issuer  
	 
	 
	 and  
	 
	 
	[     ] 
	as U.S. Trustee 
	 
	  
	  
	 and  
	 
	[     ] 
	as Canadian Trustee 
	  
	 
	  
	Indenture  
	Dated as of [    
      ]  
	 

TABLE OF CONTENTS 

	ARTICLE ONE
      DEFINITIONS AND OTHER PROVISIONS OF GENERAL
      APPLICATION 	1 
	SECTION 1.01 	Definitions 	1 
	SECTION 1.02 	Rules of
      Construction 	10 
	SECTION 1.03 	Compliance Certificates and
      Opinions 	10 
	SECTION 1.04 	Form of
      Documents Delivered to Trustees 	11 
	SECTION 1.05 	Acts of Holders 	12 
	SECTION 1.06 	Notices,
      Etc. to Trustees and Company 	13 
	SECTION 1.07 	Notice to Holders; Waiver
      	13 
	SECTION 1.08 	Effect of
      Headings and Table of Contents 	14 
	SECTION 1.09 	Successors and Assigns
    	14 
	SECTION 1.10 	Severability
      Clause 	14 
	SECTION 1.11 	Benefits of Indenture
	15 
	SECTION 1.12 	Governing
      Law 	15 
	SECTION 1.13 	Legal Holidays 	15 
	SECTION 1.14 	Agent for
      Service; Submission to Jurisdiction; Waiver of Immunities 	15 
	SECTION 1.15 	Conversion of Judgment
      Currency 	16 
	SECTION 1.16 	Currency
      Equivalent 	17 
	SECTION 1.17 	Conflict with Trust
      Indenture Legislation 	17 
	SECTION 1.18 	Incorporators, Shareholders, Officers and Directors of the
      Company Exempt from Individual Liability 	17 
	SECTION 1.19 	Waiver of Jury Trial 	18 
	SECTION 1.20 	Counterparts
      	18 
	SECTION 1.21 	Force Majeure 	18 
	 	 	 
	ARTICLE TWO SECURITIES
      FORMS 	18 
	SECTION 2.01 	Forms
      Generally 	18 
	SECTION 2.02 	Form of Trustee’s
      Certificate of Authentication 	18 
	SECTION 2.03 	Securities
      Issuable in Global Form 	19 
	 	 	 
	ARTICLE
      THREE THE SECURITIES 	20 
	SECTION 3.01 	Issuable in Series 	20 
	SECTION 3.02 	Denominations 	23 
	SECTION 3.03 	Execution, Authentication,
      Delivery and Dating 	24 
	SECTION 3.04 	Temporary
      Securities 	25 
	SECTION 3.05 	Registration, Registration
      of Transfer and Exchange 	27 
	SECTION 3.06 	Mutilated,
      Destroyed, Lost and Stolen Securities 	31 
	SECTION 3.07 	Payment of Principal,
      Premium and Interest; Interest Rights Preserved; Optional Interest Reset
      	32 
	SECTION 3.08 	Optional
      Extension of Stated Maturity 	34 
	SECTION 3.09 	Persons Deemed Owners
	35 
	SECTION 3.10 	Cancellation
      	36 
	SECTION 3.11 	Computation of Interest
    	36
  

i 

	SECTION
      3.12 	Currency and
      Manner of Payments in Respect of Securities 	36
  
	SECTION 3.13 	Appointment and Resignation of Successor
      Exchange Rate Agent	39
	 	 	39
	ARTICLE FOUR SATISFACTION
      AND DISCHARGE 	40 
	SECTION
      4.01 	Satisfaction
      and Discharge of Indenture 	40
  
	SECTION 4.02 	Application of Trust Money
      	41 
	 	 	 
	ARTICLE FIVE REMEDIES
      	41 
	SECTION
      5.01 	Events of
      Default 	41
  
	SECTION 5.02 	Acceleration of Maturity;
      Rescission and Annulment 	42 
	SECTION
      5.03 	Collection
      of Debt and Suits for Enforcement by Trustees 	43
  
	SECTION 5.04 	Trustees May File Proofs of
      Claim 	44 
	SECTION
      5.05 	Trustees May
      Enforce Claims Without Possession of Securities 	44
  
	SECTION 5.06 	Application of Money
      Collected 	45 
	SECTION
      5.07 	Limitation
      on Suits 	45
  
	SECTION 5.08 	Unconditional Right of
      Holders to Receive Principal, Premium and Interest 	46 
	SECTION
      5.09 	Restoration
      of Rights and Remedies 	46
  
	SECTION 5.10 	Rights and Remedies
      Cumulative 	46 
	SECTION
      5.11 	Delay or
      Omission Not Waiver 	46
  
	SECTION 5.12 	Control by Holders 	46 
	SECTION
      5.13 	Waiver of
      Past Defaults 	47
  
	SECTION 5.14 	Waiver of Stay or Extension
      Laws 	47 
	SECTION
      5.15 	Undertaking
      for Costs 	47
  
	 	 	 
	ARTICLE SIX
      THE TRUSTEES 	48
  
	SECTION 6.01 	Notice of Defaults 	48 
	SECTION
      6.02 	Certain
      Duties and Responsibilities of Trustees 	48
  
	SECTION 6.03 	Certain Rights of Trustees
      	49 
	SECTION
      6.04 	Trustees Not
      Responsible for Recitals or Issuance of Securities 	50
  
	SECTION 6.05 	May Hold Securities 	51 
	SECTION
      6.06 	Money Held
      in Trust 	51
  
	SECTION 6.07 	Compensation and
      Reimbursement 	51 
	SECTION
      6.08 	Corporate
      Trustees Required; Eligibility 	52
  
	SECTION 6.09 	Resignation and Removal;
      Appointment of Successor 	52 
	SECTION
      6.10 	Acceptance
      of Appointment by Successor 	54
  
	SECTION 6.11 	Merger, Conversion,
      Consolidation or Succession to Business 	55 
	SECTION
      6.12 	Appointment
      of Authenticating Agent 	55
  
	SECTION 6.13 	Joint Trustees 	57 
	SECTION
      6.14 	Other Rights
      of Trustees 	57
  
	 	 	 
	ARTICLE
      SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND
      COMPANY 	59
  
	SECTION 7.01 	Company to Furnish Trustees
      Names and Addresses of Holders 	59 
	SECTION
      7.02 	Preservation
      of List of Names and Addresses of Holders 	59
  
	SECTION 7.03 	Disclosure of Names and
      Addresses of Holders 	59 

ii 

	SECTION 7.04 	Reports by
      Trustees 	59
  
	SECTION 7.05 	Reports by the Company
    	60 
	 	 	 
	ARTICLE EIGHT CONSOLIDATION, MERGER,
      CONVEYANCE, TRANSFEROR LEASE 	60
	 	 	60
  
	SECTION 8.01 	Company May Consolidate,
      etc., only on Certain Terms 	60 
	SECTION 8.02 	Successor
      Person Substituted 	61
  
	 	 	 
	ARTICLE
      NINE SUPPLEMENTAL INDENTURES 	61
  
	SECTION 9.01 	Supplemental Indentures
      Without Consent of Holders 	61 
	SECTION 9.02 	Supplemental
      Indentures with Consent of Holders 	63
  
	SECTION 9.03 	Execution of Supplemental
      Indentures 	64 
	SECTION 9.04 	Effect of
      Supplemental Indentures 	64
  
	SECTION 9.05 	Conformity with Trust
      Indenture Legislation 	64 
	SECTION 9.06 	Reference in
      Securities to Supplemental Indentures 	64
  
	SECTION 9.07 	Notice of Supplemental
      Indentures 	64 
	 	 	 
	ARTICLE TEN COVENANTS
      	65 
	SECTION 10.01 	Payment of
      Principal, Premium and Interest 	65
  
	SECTION 10.02 	Maintenance of Office or
      Agency 	65 
	SECTION 10.03 	Money for
      Securities Payments to Be Held in Trust 	66
  
	SECTION 10.04 	Statement as to Compliance
      	67 
	SECTION 10.05 	Payment of
      Taxes and Other Claims 	68
  
	SECTION 10.06 	Corporate Existence 	68 
	SECTION 10.07 	Waiver of
      Certain Covenants 	68
  
	 	 	 
	ARTICLE
      ELEVEN REDEMPTION OF SECURITIES 	68
  
	SECTION 11.01 	Applicability of Article
    	68 
	SECTION 11.02 	Election to
      Redeem; Notice to Trustees 	68
  
	SECTION 11.03 	Selection by Trustees of
      Securities to Be Redeemed 	69 
	SECTION 11.04 	Notice of
      Redemption 	69
  
	SECTION 11.05 	Deposit of Redemption Price
      	70 
	SECTION 11.06 	Securities
      Payable on Redemption Date 	70
  
	SECTION 11.07 	Securities Redeemed in Part
      	71 
	 	 	 
	ARTICLE TWELVE SINKING
      FUNDS 	71 
	SECTION 12.01 	Applicability of Article 	71
  
	SECTION 12.02 	Satisfaction of Sinking Fund
      Payments with Securities 	71 
	SECTION 12.03 	Redemption
      of Securities for Sinking Fund 	72
  
	 	 	 
	ARTICLE
      THIRTEEN REPAYMENT AT OPTION OF HOLDERS 	73
  
	SECTION 13.01 	Applicability of Article
    	73 
	SECTION 13.02 	Repayment of
      Securities 	73
  
	SECTION 13.03 	Exercise of Option 	73 
	SECTION 13.04 	When
      Securities Presented for Repayment Become Due and Payable 	74
  
	SECTION 13.05 	Securities Repaid in Part
      	74 

iii 

	ARTICLE
      FOURTEEN DEFEASANCE AND COVENANT DEFEASANCE 	75
      
	SECTION
      14.01 	Company’s
      Option to Effect Defeasance or Covenant Defeasance 	75
      
	SECTION
      14.02 	Defeasance
      and Discharge 	75
      
	SECTION
      14.03 	Covenant
      Defeasance 	75
      
	SECTION
      14.04 	Conditions
      to Defeasance or Covenant Defeasance 	76
      
	SECTION
      14.05 	Deposited
      Money and Government Obligations to Be Held in Trust; Other Miscellaneous
      Provisions 	77
      
	SECTION
      14.06 	Reinstatement
      	78
      
	 	 	 
	ARTICLE
      FIFTEEN MEETINGS OF HOLDERS OF SECURITIES 	79
      
	SECTION
      15.01 	Purposes
      for Which Meetings May Be Called 	79
      
	SECTION
      15.02 	Call,
      Notice and Place of Meetings 	79
      
	SECTION
      15.03 	Persons
      Entitled to Vote at Meetings 	79
      
	SECTION
      15.04 	Quorum;
      Action 	79
      
	SECTION
      15.05 	Determination
      of Voting Rights; Conduct and Adjournment of Meetings 	80
      
	SECTION
      15.06 	Counting
      Votes and Recording Action of Meetings 	81
      

iv 

	CROSS-REFERENCE TABLE 	 
	  	  	  
	  	  	  
	TIA 	  	Indenture 
	Section 	 Section 
	310 	(a) 	6.08(1) 
	  	(b) 	6.09 
	  	(c) 	Not Applicable 
	311 	(a) 	6.05 
	  	(b) 	6.05 
	  	(c) 	Not Applicable 
	312 	(a) 	7.05 
	  	(b) 	7.03 
	  	(c) 	7.03 
	313 	(a) 	7.04 
	  	(b) 	7.04 
	  	(c) 	7.04 
	  	(d) 	7.05 
	314 	(a) 	7.05 
	  	(a)(4) 	10.04 
	  	(b) 	Not Applicable 
	  	(c)(1) 	1.01 
	  	(c)(2) 	1.01 
	  	(d) 	Not Applicable 
	  	(e) 	1.01 
	  	(f) 	Not Applicable 
	315 	(a) 	6.02 
	  	(b) 	6.01 
	  	(c) 	6.02 
	  	(d) 	6.02 
	  	(e) 	5.15 
	316 	(a)(last sentence) 	1.02 (“Outstanding”) 
	  	(a)(1)(A) 	5.12 
	  	(a)(1)(B) 	5.02, 5.13 
	  	(a)(2) 	Not Applicable 
	  	(b) 	5.08 
	  	(c) 	1.04(e) 
	317 	(a)(1) 	5.03 
	  	(a)(2) 	5.04 
	  	(b) 	10.03 
	318 	(a) 	1.16 

Note: This Cross-Reference Table shall not, for any purpose, be
deemed to be part of this Indenture. 

INDENTURE, dated as of
____________________, between ENERGY FUELS INC., a corporation duly continued
and existing under the laws of the Province of Ontario, Canada (herein called
the “Company”), having its principal office at 225 Union Blvd., Suite
600, Lakewood, Colorado, and ______________________, a ______________________,
organized under the laws of ______________________, as U.S. trustee (herein
called the “U.S. Trustee”), and______________________, a
______________________, organized under the laws of ______________________, as
Canadian trustee (the “Canadian Trustee” and, together with the U.S.
Trustee, the “Trustees”). 

RECITALS 

The Company has duly authorized
the execution and delivery of this Indenture to provide for the issuance from
time to time of its debentures, notes, bonds or other evidences of indebtedness
(herein called the “Securities”), which may be convertible into or
exchangeable for any securities of any person (including the Company), to be
issued in one or more series as in this Indenture provided. 

This Indenture is subject to the
provisions of Trust Indenture Legislation that are required to be part of this
Indenture and shall, to the extent applicable, be governed by such provisions.

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

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

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

ARTICLE ONE 
DEFINITIONS AND OTHER PROVISIONS OF
GENERAL APPLICATION 

	SECTION 1.01 	Definitions. 

“Act,” when used with
respect to any Holder, has the meaning specified in Section 1.04.

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

“Authenticating Agent”
means any Person authorized by the applicable Trustee pursuant to Section 6.12
to act on behalf of such Trustee to authenticate Securities. 

“Authorized Newspaper”
means a newspaper, in the English language or in an official language of the
country of publication, customarily published on each Business Day, and of
general circulation in each place in connection with which the term is used or
in the financial community of each such place. Where successive publications are
required to be made in Authorized Newspapers, the successive publications may be
made in the same or in different newspapers in the same city meeting the
foregoing requirements and in each case on any Business Day. 

“Base Currency” has the
meaning specified in Section 1.14. 

“Bearer Security” means
any Security except a Registered Security. 

“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 Corporate Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors and
to be in full force and effect on the date of such certification, and delivered
to the Trustees. 

“Branch Register” has the
meaning specified in Section 3.05. 

“Branch Security
Registrar” has the meaning specified in Section 3.05. 

“Business Day,” when used
with respect to any Place of Payment or any other particular location referred
to in this Indenture or in the Securities, means, unless otherwise specified
with respect to any Securities pursuant to Section 3.01, any day other than
Saturday, Sunday or any other day on which commercial banking institutions in
that Place of Payment or other location are permitted or required by any
applicable law, regulation or executive order to close. 

“calculation period” has
the meaning specified in Section 3.11. 

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

“Central Register” has the
meaning specified in Section 3.05. 

“Central Security
Registrar” has the meaning specified in Section 3.05. 

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

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

“Company Request” or
“Company Order” means a written request or order signed in the name of
the Company by an Officer and delivered to the Trustees. 

“Component Currency” has
the meaning specified in Section 3.12(h) . 

“Conversion Date” has the
meaning specified in Section 3.12(d) . 

“Conversion Event” means
the cessation of use of (i) a Foreign Currency (other than the Euro or other
Currency unit) both by the government of the country which issued such Currency
and by a central bank or other public institution of or within the international
banking community for the settlement of transactions, (ii) the Euro or (iii) any
currency unit (or composite currency) other than the Euro for the purposes for
which it was established. 

2 

“Corporate Trust Office”
  means the principal corporate trust office of the U.S. Trustee or the Canadian
  Trustee, as applicable, at which at any particular time its corporate trust
  business may be administered, such an office on the date of execution of this
  Indenture of the U.S. Trustee is located at _________________________,
  Attention: _______________________, and of the Canadian Trustee is located at
  ______________________, Attention: ____________________________, except that
with respect to presentation of Securities for payment or for registration of
transfer or exchange, such term shall mean the office or agency of the U.S.
Trustee or the Canadian Trustee, as applicable, designated in writing to the
Company at which, at any particular time, its corporate agency business shall be
conducted. 

“coupon” means any
interest coupon appertaining to a Bearer Security. 

“covenant defeasance” has
the meaning specified in Section 14.03. 

“Currency” means any
currency or currencies, composite currency or currency unit or currency units,
including, without limitation, the Euro, issued by the government of one or more
countries or by any recognized confederation or association of such governments.

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

“Defaulted Interest” has
the meaning specified in Section 3.07.

“defeasance” has the
meaning specified in Section 14.02. 

“Depositary” means, with
respect to the Securities of any series issuable or issued in the form of one or
more Registered Securities, the Person designated as Depositary by the Company
pursuant to Section 3.05 until a successor Depositary shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter
“Depositary” shall mean or include each Person who is then a Depositary
hereunder, and, if at any time there is more than one such Person, “Depositary”
as used with respect to the Securities of any such series shall mean the
Depositary with respect to the Registered Securities of that series. 

“Dollar” or “$”
means a dollar or other equivalent unit in such coin or currency of the United
States of America as at the time shall be legal tender for the payment of public
and private debts. 

“Dollar Equivalent of the
Currency Unit” has the meaning specified in Section 3.12(g) . 

“Dollar Equivalent of the
Foreign Currency” has the meaning specified in Section 3.12(f) . 

“Election Date” has the
meaning specified in Section 3.12(h) . 

“Euro” means the single
currency of the participating member states from time to time of the European
Union described in legislation of the European Counsel for the operation of a
single unified European currency (whether known as the Euro or otherwise). 

“Event of Default” has the
meaning specified in Section 5.01. 

3 

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

“Exchange Date” has the
meaning specified in Section 3.04. 

“Exchange Rate Agent”
means, with respect to Securities of or within any series, unless otherwise
specified with respect to any Securities pursuant to Section 3.01, a New York
clearing house bank, designated pursuant to Section 3.01 or Section 3.13. 

“Exchange Rate Officer’s
Certificate” means a tested telex or a certificate setting forth (i) the
applicable Market Exchange Rate and (ii) the Dollar or Foreign Currency amounts
of principal, premium (if any) and interest (if any) (on an aggregate basis and
on the basis of a Security having the lowest denomination principal amount
determined in accordance with Section 3.02 in the relevant Currency), payable
with respect to a Security of any series on the basis of such Market Exchange
Rate, sent (in the case of a telex) or signed (in the case of a certificate) by
the Chief Executive Officer, President or Chief Financial Officer of the
Company. 

“Extension Notice” has the
meaning specified in Section 3.08. 

“Extension Period” has the
meaning specified in Section 3.08. 

“Final Maturity” has the
meaning specified in Section 3.08. 

“First Currency” has the
meaning specified in Section 1.15. 

“Foreign Currency” means
any Currency other than Currency of the United States. 

“GAAP” means generally
accepted accounting principles in Canada in effect from time to time, unless the
Person’s most recent audited or quarterly financial statements are not prepared
in accordance with generally accepted accounting principles in Canada, in which
case “GAAP” shall mean generally accepted accounting principles in the United
States in effect from time to time. 

“Government Obligations”
means, unless otherwise specified with respect to any series of Securities
pursuant to Section 3.01, securities which are (i) direct obligations of the
government which issued the Currency in which the Securities of a particular
series are payable or (ii) obligations of a Person controlled or supervised by
and acting as an agency or instrumentality of the government which issued the
Currency in which the Securities of such series are payable, the payment of
which is unconditionally guaranteed by such government, which, in either case,
are full faith and credit obligations of such government payable in such
Currency and 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 Government Obligation or a specific payment
of interest on or principal of any such 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 Government Obligation or
the specific payment of interest or principal of the Government Obligation
evidenced by such depository receipt. 

“Holder” means, in the
case of a Registered Security, the Person in whose name a Security is registered
in the Security Register and, in the case of a Bearer Security, the bearer
thereof and, when used with respect to any coupon, shall mean the bearer
thereof. 

4 

“Indenture” means this
instrument as originally executed and as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof, and shall include the terms
of particular series of Securities established as contemplated by Section 3.01;
provided, however, that, if at any time more than one Person is acting as
Trustee under this instrument, “Indenture” shall mean, with respect to any one
or more series of Securities for which such Person is Trustee, this instrument
as originally executed or as it may from time to time be supplemented or amended
by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof and shall include the terms of the particular
series of Securities for which such Person is Trustee established as
contemplated by Section 3.01, exclusive, however, of any provisions or terms
which relate solely to other series of Securities for which such Person is not
Trustee, regardless of when such terms or provisions were adopted, and exclusive
of any provisions or terms adopted by means of one or more indentures
supplemental hereto executed and delivered after such Person had become such
Trustee but to which such Person, as such Trustee, was not a party. 

“Indexed Security” means a
Security the terms of which provide that the principal amount thereof payable at
Stated Maturity may be more or less than the principal face amount thereof at
original issuance. 

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

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

“Judgment Currency” has
the meaning specified in Section 1.14. 

“Lien” means any mortgage,
pledge, hypothecation, charge, assignment, deposit arrangement, encumbrance,
security interest, lien (statutory or other), or preference, priority or other
security or similar agreement or preferential arrangement of any kind or nature
whatsoever (including, without limitation, any agreement to give or grant a Lien
or any lease, conditional sale or other title retention agreement having
substantially the same economic effect as any of the foregoing). 

“mandatory sinking fund
payment” has the meaning specified in Section 12.01. 

“Market Exchange Rate”
means, unless otherwise specified with respect to any Securities pursuant to
Section 3.01, (i) for any conversion involving a Currency unit on the one hand
and Dollars or any Foreign Currency on the other, the exchange rate between the
relevant Currency unit and Dollars or such Foreign Currency calculated by the
method specified pursuant to Section 3.01 for the Securities of the relevant
series, (ii) for any conversion of Dollars into any Foreign Currency, the noon
(New York City time) buying rate for such Foreign Currency for cable transfers
quoted in New York City as certified for customs purposes by the Federal Reserve
Bank of New York and (iii) for any conversion of one Foreign Currency into
Dollars or another Foreign Currency, the spot rate at noon local time in the
relevant market at which, in accordance with normal banking procedures, the
Dollars or Foreign Currency into which conversion is being made could be
purchased with the Foreign Currency from which conversion is being made from
major banks located in New York City, Toronto, London or any other principal
market for Dollars or such purchased Foreign Currency, in each case determined
by the Exchange Rate Agent. Unless otherwise specified with respect to any
Securities pursuant to Section 3.01, in the event of the unavailability of any
of the exchange rates provided for in the foregoing clauses (i), (ii) and (iii),
the Exchange Rate Agent shall use, in its sole discretion and without liability
on its part, such quotation of the Federal Reserve Bank of New York as of the
most recent available date, or quotations from one or more major banks in New York City, Toronto, London or another
principal market for the Currency in question, or such other quotations as the
Exchange Rate Agent shall deem appropriate. Unless otherwise specified by the
Exchange Rate Agent, if there is more than one market for dealing in any
Currency by reason of foreign exchange regulations or otherwise, the market to
be used in respect of such Currency shall be that upon which a non-resident
issuer of securities designated in such Currency would purchase such Currency in
order to make payments in respect of such securities. 

5 

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

“Notice of Default” has
the meaning specified in Section 6.01. 

“Officer” means the Chair
of the Board of Directors, the Chief Executive Officer, the President, the Chief
Financial Officer, the Chief Operating Officer, any Executive Vice President,
any Vice President, the Treasurer or the Corporate Secretary of the Company or,
in the event that the Company is a partnership or a limited liability company
that has no such officers, a person duly authorized under applicable law by the
general partner, managers, members or a similar body to act on behalf of the
Company.

“Officer’s Certificate”
means a certificate, which shall comply with this Indenture, signed by an
Officer and delivered to the Trustees. 

“Opinion of Counsel” means
a written opinion of counsel, who may be counsel for the Company, including an
employee of the Company, who shall be acceptable to the Trustees, which opinion
may contain customary exceptions and qualifications as to the matters set forth
therein. 

“Optional Reset Date” has
the meaning specified in Section 3.07. 

“optional sinking fund
payment” has the meaning specified in Section 12.01. 

“Original Issue Discount
Security” means any Security which provides for an amount less than the
principal amount thereof to be due and payable upon a declaration of
acceleration of the Maturity thereof pursuant to Section 5.02. 

“Original Stated Maturity”
has the meaning specified in Section 3.08. 

“Other Currency” has the
meaning specified in Section 1.15. 

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

	 	(i) 	
      Securities theretofore cancelled by either Trustee or
      delivered to either Trustee for cancellation;

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

6 

	 	(iii) 	
      Securities, except to the extent provided in Section
      14.02 and Section 14.03, with respect to which the Company has effected
      defeasance and/or covenant defeasance as provided in Article Fourteen;
  and

	 	 	 
	 	(iv) 	
      Securities which have been paid pursuant to Section 3.06
      or in exchange for or in lieu of which other Securities have been
      authenticated and delivered pursuant to this Indenture, other than any
      such Securities in respect of which there shall have been presented to the
      Trustees proof satisfactory to them that such Securities are held by a
      protected purchaser (as defined in Article 8 of the UCC) in whose hands
      such Securities are valid obligations of the
Company;

provided, however, that in determining whether the
Holders of the requisite principal amount of the Outstanding Securities have
given any request, demand, authorization, direction, notice, consent or waiver
hereunder or are present at a meeting of Holders for quorum purposes, and for
the purpose of making the calculations required by TIA Section 313, (i) the
principal amount of an Original Issue Discount Security that may be counted in
making such determination or calculation and that shall be deemed to be
Outstanding for such purpose shall be equal to the amount of principal thereof
that would be (or shall have been declared to be) due and payable, at the time
of such determination, upon a declaration of acceleration of the maturity
thereof pursuant to Section 5.02, (ii) the principal amount of any Security
denominated in a Foreign Currency that may be counted in making such
determination or calculation and that shall be deemed Outstanding for such
purpose shall be equal to the Dollar equivalent, determined as of the date such
Security is originally issued by the Company as set forth in an Exchange Rate
Officer’s Certificate delivered to the Trustees, of the principal amount (or, in
the case of an Original Issue Discount Security, the Dollar equivalent as of
such date of original issuance of the amount determined as provided in clause
(i) above) of such Security, (iii) the principal amount of any Indexed Security
that may be counted in making such determination or calculation and that shall
be deemed outstanding for such purpose shall be equal to the principal face
amount of such Indexed Security at original issuance, unless otherwise provided
with respect to such Security pursuant to Section 3.01, and (iv) Securities
owned by the Company or any other obligor upon the Securities or any Affiliate
of the Company or of such other obligor shall be disregarded and deemed not to
be Outstanding, except that, in determining whether the Trustees shall be
protected in making such calculation or in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Securities
which the Trustees know to be so owned shall be so disregarded. Securities so
owned which have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Trustees the pledgee’s right
so to act with respect to such Securities and that the pledgee is not the
Company or any other obligor upon the Securities or any Affiliate of the Company
or such other obligor. 

“Paying Agent” means any
Person (including the Company acting as Paying Agent) authorized by the Company
to pay the principal of, premium (if any) or interest (if any) on any Securities
on behalf of the Company. Such Person must be capable of making payment in the
Currency of the issued Security. 

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

7 

“Place of Payment” means,
when used with respect to the Securities of or within any series, each place
where the principal of, premium (if any) and interest (if any) on such
Securities are payable as specified as contemplated by Sections 3.01 and 10.02.

“Predecessor Security” of
any particular Security means every previous Security evidencing all or a
portion of the same debt as that evidenced by such particular Security; and, for
the purposes of this definition, any security authenticated and delivered under
Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or
stolen Security or a Security to which a mutilated, destroyed, lost or stolen
coupon appertains shall be deemed to evidence the same debt as the mutilated,
destroyed, lost or stolen Security or the Security to which the mutilated,
destroyed, lost or stolen coupon appertains, as the case may be. 

“Privacy Laws” has the
meaning specified in Section 6.14. 

“rate(s) of exchange” has
the meaning specified in Section 1.14. 

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

“Redemption Price,” when
used with respect to any Security to be redeemed, in whole or in part, means the
price at which it is to be redeemed pursuant to this Indenture, plus accrued and
unpaid interest thereon to the Redemption Date. 

“Registered Security”
means any Security registered in the Security Register. 

“Regular Record Date” for
the interest payable on any Interest Payment Date on the Registered Securities
of or within any series means the date specified for that purpose as
contemplated by Section 3.01. 

“Repayment Date” means,
when used with respect to any Security to be repaid at the option of the Holder,
the date fixed for such repayment pursuant to this Indenture. 

“Reset Notice” has the
meaning specified in Section 3.07. 

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

“Securities” has the
meaning stated in the first recital of this Indenture and more particularly
means any Securities authenticated and delivered under this Indenture;
provided, however, that if at any time there is more than one Person
acting as Trustee under this Indenture, “Securities” with respect to the
Indenture as to which such Person is Trustee shall have the meaning stated in
the first recital of this Indenture and shall more particularly mean Securities
authenticated and delivered under this Indenture, exclusive, however, of
Securities of any series as to which such Person is not Trustee. 

“Security Register” and
“Security Registrar” have the respective meanings specified in Section
3.05. 

8 

“Special Record Date” for
the payment of any Defaulted Interest on the Registered Securities of or within
any series means a date fixed by the Trustees pursuant to Section 3.07. 

“Specified Amount” has the
meaning specified in Section 3.12(h) . 

“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 or a coupon
representing such installment of interest as the fixed date on which the
principal of such Security or such installment of principal or interest is due
and payable, as such date may be extended pursuant to the provisions of Section
3.08 (if applicable). 

“Subsequent Interest
Period” has the meaning specified in Section 3.07. 

“Trust Indenture Act” or
“TIA” means the United States Trust Indenture Act of 1939, as amended, as
in force at the date as of which this Indenture was executed, except as provided
in Section 9.05. 

“Trust Indenture
Legislation” means, at any time, the provisions of (i) any applicable
statute of Canada or any province or territory thereof and the regulations
thereunder as amended or re-enacted from time to time, but only to the extent
applicable, or (iii) the Trust Indenture Act and regulations thereunder, in each
case, relating to trust indentures and to the rights, duties and obligations of
trustees under trust indentures and of corporations issuing debt obligations
under trust indentures, to the extent that such provisions are at such time in
force and applicable to this Indenture or the Company or the Trustees. 

“Trustee” or
“Trustees” means the U.S. Trustee and the Canadian Trustee. If a Canadian
Trustee is not appointed under this Indenture, or resigns or is removed and,
pursuant to Section 6.09, the Company is not required to appoint a successor
Trustee to the Canadian Trustee, “Trustee,” “Trustees” and any reference to
“either Trustee,” “both of the Trustees” or such similar references shall mean
the Person named as the U.S. Trustee or any successor thereto appointed pursuant
to the applicable provisions of this Indenture. Except to the extent otherwise
indicated, “Trustees” shall refer to the Canadian Trustee (if appointed and
still serving) and the U.S. Trustee, both jointly and individually. 

“UCC” means the New York
uniform commercial code in effect from time to time. 

“U.S. Federal Bankruptcy
Code” means the Bankruptcy Act of Title 11 of the United States Code, as
amended from time to time. 

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

“United States” means,
unless otherwise specified with respect to any Securities pursuant to Section
3.01, the United States of America (including the states and the District of
Columbia), its territories, its possessions and other areas subject to its
jurisdiction. 

“United States person”
means, unless otherwise specified with respect to any Securities pursuant to
Section 3.01, an individual who is a citizen or resident of the United States, a
corporation, partnership (including any entity treated as a corporation or as a
partnership for United States federal income tax purposes) or other entity created or organized in or under the
laws of the United States, any state thereof or the District of Columbia, an
estate the income of which is subject to United States federal income taxation
regardless of its source, or a trust if (A) it is subject to the primary
supervision of a court within the United States and one or more United States
persons have the authority to control all substantial decisions of the trust or
(B) it has a valid election in effect under applicable United States Treasury
Regulations to be treated as a United States person. 

9 

“Valuation Date” has the
meaning specified in Section 3.12(c) . 

“Writing” has the meaning
specified in Section 6.13. 

“Yield to Maturity” means
the yield to maturity, computed at the time of issuance of a Security (or, if
applicable, at the most recent redetermination of interest on such Security) and
as set forth in such Security in accordance with generally accepted United
States bond yield computation principles. 

	SECTION 1.02 	Rules of Construction.

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

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

	 	 	 
	 	(2) 	
      all terms used herein which are defined in the Trust
      Indenture Act, either directly or by reference therein, have the meanings
      assigned to them therein, and the terms “cash transaction” and
      “self-liquidating paper,” as used in TIA Section 319, shall have the
      meanings assigned to them in the rules of the Commission adopted under the
      Trust Indenture Act;

	 	 	 
	 	(3) 	
      the words “herein,” “hereof” and “hereunder” and other
      words of similar import refer to this Indenture as a whole and not to any
      particular Article, Section or other subdivision;

	 	 	 
	 	(4) 	
      “or” is not exclusive;

	 	 	 
	 	(5) 	
      words implying any gender shall apply to all
    genders;

	 	 	 
	 	(6) 	
      the words Subsection, Section and Article refer to the
      Subsections, Sections and Articles, respectively, of this Indenture unless
      otherwise noted; and

	 	 	 
	 	(7) 	
      “include,” “includes” or “including” means include,
      includes or including, in each case, without
limitation.

	SECTION 1.03 	Compliance Certificates and Opinions.
  

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

10 

Every certificate or opinion with
  respect to compliance with a covenant or condition provided for in this
Indenture (other than pursuant to Section 10.04) shall include: 

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

	 	 	 
	 	(2) 	
      a brief statement as to the nature and scope of the
      examination or investigation upon which the statements or opinions
      contained in such certificate or opinion are based;

	 	 	 
	 	(3) 	
      a statement that, in the opinion of each such individual,
      he has made such examination or investigation as is necessary to enable
      him to express an informed opinion as to whether or not such covenant or
      condition has been complied with; and

	 	 	 
	 	(4) 	
      a statement as to whether, in the opinion of each such
      individual, such covenant or condition has been complied
  with.

	SECTION 1.04 	Form of Documents Delivered to Trustees.
    

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

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

Any certificate or opinion of an
officer of the Company or counsel may be based, insofar as it relates to
accounting matters, upon a certificate or opinion of, or representations by, an
accountant or firm of accountants in the employ of the Company, unless such
officer or counsel, as the case may be, knows, or in the exercise of reasonable
care should know, that the certificate or opinion or representations with
respect to the accounting matters upon which such certificate or opinion may be
based are erroneous.Any certificate or opinion of any independent firm of public
accountants filed with the Trustees shall contain a statement that such firm is
independent. 

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

11 

	SECTION 1.05 	Acts of Holders. 

(a)      Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders of the
Outstanding Securities of all series or one or more series, as the case may be,
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders in person or by agents duly appointed in
writing. If Securities of a series are issuable as Bearer Securities, any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders of such series
may, alternatively, be embodied in and evidenced by the record of Holders of
Securities of such series voting in favor thereof, either in person or by
proxies duly appointed in writing, at any meeting of Holders of Securities of
such series duly called and held in accordance with the provisions of Article
Fifteen, or a combination of such instruments and any such record. Except as
herein otherwise expressly provided, such action shall become effective when
such instrument or instruments or record or both are delivered to the Trustees
and, where it is hereby expressly required, to the Company. Such instrument or
instruments and any such record (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders
signing such instrument or instruments or so voting at any such meeting. Proof
of execution of any such instrument or of a writing appointing any such agent,
or of the holding by any Person of a Security, shall be sufficient for any
purpose of this Indenture and conclusive in favor of the Trustees and the
Company, if made in the manner provided in this Section 1.05. The record of any
meeting of Holders of Securities shall be proved in the manner provided in
Section 15.06. 

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

(c)      The
principal amount and serial numbers of Registered Securities held by any Person,
and the date of holding the same, shall be proved by the Security Register. 

(d)      The
principal amount and serial numbers of Bearer Securities held by any Person, and
the date of holding the same, may be proved by the production of such Bearer
Securities or by a certificate executed, as depositary, by any trust company,
bank, banker or other depositary, wherever situated, if such certificate shall
be deemed by the Trustees to be satisfactory, showing that at the date therein
mentioned such Person had on deposit with such depositary, or exhibited to it,
the Bearer Securities therein described; or such facts may be proved by the
certificate or affidavit of the Person holding such Bearer Securities, if such
certificate or affidavit is deemed by the Trustees to be satisfactory. The
Trustees and the Company may assume that such ownership of any Bearer Security
continues until (1) another certificate or affidavit bearing a later date issued
in respect of the same Bearer Security is produced, or (2) such Bearer Security
is produced to the Trustees by some other Person, or (3) such Bearer Security is
surrendered in exchange for a Registered Security, or (4) such Bearer Security
is no longer Outstanding. The principal amount and serial numbers of Bearer
Securities held by any Person, and the date of holding the same, may also be
proved in any other manner that the Trustees deem sufficient. 

(e)     
If the Company shall solicit from the Holders of Registered Securities any
request, demand, authorization, direction, notice, consent, waiver or other Act,
the Company may, at its option, by or pursuant to a Board Resolution, fix in advance a record date
for the determination of Holders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but the Company
shall have no obligation to do so. Notwithstanding Trust Indenture Legislation,
including TIA Section 316(c), such record date shall be the record date
specified in or pursuant to such Board Resolution, which shall be a date not
earlier than the date 30 days prior to the first solicitation of Holders
generally in connection therewith and not later than the date such solicitation
is completed. If such a record date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other Act may be given
before or after such record date, but only the Holders of record at the close of
business on such record date shall be deemed to be Holders for the purposes of
determining whether Holders of the requisite proportion of Outstanding
Securities have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other Act, and for that
purpose the Outstanding Securities shall be computed as of such record date;
  provided that no such authorization, agreement or consent by the Holders
on such record date shall be deemed effective unless it shall become effective
pursuant to the provisions of this Indenture not later than eleven months after
the record date. 

12 

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

	SECTION 1.06 	Notices, Etc. to Trustees and Company.
    

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

	 	(1) 	
      the U.S. Trustee, by the Canadian Trustee, any Holder or
      by the Company shall be sufficient for every purpose hereunder if made,
      given, furnished or filed in writing to or with the U.S. Trustee at its
      Corporate Trust Office, Attention: ________________, or

	 	 	 
	 	(2) 	
      the Canadian Trustee, by the U.S. Trustee, any Holder or
      by the Company shall be sufficient for every purpose hereunder if made,
      given, furnished or filed in writing to or with the Canadian Trustee at
      its Corporate Trust Office, Attention: ________________, or

	 	 	 
	 	(3) 	
      the Company by either Trustee or any Holder shall be
      sufficient for every purpose hereunder (unless otherwise herein expressly
      provided) if in writing and mailed, first- class postage prepaid, to the
      Company at 6420 Abrams, Ville Saint Laurent, Quebec H4S 1Y2, Canada,
      Attention: Corporate Secretary or such other address and/or officer as the
      Company may designate on written notice to the
Trustees.

	SECTION 1.07 	Notice to Holders; Waiver.

Where this Indenture provides for
notice of any event to Holders of Registered Securities by the Company or the
Trustees, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to
each such Holder affected by such event, at his address as it appears in the
Security Register, not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such notice. In any case where
notice to Holders of Registered Securities is given by mail, neither the failure
to mail such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders
of Registered Securities or the sufficiency of any notice to Holders of Bearer
Securities given as provided.

13 

Any notice mailed to a Holder in the manner herein prescribed
shall be conclusively deemed to have been received by such Holder, whether or
not such Holder actually receives such notice. 

In case, by reason of the
suspension of or irregularities in regular mail service or by reason of any
other cause, it shall be impractical to mail notice of any event to Holders of
Registered Securities when such notice is required to be given pursuant to any
provision of this Indenture, then any manner of giving such notice as shall be
satisfactory to the Trustees shall be deemed to be sufficient giving of such
notice for every purpose hereunder. 

Except as otherwise expressly
provided herein or otherwise specified with respect to any Securities pursuant
to Section 3.01, where this Indenture provides for notice to Holders of Bearer
Securities of any event, such notice shall be sufficiently given to Holders of
Bearer Securities if published in an Authorized Newspaper in The City of New
York and in such other city or cities as may be specified in such Securities on
a Business Day at least twice, the first such publication to be not earlier than
the earliest date, and not later than the latest date, prescribed for the giving
of such notice. Any such notice shall be deemed to have been given on the date
of the first such publication. 

In case, by reason of the
suspension of publication of any Authorized Newspaper or Authorized Newspapers
or by reason of any other cause, it shall be impracticable to publish any notice
to Holders of Bearer Securities as provided above, then such notification to
Holders of Bearer Securities as shall be satisfactory to the Trustees shall be
deemed to be sufficient giving of such notice for every purpose hereunder.
Neither the failure to give notice by publication to Holders of Bearer
Securities as provided above, nor any defect in any notice so published, shall
affect the sufficiency of such notice with respect to other Holders of Bearer
Securities or the sufficiency of any notice to Holders of Registered Securities
given as provided herein. 

Any request, demand,
authorization, direction, notice, consent or waiver required or permitted under
this Indenture shall be in the English language, except that any published
notice may be in an official language of the country of publication. 

Where this Indenture provides for
notice in any manner, such notice may be waived in writing by the Person
entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustees, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such waiver. 

	SECTION 1.08 	Effect of Headings and Table of
      Contents. 

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

	SECTION 1.09 	Successors and Assigns.

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

	SECTION 1.10 	Severability Clause.

In case any provision in this
Indenture or in any Security or coupon 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. 

14 

	SECTION 1.11 	Benefits of Indenture.

Nothing in this Indenture or in
the Securities or coupons, express or implied, shall give to any Person, other
than the parties hereto, any Authenticating Agent, any Paying Agent, any
Securities Registrar and their successors hereunder and the Holders of
Securities or coupons, any benefit or any legal or equitable right, remedy or
claim under this Indenture. Subject to Section 1.16, at all times in relation to
this Indenture and any action to be taken hereunder, the Company and the
Trustees each shall observe and comply with Trust Indenture Legislation and the
Company, the Trustees and each Holder of a Security shall be entitled to the
benefits of Trust Indenture Legislation. 

	SECTION 1.12 	Governing Law. 

This Indenture and the Securities
and coupons shall be governed by and construed in accordance with the law of the
State of New York, but without giving effect to applicable principles of
conflicts of law to the extent that the application of the law of another
jurisdiction would be required thereby. Each Trustee and the Company agrees to
comply with all provisions of Trust Indenture Legislation applicable to or
binding upon it in connection with this Indenture and any action to be taken
hereunder. This Indenture is subject to the provisions of the Trust Indenture
Act that are required to be part of this Indenture and shall, to the extent
applicable, be governed by such provisions. Notwithstanding the preceding
sentence, the exercise, performance or discharge by the Canadian Trustee of any
of its rights, powers, duties or responsibilities hereunder shall be construed
in accordance with the laws of the Province of Ontario and the federal laws of
Canada applicable thereto. 

	SECTION 1.13 	Legal Holidays. 

In any case where any Interest
Payment Date, Redemption Date, sinking fund payment date or Stated Maturity or
Maturity of any Security shall not be a Business Day at any Place of Payment or
other location contemplated hereunder, then (notwithstanding any other provision
of this Indenture or of any Security or coupon other than a provision in the
Securities of any series which specifically states that such provision shall
apply in lieu of this Section 1.13), payment of principal, premium (if any) or
interest (if any), need not be made at such Place of Payment or other location
contemplated hereunder on such date, but may be made on the next succeeding
Business Day at such Place of Payment or other location contemplated hereunder
with the same force and effect as if made on the Interest Payment Date or
Redemption Date or sinking fund payment date, or at the Stated Maturity or
Maturity; provided that no interest shall accrue for the period from and
after such Interest Payment Date, Redemption Date, sinking fund payment date,
Stated Maturity or Maturity, as the case may be. 

	SECTION 1.14 	Agent for Service; Submission to
      Jurisdiction; Waiver of Immunities. 

By the execution and delivery of
this Indenture, the Company (i) acknowledges that it has irrevocably designated
and appointed _____________________as its authorized agent upon which process
may be served in any suit, action or proceeding arising out of or relating to
the Securities or this Indenture that may be instituted in any United States
federal or New York state court located in The Borough of Manhattan, The City of
New York, or brought by the Trustees (whether in their individual capacity or in
their capacity as Trustees hereunder), (ii) irrevocably submits to the
non-exclusive jurisdiction of any such court in any such suit or proceeding, and
(iii) agrees that service of process upon _____________________and written
notice of said service to the Company (mailed or delivered to the Company at
6420 Abrams, Ville Saint Laurent, Quebec H4S 1Y2, Canada, Attention: Corporate
Secretary or such other address and/or officer as the Company may designate on
written notice to the Trustees), shall be deemed in every respect effective
service of process upon the Company in any such suit or proceeding. The Company
further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be
necessary to continue such designation and appointment of
_____________________in full force and effect so long as this Indenture shall be
in full force and effect. 

15 

To the extent that the Company
  has or hereafter may acquire any immunity from jurisdiction of any court or from
  any legal process (whether through service of notice, attachment prior to
  judgment, attachment in aid of execution, execution or otherwise) with respect
  to itself or its property, the Company hereby irrevocably waives such immunity
  in respect of its obligations under this Indenture and the Securities, to the
extent permitted by law. 

The Company irrevocably and
unconditionally waives, to the fullest extent permitted by law, any objection
that it may now or hereafter have to the laying of venue of any such action,
suit or proceeding in any such court or any appellate court with respect
thereto. The Company irrevocably waives, to the fullest extent permitted by law,
the defense of an inconvenient forum to the maintenance of any such action, suit
or proceeding in any such court. 

	SECTION 1.15 	Conversion of Judgment Currency.
  

(a)      The
Company covenants and agrees that the following provisions shall apply to
conversion of Currency in the case of the Securities and this Indenture, to the
fullest extent permitted by applicable law: 

(i)      If
for the purposes of obtaining judgment in, or enforcing the judgment of, any
court in any country, it becomes necessary to convert into a Currency (the
“Judgment Currency”) an amount due or contingently due in any other
Currency under the Securities of any series and this Indenture (the “Base
Currency”), then the conversion shall be made at the rate of exchange
prevailing on the Business Day before the day on which the final judgment is
given or the order of enforcement is made, as the case may be (unless a court
shall otherwise determine). 

(ii)      If
there is a change in the rate of exchange prevailing between the Business Day
before the day on which the judgment referred to in (i) above is given or an
order of enforcement is made, as the case may be (or such other date as a court
shall determine), and the date of receipt of the amount due, the Company shall
pay such additional (or, as the case may be, such lesser) amount, if any, as may
be necessary so that the amount paid in the Judgment Currency when converted at
the rate of exchange prevailing on the date of receipt will produce the amount
in the Base Currency originally due. 

(b)     
In the event of the winding-up of the Company at any time while any amount or
damages owing under the Securities and this Indenture, or any judgment or order
rendered in respect thereof, shall remain outstanding, the Company shall
indemnify and hold the Holders and the Trustees harmless against any deficiency
arising or resulting from any variation in rates of exchange between (1) the
date as of which the equivalent of the amount in the Base Currency due or
contingently due under the Securities and this Indenture (other than under this
Subsection (b)) is calculated for the purposes of such winding-up and (2) the
final date for the filing of proofs of claim in such winding-up. For the purpose
of this Subsection (b) the final date for the filing of proofs of claim in the
winding-up of the Company shall be the date fixed by the liquidator or otherwise
in accordance with the relevant provisions of applicable law as being the latest
practicable date as at which liabilities of the Company may be ascertained for
such winding-up prior to payment by the liquidator or otherwise in respect
thereto. 

(c)     
The obligations contained in Subsections (a)(ii) and (b) of this Section 1.15
shall constitute separate and independent obligations of the Company from its
other obligations under the Securities and this Indenture, shall give rise to separate and
independent causes of action against the Company, shall apply irrespective of
any waiver or extension granted by any Holder or the Trustees from time to time
and shall continue in full force and effect notwithstanding any judgment or
order or the filing of any proof of claim in the winding up of the Company for a
liquidated sum in respect of amounts due hereunder (other than under Subsection
(b) above) or under any such judgment or order. Any such deficiency as aforesaid
shall be deemed to constitute a loss suffered by the Holders or the Trustees, as
the case may be, and no proof or evidence of any actual loss shall be required
by the Company or its liquidator. In the case of Subsection (b) above, the
amount of such deficiency shall not be deemed to be increased or reduced by any
variation in rates of exchange occurring between the said final date and the
date of any liquidating distribution. 

16 

The term “rate(s) of
  exchange” shall mean the rate of exchange quoted by a Canadian chartered
  bank as may be designated in writing by the Company to the Trustees from time to
  time, at its central foreign exchange desk in its main office in Toronto at
  12:00 noon (Toronto time) on the relevant date for purchases of the Base
  Currency with the Judgment Currency and includes any premiums and costs of
  exchange payable. The Trustees shall have no duty or liability with respect to
monitoring or enforcing this Section 1.15. 

	SECTION 1.16 	Currency Equivalent.

Except as otherwise provided in
this Indenture, for purposes of the construction of the terms of this Indenture
or of the Securities, in the event that any amount is stated herein in the
Currency of one nation (the “First Currency”), as of any date such amount
shall also be deemed to represent the amount in the Currency of any other
relevant nation (the “Other Currency”) which is required to purchase such
amount in the First Currency at the Bank of Canada noon rate as reported by
Telerate on screen 3194 (or such other means of reporting the Bank of Canada
noon rate as may be agreed upon by each of the parties to this Indenture) on the
date of determination. 

	SECTION 1.17 	Conflict with Trust Indenture
      Legislation. 

If and to the extent that any
provision of this Indenture limits, qualifies or conflicts with any mandatory
requirement of Trust Indenture Legislation, such mandatory requirement shall
control. If and to the extent that any provision hereof modifies or excludes any
provision of Trust Indenture Legislation that may be so modified or excluded,
the latter provision shall be deemed to apply hereof as so modified or to be
excluded, as the case may be. 

	SECTION 1.18 	Incorporators, Shareholders, Officers and
      Directors of the Company Exempt from Individual Liability.
  

No recourse under or upon any
obligation, covenant or agreement contained in this Indenture, or in any
Security, or because of any indebtedness evidenced thereby, shall be had against
any incorporator, as such, or against any past, present or future shareholder,
officer or director, as such, of the Company or of any successor, either
directly or through the Company or any successor, under any rule of law, statute
or constitutional provision or by the enforcement of any assessment or by any
legal or equitable proceeding or otherwise, all such liability being expressly
waived and released by the acceptance of the Securities by the Holders and as
part of the consideration for the issue of the Securities. 

17 

	SECTION 1.19 	Waiver of Jury Trial.

Each of the Company and the
Trustees hereby irrevocably waives, to the fullest extent permitted by
applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Indenture, the Securities or the transactions
contemplated hereby. 

	SECTION 1.20 	Counterparts. 

This Indenture may be executed in
any number of counterparts (either by facsimile or by original manual
signature), each of which so executed shall be deemed to be an original, but all
such counterparts shall together constitute but one and the same Indenture. 

	SECTION 1.21 	Force Majeure. 

Except for the payment
obligations of the Company contained herein, neither the Company nor the
Trustees shall be liable to each other, or held in breach of this Indenture, if
prevented, hindered, or delayed in the performance or observance of any
provision contained herein by reason of act of God, riots, terrorism, acts of
war, epidemics, governmental action or judicial order, earthquakes, or any other
similar causes (including, but not limited to, mechanical, electronic or
communication interruptions, disruptions or failures). Performance times under
this Indenture shall be extended for a period of time equivalent to the time
lost because of any delay that is excusable under this Section 1.21. 

ARTICLE TWO 
SECURITIES FORMS 

	SECTION 2.01 	Forms Generally. 

The Registered Securities, if
any, of each series and the Bearer Securities, if any, of each series and
related coupons, if any, shall be in substantially the forms as shall be
established by or pursuant to a Board Resolution or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply
with the rules of any securities exchange or as may, consistently herewith, be
determined by the Officer executing such Securities or coupons, as evidenced by
the execution of such Securities or coupons by such Officer. If the forms of
Securities or coupons of any series are established by action taken pursuant to
a Board Resolution, a copy of an appropriate record of such action shall be
certified by the Corporate Secretary or an Assistant Secretary of the Company
and delivered to the Trustees at or prior to the delivery of the Company Order
contemplated by Section 3.03 for the authentication and delivery of such
Securities or coupons. Any portion of the text of any Security may be set forth
on the reverse thereof, with an appropriate reference thereto on the face of the
Security. 

Unless otherwise specified as
contemplated by Section 3.01, Bearer Securities shall have interest coupons
attached. 

Either Trustee’s certificate of
authentication shall be in substantially the form set forth in this Article Two.

	SECTION 2.02 	Form of Trustee’s Certificate of
      Authentication. 

Subject to Section 6.12, either
Trustee’s certificate of authentication shall be in substantially the following
form: 

18 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

(Certificate of Authentication may be executed by either
Trustee) 

Dated: ____________

_______________________, as U.S.
Trustee, certifies that this is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture. 

	,

	as U.S. Trustee 
	 	  
	 	  
	By: 	
	 	Authorized Officer 

Dated: ____________

____________________, as Canadian
Trustee, certifies that this is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture. 

	,

	as Canadian Trustee 
	 	  
	 	  
	By: 	
	 	Authorized Officer

	SECTION 2.03 	Securities Issuable in Global Form.
  

If Securities of or within a
series are issuable in global form, as specified and contemplated by Section
3.01, then any such Security shall represent such of the Outstanding Securities
of such series as shall be specified therein and may provide that it shall
represent the aggregate amount of Outstanding Securities of such series from
time to time endorsed thereon and that the aggregate amount of Outstanding
Securities of such series represented thereby may from time to time be increased
or decreased to reflect exchanges. Any endorsement of a Security in global form
to reflect the amount, or any increase or decrease in the amount, of Outstanding
Securities represented thereby shall be made by the Trustees in such manner and
upon instructions given by the Holder or its nominee as shall be specified
therein or in the Company Order to be delivered to the Trustees pursuant to
Section 3.03 or 3.04. Subject to the provisions of Sections 3.03 and 3.04 (if
applicable), the Trustees shall deliver and redeliver any Security in global
form in the manner and upon instructions given by the Holder or its nominee as
shall be specified therein or in the applicable Company Order. If a Company
Order pursuant to Section 3.03 or Section 3.04 has been, or simultaneously is,
delivered, any instructions by the Company with respect to endorsement or
delivery or redelivery of a Security in global form shall be in writing but need
not comply with Section 1.03 and need not be accompanied by an Opinion of
Counsel. 

19 

Notwithstanding the provisions of
Section 3.07, unless otherwise specified as contemplated by Section 3.01,
payment of principal of, premium (if any) and interest (if any) on any Security
in permanent global form shall be made to the Holder or its nominee specified
therein. 

Notwithstanding Section 3.09 and
except as provided in the preceding paragraph, the Company, the Trustees and any
agent of the Company and the Trustees shall treat as the Holder of such
principal amount of Outstanding Securities represented by a permanent global
Security (i) in the case of a permanent global Security in registered form, the
Holder of such permanent global Security in registered form, or (ii) in the case
of a permanent global Security in bearer form, the Depositary. 

ARTICLE THREE 
THE SECURITIES 

	SECTION 3.01 	Issuable in Series. 

The aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is
unlimited. 

The Securities may be issued in
one or more series and may be denominated and payable in Dollars or any Foreign
Currency. There shall be established in one or more Board Resolutions or
pursuant to authority granted by one or more Board Resolutions and set forth in,
or determined in the manner provided in, an Officer’s Certificate, or
established in one or more indentures supplemental hereto, prior to the issuance
of Securities of any series, any or all of the following, as applicable: 

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

	 	 	 
	 	(2) 	
      the aggregate principal amount of the Securities of the
      series and any limit upon the aggregate principal amount of the Securities
      of the series that may be authenticated and delivered under this Indenture
      (except for Securities authenticated and delivered upon registration of
      transfer (including any restriction or condition on the transferability of
      the Securities of such series) of, or in exchange for, or in lieu of,
      other Securities of the series pursuant to Section 3.04, 3.05, 3.06, 9.06,
      11.07 or 13.05) and, in the event that no limit upon the aggregate
      principal amount of the Securities of that series is specified, the
      Company shall have the right, subject to any terms, conditions or other
      provisions specified pursuant to this Section 3.01 with respect to the
      Securities of such series, to re- open such series for the issuance of
      additional Securities of such series from time to time;

	 	 	 
	 	(3) 	
      the extent and manner, if any, to which payment on or in
      respect of the Securities of the series will be senior or will be
      subordinated to the prior payment of other liabilities and obligations of
      the Company, and whether the payment of principal, premium (if any) and
      interest (if any) will be guaranteed by any other Person and the nature
      and priority of any security;

	 	 	 
	 	(4) 	
      the percentage or percentages of principal amount at
      which the Securities of the series will be issued;

	 	 	 
	 	(5) 	
      the date or dates, or the method by which such date or
      dates will be determined or extended, on which the Securities of the
      series may be issued and the date or dates, or the method by which such
      date or dates will be determined or extended, on which the principal of
      and premium (if any) on the Securities of the series is
  payable;

20 

	 	(6) 	
      the rate or rates at which the Securities of the series
      shall bear interest, whether fixed or variable (if any), or the method by
      which such rate or rates shall be determined, whether such interest shall
      be payable in cash or additional Securities of the same series or shall
      acure and increase the aggregate principal aount outstanding of such
      series, the date or dates from which such interest shall accrue, or the
      method by which such date or dates shall be determined, the Interest
      Payment Dates on which such interest shall be payable and the Regular
      Record Date, if any, for the interest payable on any Registered Security
      on any Interest Payment Date, or the method by which such date or dates
      shall be determined, and the basis upon which interest shall be calculated
      if other than on the basis of a 360-day year of twelve 30-day
    months;

	 	 	 
	 	(7) 	
      the place or places, if any, other than or in addition to
      the Borough of Manhattan, The City of New York, where the principal of,
      premium (if any) and interest (if any) on Securities of the series shall
      be payable, where any Registered Securities of the series may be
      surrendered for registration of transfer, where Securities of the series
      may be surrendered for exchange, where Securities of the series that are
      convertible or exchangeable may be surrendered for conversion or exchange,
      as applicable and, if different than the location specified in Section
      1.06, the place or places where notices or demands to or upon the Company
      in respect of the Securities of the series and this Indenture may be
      served;

	 	 	 
	 	(8) 	
      the period or periods within which, the date or dates on
      which, the price or prices at which, the Currency in which, and other
      terms and conditions upon which Securities of the series may be redeemed,
      in whole or in part, at the option of the Company, if the Company is to
      have that option;

	 	 	 
	 	(9) 	
      the obligation, if any, of the Company to redeem, repay
      or purchase Securities of the series pursuant to any sinking fund,
      amortization or analogous provisions or at the option of a Holder thereof,
      and the period or periods within which, the price or prices at which, the
      Currency in which, and other terms and conditions upon which Securities of
      the series shall be redeemed, repaid or purchased, in whole or in part,
      pursuant to such obligation;

	 	 	 
	 	(10) 	
      if other than denominations of $1,000 and any integral
      multiple thereof, the denomination or denominations in which any
      Registered Securities of the series shall be issuable and, if other than
      denominations of $5,000, the denomination or denominations in which any
      Bearer Securities of the series shall be issuable;

	 	 	 
	 	(11) 	
      the identity of each Security Registrar and/or Paying
      Agent;

	 	 	 
	 	(12) 	
      if other than the principal amount thereof, the portion
      of the principal amount of Securities of the series that shall be payable
      upon declaration of acceleration of the Maturity thereof pursuant to
      Section 5.02 or the method by which such portion shall be
    determined;

	 	 	 
	 	(13) 	
      if other than Dollars, the Foreign Currency in which
      payment of the principal of, premium (if any) or interest (if any) on the
      Securities of the series shall be payable or in which the Securities of
      the series shall be denominated and the particular provisions applicable
      thereto in accordance with, in addition to or in lieu of any of the
      provisions of Section 3.12;

21 

	 	(14) 	
      whether the amount of payments of principal of, premium
      (if any) or interest (if any) on the Securities of the series may be
      determined with reference to an index, formula or other method (which
      index, formula or method may be based, without limitation, on one or more
      Currencies, commodities, equity indices or other indices), and the manner
      in which such amounts shall be determined;

	 	 	 
	 	(15) 	
      whether the principal of, premium (if any) or interest
      (if any) on the Securities of the series are to be payable, at the
      election of the Company or a Holder thereof, in a Currency other than that
      in which such Securities are denominated or stated to be payable, the
      period or periods within which (including the Election Date), and the
      terms and conditions upon which, such election may be made, and the time
      and manner of determining the exchange rate between the Currency in which
      such Securities are denominated or stated to be payable and the Currency
      in which such Securities are to be so payable, in each case in accordance
      with, in addition to or in lieu of any of the provisions of Section
      3.12;

	 	 	 
	 	(16) 	
      the designation of the initial Exchange Rate Agent, if
      any;

	 	 	 
	 	(17) 	
      the applicability, if any, of Sections 14.02 and/or 14.03
      to the Securities of the series and any provisions in modification of, in
      addition to or in lieu of any of the provisions of Article Fourteen that
      shall be applicable to the Securities of the series;

	 	 	 
	 	(18) 	
      provisions, if any, granting special rights to the
      Holders of Securities of the series upon the occurrence of such events as
      may be specified;

	 	 	 
	 	(19) 	
      any deletions from, modifications of or additions to the
      Events of Default or covenants (including any deletions from,
      modifications of or additions to Section 10.09) of the Company with
      respect to Securities of the series, whether or not such Events of Default
      or covenants are consistent with the Events of Default or covenants set
      forth herein;

	 	 	 
	 	(20) 	
      whether Securities of the series are to be issuable as
      Registered Securities, Bearer Securities (with or without coupons) or
      both, any restrictions applicable to the offer, sale or delivery of
      Securities of the series, whether any Securities of the series are to be
      issuable initially in temporary global form and whether any Securities of
      the series are to be issuable in permanent global form with or without
      coupons and, if so, whether beneficial owners of interests in any such
      permanent global Security may exchange such interests for Securities of
      such series and of like tenor of any authorized form and denomination and
      the circumstances under which any such exchanges may occur, if other than
      in the manner provided in Section 3.05, whether Registered Securities of
      the series may be exchanged for Bearer Securities of the series (if
      permitted by applicable laws and regulations), whether Bearer Securities
      of the series may be exchanged for Registered Securities of such series,
      and the circumstances under which and the place or places where any such
      exchanges may be made and, if Securities of the series are to be issuable
      in global form, the designation of any Depositary therefor;

	 	 	 
	 	(21) 	
      the date as of which any Bearer Securities of the series
      and any temporary global Security of the series shall be dated if other
      than the date of original issuance of the first Security of the series to
      be issued;

	 	 	 
	 	(22) 	
      the Person to whom any interest on any Registered
      Security of the series shall be payable, if other than the Person in whose
      name that Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, the manner in which, or the Person to
whom, any interest on any Bearer Security of the series shall be payable, if
otherwise than upon presentation and surrender of the coupons appertaining
thereto as they severally mature, and the extent to which, or the manner in
which, any interest payable on a temporary global Security on an Interest
Payment Date will be paid if other than in the manner provided in Section 3.04;

22 

	 	(23) 	
      if Securities of the series are to be issuable in
      definitive form (whether upon original issue or upon exchange of a
      temporary Security of such series) only upon receipt of certain
      certificates or other documents or satisfaction of other conditions, the
  form and/or terms of such certificates, documents or conditions;

	 	 	 
	 	(24) 	
      if the Securities of the series are to be issued upon the
      exercise of warrants or subscription receipts, the time, manner and place
      for such Securities to be authenticated and delivered;

	 	 	 
	 	(25) 	
      if the Securities of the series are to be convertible
      into or exchangeable for any securities or property of any Person
      (including the Company), the terms and conditions upon which such
      Securities will be so convertible or exchangeable, and any additions or
      changes to permit or facilitate such conversion or exchange;

	 	 	 
	 	(26) 	
      provisions as to modification, amendment or variation of
      any rights or terms attaching to the Securities;

	 	 	 
	 	(27) 	
      whether the Securities will be secured or unsecured;
      and

	 	 	 
	 	(28) 	
      any other terms, conditions, rights and preferences (or
      limitations on such rights and preferences) relating to the series (which
      terms shall not be inconsistent with the requirements of Trust Indenture
Legislation or the provisions of this Indenture).

All Securities of any one series
and the coupons appertaining to any Bearer Securities of such series shall be
substantially identical except, in the case of Registered Securities, as to
denomination and except as may otherwise be provided in or pursuant to such
Board Resolution (subject to Section 3.03) and set forth in such Officer’s
Certificate or in any such indenture supplemental hereto. Not all Securities of
any one series need be issued at the same time, and, unless otherwise provided,
a series may be reopened for issuances of additional Securities of such series.

If any of the terms of the series
are established by action taken pursuant to one or more Board Resolutions, such
Board Resolutions shall be delivered to the Trustees at or prior to the delivery
of the Officer’s Certificate setting forth the terms of the series. 

	SECTION 3.02 	Denominations. 

The Securities of each series
shall be issuable in such denominations as shall be specified as contemplated by
Section 3.01. With respect to Securities of any series denominated in Dollars,
in the absence of any such provisions, the Registered Securities of such series,
other than Registered Securities issued in global form (which may be of any
denomination), shall be issuable in denominations of $1,000 and any integral
multiple thereof and the Bearer Securities of such series, other than the Bearer
Securities issued in global form (which may be of any denomination), shall be
issuable in a denomination of $5,000 and any integral multiples thereof. 

23 

	SECTION 3.03 	Execution, Authentication, Delivery and
      Dating. 

The Securities and any coupons
appertaining thereto shall be executed on behalf of the Company by an Officer.
The signature of an Officer on the Securities or coupons may be the manual or
facsimile signatures of the present or any future such authorized officer and
may be imprinted or otherwise reproduced on the Securities. 

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

At any time and from time to time
after the execution and delivery of this Indenture, the Company may deliver
Securities of any series together with any coupons appertaining thereto,
executed by the Company to the applicable Trustee for authentication, together
with a Company Order for the authentication and delivery of such Securities, and
the applicable Trustee in accordance with such Company Order shall authenticate
and deliver such Securities; provided, however, that, in connection with
its original issuance, no Bearer Security shall be mailed or otherwise delivered
to any location in the United States; provided further that, unless
otherwise specified with respect to any series of Securities pursuant to Section
3.01, a Bearer Security may be delivered in connection with its original
issuance only if the Person entitled to receive such Bearer Security shall have
furnished a certificate in the form set forth in Exhibit A-1 to this Indenture,
dated no earlier than 15 days prior to the earlier of the date on which such
Bearer Security is delivered and the date on which any temporary Security first
becomes exchangeable for such Bearer Security in accordance with the terms of
such temporary Security and this Indenture. If any Security shall be represented
by a permanent global Bearer Security, then, for purposes of this Section 3.03
and Section 3.04, the notation of a beneficial owner’s interest therein upon
original issuance of such Security or upon exchange of a portion of a temporary
global Security shall be deemed to be delivery in connection with its original
issuance of such beneficial owner’s interest in such permanent global Security.
Except as permitted by Section 3.06, the Trustees shall not authenticate and
deliver any Bearer Security unless all appurtenant coupons for interest then
matured have been detached and cancelled. If not all the Securities of any
series are to be issued at one time and if the Board Resolution or supplemental
indenture establishing such series shall so permit, such Company Order may set
forth procedures acceptable to the Trustees for the issuance of such Securities
and determining terms of particular Securities of such series such as interest
rate, Stated Maturity, date of issuance and date from which interest shall
accrue. 

In authenticating such
Securities, and accepting the additional responsibilities under this Indenture
in relation to such Securities, the Trustees shall be entitled to receive, and
(subject to Trust Indenture Legislation and TIA Sections 315(a) through 315(d))
shall be fully protected in relying upon, an Opinion of Counsel stating: 

(a)      that
the form or forms of such Securities and any coupons have been established in
conformity with the provisions of this Indenture; 

(b)      that
the terms of such Securities and any coupons have been established in conformity
with the provisions of this Indenture; 

(c)     
that such Securities, together with any coupons appertaining thereto, when
completed by appropriate insertions and executed and delivered by the Company to
the applicable Trustee for authentication in accordance with this Indenture,
authenticated and delivered by the applicable Trustee in accordance with this
Indenture and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute the
legal, valid and binding obligations of the Company, enforceable in accordance
with their terms; 

24 

(d)     
  the execution and delivery by the Company of such Securities, any coupons and
  any supplemental indenture will not contravene the articles of incorporation or
  continuance, or such other constating documents then in effect, if any, or the
by-laws of the Company, or violate applicable laws; and 

(e)      that
the Company has the corporate power to issue such Securities and any coupons,
and has duly taken all necessary corporate action with respect to such issuance.

Notwithstanding the provisions of
Section 3.01 and of the preceding two paragraphs, if not all the Securities of
any series are to be issued at one time, it shall not be necessary to deliver
the Officer’s Certificate otherwise required pursuant to Section 3.01 or the
Company Order and Opinion of Counsel otherwise required pursuant to the
preceding two paragraphs prior to or at the time of issuance of each Security,
but such documents shall be delivered prior to or at the time of issuance of the
first Security of such series. 

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

Each Registered Security shall be
dated the date of its authentication and each Bearer Security shall be dated as
of the date specified as contemplated by Section 3.01. 

No Security or coupon shall
entitle a Holder to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of
authentication substantially in the form provided for herein duly executed by
the applicable Trustee by manual signature of an authorized officer thereof, and
such certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered hereunder
and is entitled to the benefits of this Indenture. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder
but never issued and sold by the Company, and the Company shall deliver such
Security to the Trustees for cancellation as provided in Section 3.10 together
with a written statement (which need not comply with Section 1.03 and need not
be accompanied by an Opinion of Counsel) stating that such Security has never
been issued and sold by the Company, for all purposes of this Indenture such
Security shall be deemed never to have been authenticated and delivered
hereunder and shall never entitle a Holder to the benefits of this Indenture.

	SECTION 3.04 	Temporary Securities.

Pending the preparation of
definitive Securities of any series, the Company may execute, and upon Company
Order the applicable Trustee shall authenticate and deliver, temporary
Securities which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the tenor
of the definitive Securities in lieu of which they are issued, in registered
form or, if authorized, in bearer form with one or more coupons or without
coupons, and with such appropriate insertions, omissions, substitutions and
other variations as the Officer executing such Securities may determine, as
conclusively evidenced by their execution of such Securities. Such temporary
Securities may be in global form. 

25 

Except in the case of temporary
Securities in global form (which shall be exchanged in accordance with the
provisions of the following paragraphs), if temporary Securities of any series
are issued, the Company will cause definitive Securities of that series to be
prepared without unreasonable delay. After the preparation of definitive
Securities of such series, the temporary Securities of such series shall be
exchangeable for definitive Securities of such series upon surrender of the
temporary Securities of such series at the office or agency of the Company in a
Place of Payment for that series, without charge to the Holder. Upon surrender
for cancellation of any one or more temporary Securities of any series
(accompanied by any unmatured coupons appertaining thereto), the Company shall
execute and the applicable Trustee shall authenticate and deliver in exchange
therefor a like principal amount of definitive Securities of the same series of
authorized denominations; provided, however, that no definitive Bearer
Security shall be delivered in exchange for a temporary Registered Security;
provided further that a definitive Bearer Security shall be delivered in
exchange for a temporary Bearer Security only in compliance with the conditions
set forth in Section 3.03. Until so exchanged the temporary Securities of any
series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series. 

If temporary Securities of any
series are issued in global form, any such temporary global Security shall,
unless otherwise provided therein, be delivered to the office of the Depositary
for credit to the respective accounts of the beneficial owners of such
Securities (or to such other accounts as they may direct). 

Without unnecessary delay, but in
any event not later than the date specified in, or determined pursuant to the
terms of, any such temporary global Security (the “Exchange Date”), the
Company shall deliver to the Trustees definitive Securities, in aggregate
principal amount equal to the principal amount of such temporary global
Security, executed by the Company. On or after the Exchange Date, such temporary
global Security shall be surrendered by the Depositary to the Trustees, as the
Company’s agent for such purpose, to be exchanged, in whole or from time to time
in part, for definitive Securities without charge and the applicable Trustee
shall authenticate and deliver, in exchange for each portion of such temporary
global Security, an equal aggregate principal amount of definitive Securities of
the same series of authorized denominations and of like tenor as the portion of
such temporary global Security to be exchanged. The definitive Securities to be
delivered in exchange for any such temporary global Security shall be in bearer
form, registered form, permanent global bearer form or permanent global
registered form, or any combination thereof, as specified as contemplated by
Section 3.01, and, if any combination thereof is so specified, as requested by
the beneficial owner thereof; provided, however, that, unless otherwise
specified in such temporary global Security, upon such presentation by the
Depositary, such temporary global Security is accompanied by a certificate dated
the Exchange Date or a subsequent date and signed by the Depositary as to the
portion of such temporary global Security held for its account then to be
exchanged and a certificate dated the Exchange Date or a subsequent date, each
in the form set forth in Exhibit A-2 to this Indenture (or in such other form as
may be established pursuant to Section 3.01); provided further that
definitive Bearer Securities shall be delivered in exchange for a portion of a
temporary global Security only in compliance with the requirements of Section
3.03. 

Unless otherwise specified in
such temporary global Security, the interest of a beneficial owner of Securities
of a series in a temporary global Security shall be exchanged for definitive
Securities of the same series and of like tenor following the Exchange Date when
the account holder instructs the Depositary to request such exchange on his
behalf and delivers to the Depositary a certificate in the form set forth in
Exhibit A-1 to this Indenture (or in such other form as may be established
pursuant to Section 3.01), dated no earlier than 15 days prior to the Exchange
Date, copies of which certificate shall be available from the offices of the
Depositary, the Trustees, any Authenticating Agent appointed for such series of
Securities and each Paying Agent. Unless otherwise specified in such temporary
global Security, any such exchange shall be made free of charge to the
beneficial owners of such temporary global Security, except that a Person receiving definitive
Securities must bear the cost of insurance, postage, transportation and the like
in the event that such Person does not take delivery of such definitive
Securities in person at the offices of the Depositary. Definitive Securities in
bearer form to be delivered in exchange for any portion of a temporary global
Security shall be delivered only outside the United States. 

26 

Until exchanged in full as
  hereinabove provided, the temporary Securities of any series shall in all
  respects be entitled to the same benefits under this Indenture as definitive
  Securities of the same series and of like tenor authenticated and delivered
  hereunder, except that, unless otherwise specified as contemplated by Section
  3.01, interest payable on a temporary global Security on an Interest Payment
  Date for Securities of such series occurring prior to the applicable Exchange
  Date shall be payable to the Depositary on such Interest Payment Date upon
  delivery by the Depositary to the Trustees of a certificate or certificates in
  the form set forth in Exhibit A-2 to this Indenture (or in such other form as
  may be established pursuant to Section 3.01), for credit without further
  interest thereon on or after such Interest Payment Date to the respective
  accounts of the Persons who are the beneficial owners of such temporary global
  Security on such Interest Payment Date and who have each delivered to the
  Depositary a certificate dated no earlier than 15 days prior to the Interest
  Payment Date occurring prior to such Exchange Date in the form set forth in
  Exhibit A-1 to this Indenture (or in such other form as may be established
  pursuant to Section 3.01) . Notwithstanding anything to the contrary herein
  contained, the certifications made pursuant to this paragraph shall satisfy the
  certification requirements of the preceding two paragraphs of this Section 3.04
  and of the third paragraph of Section 3.03 and the interests of the Persons who
  are the beneficial owners of the temporary global Security with respect to which
  such certification was made will be exchanged for definitive Securities of the
  same series and of like tenor on the Exchange Date or the date of certification
  if such date occurs after the Exchange Date, without further act or deed by such
  beneficial owners. Except as otherwise provided in this paragraph, no payments
  of principal of, premium (if any) or interest (if any) owing with respect to a
  beneficial interest in a temporary global Security will be made unless and until
  such interest in such temporary global Security shall have been exchanged for an
  interest in a definitive Security. Any interest so received by the Depositary
  and not paid as herein provided shall be returned to the Trustees immediately
  prior to the expiration of two years after such Interest Payment Date in order
to be repaid to the Company in accordance with Section 10.03. 

	SECTION 3.05 	Registration, Registration of Transfer and
      Exchange. 

So long as required by Trust
Indenture Legislation, the Company shall cause to be kept at the Corporate Trust
Offices of the Trustees a register for each series of Securities (the registers
maintained in the Corporate Trust Offices of the Trustees and in any other
office or agency of the Company in a Place of Payment being herein sometimes
collectively referred to as the “Central Register”) in which, subject to
such reasonable regulations as it may prescribe, the Company shall provide for
the registration of the Holders of Registered Securities and of transfers of
Registered Securities. The Central Register shall be in written form or any
other form capable of being converted into written form within a reasonable
time. At all reasonable times, the Central Register shall be open to inspection
by the Trustees. The Company will cause the particulars of each such issue,
exchange or transfer of Securities to be recorded in the Central Register. There
shall be two such Central Registers, one for U.S. Securities and one for
Canadian Securities. The Company hereby appoints the Canadian Trustee as the
Central Registrar and Transfer Agent for the Canadian Securities and the U.S.
Trustee as the Central Registrar and Transfer Agent for the U.S. Securities
(collectively, the “Central Securities Registrars”). If permitted by
Trust Indenture Legislation, the Company may appoint a Person other than the
Company or a trust corporation registered under the Trust and Loan Companies
Act, S.C. 1991, c. 45 as the Central Securities Registrar; provided that, no
such removal or replacement shall be effective until a successor Central
Security Registrar with respect to such series of Registered Securities shall
have been appointed by the Company and shall have accepted such appointment by
the Company. In the event that the Trustees shall not be or shall cease to be the Central Securities Registrar with respect to a series of
Securities, they shall have the right to examine the Central Register for such
series at all reasonable times. There shall be only one Central Securities
Register for such series of Securities. 

27 

The Company may, subject to the
  consent of the applicable Trustee, also cause to be maintained a branch register
  (a “Branch Register”) or Branch Registers of Holders of Securities in
  accordance with Section 11.02 in the same manner and containing the same
  information with respect to each entry contained therein as contained in the
  Central Register. A copy of every entry in a Branch Register shall, promptly
  after the entry is made, be transmitted to the Central Security Registrar. If
  there is a conflict between the information contained in the Central Register
  and the information contained in the Branch Register, the information contained
  in the Central Register shall prevail. The Central Register together with each
  Branch Register are collectively referred to herein as the “Security
    Register”. At all reasonable times, the Security Register shall be open to
  inspection by the Trustees. The Company may appoint from time to time one or
  more branch security registrars (“Branch Security Registrars”) and may
  from time to time rescind any such appointment. The Central Security Registrar
  together with each Branch Security Registrar are collectively referred to herein
as the “Security Registrar”. 

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

For Canadian Securities, the
Security must be duly endorsed for transfer or in a duly endorsed transferable
form as applicable and must comply with the current industry practice in
accordance with the Securities Transfer Association of Canada. 

At the option of the Holder,
Registered Securities of any series may be exchanged for other Registered
Securities of the same series, of any authorized denomination and of a like
aggregate principal amount and tenor, upon surrender of the Registered
Securities to be exchanged at such office or agency. Whenever any Registered
Securities are so surrendered for exchange, the Company shall execute, and the
applicable Trustee shall authenticate and deliver, the Registered Securities
which the Holder making the exchange is entitled to receive. Unless otherwise
specified with respect to any series of Securities as contemplated by Section
3.01, Bearer Securities may not be issued in exchange for Registered Securities.
The applicable Trustee shall update the Security Register, or, if the applicable
Trustee is not the Authenticating Agent, the applicable Trustee shall
immediately provide a copy of the new Registered Security to the Central
Registrar so that the Security Register may be updated. 

If (but only if) expressly
permitted in or pursuant to the applicable Board Resolution and (subject to
Section 3.03) set forth in the applicable Officer’s Certificate, or in any
indenture supplemental hereto, delivered as contemplated by Section 3.01, at the
option of the Holder, Bearer Securities of any series may be exchanged for
Registered Securities of the same series of any authorized denomination and of a
like aggregate principal amount and tenor, upon surrender of the Bearer
Securities to be exchanged at the office of the applicable Trustee, with all
unmatured coupons and all matured coupons in default thereto appertaining. If
the Holder of a Bearer Security is unable to produce any such unmatured coupon
or coupons or matured coupon or coupons in default, any such permitted exchange
may be effected if the Bearer Securities are accompanied by payment in funds
acceptable to the Company in an amount equal to the face amount of such missing
coupon or coupons, or the surrender of such missing coupon or coupons may be
waived by the Company and the Trustees if there is furnished to them such
security or indemnity as they may require to save each of them and any Paying
Agent harmless. If thereafter the Holder of such Security shall surrender to any
Paying Agent any such missing coupon in respect of which such a payment shall
have been made, such Holder shall be entitled to receive the amount of such
payment; provided, however, that, except as otherwise provided in
Section 10.02, interest represented by coupons shall be payable only upon
presentation and surrender of those coupons at an office or agency located
outside the United States. Notwithstanding the foregoing, in case a Bearer
Security of any series is surrendered at any such office or agency in a
permitted exchange for a Registered Security of the same series and like tenor
after the close of business at such office or agency on (i) any Regular Record
Date and before the opening of business at such office or agency on the relevant
Interest Payment Date, or (ii) any Special Record Date and before the opening of
business at such office or agency on the related proposed date for payment of
Defaulted Interest, such Bearer Security shall be surrendered without the coupon
relating to such Interest Payment Date or proposed date for payment, as the case
may be, and interest or Defaulted Interest, as the case may be, will not be
payable on such Interest Payment Date or proposed date for payment, as the case
may be, in respect of the Registered Security issued in exchange for such Bearer
Security, but will be payable only to the Holder of such coupon when due in
accordance with the provisions of this Indenture. 

28 

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

Notwithstanding the foregoing,
except as otherwise specified as contemplated by Section 3.01, any permanent
global Security shall be exchangeable only as provided in this paragraph. If any
beneficial owner of an interest in a permanent global Security is entitled to
exchange such interest for Securities of such series and of like tenor and
principal amount of another authorized form and denomination, as contemplated by
Section 3.01 and provided that any applicable notice provided in the permanent
global Security shall have been given to the Company, the Trustees and the
Depositary, then without unnecessary delay but in any event not later than the
earliest date on which such interest may be so exchanged, the Company shall
deliver to the applicable Trustee definitive Securities in aggregate principal
amount equal to the principal amount of such beneficial owner’s interest in such
permanent global Security, executed by the Company. On or after the earliest
date on which such interests may be so exchanged, such permanent global Security
shall be surrendered by the Depositary or such other depositary as shall be
specified in the Company Order with respect thereto to the applicable Trustee,
as the Company’s agent for such purpose, to be exchanged in whole or from time
to time in part, for definitive Securities without charge, and the applicable
Trustee shall authenticate and deliver, in exchange for each portion of such
permanent global Security, an equal aggregate principal amount of definitive
Securities of the same series of authorized denominations and of like tenor as
the portion of such permanent global Security to be exchanged which, unless the
Securities of the series are not issuable both as Bearer Securities and as
Registered Securities, as specified as contemplated by Section 3.01, shall be in
the form of Bearer Securities or Registered Securities, or any combination
thereof, as shall be specified by the beneficial owner thereof. The applicable
Trustee shall promptly provide to the Depository a replacement global Security
in the aggregate principal amount of the global Security not being so exchanged.
The applicable Trustee shall note the exchange on the Security Register. No
Bearer Security delivered in exchange for a portion of a permanent global
Security shall be mailed or otherwise delivered to any location in the United
States. If a Registered Security is issued in exchange for any portion of a
permanent global Security after the close of business at the office or agency
where such exchange occurs on (i) any Regular Record Date and before the opening
of business at such office or agency on the relevant Interest Payment Date, or
(ii) any Special Record Date and before the opening of business at such office
or agency on the related proposed date for payment of Defaulted Interest,
interest or Defaulted Interest, as the case may be, will not be payable on such
Interest Payment Date or proposed date for payment, as the case may be, in
respect of such Registered Security, but will be payable on such Interest
Payment Date or proposed date for payment, as the case may be, only to the
Person to whom interest in respect of such portion of such permanent global
Security is payable in accordance with the provisions of this Indenture. 

29 

Transfers of global Securities
shall be limited to transfers in whole, but not in part, to the Depositary, its
successors or their respective nominees. If at any time the Depositary for
Securities of a series notifies the Company that it is unwilling, unable or no
longer qualifies to continue as Depositary for Securities of such series or if
at any time the Depositary for such series shall no longer be registered or in
good standing under the Exchange Act, or other applicable statute or regulation,
the Company shall appoint a successor Depositary for the Securities of such
series. If a successor to the Depositary for Securities of such series is not
appointed by the Company within 90 days after the Company receives such notice
or becomes aware of such condition, as the case may be, the Company’s election
pursuant to Section 3.01 shall no longer be effective with respect to the
Securities for such series and the Company will execute, and the applicable
Trustee, upon receipt of a Company Order for the authentication and delivery of
definitive Securities of such series, will authenticate and deliver Securities
of such series in definitive, registered form, in authorized denominations, and
in an aggregate principal amount equal to the principal amount of the global
Security or Securities representing such series in exchange for such global
Security or Securities. 

The Company may at any time and
in its sole discretion determine that the Securities of any series issued in the
form of one or more global Securities shall no longer be represented by such
global Security or Securities. In such event the Company will execute, and the
applicable Trustee, upon receipt of a Company Order for the authentication and
delivery of definitive Securities of such series, will authenticate and deliver
Securities of such series in definitive, registered form, in authorized
denominations, and in an aggregate principal amount equal to the principal
amount of the global Security or Securities representing such series in exchange
for such global Security or Securities. 

Interests of a beneficial owner
in global Securities may also be transferred or exchanged for definitive
Securities if, after the occurrence of an Event of Default with respect to such
Securities, and while such Event of Default is continuing, such owner notifies
the Trustees in writing that it wishes to receive a Security in definitive,
registered form and provides to the Trustees evidence reasonably satisfactory to
the Trustees of its ownership interest in such Securities. In such event the
Company will execute, and the applicable Trustee, upon receipt of a Company
Order for the authentication and delivery of definitive Securities of such
series, will authenticate and deliver Securities of such series in definitive,
registered form, in authorized denominations, and in an aggregate principal
amount equal to the principal amount of the global Security or Securities
representing such series in exchange for such global Security or Securities.

Upon the exchange of a global
Security for Securities in definitive registered form, such global Security
shall be cancelled by the applicable Trustee. Securities issued in exchange for
a global Security pursuant to this Section 3.05 shall be registered in such
names and in such authorized denominations as the Depositary for such global
Security, pursuant to instructions from its direct or indirect participants or
otherwise, shall instruct the applicable Trustee in writing. The applicable
Trustee shall deliver such Securities to the Persons in whose names such
Securities are so registered. 

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

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

30 

Any registration of transfer or
exchange of Securities may be subject to service charges by the Central
Securities Registrar and the Company may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 3.04, 9.06, 11.07 or 13.05 not involving any
transfer. 

The Company shall not be required
(i) to issue, register the transfer of or exchange Securities of any series in
definitive form during a period beginning at the opening of business 15 days
before the day of the selection for redemption of Securities of that series
under Section 11.03 or 12.03 and ending at the close of business on (A) if
Securities of the series are issuable only as Registered Securities, the day of
the mailing of the relevant notice of redemption and (B) if Securities of the
series are issuable as Bearer Securities, the day of the first publication of
the relevant notice of redemption or, (C) if Securities of the series are also
issuable as Registered Securities and there is no publication, the mailing of
the relevant notice of redemption, or (ii) to register the transfer of or
exchange any Registered Security in definitive form so selected for redemption
in whole or in part, except the unredeemed portion of any Security being
redeemed in part, or (iii) to exchange any Bearer Security so selected for
redemption except that such a Bearer Security may be exchanged for a Registered
Security of that series and like tenor; provided that such Registered
Security shall be simultaneously surrendered for redemption, or (iv) to issue,
register the transfer of or exchange any Security in definitive form which has
been surrendered for repayment at the option of the Holder, except the portion,
if any, of such Security not to be so repaid. 

	SECTION 3.06 	Mutilated, Destroyed, Lost and Stolen
      Securities. 

If any mutilated Security or a
Security with a mutilated coupon appertaining to it is surrendered to the
applicable Trustee, the Company shall execute and the applicable 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, with coupons corresponding to the coupons, if
any, appertaining to the surrendered Security, or, in case any such mutilated
Security or coupon has become or is about to become due and payable, the Company
in its discretion may, instead of issuing a new Security, with coupons
corresponding to the coupons, if any, appertaining to the surrendered Security,
pay such Security or coupon. If there shall be delivered to the Company and to
the Trustees (i) evidence to their satisfaction of the destruction, loss or
theft of any Security or coupon and (ii) such security (or surety in the case of
the Canadian Trustee) 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 Trustees that such Security or coupon has been acquired by a
protected purchaser (as defined in Article 8 of the UCC), the Company shall
execute and upon Company Order the applicable Trustee shall authenticate and
deliver, in lieu of any such destroyed, lost or stolen Security or in exchange
for the Security for which a destroyed, lost or stolen coupon appertains (with
all appurtenant coupons not destroyed, lost or stolen), a new Security of the
same series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding, with coupons corresponding to the coupons, if
any, appertaining to such destroyed, lost or stolen Security or to the Security
to which such destroyed, lost or stolen coupon appertains. 

Notwithstanding the provisions of
the previous two paragraphs, in case any such mutilated, destroyed, lost or
stolen Security or coupon has become or is about to become due and payable, the
Company in its discretion may, instead of issuing a new Security, with coupons
corresponding to the coupons, if any, appertaining to such mutilated, destroyed,
lost or stolen Security or to the Security to which such mutilated, destroyed,
lost or stolen coupon appertains, pay such Security or coupon; provided,
however, that payment of principal of, premium (if any) and interest (if
any) on Bearer Securities shall, except as otherwise provided in Section 10.02,
be payable only at an office or agency located outside the United States and, unless otherwise specified as contemplated
by Section 3.01, any interest on Bearer Securities shall be payable only upon
presentation and surrender of the coupons appertaining thereto. 

31 

Upon the issuance of any new
  Security under this Section 3.06, 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
Trustees) connected therewith. 

Every new Security of any series
with its coupons, if any, issued pursuant to this Section 3.06 in lieu of any
mutilated, destroyed, lost or stolen Security or in exchange for a Security to
which a mutilated, destroyed, lost or stolen coupon appertains, shall constitute
an original additional contractual obligation of the Company, whether or not the
mutilated, destroyed, lost or stolen Security and its coupons, if any, or the
mutilated, destroyed, lost or stolen coupon shall be at any time enforceable by
anyone, and the Holders of such Security shall be entitled to all the benefits
of this Indenture equally and proportionately with the Holders of any and all
other Securities of that series and their coupons, if any, duly issued
hereunder. 

The provisions of this Section
3.06 as amended or supplemented pursuant to this Indenture with respect to a
particular series of Securities or generally 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 or
coupons. 

	SECTION 3.07 	Payment of Principal, Premium and Interest;
      Interest Rights Preserved; Optional Interest Reset.
  

(a)      Unless
otherwise provided as contemplated by Section 3.01 with respect to any series of
Securities, interest (if any) on any Registered Security which is payable, and
is punctually paid or duly provided for, on any Interest Payment Date shall be
paid by the Paying Agent to the Person in whose name such Security (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest at the office or agency of the Company
maintained for such purpose pursuant to Section 10.02; provided, however,
that each installment of interest (if any) on any Registered Security may at the
Company’s option be paid by (i) mailing a check for such interest, payable to or
upon the written order of the Person entitled thereto pursuant to Section 3.09,
to the address of such Person as it appears on the Security Register or (ii)
wire transfer to an account located in the United States maintained by the payee
of a Holder of $2.0 million or more in aggregate principal amount of such
Securities (with wire transfer instructions provided to the Trustees not less
than 15 days prior to payment of interest). The Paying Agent shall confirm in
writing to the Canadian Trustee upon payment having been made to Holders of
Canadian Securities. Unless otherwise provided as contemplated by Section 3.01
with respect to any series of Securities, principal and premium (if any) paid in
relation to any Security shall be paid to the Holder of such Security only upon
presentation and surrender of such Security at the office or agency of the
Company maintained for such purpose pursuant to Section 10.02. 

Unless otherwise provided as
contemplated by Section 3.01 with respect to the Securities of any series,
payment of interest (if any) may be made, in the case of a Bearer Security, by
transfer to an account located outside the United States maintained by the
payee. 

Unless otherwise provided as
contemplated by Section 3.01, every permanent global Security will provide that
interest (if any) payable on any Interest Payment Date will be paid to the
Depositary with respect to that portion of such permanent global Security held
for its account by the Depositary, for the purpose of permitting the Depositary to credit the interest (if
any) received by it in respect of such permanent global Security to the accounts
of the beneficial owners thereof. 

32 

Any interest on any Registered
  Security of any series which is payable, but is not punctually paid or duly
  provided for, on any Interest Payment Date shall forthwith cease to be payable
  to the Holder on the relevant Regular Record Date by virtue of having been such
  Holder, and such defaulted interest and, if applicable, interest on such
  defaulted interest (to the extent lawful) at the rate specified in the
  Securities of such series (such defaulted interest and, if applicable, interest
  thereon herein collectively called “Defaulted Interest”) must be paid by
  the Company as provided for in either clause (1) or (2), at the Company’s
election: 

	 	(1) 	
      The Company may elect to make payment of any Defaulted
      Interest to the Persons in whose names the Registered Securities of such
      series (or their respective Predecessor Securities) are registered at the
      close of business on a Special Record Date for the payment of such
      Defaulted Interest, which shall be fixed in the following manner. The
      Company shall notify the Trustees in writing of the amount of Defaulted
      Interest proposed to be paid on each Registered Security of such series
      and the date of the proposed payment, and at the same time the Company
      shall deposit with the applicable Trustee an amount of money in the
      Currency in which the Securities of such series are payable (except as
      otherwise specified pursuant to Section 3.01 for the Securities of such
      series and except, if applicable, as provided in Sections 3.12(b), 3.12(d)
      and 3.12(e)) equal to the aggregate amount proposed to be paid in respect
      of such Defaulted Interest or shall make arrangements satisfactory to the
      Trustees for such deposit on or prior to the date of the proposed payment,
      such money when deposited to be held in trust for the benefit of the
      Persons entitled to such Defaulted Interest as in this clause provided.
      Thereupon the Trustees shall fix a Special Record Date for the payment of
      such Defaulted Interest which shall be not more than 15 days and not less
      than 10 days prior to the date of the proposed payment and not less than
      10 days after the receipt by the Trustees of the notice of the proposed
      payment. The Trustees shall promptly notify the Company of such Special
      Record Date and, in the name and at the expense of the Company, shall
      cause notice of the proposed payment of such Defaulted Interest and the
      Special Record Date therefor to be given in the manner provided in Section
      1.07, not less than 10 days prior to such Special Record Date. Notice of
      the proposed payment of such Defaulted Interest and the Special Record
      Date therefor having been so given, such Defaulted Interest shall be paid
      to the Persons in whose name the Registered Securities of such series (or
      their respective Predecessor Securities) are registered at the close of
      business on such Special Record Date and shall no longer be payable
      pursuant to the following clause (2).

	 	 	 
	 	(2) 	
      The Company may make payment of any Defaulted Interest on
      the Registered Securities of any series in any other lawful manner not
      inconsistent with the requirements of any securities exchange on which
      such Securities may be listed, and, upon such notice as may be required by
      such exchange, if, after notice given by the Company to the Trustees of
      the proposed payment pursuant to this clause, such manner of payment shall
      be deemed practicable by the Trustees.

(b)     
The provisions of this Section 307(b) may be made applicable to any series of
Securities pursuant to Section 3.01 (with such modifications, additions or
substitutions as may be specified pursuant to such Section 3.01) . The interest
rate (or the spread or spread multiplier used to calculate such interest rate,
if applicable) on any Security of such series may be reset by the Company on the
date or dates specified on the face of such Security (each an “Optional Reset
Date”). The Company may exercise such option with respect to such Security by notifying the
Trustees of such exercise at least 50 but not more than 60 days prior to an
Optional Reset Date for such Security. Not later than 40 days prior to each
Optional Reset Date, the Trustees shall transmit, in the manner provided for in
Section 1.07, to the Holder of any such Security a notice (the “Reset
Notice”) indicating whether the Company has elected to reset the interest
rate (or the spread or spread multiplier used to calculate such interest rate,
if applicable), and if so (i) such new interest rate (or such new spread or
spread multiplier, if applicable) and (ii) the provisions, if any, for
redemption during the period from such Optional Reset Date to the next Optional
Reset Date or if there is no such next Optional Reset Date, to the Stated
Maturity of such Security (each such period a “Subsequent Interest
Period”), including the date or dates on which or the period or periods
during which and the price or prices at which such redemption may occur during
the Subsequent Interest Period. 

33 

Notwithstanding the foregoing,
  not later than 20 days prior to the Optional Reset Date, the Company may, at its
  option, revoke the interest rate (or the spread or spread multiplier used to
  calculate such interest rate, if applicable) provided for in the Reset Notice
  and establish an interest rate (or the spread or spread multiplier, if
  applicable) that is higher than the interest rate (or the spread or spread
  multiplier, if applicable) provided for in the Reset Notice, for the Subsequent
  Interest Period by causing the Trustees to transmit, in the manner provided for
  in Section 1.07, notice of such higher interest rate (or such higher spread or
  spread multiplier, if applicable) to the Holder of such Security. Such notice
  shall be irrevocable. All Securities with respect to which the interest rate (or
  the spread or spread multiplier used to calculate such interest rate, if
  applicable) is reset on an Optional Reset Date, and with respect to which the
  Holders of such Securities have not tendered such Securities for repayment (or
  have validly revoked any such tender) pursuant to the next succeeding paragraph,
  will bear such higher interest rate (or such higher spread or spread multiplier,
if applicable). 

The Holder of any such Security
will have the option to elect repayment by the Company of the principal of such
Security on each Optional Reset Date at a price equal to the principal amount
thereof plus interest accrued to such Optional Reset Date. In order to obtain
repayment on an Optional Reset Date, the Holder must follow the procedures set
forth in Article Thirteen for repayment at the option of Holders except that the
period for delivery or notification to the Trustees shall be at least 25 but not
more than 35 days prior to such Optional Reset Date and except that, if the
Holder has tendered any Security for repayment pursuant to the Reset Notice, the
Holder may, by written notice to the Trustees, revoke such tender or repayment
until the close of business on the tenth day before such Optional Reset Date.

Subject to the foregoing
provisions of this Section 3.07 and Section 3.05, each Security delivered under
this Indenture upon registration of transfer of or in exchange for or in lieu of
any other Security shall carry the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Security. 

	SECTION 3.08 	Optional Extension of Stated Maturity.
    

The provisions of this Section
3.08 may be made applicable to any series of Securities pursuant to Section 3.01
(with such modifications, additions or substitutions as may be specified
pursuant to such Section 3.01) . The Stated Maturity of any Security of such
series may be extended at the option of the Company for the period or periods
specified on the face of such Security (each an “Extension Period”) up to
but not beyond the date (the “Final Maturity”) set forth on the face of
such Security. The Company may exercise such option with respect to any Security
by notifying the Trustees of such exercise at least 50 but not more than 60 days
prior to the Stated Maturity of such Security in effect prior to the exercise of
such option (the “Original Stated Maturity”). If the Company exercises
such option, the Trustees shall transmit, in the manner provided for in Section
1.07, to the Holder of such Security not later than 40 days prior to the
Original Stated Maturity a notice (the “Extension Notice”) indicating
(i) the election of the Company to extend the Stated Maturity,
(ii) the new Stated Maturity, (iii) the interest rate (if any) applicable to the
Extension Period and (iv) the provisions, if any, for redemption during such
Extension Period. Upon the Trustees’ transmittal of the Extension Notice, the
Stated Maturity of such Security shall be extended automatically and, except as
modified by the Extension Notice and as described in the next paragraph, such
Security will have the same terms as prior to the transmittal of such Extension
Notice. 

34 

Notwithstanding the foregoing,
  not later than 20 days before the Original Stated Maturity of such Security, the
  Company may, at its option, revoke the interest rate provided for in the
  Extension Notice and establish a higher interest rate for the Extension Period
  by causing the Trustees to transmit, in the manner provided for in Section 1.07,
  notice of such higher interest rate to the Holder of such Security. Such notice
  shall be irrevocable. All Securities with respect to which the Stated Maturity
is extended will bear such higher interest rate. 

If the Company extends the
Maturity of any Security, the Holder will have the option to elect repayment of
such Security by the Company on the Original Stated Maturity at a price equal to
the principal amount thereof, plus interest accrued to such date. In order to
obtain repayment on the Original Stated Maturity once the Company has extended
the Maturity thereof, the Holder must follow the procedures set forth in Article
Thirteen for repayment at the option of Holders, except that the period for
delivery or notification to the Trustees shall be at least 25 but not more than
35 days prior to the Original Stated Maturity and except that, if the Holder has
tendered any Security for repayment pursuant to an Extension Notice, the Holder
may by written notice to the Trustees revoke such tender for repayment until the
close of business on the tenth day before the Original Stated Maturity. 

	SECTION 3.09 	Persons Deemed Owners.

Prior to due presentment of a
Registered Security for registration of transfer, the Company, the Trustees and
any agent of the Company or the Trustees may treat the Person in whose name such
Registered Security is registered as the owner of such Registered Security for
the purpose of receiving payment of principal of, premium (if any) and (subject
to Sections 3.05 and 3.07) interest (if any) on such Security and for all other
purposes whatsoever, whether or not such Security be overdue, and none of the
Company, the Trustees or any agent of the Company or the Trustees shall be
affected by notice to the contrary. 

Title to any Bearer Security and
any coupons appertaining thereto shall pass by delivery. The Company, the
Trustees and any agent of the Company or the Trustees may treat the bearer of
any Bearer Security and the bearer of any coupon as the absolute owner of such
Security or coupon for the purpose of receiving payment thereof or on account
thereof and for all other purposes whatsoever, whether or not such Security or
coupons be overdue, and none of the Company, the Trustees or any agent of the
Company or the Trustees shall be affected by notice to the contrary. 

The Depositary for Securities may
be treated by the Company, the Trustees, and any agent of the Company or the
Trustees as the owner of such global Security for all purposes whatsoever. None
of the Company, the Trustees, any Paying Agent or the Security Registrar will
have any responsibility or liability for any aspect of the records relating to
or payments made on account of beneficial ownership interests of a Security in
global form or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests. 

Notwithstanding the foregoing,
with respect to any global Security, nothing herein shall prevent the Company,
the Trustees, or any agent of the Company or the Trustees, from giving effect to
any written certification, proxy or other authorization furnished by any
Depositary, as a Holder, with respect to such global Security or impair, as between such Depositary
and owners of beneficial interests in such global Security, the operation of
customary practices governing the exercise of the rights of such Depositary (or
its nominee) as Holder of such global Security. 

35 

	SECTION 3.10 	Cancellation. 

All Securities and coupons
surrendered for payment, redemption, repayment at the option of the Holder,
registration of transfer or exchange or for credit against any current or future
sinking fund payment shall, if surrendered to any Person other than a Trustee,
be delivered to either Trustee. All Securities and coupons so delivered to
either Trustee shall be promptly cancelled by such Trustee. The Company may at
any time deliver to a Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in any
manner whatsoever, and may deliver to either Trustee (or to any other Person for
delivery to such Trustee) for cancellation any Securities previously
authenticated hereunder which the Company has not issued and sold, and all
Securities so delivered shall be promptly cancelled by such Trustee. If the
Company shall so acquire any of the Securities, however, such acquisition shall
not operate as a redemption or satisfaction of the indebtedness represented by
such Securities unless and until the same are surrendered to either Trustee for
cancellation. No Securities shall be authenticated in lieu of or in exchange for
any Securities cancelled as provided in this Section 3.10, except as expressly
permitted by this Indenture. All cancelled Securities held by either Trustee
shall be disposed of by such Trustee in accordance with its customary procedures
and certification of their disposal delivered to the Company unless by Company
Order the Company shall direct that cancelled Securities be returned to it. 

	SECTION 3.11 	Computation of Interest.

Except as otherwise specified as
contemplated by Section 3.01 with respect to any Securities, interest (if any)
on the Securities of each series shall be computed on the basis of a 360-day
year of twelve 30-day months. For the purposes of disclosure under the Interest
Act (Canada), the yearly rate of interest to which interest calculated under a
Security for any period in any calendar year (the “calculation period”)
is equivalent, is the rate payable under a Security in respect of the
calculation period multiplied by a fraction the numerator of which is the actual
number of days in such calendar year and the denominator of which is the actual
number of days in the calculation period.

	SECTION 3.12 	Currency and Manner of Payments in Respect
      of Securities. 

(a)      With
respect to Registered Securities of any series not permitting the election
provided for in paragraph (b) below or the Holders of which have not made the
election provided for in paragraph (b) below, and with respect to Bearer
Securities of any series, except as provided in paragraph (d) below, payment of
the principal of, premium (if any) and interest (if any) on such Registered
Security or Bearer Security of such series will be made in the Currency in which
such Registered Security or Bearer Security, as the case may be, is payable. The
provisions of this Section 3.12 may be modified or superseded with respect to
any Securities pursuant to Section 3.01. 

(b)      It
may be provided pursuant to Section 3.01 with respect to Registered Securities
of any series that Holders shall have the option, subject to paragraphs (d) and
(e) below, to receive payments of principal of, premium (if any) or interest (if
any) on such Registered Securities in any of the Currencies which may be
designated for such election by delivering to the Trustees a written election
with signature guarantees and in the applicable form established pursuant to
Section 3.01, not later than the close of business on the Election Date
immediately preceding the applicable payment date. If a Holder so elects to
receive such payments in any such Currency, such election will remain in effect
for such Holder or any transferee of such Holder until changed by such Holder or
such transferee by written notice to the Trustees (but any such change must be made not later than the
close of business on the Election Date immediately preceding the next payment
date to be effective for the payment to be made on such payment date and no such
change of election may be made with respect to payments to be made on any
Registered Security of such series with respect to which an Event of Default has
occurred or with respect to which the Company has deposited funds pursuant to
Article Four or Fourteen or with respect to which a notice of redemption has
been given by the Company or a notice of option to elect repayment has been sent
by such Holder or such transferee). Any Holder of any such Registered Security
who shall not have delivered any such election to the Trustees not later than
the close of business on the applicable Election Date will be paid the amount
due on the applicable payment date in the relevant Currency as provided in
Section 3.12(a) . The Trustees shall notify the Exchange Rate Agent as soon as
practicable after the Election Date of the aggregate principal amount of
Registered Securities for which Holders have made such written election. 

36 

(c)      Unless
  otherwise specified pursuant to Section 3.01, if the election referred to in
  paragraph (b) above has been provided for pursuant to Section 3.01, then, unless
  otherwise specified pursuant to Section 3.01, not later than the fourth Business
  Day after the Election Date for each payment date for Registered Securities of
  any series, the Exchange Rate Agent will deliver to the Company a written notice
  specifying, in the Currency in which Registered Securities of such series are
  payable, the respective aggregate amounts of principal of, premium (if any) and
  interest (if any) on the Registered Securities to be paid on such payment date,
  specifying the amounts in such Currency so payable in respect of the Registered
  Securities as to which the Holders of Registered Securities of such series shall
  have elected to be paid in another Currency as provided in paragraph (b) above.
  If the election referred to in paragraph (b) above has been provided for
  pursuant to Section 3.01 and if at least one Holder has made such election,
  then, unless otherwise specified pursuant to Section 3.01, on the second
  Business Day preceding such payment date the Company will deliver to the
  Trustees for such series of Registered Securities an Exchange Rate Officer’s
  Certificate in respect of the Dollar or Foreign Currency payments to be made on
  such payment date. Unless otherwise specified pursuant to Section 3.01, the
  Dollar or Foreign Currency amount receivable by Holders of Registered Securities
  who have elected payment in a Currency as provided in paragraph (b) above shall
  be determined by the Company on the basis of the applicable Market Exchange Rate
  in effect on the third Business Day (the “Valuation Date”) immediately
  preceding each payment date, and such determination shall be conclusive and
binding for all purposes, absent manifest error. 

(d)     
If a Conversion Event occurs with respect to a Foreign Currency in which any of
the Securities are denominated or payable other than pursuant to an election
provided for pursuant to paragraph (b) above, then, with respect to each date
for the payment of principal of, premium (if any) and interest (if any) on the
applicable Securities denominated or payable in such Foreign Currency occurring
after the last date on which such Foreign Currency was used (the “Conversion
Date”), the Dollar shall be the Currency of payment for use on each such
payment date. Unless otherwise specified pursuant to Section 3.01, the Dollar
amount to be paid by the Company to the Trustees and by the Trustees or any
Paying Agent to the Holders of such Securities with respect to such payment date
shall be, in the case of a Foreign Currency other than a currency unit, the
Dollar Equivalent of the Foreign Currency or, in the case of a currency unit,
the Dollar Equivalent of the Currency Unit, in each case as determined by the
Exchange Rate Agent in the manner provided in paragraph (f) or (g) below. 

(e)      Unless
otherwise specified pursuant to Section 3.01, if the Holder of a Registered
Security denominated in any Currency shall have elected to be paid in another
Currency as provided in paragraph (b) above, and a Conversion Event occurs with
respect to such elected Currency, such Holder shall receive payment in the
Currency in which payment would have been made in the absence of such election;
and if a Conversion Event occurs with respect to the Currency in which payment
would have been made in the absence of such election, such Holder shall
receive payment in Dollars as provided in paragraph (d) above. 

37 

(f)      The
  “Dollar Equivalent of the Foreign Currency” shall be determined by the
  Exchange Rate Agent and shall be obtained for each subsequent payment date by
  converting the specified Foreign Currency into Dollars at the Market Exchange
Rate on the Conversion Date. 

(g)      The
“Dollar Equivalent of the Currency Unit” shall be determined by the
Exchange Rate Agent and subject to the provisions of paragraph (h) below shall
be the sum of each amount obtained by converting the Specified Amount of each
Component Currency into Dollars at the Market Exchange Rate for such Component
Currency on the Valuation Date with respect to each payment. 

(h)     
For purposes of this Section 3.12 the following terms shall have the following
meanings: 

A “Component Currency”
shall mean any Currency which, on the Conversion Date, was a component currency
of the relevant currency unit, including, but not limited to, the Euro. 

A “Specified Amount” of a
Component Currency shall mean the number of units of such Component Currency or
fractions thereof which were represented in the relevant currency unit,
including, but not limited to, the Euro, on the Conversion Date. If after the
Conversion Date the official unit of any Component Currency is altered by way of
combination or subdivision, the Specified Amount of such Component Currency
shall be divided or multiplied in the same proportion. If after the Conversion
Date two or more Component Currencies are consolidated into a single currency,
the respective Specified Amounts of such Component Currencies shall be replaced
by an amount in such single Currency equal to the sum of the respective
Specified Amounts of such consolidated Component Currencies expressed in such
single Currency, and such amount shall thereafter be a Specified Amount and such
single Currency shall thereafter be a Component Currency. If after the
Conversion Date any Component Currency shall be divided into two or more
currencies, the Specified Amount of such Component Currency shall be replaced by
amounts of such two or more currencies, having an aggregate Dollar Equivalent
value at the Market Exchange Rate on the date of such replacement equal to the
Dollar Equivalent value of the Specified Amount of such former Component
Currency at the Market Exchange Rate immediately before such division and such
amounts shall thereafter be Specified Amounts and such currencies shall
thereafter be Component Currencies. If, after the Conversion Date of the
relevant currency unit, including, but not limited to, the Euro, a Conversion
Event (other than any event referred to above in this definition of
“Specified Amount”) occurs with respect to any Component Currency of such
currency unit and is continuing on the applicable Valuation Date, the Specified
Amount of such Component Currency shall, for purposes of calculating the Dollar
Equivalent of the Currency Unit, be converted into Dollars at the Market
Exchange Rate in effect on the Conversion Date of such Component Currency. 

“Election Date” shall mean
the date for any series of Registered Securities as specified pursuant to clause
(15) of Section 3.01 by which the written election referred to in paragraph (b)
above may be made. 

All decisions and determinations
of the Exchange Rate Agent regarding the Dollar Equivalent of the Foreign
Currency, the Dollar Equivalent of the Currency Unit, the Market Exchange Rate
and changes in the Specified Amounts as specified above shall be in its sole
discretion and shall, in the absence of manifest error, be conclusive for all
purposes and irrevocably binding upon the Company, the Trustees and all Holders
of such Securities denominated or payable in the relevant Currency. The Exchange
Rate Agent shall promptly give written notice to the Company and the Trustees of
any such decision or determination. 

38 

In the event that the Company
determines in good faith that a Conversion Event has occurred with respect to a
Foreign Currency, the Company will immediately give written notice thereof to
the Trustees and to the Exchange Rate Agent (and the Trustees will promptly
thereafter give notice in the manner provided for in Section 1.07 to the
affected Holders) specifying the Conversion Date. In the event the Company so
determines that a Conversion Event has occurred with respect to the Euro or any
other currency unit in which Securities are denominated or payable, the Company
will immediately give written notice thereof to the Trustees and to the Exchange
Rate Agent (and the Trustees will promptly thereafter give notice in the manner
provided for in Section 1.07 to the affected Holders) specifying the Conversion
Date and the Specified Amount of each Component Currency on the Conversion Date.
In the event the Company determines in good faith that any subsequent change in
any Component Currency as set forth in the definition of Specified Amount above
has occurred, the Company will similarly give written notice to the Trustees and
the Exchange Rate Agent. 

The Trustees shall be fully
justified and protected in relying and acting upon information received by it
from the Company and the Exchange Rate Agent and shall not otherwise have any
duty or obligation to determine the accuracy or validity of such information
independent of the Company or the Exchange Rate Agent. 

	SECTION 3.13 	Appointment and Resignation of Successor
      Exchange Rate Agent. 

(a)      Unless
otherwise specified pursuant to Section 3.01, if and so long as the Securities
of any series (i) are denominated in a Currency other than Dollars or (ii) may
be payable in a Currency other than Dollars, or so long as it is required under
any other provision of this Indenture, then the Company will maintain with
respect to each such series of Securities, or as so required, at least one
Exchange Rate Agent. The Company will cause the Exchange Rate Agent to make the
necessary foreign exchange determinations at the time and in the manner
specified pursuant to Section 3.01 for the purpose of determining the applicable
rate of exchange and, if applicable, for the purpose of converting the issued
Currency into the applicable payment Currency for the payment of principal,
premium (if any) and interest (if any) pursuant to Section 3.12. 

(b)      The
Company shall have the right to remove and replace from time to time the
Exchange Rate Agent for any series of Securities. No resignation of the Exchange
Rate Agent and no appointment of a successor Exchange Rate Agent pursuant to
this Section 3.13 shall become effective until the acceptance of appointment by
the successor Exchange Rate Agent as evidenced by a written instrument delivered
to the Company and the Trustees. 

(c)     
If the Exchange Rate Agent shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of the Exchange Rate Agent for
any cause with respect to the Securities of one or more series, the Company, by
or pursuant to a Board Resolution, shall promptly appoint a successor Exchange
Rate Agent or Exchange Rate Agents with respect to the Securities of that or
those series (it being understood that any such successor Exchange Rate Agent
may be appointed with respect to the Securities of one or more or all of such
series and that, unless otherwise specified pursuant to Section 3.01, at any
time there shall only be one Exchange Rate Agent with respect to the Securities
of any particular series that are originally issued by the Company on the same
date and that are initially denominated and/or payable in the same Currency).

39 

ARTICLE FOUR 
SATISFACTION AND DISCHARGE 

	SECTION 4.01 	Satisfaction and Discharge of Indenture.
    

This Indenture shall upon Company
Request cease to be of further effect with respect to any series of Securities
specified in such Company Request (except as to any surviving rights of
registration of transfer or exchange of Securities of such series expressly
provided for herein or pursuant hereto and the rights of Holders of such series
of Securities and any related coupons to receive, solely from the trust fund
described in subclause (b) of clause (1) of this Section 4.01, payments in
respect of the principal of, premium (if any) and interest (if any) on such
Securities and any related coupons when such payments are due and except as
provided in the last paragraph of this Section 4.01) and the Trustees, at the
expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture as to such series when 

	 	(1) 	
      either

(a)     
all Securities of such series theretofore authenticated and delivered and all
coupons, if any, appertaining thereto (other than (i) coupons appertaining to
Bearer Securities surrendered for exchange for Registered Securities and
maturing after such exchange, whose surrender is not required or has been waived
as provided in Section 3.05, (ii) Securities and coupons of such series which
have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section 3.06, (iii) coupons appertaining to Securities called for
redemption and maturing after the relevant Redemption Date, whose surrender has
been waived as provided in Section 11.06, and (iv) Securities and coupons of
such series for whose payment money has theretofore been deposited in trust with
either Trustee or any Paying Agent or segregated and held in trust by the
Company and thereafter repaid to the Company, as provided in Section 10.03) have
been delivered to either Trustee for cancellation; or 

(b)     
all Securities of such series and, in the case of (i) or (ii) below, any coupons
appertaining thereto not theretofore delivered to either Trustee for
cancellation 

	 	(i) 	
      have become due and payable, or

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

	 	 	 
	 	(iii) 	
      if redeemable at the option of the Company, are to be
      called for redemption within one year under arrangements satisfactory to
      the Trustees for the giving of notice of redemption by the Trustees in the
      name, and at the expense, of the Company,

and the Company, in the case of (i), (ii) or (iii) above, has
irrevocably deposited or caused to be deposited with either Trustee as trust
funds in trust for such purpose an amount in the Currency in which the
Securities of such series are payable, sufficient to pay and discharge the
entire indebtedness on such Securities not theretofore delivered to such Trustee
for cancellation, for principal, premium (if any) and interest (if any) to the
date of such deposit (in the case of Securities which have become due and
payable) or to the Stated Maturity or Redemption Date, as the case may be; 

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

40 

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

Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Company to the Trustees
under Section 6.07, the obligations of the Trustees to any Authenticating Agent
under Section 6.12 and, if money shall have been deposited with the Trustees
pursuant to subclause (b) of clause (1) of this Section 4.01, the obligations of
the Trustees under Section 4.02 and the last paragraph of Section 10.03 shall
survive. 

	SECTION 4.02 	Application of Trust Money.
  

Subject to the provisions of the
last paragraph of Section 10.03, all money deposited with the Trustees pursuant
to Section 4.01 shall be held in trust and applied by it, in accordance with the
provisions of the Securities, the coupons and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as its
own Paying Agent) as the Trustees may determine, to the Persons entitled
thereto, of the principal, premium (if any) and interest (if any) for whose
payment such money has been deposited with the Trustees; but such money need not
be segregated from other funds except to the extent required by law. 

ARTICLE FIVE 
REMEDIES 

	SECTION 5.01 	Events of Default. 

“Event of Default,”
wherever used herein with respect to Securities of any series, means any one of
the following events (whatever the reason for such Event of Default and whether
it shall be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body), unless such event is
specifically deleted or modified in or pursuant to a supplemental indenture,
Board Resolution or Officer’s Certificate establishing the terms of such series
pursuant to Section 3.01 of this Indenture: 

	 	(1) 	
      default in the payment of any interest due on any
      Security of that series, or any related coupon, when such interest or
      coupon becomes due and payable, and continuance of such default for a
      period of 30 days; or

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

	 	 	 
	 	(3) 	
      default in the deposit of any sinking fund, amortization
      or analogous payment when due by the terms of any Security of that series
      and Article Twelve; or

	 	 	 
	 	(4) 	
      default in the performance, or breach, of any covenant or
      agreement of the Company in this Indenture which affects or is applicable
      to the Securities of that series (other than a covenant or agreement, a
      default in whose performance or whose breach is elsewhere in this Section
      5.01 specifically dealt with), and continuance of such default or breach
      for a period of 60 days after there has been given (and 120 days with
      respect to a default or breach under Section 703), by registered or
      certified mail, to the Company by the Trustees or to the Company and the
      Trustees by the Holders of at least 25% in principal amount of all
      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 

41 

	 	(5) 	
      the entry of a decree or order by a court having
      jurisdiction in the premises adjudging the Company bankrupt or insolvent,
      or approving as properly filed a petition seeking reorganization,
      arrangement, adjustment or composition of or in respect of the Company
      under or subject to the Bankruptcy and Insolvency Act (Canada), the
      Companies’ Creditors Arrangement Act (Canada), the U.S. Federal Bankruptcy
      Code or any other federal, provincial, state or foreign bankruptcy,
      insolvency or analogous laws, or the issuance of a sequestration order or
      the (appointment of a receiver, liquidator, assignee, trustee,
      sequestrator (or other similar official) of the Company or in receipt of
      any substantial part of the property of the Company, and any such decree,
      order or appointment continues unstayed and in effect for a period of 90
  consecutive days; or

	 	 	 
	 	(6) 	
      the institution by the Company of proceedings to be
      adjudicated bankrupt or insolvent, or the consent by it to the institution
      of bankruptcy or insolvency proceedings against it, or the filing by it of
      a petition or answer or consent seeking reorganization or relief under or
      subject to the Bankruptcy and Insolvency Act (Canada), the Companies’
      Creditors Arrangement Act (Canada), the U.S. Federal Bankruptcy Code or
      any other federal, provincial, state or foreign bankruptcy, insolvency or
      analogous laws or the consent by it to the filing of any such petition or
      to the appointment of a receiver, liquidator, assignee, trustee,
      sequestrator (or other similar official) of the Company or of any
      substantial part of its property, or the making by it of a general
      assignment for the benefit of creditors, or the admission by it in writing
      of its inability to pay its debts generally as they become due or the
      taking by it of corporate action in furtherance of any of the aforesaid
      purposes; or

	 	 	 
	 	(7) 	
      any other Event of Default provided with respect to
Securities of that series.

	SECTION 5.02 	Acceleration of Maturity; Rescission and
      Annulment. 

If an Event of Default described
in clause (1), (2), (3), (4) or (7) of Section 5.01 with respect to Securities
of any series at the time Outstanding occurs and is continuing, then in every
such case, either 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 the Securities of that series are Original Issue Discount
Securities or Indexed Securities, such portion of the principal amount as may be
specified in the terms of that series) of all of the Securities of that series
and all interest thereon to be due and payable immediately, by a notice in
writing to the Company (and to the Trustees if given by Holders), and upon any
such declaration such principal amount (or specified portion thereof) shall
become immediately due and payable. If an Event of Default specified in clause
(5) or (6) of Section 5.01 occurs and is continuing, then the principal amount
of all the Securities shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustees or any Holder.

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

	 	(1) 	
      the Company has paid or deposited with either Trustee a
      sum sufficient to pay in the Currency in which the Securities of such
      series are payable (except as otherwise specified pursuant to Section 3.01 for the Securities of such series and
except, if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)),

42 

	 	(a) 	
      all overdue interest (if any) on all Outstanding
      Securities of that series (or of all series, as the case may be) and any
  related coupons,

	 	 	 
	 	(b) 	
      all unpaid principal of and premium (if any) on any
      Outstanding Securities of that series (or of all series, as the case may
      be) which has become due otherwise than by such declaration of
      acceleration, and interest on such unpaid principal and premium (if any)
      at the rate or rates prescribed therefor in such Securities,

	 	 	 
	 	(c) 	
      to the extent that payment of such interest is legally
      enforceable, interest on overdue interest at the rate or rates prescribed
      therefor in such Securities, and

	 	 	 
	 	(d) 	
      all sums paid or advanced by the Trustees hereunder and
      the reasonable compensation, expenses, disbursements and advances of the
Trustees, their agents and counsel; and

	 	(2) 	
      all Events of Default with respect to Securities of that
      series (or of all series, as the case may be), other than the non-payment
      of amounts of principal of, premium (if any) or interest (if any) on
      Securities of that series (or of all series, as the case may be) which
      have become due solely by such declaration of acceleration, have been
      cured or waived as provided in Section 5.13.

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

	SECTION 5.03 	Collection of Debt and Suits for Enforcement
      by Trustees. 

The Company covenants that if

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

	 	 	 
	 	(2) 	
      default is made in the payment of the principal of or
      premium (if any) any Security at the Maturity
thereof,

then the Company will, upon demand of the Trustees, pay to the
applicable Trustee for the benefit of the Holders of such Securities and
coupons, the whole amount then due and payable on such Securities and coupons
for principal of, premium (if any) and interest (if any) and interest on any
overdue principal, overdue premium (if any) and, to the extent lawful, overdue
interest (if any), 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 Trustees, their agents and counsel.

If the Company fails to pay such
amounts forthwith upon such demand, the Trustees, in their own names as trustees
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 decreed 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. 

43 

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

	SECTION 5.04 	Trustees 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, each 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 either Trustee shall
have made any demand on the Company for the payment of overdue principal,
premium (if any) or interest) shall be entitled and empowered, by intervention
in such proceeding or otherwise, 

	 	(i) 	
      to file and prove a claim for the whole amount of
      principal and premium (if any), or such portion of the principal amount of
      any series of Original Issue Discount Securities or Indexed Securities as
      may be specified in the terms of such series, and interest (if any) 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
      such Trustee (including any claim for the reasonable compensation,
      expenses, disbursements and advances of such Trustee, its agents and
      counsel) and of the Holders allowed in such judicial proceeding,
  and

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

and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to such Trustee and, in the
event that such Trustee shall consent to the making of such payments directly to
the Holders, to pay to such Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of each Trustee, its agents
and counsel, and any other amounts due to such Trustee under Section 6.07. 

Nothing herein contained shall be
deemed to authorize the Trustees 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 Trustees to vote in respect of the claim of any Holder in any such
proceeding. 

	SECTION 5.05 	Trustees May Enforce Claims Without
      Possession of Securities. 

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

44 

	SECTION 5.06 	Application of Money Collected.
  

Any money collected by either
Trustee pursuant to this Article Five shall be applied in the following order,
at the date or dates fixed by the Trustees and, in case of the distribution of
such money on account of principal of, premium (if any) or interest (if any)
upon presentation of the Securities or coupons, or both, as the case may be, 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 Trustees under Section 6.07; 

Second: to the payment of the
amounts then due and unpaid for principal of, premium (if any) and interest (if
any), on the Securities and coupons 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 and
coupons for principal, premium (if any) and interest (if any), respectively; and

Third: the balance, if any, to
the Person or Persons entitled thereto. 

	SECTION 5.07 	Limitation on Suits.

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

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

	 	 	 
	 	(2) 	
      the Holders of not less than 25% in principal amount of
      the Outstanding Securities of that series in the case of any Event of
      Default described in clause (1), (2), (3), (4) or (7) of Section 5.01, or,
      in the case of any Event of Default described in clause (5) or (6) of
      Section 5.01, the Holders of not less than 25% in principal amount of all
      Outstanding Securities, shall have made written request to the Trustees to
      institute proceedings in respect of such Event of Default in their own
      names as Trustees hereunder;

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

	 	 	 
	 	(4) 	
      the Trustees for 60 days after their receipt of such
      notice, request and offer of indemnity have failed to institute any such
      proceeding; and

	 	 	 
	 	(5) 	
      no direction inconsistent with such written request has
      been given to the Trustees during such 60-day period by the Holders of a
      majority or more in principal amount of the Outstanding Securities of that
      series in the case of any Event of Default described in clause (1), (2),
      (3), (4) or (7) of Section 5.01, or in the case of any Event of Default
      described in clause (5) or (6) of Section 5.01, by the Holders of a
      majority or more in principal amount of all Outstanding
  Securities;

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 Holders of Securities of the same series, in the case of any Event
of Default described in clause (1), (2), (3), (4) or (7) of Section 5.01, or of
Holders of all Securities in the case of any Event of Default described in clause (5) or (6) of Section 5.01, 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 Holders of
Securities of the same series, in the case of any Event of Default described in
clause (1), (2), (3), (4) or (7) of Section 5.01, or of Holders of all
Securities in the case of any Event of Default described in clause (5) or (6) of
Section 5.01. 

45 

	SECTION 5.08 	Unconditional Right of Holders to Receive
Principal, Premium 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, as provided herein
(including, if applicable, Article Fourteen) and in such Security, of the
principal of and premium (if any) and (subject to Section 3.07) interest (if
any) on, such Security or payment of such coupon on the respective Stated
Maturities expressed in such Security or coupon (or, in the case of redemption,
on the Redemption Date or, in the case of repayment at the option of the Holder
as contemplated by Article Twelve, on the Repayment Date) and subject to the
limitations on a Holder’s ability to institute suit contained Section 5.07, to
institute suit for the enforcement of any such payment, and such rights shall
not be impaired without the consent of such Holder. 

	SECTION 5.09 	Restoration of Rights and Remedies.
  

If either 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 such Trustee or to such Holder, then and in
every such case, subject to any determination in such proceeding, the Company,
the Trustees and the Holders of Securities and coupons shall be restored
severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustees and the Holders shall continue as though
no such proceeding had been instituted. 

	SECTION 5.10 	Rights and Remedies Cumulative.
  

Except as otherwise provided with
respect to the replacement or payment of mutilated, destroyed, lost or stolen
Securities or coupons in the last paragraph of Section 3.06, no right or remedy
herein conferred upon or reserved to the Trustees or to the Holders of
Securities or coupons is intended to be exclusive of any other right or remedy,
and every right and remedy shall, to the extent permitted by law, be cumulative
and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy hereunder, or otherwise, shall not, to the extent
permitted by law, prevent the concurrent assertion or employment of any other
appropriate right or remedy. 

	SECTION 5.11 	Delay or Omission Not Waiver.
  

No delay or omission of the
Trustees or of any Holder of any Security or coupon 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 Five or by law to the Trustees or
to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustees or by the Holders, as the case may be. 

	SECTION 5.12 	Control by Holders. 

With respect to the Securities of
any series, the Holders of not less than a majority in principal amount of the
Outstanding Securities of such series shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to
the Trustees, or exercising any trust or power conferred on the Trustees,
relating to or arising under clause (1), (2), (3), (4) or (7) of Section 5.01,
and, with respect to all Securities, the Holders of not less than a majority in
principal amount of all Outstanding Securities shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available
to the Trustees, or exercising any trust or power conferred on the Trustees, not
relating to or arising under clause (1), (2), (3), (4) or (7) of Section 5.01,
provided that in each case 

46 

	 	(1) 	
      such direction shall not be in conflict with any rule of
  law or with this Indenture,

	 	 	 
	 	(2) 	
      the Trustees may take any other action deemed proper by
      the Trustees which is not inconsistent with such direction, and

	 	 	 
	 	(3) 	
      the Trustees need not take any action which might involve
      them in personal liability or be unjustly prejudicial to the Holders of
Securities of such series not consenting.

	SECTION 5.13 	Waiver of Past Defaults.

Subject to Section 5.02, 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 described in clause (1), (2), (3), (4) or (7)
of Section 5.01 (or, in the case of a Default described in clause (5) or (6) of
Section 5.01, the Holders of not less than a majority in principal amount of all
Outstanding Securities may waive any such past Default), and its consequences,
except a default 

	 	(1) 	
      in respect of the payment of the principal of, premium
      (if any) or interest (if any) on any Security or any related coupon,
    or

	 	 	 
	 	(2) 	
      in respect of a covenant or provision herein which under
      Article Nine cannot be modified or amended without the consent of the
      Holder of each outstanding Security of such series
  affected.

Upon any such waiver, any 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 Event of Default or
impair any right consequent thereon. 

	SECTION 5.14 	Waiver of Stay or Extension Laws.
  

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

	SECTION 5.15 	Undertaking for Costs.

In any suit for the enforcement
of any right or remedy under this Indenture, or in any suit against either
Trustee for any action taken, suffered or omitted by it as Trustee, a court may
require any party litigant in such suit to file an undertaking to pay the costs
of such suit, and may assess costs against any such party litigant, in the
manner and to the extent provided in Trust Indenture Legislation; provided,
however, that neither this Section 5.15 nor the provisions of TIA Section
315(e) shall apply to any suit instituted by either Trustee or by any Holder or
group of Holders holding more than 10% in principal amount of all Outstanding
Securities or by any Holder of any Security on any suit for the enforcement of
the right to receive the principal of and interest on any such Securities. 

47 

ARTICLE SIX 

THE TRUSTEES 

	SECTION 6.01 	Notice of Defaults. 

Each Trustee shall promptly give
the other Trustee notice of any Default or Event of Default known to it. Within
a reasonable time, but no more than 30 days after either Trustee has knowledge
of any Default hereunder with respect to the Securities of any series, one or
both of the Trustees shall transmit in the manner and to the extent provided in
Trust Indenture Legislation, including TIA Section 313(c), notice to the Holders
of such Default hereunder known to either Trustee, unless such Default shall
have been cured or waived (and, in the case where such Default shall have been
cured, the Trustees shall notify the Holders in writing of such cure in writing
within a reasonable time, but not exceeding 30 days, after the Trustees have
become aware that the Default has been cured); provided, however, that,
except in the case of a Default in the payment of the principal of, premium (if
any) or interest (if any) on any Security of such series or in the payment of
any sinking fund installment with respect to Securities of such series, the
Trustees shall be protected in withholding such notice if and so long as the
board of directors, the executive committee or a trust committee of directors
and/or Responsible Officers of each Trustee in good faith determine that the
withholding of such notice is in the interest of the Holders of Securities of
such series and any related coupons; provided further that in the case of
any Default of the character specified in clause (4) of Section 5.01 with
respect to Securities of such series, no such notice to Holders shall be given
until at least 30 days after the occurrence thereof. 

	SECTION 6.02 	Certain Duties and Responsibilities of
      Trustees. 

(a)     
The Trustees, prior to the occurrence of an Event of Default and after the
curing of all Events of Default that may have occurred, shall undertake to
perform with respect to the Securities of any series such duties and only such
duties as are specifically set forth in this Indenture, and no implied covenants
shall be read into this Indenture against the Trustees. 

(b)     
In all instances, in the exercise of the powers, rights, duties and discharge of
obligations prescribed or conferred by the terms of this Indenture, each Trustee
shall act honestly and in good faith with a view to the best interests of the
Holders and exercise that degree of care, diligence and skill that a reasonably
prudent trustee in respect of indentures for the purpose of issuing corporate
debt obligations would exercise in comparable circumstances. 

(c)     
No provision of this Indenture shall be construed to relieve each Trustee from
liability for its own actions or failure to act in accordance with Subsection
6.02(b), except that: 

	 	(i) 	
      prior to the occurrence of an Event of Default and after
      the curing or waiving of all such Events of Default that may have
      occurred:

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

48 

	 	(B) 	
      in the absence of bad faith on the part of either
      Trustee, such Trustee may conclusively rely, as to the truth of the
      statements and the correctness of the opinions expressed therein, upon any
      certificates or opinions furnished to the Trustees and conforming to the
      requirements of this Indenture and Trust Indenture Legislation; but in the
      case of any such certificates or opinions that by any provision hereof are
      specifically required to be furnished to the Trustees, the Trustees shall
      be under a duty to examine the same to determine whether or not they
      conform to the requirements of this Indenture; provided, however,
      the Canadian Trustee shall not be required to determine whether the
      certificates or opinions presented to it conform to the Trust Indenture
      Act and the U.S. Trustee shall not be required to determine whether the
      certificates or opinions presented to it conform to Canadian Trust
Indenture Legislation.

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

	 	 	 
	 	(iii) 	
      none of the provisions contained in this Indenture shall
      require either Trustee to expend or risk their own funds or otherwise
      incur personal or any financial liability in the performance of any of
      their duties or in the exercise of any of their rights or powers;
    and

	 	 	 
	 	(iv) 	
      whether or not therein expressly so provided, except to
      the extent expressly provided herein to the contrary, every provision of
      this Indenture relating to the conduct or effecting the liability or
      affording protection to the Trustees shall be subject to the provisions of
      this Section 6.02.

(d)     
Notwithstanding the provisions of this Section 6.02 or any provision in this
Indenture or in the Securities, the Trustees will not be charged with knowledge
of the existence of any Event of Default or any other fact that would prohibit
the making of any payment of monies to or by the Trustees, or the taking of any
other action by the Trustees, unless and until the Trustees have received
written notice thereof from the Company or any Holder. 

	SECTION 6.03 	Certain Rights of Trustees.
  

Subject to the provisions of TIA
Sections 315(a) through 315(d): 

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

49 

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

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

	 	 	 
	 	(4) 	
      the Trustees may consult with counsel and the written
      advice of such counsel or any opinion of Counsel shall be full and
      complete authorization and protection in respect of any action taken,
      suffered or omitted by them hereunder in good faith and in reliance
      thereon;

	 	 	 
	 	(5) 	
      the Trustees 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 of any series or any related
      coupons pursuant to this Indenture, unless such Holders shall have offered
      to the Trustees reasonable security or indemnity against the costs,
      expenses and liabilities which might be incurred by them in compliance
      with such request or direction;

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

	 	 	 
	 	(7) 	
      in an Event of Default, the Trustees’ powers shall not be
      infringed upon so long as they act in accordance with Section
    6.02(b);

	 	 	 
	 	(8) 	
      the Trustees may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents or attorneys and the Trustees shall not be responsible for any
      misconduct or negligence on the part of any agent or attorney appointed
      with due care by them hereunder; and

	 	 	 
	 	(9) 	
      the Trustees shall not be liable for any action taken,
      suffered or omitted by them in good faith and believed by them to be
      authorized or within the discretion or rights or powers conferred upon
      them by this Indenture, so long as they act in accordance with this
      Section 6.02(b).

	SECTION 6.04 	Trustees Not Responsible for Recitals or
      Issuance of Securities. 

The recitals contained herein and
in the Securities, except for a Trustee’s certificate of authentication, and in
any coupons shall be taken as the statements of the Company, and neither Trustee
nor any Authenticating Agent assumes any responsibility for their correctness.
The Trustees make no representations as to the validity or sufficiency of this
Indenture or of the Securities or coupons, except that the Trustees represent
that they are duly authorized to execute and deliver this Indenture,
authenticate the Securities and perform their obligations hereunder and that the
statements made by the U.S. Trustee in a Statement of Eligibility on Form T-1
supplied to the Company are true and accurate, subject to the qualifications set
forth therein. Neither Trustee nor any Authenticating Agent shall be accountable
for the use or application by the Company of Securities or the proceeds
thereof. Nothing herein contained will impose on either Trustee any obligation
to see to, or to require evidence of, the registration or filing (or renewal
thereof) of this Indenture or any supplemental indenture. The Trustees shall not
be bound to give notice to any person of the execution hereof. 

50 

	SECTION 6.05 	May Hold Securities.

The Trustees, any Authenticating
Agent, any Paying Agent, any Security Registrar or any other agent of the
Company or of the Trustees, in their individual or any other capacity, may
become the owner or pledgee of Securities and coupons and, subject to TIA
Sections 310(b) and 311, may otherwise deal with the Company, including, without
limitation, as a creditor of the Company, with the same rights they would have
if they were not Trustees, Authenticating Agent, Paying Agent, Security
Registrar or such other agent. A Trustee that has resigned or is removed shall
remain subject to TIA Section 311(a) to the extent provided therein. 

	SECTION 6.06 	Money Held in Trust.

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

	SECTION 6.07 	Compensation and Reimbursement.
  

The Company agrees: 

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

	 	 	 
	 	(2) 	
      except as otherwise expressly provided herein, to
      reimburse the Trustees upon their request for all reasonable expenses,
      disbursements and advances incurred or made by the Trustees in accordance
      with any provision of this Indenture (including the reasonable
      compensation and the expenses and disbursements of their agents and
      counsel), except any such expense, disbursement or advance as may be
      attributable to the U.S. Trustee’s gross negligence or bad faith or the
      Canadian Trustee’s gross negligence or willful misconduct, respectively;
      and

	 	 	 
	 	(3) 	
      to indemnify the Trustees for, and to hold them and their
      directors, officers, agents, representatives, successors, assigns and
      employees harmless against, any loss, liability or expense incurred
      without gross negligence or bad faith on the part of the U.S. Trustee, or
      gross negligence or willful misconduct on the part of the Canadian
      Trustee, respectively, arising out of or in connection with the acceptance
      or administration of the trust or trusts hereunder, including reasonable
      attorneys’ fees and other reasonable costs and expenses of defending
      themselves against any claim or liability in connection with the exercise
      or performance of any of their powers or duties
  hereunder.

The obligations of the Company
under this Section 6.07 to compensate the Trustees, to pay or reimburse the
Trustees for expenses, disbursements and advances and to indemnify and hold
harmless the Trustees shall constitute additional indebtedness hereunder and
shall survive the satisfaction and discharge of this Indenture and the
resignation or removal of the Trustee. As security for the performance of such
obligations of the Company, the Trustees shall have a claim prior to the
Securities upon all property and funds held or collected by the Trustees as such,
except funds held in trust for the payment of principal of, premium (if any) or
interest (if any) on particular Securities or any coupons. 

51 

When the Trustees incur expenses
  or render services in connection with an Event of Default specified in clause
  (5) or (6) of Section 5.01, the expenses (including reasonable charges and
  expense of its counsel) of and the compensation for such services are intended
  to constitute expenses of administration under any applicable United States or
  Canadian federal, state or provincial bankruptcy, insolvency or other similar
law. 

The provisions of this Section
6.07 shall survive the termination of this Indenture. 

	SECTION 6.08 	Corporate Trustees Required;
      Eligibility. 

	 	(1) 	
      There shall be at all times a U.S. Trustee hereunder
      which shall be eligible to act as Trustee under TIA Section 310(a)(1) and,
      together with its immediate parent, shall have a combined capital and
      surplus of at least $50,000,000. If the U.S. Trustee publishes reports of
      condition at least annually, pursuant to law or to the requirements of
      United States federal, state, territorial or District of Columbia
      supervising or examining authority, then for the purposes of this Section
      6.08, the combined capital and surplus of U.S. Trustee shall be deemed to
      be its combined capital and surplus as set forth in its most recent report
      of condition so published. If at any time the U.S. Trustee shall cease to
      be eligible in accordance with the provisions of this Section 6.08, it
      shall resign immediately in the manner and with the effect hereinafter
      specified in this Article Six.

	 	 	 
	 	(2) 	
      For so long as required by Trust Indenture Legislation,
      there shall be a Canadian Trustee under this Indenture. The Canadian
      Trustee shall at all times be a resident or authorized to do business in
      the Province of Ontario and any other province in Canada where Holders may
      be resident from time to time. The Canadian Trustee represents and
      warrants that no material conflict of interest exists in the Canadian
      Trustee’s role as a fiduciary hereunder and agrees that in the event of a
      material conflict of interest arising hereafter it will, within 30 days
      after ascertaining that it has such material conflict of interest, either
      eliminate the same or resign its trust hereunder. If any such material
      conflict of interests exists or hereafter shall exist, the validity and
      enforceability of this Indenture shall not be affected in any manner
      whatsoever by reason thereof.

	 	 	 
	 	(3) 	
      The Trustees will not be required to give any bond or
      security in respect of the execution of the trusts and powers set out in
      this Indenture or otherwise in respect of the premises.

	 	 	 
	 	(4) 	
      Neither Trustee nor any Affiliate of either Trustee shall
      be appointed a receiver or receiver and manager or liquidator of all or
      any part of the assets or undertaking of the
Company.

	SECTION 6.09 	Resignation and Removal; Appointment of
      Successor. 

	 	(1) 	
      No resignation or removal of either Trustee and no
      appointment of a successor Trustee pursuant to this Article Six shall
      become effective until the acceptance of appointment by the successor
      Trustee in accordance with the applicable requirements of Section
    6.10.

	 	 	 
	 	(2) 	
      Either Trustee may resign at any time with respect to the
      Securities of one or more series by giving written notice thereof to the
      Company. If the instrument of acceptance by a successor Trustee required
      by Section 6.10 shall not have been delivered to such
  Trustee within 30 days after the giving of such notice of resignation,
the resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such
series. 

52 

	 	(3) 	
      Either Trustee may be removed following 30 days notice at
      any time with respect to the Securities of any series by Act of the
      Holders of not less than a majority in principal amount of the Outstanding
      Securities of such series, delivered to such Trustee and to the
Company.

	 	(4) 	
      If at any time:

	 	(i) 	
      either Trustee shall acquire any conflicting interest as
      defined in TIA Section 310(b) and fail to comply with the provisions of
      TIA Section 310(b)(i), or

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

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

	 	 	 
	 	(iv) 	
      either Trustee shall become incapable of acting or shall
      be adjudged a bankrupt or insolvent or a receiver of such Trustee or of
      its property shall be appointed or any public officer shall take charge or
      control of such Trustee or of its property or affairs for the purpose of
      rehabilitation, conservation or liquidation,

then, in any such case, (i) the
Company, by a Board Resolution, may remove such Trustee with respect to all
Securities, or (ii) subject to TIA Section 315(e), any Holder who has been a
bona fide Holder of a Security of such series for at least six months may, on
behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of such Trustee with respect to all
Securities of such series and the appointment of a successor Trustee or
Trustees. 

	 	(5) 	
      If either Trustee shall resign, be removed or become
      incapable of acting, or if a vacancy shall occur in the office of the U.S.
      Trustee or the Canadian Trustee for any cause, with respect to the
      Securities of one or more series, the Company, by a Board Resolution,
      shall promptly appoint a successor Trustee or Trustees with respect to the
      Securities of that or those series (it being understood that any such
      successor Trustee may be appointed with respect to the Securities of one
      or more or all of such series) provided, however, that the Company
      shall not be required to appoint a successor Trustee to the Canadian
      Trustee if the Canadian Trustee resigns or is removed and a Canadian
      Trustee under this Indenture is no longer required under Trust Indenture
      Legislation. If, within one year after such resignation, removal or
      incapability, or the occurrence of such vacancy, a successor Trustee with
      respect to the Securities of any series shall be appointed by Act of the
      Holders of a majority in principal amount of the Outstanding Securities of
      such series delivered to the Company and the retiring Trustee, the
      successor Trustee so appointed shall, forthwith upon its acceptance of
      such appointment, become the successor Trustee with respect to the
      Securities of such series and to that extent supersede the successor
      Trustee appointed by the Company. If no successor Trustee with respect to
      the Securities of any series shall have been so appointed by the Company or
the Holders and accepted appointment in the manner hereinafter provided, any
Holder who has been a bona fide Holder of a Security of such series for at least
six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series. 

53 

	 	(6) 	
      The Company shall give notice of each resignation and
      each removal of a Trustee with respect to the Securities of any series and
      each appointment of a successor Trustee with respect to the Securities of
      any series to the Holders of Securities of such series in the manner
      provided for in Section 1.07. Each notice shall include the name of the
      successor Trustee with respect to the Securities of such series and the
  address of its Corporate Trust Office.

	 	 	 
	 	(7) 	
      If a Canadian Trustee under this Indenture is no longer
      required by Trust Indenture Legislation, then the Company by a Board
Resolution may remove the Canadian Trustee.

	SECTION 6.10 	Acceptance of Appointment by Successor.
    

	 	(1) 	
      In case of the appointment hereunder of a successor
      Trustee with respect to all Securities, every such successor Trustee so
      appointed shall execute, acknowledge and deliver to the Company and to the
      retiring Trustee an instrument accepting such appointment, and thereupon
      the resignation or removal of the retiring Trustee shall become effective
      and such successor Trustee, without any further act, deed or conveyance,
      shall become vested with all the rights, powers, trusts and duties of the
      retiring Trustee; but, on the request of the Company or the successor
      Trustee, such retiring Trustee shall, upon payment of its charges, execute
      and deliver an instrument transferring to such successor Trustee all the
      rights, powers and trusts of the retiring Trustee and shall duly assign,
      transfer and deliver to such successor Trustee all property and money held
      by such retiring Trustee hereunder.

	 	 	 
	 	(2) 	
      In case of the appointment hereunder of a successor
      Trustee with respect to the Securities of one or more (but not all)
      series, the Company, the retiring Trustee and each successor Trustee with
      respect to the Securities of one or more series shall execute and deliver
      an indenture supplemental hereto wherein each successor Trustee shall
      accept such appointment and which (1) shall contain such provisions as
      shall be necessary or desirable to transfer and confirm to, and to vest
      in, each successor Trustee all the rights, powers, trusts and duties of
      the retiring Trustee with respect to the Securities of that or those
      series to which the appointment of such successor Trustee relates, (2) if
      the retiring Trustee is not retiring with respect to all Securities, shall
      contain such provisions as shall be deemed necessary or desirable to
      confirm that all the rights, powers, trusts and duties of the retiring
      Trustee with respect to the Securities of that or those series as to which
      the retiring Trustee is not retiring shall continue to be vested in the
      retiring Trustee, and (3) shall add to or change any of the provisions of
      this Indenture as shall be necessary to provide for or facilitate the
      administration of the trusts hereunder by more than one Trustee, it being
      understood that nothing herein or in such supplemental indenture shall
      constitute such Trustees co-trustees of the same trust and that each such
      Trustee shall be trustee of a trust or trusts hereunder separate and apart
      from any trust or trusts hereunder administered by any other such Trustee;
      and upon the execution and delivery of such supplemental indenture the
      resignation or removal of the retiring Trustee shall become effective to
      the extent provided therein and each such successor Trustee, without any
      further act, deed or conveyance, shall become vested with all the rights,
      powers, trusts and duties of the retiring Trustee with respect to the
      Securities of that or those series to which the appointment of such successor Trustee relates; but,
on request of the Company or any successor Trustee, such retiring Trustee shall
duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder with respect to the Securities of
that or those series to which the appointment of such successor Trustee relates.
Whenever there is a successor Trustee with respect to one or more (but less than
all) series of Securities issued pursuant to this Indenture, the terms
“Indenture” and “Securities” shall have the meanings specified in the provisos
to the respective definitions of those terms in Section 1.01 which contemplate
such situation. 

54 

	 	(3) 	
      Upon reasonable request of any such successor Trustee,
      the Company shall execute any and all instruments for more fully and
      certainly vesting in and confirming to such successor Trustee all rights,
      powers and trusts referred to in paragraph (1) or (2) of this Section
  6.10, as the case may be.

	 	 	 
	 	(4) 	
      No successor Trustee shall accept its appointment unless
      at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article Six.

	SECTION 6.11 	Merger, Conversion, Consolidation or
      Succession to Business. 

Any corporation into which either
Trustee or its corporate trust business may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which either Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of either
Trustee, shall be the successor of such Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article Six,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Securities shall have been authenticated,
but not delivered, by a Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the same effect
as if such successor Trustee had itself authenticated such Securities. In case
any of the Securities shall not have been authenticated by such predecessor
Trustee, any successor Trustee may authenticate such Securities either in the
name of any predecessor hereunder or in the name of the successor Trustee. In
all such cases such certificates shall have the full force and effect which this
Indenture provides for the certificate of authentication of such Trustee;
provided, however, that the right to adopt the certificate of
authentication of any predecessor Trustee or to authenticate Securities in the
name of any predecessor Trustee shall apply only to its successor or successors
by merger, conversion or consolidation. 

	SECTION 6.12 	Appointment of Authenticating Agent.
  

At any time when any of the
Securities remain outstanding, the Trustees may appoint an Authenticating Agent
or Agents, with respect to one or more series of Securities which shall be
authorized to act on behalf of the Trustees to authenticate Securities of such
series and the Trustees shall give written notice of such appointment to all
Holders of Securities of the series with respect to which such Authenticating
Agent will serve, in the manner provided for in Section 1.07. Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the applicable
Trustee hereunder. Any such appointment shall be evidenced by an instrument in
writing signed by a Responsible Officer of the Trustees, and a copy of such
instrument shall be promptly furnished to the Company. Wherever reference is
made in this Indenture to the authentication and delivery of Securities by the
Trustees or either Trustee’s certificate of authentication, such reference shall
be deemed to include authentication and delivery on behalf of the Trustees by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustees by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and doing business under
the laws of the United States of America, any state thereof or the District of
Columbia or the laws of Canada or any province thereof, authorized under such
laws to act as Authenticating Agent, having a combined capital and surplus of
not less than $50,000,000 and subject to supervision or examination by United
States federal or state or Canadian federal or provincial authority. If such
corporation publishes reports of condition at least annually, pursuant to law or
to the requirements of said supervising or examining authority, then for the
purposes of this Section 6.12, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 6.12, it shall resign immediately in the manner and
with the effect specified in this Section 6.12. 

55 

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

An Authenticating Agent may
resign at any time by giving written notice thereof to the Trustees and to the
Company. The Trustees may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and to the
Company. Upon receiving such a notice of resignation or upon such a termination,
or in case at any time such Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section 6.12, the Trustees may appoint a
successor Authenticating Agent which shall be acceptable to the Company and
shall give written notice of such appointment to all Holders of Securities of
the series with respect to which such Authenticating Agent will serve, in the
manner provided for in Section 1.07. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the rights,
powers and duties of its predecessor hereunder, with like effect as if
originally named as an Authenticating Agent. No successor Authenticating Agent
shall be appointed unless eligible under the provisions of this Section 6.12.

The Trustees agree to pay to each
Authenticating Agent from time to time reasonable compensation for its services
under this Section 6.12, and the Trustees shall be entitled to be reimbursed for
such payments, subject to the provisions of Section 6.07. 

If an appointment with respect to
one or more series is made pursuant to this Section 6.12, the Securities of such
series may have endorsed thereon, in addition to either Trustee’s certificate of
authentication, an alternate certificate of authentication in the following
form: 

(Certificate of Authentication may be executed by either
Trustee) 

_____________________, as U.S.
Trustee, certifies that this is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture. 

Dated: ____________

	,
    
	as U.S. Trustee 

56 

	By: 	
	 	As Authenticating Agent 
	 	  
	 	  
	By: 	
	 	Authorized Officer 

_____________________, as
Canadian Trustee, certifies that this is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture. 

Dated: ____________

	,

	as Canadian Trustee 
	 	  
	 	  
	By: 	
	 	As Authenticating Agent 
	 	  
	 	  
	By: 	
	 	Authorized Officer

	SECTION 6.13 	Joint Trustees. 

The rights, powers, duties and
obligations conferred and imposed upon the Trustees are conferred and imposed
upon and shall be exercised and performed by the U.S. Trustee and the Canadian
Trustee individually, except to the extent the Trustees are required under Trust
Indenture Legislation to perform such acts jointly, and neither Trustee shall be
liable or responsible for the acts or omissions of the other Trustee. If the
U.S. Trustee and Canadian Trustee are unable to agree jointly to act or refrain
from acting, the applicable Trustee shall make the decision in accordance with
its applicable legislation. Unless the context implies or requires otherwise,
any written notice, request, direction, certificate, instruction, opinion or
other document (each such document, a “Writing”) delivered pursuant to
any provision of this Indenture to any of the U.S. Trustee or the Canadian
Trustee shall be deemed for all purposes of this Indenture as delivery of such
Writing to the Trustee. Each such Trustee in receipt of such Writing shall
notify such other Trustee of its receipt of such Writing within two Business
Days of such receipt provided, however, that any failure of such trustee
in receipt of such Writing to so notify such other Trustee shall not be deemed
as a deficiency in the delivery of such Writing to the Trustee. 

	SECTION 6.14 	Other Rights of Trustees.

Each Trustee shall retain the
right not to act and shall not be liable for refusing to act if, due to a lack
of information or for any other reason whatsoever, either Trustee, in its sole
judgment, determines that such act might cause it to be in non-compliance with
any applicable anti-money laundering or anti-terrorist legislation, regulation
or guideline. Further, should either Trustee, in its sole judgment, determine at
any time that its acting under this Indenture has resulted in its being in
non-compliance with any applicable anti-money laundering or anti-terrorist
legislation, regulation or guideline, then it shall have the right to resign on
10 days written notice to all parties provided (i) that such Trustee’s written
notice shall describe the circumstances of such non-compliance; and (ii) that if
such circumstances are rectified to such Trustee’s satisfaction within such 10 day
period, then such resignation shall not be effective. 

57 

The parties hereto acknowledge
  that Canadian federal and provincial legislation addressing the protection of
  individuals’ personal information (collectively, “Privacy Laws”) applies
  to obligations and activities under this Indenture. Despite any other provision
  of this Indenture, neither party shall take or direct any action that would
  contravene, or cause the other to contravene, applicable Privacy Laws. The
  Company, prior to transferring, or causing to be transferred, personal
  information to the Canadian Trustee, shall obtain and retain required consents
  of the relevant individuals to the collection, use and disclosure of their
  personal information, or shall have determined that such consents either have
  been previously given and can be relied on or are not required under Privacy
  Laws. The Canadian Trustee shall use commercially reasonable efforts to ensure
  that its services hereunder comply with Privacy Laws. Specifically, the Trustee
  agrees to (i) have designated a chief privacy officer; (ii) maintain policies
  and procedures to protect personal information and to receive and respond to any
  privacy complaint or inquiry; (iii) use personal information solely for the
  purposes of providing its services under or ancillary to this Indenture and not
  to use it for any other purpose except with the consent and direction of the
  Company; (iv) not sell or otherwise improperly disclose personal information to
  any third party; and (v) use employee administrative, physical and technological
  safeguards to reasonably secure and protect personal information against loss,
theft or unauthorized access, use or modification. 

It is expressly acknowledged and
agreed that the Canadian Trustee may, in the course of providing services
hereunder, collect or receive, use and disclose financial and other personal
information about such parties and/or their representatives, as individuals, or
about other individuals related to the subject matter hereof, and use such
information for the following purposes: 

	 	(i) 	
      to provide the services required under this Indenture and
      other services that may be requested from time to time;

	 	 	 
	 	(ii) 	
      to help the Canadian Trustee manage its servicing
      relationships with such individuals;

	 	 	 
	 	(iii) 	
      to meet the Canadian Trustee’s legal and regulatory
      requirements; and

	 	 	 
	 	(iv) 	
      if social insurance numbers are collected by the Canadian
      Trustee, to perform tax reporting and to assist in verification of an
      individual’s identity for security purposes.

Further, each party agrees that
it shall not provide or cause to be provided to the Canadian Trustee any
personal information relating to an individual who is not a party to this
Indenture unless that party has assured itself that such individual understands
and has consented to the aforementioned uses and disclosures. Notwithstanding
anything to the contrary herein, the Company and the Trustees may, without
liability, disclose information about the Holders and beneficial owners or
potential Holders or potential beneficial owners of the Securities pursuant to
subpoena or other order issued by a court of competent jurisdiction or when
otherwise required by applicable law. 

Each Trustee hereby accepts the
trusts in this Indenture declared and provided for and agrees to perform the
same upon the terms and conditions herein set forth and to hold all rights,
privileges and benefits conferred hereby and by law in trust for the various
persons who shall from time to time be holders, subject to all the terms and
conditions herein set forth. 

58 

ARTICLE SEVEN 
HOLDERS’ LISTS AND REPORTS BY
TRUSTEE AND COMPANY 

	SECTION 7.01 	Company to Furnish Trustees Names and
      Addresses of Holders. 

The Company will furnish or cause
to be furnished to the Trustees (1) not more than 15 days after each Regular
Record Date, or such lesser time as required by the Trustees, a list, in such
form as the Trustees may reasonably require, of the names and addresses of
Holders as of such Regular Record Date; provided, however, that the
Company shall not be obligated to furnish or cause to be furnished such list at
any time that the list shall not differ in any respect from the most recent list
furnished to the Trustees by the Company or at such times as either Trustee is
acting as Security Registrar for the applicable series of Securities and (2) at
such other times as the Trustees may request in writing within 30 days after the
receipt by the Company of any such request, a list of similar form and content
as of a date not more than 15 days prior to the time such list is furnished.

	SECTION 7.02 	Preservation of List of Names and Addresses
      of Holders. 

The Trustees shall preserve, in
as current a form as is reasonably practicable, all information as to the names
and addresses of the Holders contained in the most recent list furnished to them
as provided in Section 7.01 and as to the names and addresses of Holders
received by either Trustee in its capacity as Security Registrar for the
applicable series of Securities (if acting in such capacity). 

The Trustees may destroy any list
furnished as provided in Section 7.01 upon receipt of a new list so furnished.

Holders may communicate as
provided in TIA Section 312(b) with other Holders with respect to their rights
under this Indenture or under the Securities. 

	SECTION 7.03 	Disclosure of Names and Addresses of
      Holders. 

Every Holder of Securities or
coupons, by receiving and holding the same, agrees with the Company and the
Trustees that none of the Company or the Trustees or any agent of either of them
shall be held accountable by reason of the disclosure of any such information as
to the names and addresses of the Holders in accordance with TIA Section 312,
regardless of the source from which such information was derived, and that the
Trustees shall not be held accountable by reason of mailing any material
pursuant to a request made under TIA Section 312(b). 

	SECTION 7.04 	Reports by Trustees.

	 	(1) 	
      Within 60 days after May 15 of each year commencing with
      the first year after the first issuance of Securities pursuant to this
      Indenture, the U.S. Trustee shall transmit to the Holders of Securities,
      in the manner and to the extent provided in TIA Section 313(c), a brief
      report dated as of such reporting date, if required by TIA Section
      313(a).

	 	 	 
	 	(2) 	
      The U.S. Trustee shall comply with TIA Sections 313(b)
      and 313(c).

	 	 	 
	 	(3) 	
      A copy of such report shall, at the time of such
      transmission to the Holders, be filed by the U.S. Trustee with the
      Company, with each securities exchange upon which any of the Securities
      are listed (if so listed) and also with the Commission. The Company agrees
      to notify the Trustees when the Securities become listed on any securities
      exchange.

59 

	SECTION 7.05 	Reports by the Company.

	 	(1) 	
      The Company will file with the Trustees, within 20 days
      after filing with or furnishing to the Commission, copies of its annual
      reports and of the information, documents and other reports (or copies of
      such portions of any of the foregoing as the Commission may by rules and
      regulations prescribe) which the Company is required to file or furnish
      with the Commission pursuant to Section 13 or 15(d) of the Exchange Act
      or, if the Company is not required to file information, documents or
      reports pursuant to either of such sections, then to file with the
      Trustees and the Commission, in accordance with rules and reulations
      prescribed by the Commission, such of the supplementary and periodic
      information, documents and reports which may be required pursuant to
      Section 13 of the Exchange Act in respect of a security listed and
      registered on a national securities exchange as may be prescribed in such
      rules and regulations; provided that any such reports, information
      or documents filed with the Commission pursuant to its Electronic Data
      Gathering, Analysis and Retrieval (EDGAR) system shall be deemed filed
      with the Trustees.

	 	 	 
	 	(2) 	
      The Company will transmit to all Holders, in the manner
      and to the extent provided in TIA Section 313(c), within 30 days after the
      filing thereof with the Trustees, such summaries of any information,
      documents and reports required to be filed by the Company pursuant to
      paragraph (1) of this Section 7.05 as may be required by rules and
      regulations prescribed from time to time by the Commission.

	 	 	 
	 	(3) 	
      If at any time the Securities are guaranteed by a direct
      or indirect parent of the Company, and such parent has furnished the
      reports required by this Section 7.05 with respect to parent as required
      by this Section 7.05 as if parent were the Company (including any
      financial information required hereby), the Company shall be deemed to be
      in compliance with this Section 7.05.

ARTICLE EIGHT 
CONSOLIDATION, MERGER, CONVEYANCE,
TRANSFER OR LEASE 

	SECTION 8.01 	Company May Consolidate, etc., only on
      Certain Terms. 

The Company shall not amalgamate
or consolidate with or merge into or enter into any statutory arrangement with
any other Person, or, directly or indirectly, convey, transfer or lease all or
substantially all of its properties and assets to any Person, unless: 

	 	(1) 	
      the Person formed by or continuing from such amalgamation
      or consolidation or into which the Company is merged or with which it
      enters into such statutory arrangement or the Person which acquires by
      operation of law or by conveyance or transfer, or which leases, all or
      substantially all of the properties and assets of the Company shall be a
      corporation, partnership or trust organized and validly existing under the
      laws of Canada or any province or territory thereof, the United States of
      America or any state thereof or the District of Columbia or, if such
      amalgamation, consolidation, merger, statutory arrangement or other
      transaction would not impair the rights of Holders, any other country,
      and, unless the Company is the continuing corporation, shall expressly
      assume, by an indenture supplemental hereto, executed and delivered to the
      Trustees, in form satisfactory to the Trustees, the Company’s obligation
      for the due and punctual payment of the principal of, premium (if any) and
      interest (if any) on all the Securities and the performance and observance of every covenant of this Indenture
on the part of the Company to be performed or observed; 

60 

	 	(2) 	
      immediately after giving effect to such transaction, no
      Default or Event of Default shall have happened and be continuing;
  and

	 	 	 
	 	(3) 	
      the Company or such Person shall have delivered to the
      Trustees an Officer’s Certificate and an Opinion of Counsel, each stating
      that such amalgamation, consolidation, merger, statutory arrangement or
      other transaction and such supplemental indenture comply with this Article
      Eight and that all conditions precedent herein provided for relating to
such transaction have been complied with.

This Section 8.01 shall only
apply to a merger, consolidation or amalgamation in which the Company is not the
surviving Person and to conveyances, leases and transfers by the Company as
transferor or lessor. 

	SECTION 8.02 	Successor Person Substituted.
  

Upon any amalgamation or
consolidation by the Company with or merger by the Company into any other
corporation or a statutory arrangement or any conveyance, transfer or lease of
all or substantially all of the properties and assets of the Company to any
Person in accordance with Section 8.01, the successor Person formed by such
amalgamation or consolidation or into which the Company is merged or statutory
arrangement, or to which such conveyance, transfer or lease is made shall
succeed to, and be substituted for, and may exercise every right and power of,
the Company under this Indenture with the same effect as if such successor
Person had been named as the Company herein, and in the event of any such
conveyance or transfer, the Company (which term shall for this purpose mean the
Person named as the “Company” in the first paragraph of this Indenture or any
successor Person which shall theretofore become such in the manner described in
Section 8.01), except in the case of a lease, shall be discharged of all
obligations and covenants under this Indenture and the Securities and the
coupons and may be dissolved and liquidated. 

ARTICLE NINE 
SUPPLEMENTAL INDENTURES 

	SECTION 9.01 	Supplemental Indentures Without Consent of
      Holders. 

Notwithstanding Section 9.02,
without the consent of any Holders, the Company, when authorized by or pursuant
to a Board Resolution, and the Trustees, at any time and from time to time, may
enter into one or more indentures supplemental hereto, in form satisfactory to
the Trustees, for any of the following purposes: 

	 	(1) 	
      to evidence the succession of another Person to the
      Company and the assumption by any such successor of the covenants of the
      Company contained herein and in the Securities; or

	 	 	 
	 	(2) 	
      to add to the covenants of the Company for the benefit of
      the Holders of all or any series of Securities and any related coupons
      (and if such covenants are to be for the benefit of less than all series
      of Securities, stating that such covenants are being included solely for
      the benefit of such series) or to surrender any right or power herein
      conferred upon the Company; or

61 

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

	 	 	 
	 	(4) 	
      to delete or modify any Events of Default with respect to
      all or any series of the Securities, the form and terms of which are being
      established pursuant to such supplemental indenture as permitted in
      Section 3.01 (and if such Events of Default are to be for the benefit of
      less than all series of Securities, stating that such Events of Default
      are being included solely for the benefit of such series, and to specify
      the rights and remedies of the Trustees and the Holders of such Securities
      in connection therewith); or

	 	 	 
	 	(5) 	
      to add to or change any of the provisions of this
      Indenture to provide that Bearer Securities may be registrable as to
      principal, to change or eliminate any restrictions on the payment of
      principal of or any premium or interest on Bearer Securities, to permit
      Bearer Securities to be issued in exchange for Registered Securities, to
      permit Bearer Securities to be issued in exchange for Bearer Securities of
      other authorized denominations or to permit or facilitate the issuance of
      Securities in uncertificated form; provided that any such action
      shall not adversely affect the interests of the Holders of Securities of
      any series or any related coupons in any material respect; or

	 	 	 
	 	(6) 	
      to change or eliminate any of the provisions of this
      Indenture; provided that any such change or elimination shall
      become effective only when there is no Security Outstanding of any series
      created prior to the execution of such supplemental indenture which is
      entitled to the benefit of such provision; or

	 	 	 
	 	(7) 	
      to establish the form or terms of Securities of any
      series as permitted by Sections 2.01 and 3.01; or

	 	 	 
	 	(8) 	
      to evidence and provide for the acceptance of appointment
      hereunder by a successor Trustee with respect to the Securities of one or
      more series and to add to or change any of the provisions of this
      Indenture as shall be necessary to provide for or facilitate the
      administration of the trusts hereunder by more than one Trustee, pursuant
      to the requirements of Section 6.10; or

	 	 	 
	 	(9) 	
      to close this Indenture with respect to the
      authentication and delivery of additional series of Securities;
  or

	 	 	 
	 	(10) 	
      to cure any ambiguity or to correct or supplement any
      provision contained herein or in any indenture supplemental hereto which
      may be defective or inconsistent with any other provision contained herein
      or in any supplemental indenture or to conform the terms hereof, as
      amended and supplemented, that are applicable to the Securities of any
      series to the description of the terms of such Securities in the offering
      memorandum, prospectus supplement or other offering document applicable to
      such Securities at the time of initial sale thereof; or

	 	 	 
	 	(11) 	
      to make any change in any series of Securities that does
      not adversely affect in any material respect the rights of the Holders of
      such Securities; or

	 	 	 
	 	(12) 	
      to add to or change or eliminate any provision of this
      Indenture as shall be necessary or desirable in accordance with any
      amendments to the Trust Indenture Act; or

62 

	 	(13) 	
      to supplement any of the provisions of this Indenture to
      such extent as shall be necessary to permit or facilitate the defeasance
      and discharge of any series of Securities pursuant to Sections 4.01, 14.02
      and 14.03; provided that any such action shall not adversely affect
      the interests of the Holders of Securities of such series and any related
      coupons or any other series of Securities in any material respect;
    or

	 	 	 
	 	(14) 	
      to modify, eliminate or add to the provisions of this
      Indenture to such extent as shall be necessary to effect the
      qualifications of this Indenture under any applicable law of the United
      States and Canada or of any province or territory thereof to the extent
      they do not conflict with the applicable law of the United States
      heretofore or hereafter enacted.

	SECTION 9.02 	Supplemental Indentures with Consent of
      Holders. 

Except as provided in Section
9.01 and this Section 9.02, with the consent of the Holders of not less than a
majority in principal amount of all Outstanding Securities affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the
Trustees, the Company, when authorized by or pursuant to a Board Resolution, and
the Trustees may enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture which affect such series of Securities
or of modifying in any manner the rights of the Holders of Securities of such
series under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
of such series, 

	 	(1) 	
      change the Stated Maturity of the principal of, premium
      (if any) or any installment of interest (if any) on any Security of such
      series, or reduce the principal amount thereof, premium (if any) or the
      rate of interest (if any) thereon, or reduce the amount of the principal
      of an Original Issue Discount Security of such series that would be due
      and payable upon a declaration of acceleration of the Maturity thereof
      pursuant to Section 5.02 or the amount thereof provable in bankruptcy
      pursuant to Section 5.04, or adversely affect any right of repayment at
      the option of any Holder of any Security of such series, or change any
      Place of Payment where, or the Currency in which, any Security of such
      series or any premium or interest thereon is payable, or impair the right
      to institute suit for the enforcement of any such payment on or after the
      Stated Maturity thereof (or, in the case of redemption or repayment at the
      option of the Holder, on or after the Redemption Date or Repayment Date,
      as the case may be), or adversely affect any right to convert or exchange
      any Security as may be provided pursuant to Section 3.01 herein,
  or

	 	 	 
	 	(2) 	
      reduce the percentage in principal amount of the
      Outstanding Securities of such series required for any such supplemental
      indenture, or the consent of whose Holders is required for any waiver of
      compliance with certain provisions of this Indenture which affect such
      series or certain defaults applicable to such series hereunder and their
      consequences provided for in this Indenture, or reduce the requirements of
      Section 15.04 for quorum or voting with respect to Securities of such
      series, or

	 	 	 
	 	(3) 	
      modify any of the provisions of this 9.02 Section,
      Section 5.13 or Section 10.09, except to increase any such percentage or
      to provide that certain other provisions of this Indenture which affect
      such series cannot be modified or waived without the consent of the Holder
      of each Outstanding Security of such series.

63 

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

It shall not be necessary for any
Act of Holders under this 9.02 Section to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such Act shall
approve the substance thereof. 

	SECTION 9.03 	Execution of Supplemental Indentures.
  

In executing, or accepting the
additional trusts created by, any supplemental indenture permitted by this
Article Nine or the modifications thereby of the trusts created by this
Indenture, the Trustees shall be entitled to receive, and 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. Each
Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects such Trustee’s own rights, duties or immunities under
this Indenture or otherwise. 

	SECTION 9.04 	Effect of Supplemental Indentures.
  

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

	SECTION 9.05 	Conformity with Trust Indenture
      Legislation. 

Every supplemental indenture
executed pursuant to this Article Nine shall conform to the requirements of
Trust Indenture Legislation as then in effect. 

	SECTION 9.06 	Reference in Securities to Supplemental
      Indentures. 

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

	SECTION 9.07 	Notice of Supplemental Indentures.
  

Promptly after the execution by
the Company and the Trustees of any supplemental indenture pursuant to the
provisions of Section 9.02, the Company shall give notice thereof to the Holders
of each outstanding Security affected, in the manner provided for in Section
1.07, setting forth in general terms the substance of such supplemental
indenture. 

64 

ARTICLE TEN 
COVENANTS 

	SECTION 10.01 	Payment of Principal, Premium and
      Interest. 

The Company covenants and agrees
for the benefit of the Holders of each series of Securities and any related
coupons that it will duly and punctually pay the principal of, premium (if any)
and interest (if any), on the Securities of that series in accordance with the
terms of the Securities, any coupons appertaining thereto and this Indenture.
Unless otherwise specified as contemplated by Section 3.01 with respect to any
series of Securities, any interest installments due on Bearer Securities on or
before Maturity shall be payable only upon presentation and surrender of the
several coupons for such interest installments as are evidenced thereby as they
severally mature. 

	SECTION 10.02 	Maintenance of Office or Agency.
  

	 	(1) 	
      If the Securities of a series are issuable as Registered
      Securities, the Company will maintain in each Place of Payment for any
      series of Securities an office or agency where Securities of that series
      may be presented or surrendered for payment, where Securities of that
      series may be surrendered for registration of transfer or exchange, where
      Securities of that series that are convertible or exchangeable may be
      surrendered for conversion or exchange, as applicable, and where notices
      and demands to or upon the Company in respect of the Securities of that
      series and this Indenture may be served and, if the Securities of a series
      are also issuable as Bearer Securities, where Bearer Securities of that
      series and related coupons may be presented or surrendered for payment in
      the circumstances described in Subsection 10.02(3).

	 	 	 
	 	(2) 	
      If Securities of a series are issuable as Bearer
      Securities, the Company will maintain (A) subject to any laws or
      regulations applicable thereto, in a Place of Payment for that series
      which is located outside the United States, an office or agency where
      Securities of that series and related coupons may be presented and
      surrendered for payment; provided, however, that, if the Securities
      of that series are listed on any securities exchange located outside the
      United States and such securities exchange shall so require, the Company
      will maintain a Paying Agent for the Securities of that series in any
      required city located outside the United States so long as the Securities
      of that series are listed on such exchange and (B) subject to any laws or
      regulations applicable thereto, in a Place of Payment for that series
      located outside the United States an office or agency where any Registered
      Securities of that series may be surrendered for registration of transfer,
      where Securities of that series may be surrendered for exchange, where
      Securities of that series that are convertible and exchangeable may be
      surrendered for conversion or exchange, as applicable, and where notices
      and demands to or upon the Company in respect of the Securities of that
      series and this Indenture may be served.

	 	 	 
	 	(3) 	
      The Company will give prompt written notice to the
      Trustees of the location, and any change in the location, of such office
      or agency. If at any time the Company shall fail to maintain any such
      required office or agency or shall fail to furnish the Trustees with the
      address thereof, such presentations, surrenders, notices and demands may
      be made or served at the Corporate Trust Offices of the Trustees, except
      that Bearer Securities of any series and the related coupons may be
      presented and surrendered for payment at the offices specified in the
      Security and the Company hereby appoints the same as its agents to receive
      such respective presentations, surrenders, notices and
  demands.

65 

	 	(4) 	
      Unless otherwise specified with respect to any Securities
      pursuant to Section 3.01, no payment of principal, premium or interest on
      Bearer Securities shall be made at any office or agency of the Company in
      the United States or by check mailed to any address in the United States
      or by transfer to an account maintained with a bank located in the United
      States; provided, however, that, if the Securities of a series are
      payable in Dollars, payment of principal of, premium (if any) and interest
      (if any), on any Bearer Security shall be made at the office of the
      Company’s Paying Agent in The City of New York, if (but only if) payment
      in Dollars of the full amount of such principal, premium or interest, as
      the case may be, at all offices or agencies outside the United States
      maintained for such purpose by the Company in accordance with this
      Indenture is illegal or effectively precluded by exchange controls or
      other similar restrictions.

	 	 	 
	 	(5) 	
      The Company may also from time to time designate one or
      more other offices or agencies where the Securities of one or more series
      may be presented or surrendered for any or all such purposes and may from
      time to time rescind any such designation; provided, however, that
      no such designation or rescission shall in any manner relieve the Company
      of its obligation to maintain an office or agency in accordance with the
      requirements set forth above for Securities of any series for such
      purposes. The Company will give prompt written notice to the Trustees of
      any such designation or rescission and of any change in the location of
      any such other office or agency. Unless otherwise specified with respect
      to any Securities as contemplated by Section 3.01 with respect to a series
      of Securities, the Company hereby initially appoints the U.S. Trustee at
      its Corporate Trust Office as Paying Agent in such city and as its agent
      to receive all such presentations, surrenders, notices and
  demands.

	 	 	 
	 	(6) 	
      Unless otherwise specified with respect to any Securities
      pursuant to Section 3.01, if and so long as the Securities of any series
      (i) are denominated in a Currency other than Dollars or (ii) may be
      payable in a Currency other than Dollars, or so long as it is required
      under any other provision of the Indenture, then the Company will maintain
      with respect to each such series of Securities, or as so required, at
      least one Exchange Rate Agent.

	SECTION 10.03 	Money for Securities Payments to Be Held in
      Trust. 

If the Company shall at any time
act as its own Paying Agent with respect to any series of Securities and any
related coupons, it will, on or before each due date of the principal of,
premium (if any) or interest (if any) on any of the Securities of that series,
segregate and hold in trust for the benefit of the Persons entitled thereto a
sum in the Currency in which the Securities of such series are payable (except
as otherwise specified pursuant to Section 3.01 for the Securities of such
series and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and
3.12(e)) sufficient to pay the principal of, premium (if any) or interest (if
any) on Securities of such series so becoming due until such sums shall be paid
to such Persons or otherwise disposed of as herein provided and will promptly
notify the Trustees of its action or failure so to act. 

Whenever the Company shall have
one or more Paying Agents for any series of Securities and any related coupons,
it will, prior to or on each due date of the principal of, premium (if any) or
interest (if any) on any Securities of that series, deposit with a Paying Agent
a sum (in the Currency described in the preceding paragraph) sufficient to pay
the principal, premium (if any) or interest (if any) so becoming due, such sum
to be held in trust for the benefit of the Persons entitled to such principal,
premium or interest, and (unless such Paying Agent is a Trustee) the Company
will promptly notify the Trustees of its action or failure so to act. 

66 

The Company will cause each
Paying Agent (other than the Trustees) for any series of Securities to execute
and deliver to the Trustees an instrument in which such Paying Agent shall agree
with the Trustees, subject to the provisions of this 10.03 Section, that such
Paying Agent will: 

	 	(1) 	
      hold all sums held by it for the payment of the principal
      of, premium (if any) and interest (if any) on Securities of such series in
      trust for the benefit of the Persons entitled thereto until such sums
      shall be paid to such Persons or otherwise disposed of as herein
      provided;

	 	 	 
	 	(2) 	
      give the Trustees notice of any default by the Company
      (or any other obligor upon the Securities of such series) in the making of
      any payment of principal of, premium (if any) or interest (if any) on the
      Securities of such series; and

	 	 	 
	 	(3) 	
      at any time during the continuance of any such default,
      upon the written request of the Trustees, forthwith pay to the Trustees
      all sums so held in trust by such Paying Agent.

The Company may at any time, for
the purpose of obtaining the satisfaction and discharge of this Indenture or for
any other purpose, pay, or by Company Order direct any Paying Agent to pay, to
the Trustees all sums held in trust by the Company or such Paying Agent, such
sums to be held by the Trustees upon the same trusts as those upon which sums
were held by the Company or such Paying Agent; and, upon such payment by any
Paying Agent to the Trustees, such Paying Agent shall be released from all
further liability with respect to such sums. 

Except as provided in the
Securities of any series, any money deposited with the Trustees or any Paying
Agent, or then held by the Company, in trust for the payment of the principal
of, premium (if any) or interest (if any) on any Security of any series, or any
coupon appertaining thereto, and remaining unclaimed for two years after such
principal, premium or interest has become due and payable shall be paid to the
Company on Company Request, or (if then held by the Company) shall be discharged
from such trust; and the Holder of such Security or coupon shall thereafter, as
an unsecured general creditor, look only to the Company for payment thereof, and
all liability of the Trustees or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustees or such Paying Agent, before
being required to make any such repayment, may at the expense of the Company
cause to be published once, in an Authorized Newspaper, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be
less than 30 days from the date of such publication, any unclaimed balance of
such money then remaining will be repaid to the Company. 

	SECTION 10.04 	Statement as to Compliance.
  

The Company shall deliver to the
Trustees, on or before 120 days after the end of the Company’s fiscal year, an
Officer’s Certificate stating that a review of the activities of the Company
during such fiscal year has been made under the supervision of the signing
Officer with a view to determining whether the Company has kept, observed,
performed and fulfilled its obligations under this Indenture, and further
stating, as to such Officer, that 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 and
is continuing, describing all such Defaults or Events of Default of which he or
she may have knowledge and what action the Company is taking or propose to take
with respect thereto). The Company shall deliver to the Trustees upon demand
evidence in such form as the Trustees may require as to compliance by the
Company with any condition or covenant of the Company set out herein relating to
any action required or permitted to be taken by the Company under this Indenture
or as a result of any obligation imposed by this Indenture. For purposes of this Section 10.04, such
compliance shall be determined without regard to any period of grace or
requirement of notice under this Indenture. 

67 

	SECTION 10.05 	Payment of Taxes and Other Claims.

The Company will pay or discharge
or cause to be paid or discharged, before the same shall become delinquent, (1)
all material taxes, assessments and governmental charges levied or imposed upon
the Company or upon the income, profits or property of the Company, and (2) all
material lawful claims for labor, materials and supplies which, if unpaid, might
by law become a Lien upon any property or assets of the Company; provided,
however, that the Company shall not be required to pay or discharge or cause
to be paid or discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate
proceedings. 

	SECTION 10.06 	Corporate Existence.

Subject to Article Eight, 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 rights (charter and
statutory) and franchises of the Company; provided, however, that the
Company shall not be required to preserve any such right or franchise if the
Company shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company. 

	SECTION 10.07 	Waiver of Certain Covenants.
  

The Company may, with respect to
any series of Securities, omit in any particular instance to comply with any
term, provision or condition which affects such series set forth in Sections
10.06 and 10.07, or, as specified pursuant to Section 3.01(19) for Securities of
such series, in any covenants of the Company added to this Article Ten pursuant
to Section 3.01(19) in connection with Securities of such series, if before the
time for such compliance the Holders of at least a majority in principal amount
of all Outstanding Securities of any series, by Act of such Holders, waive such
compliance in such instance with such term, provision or condition, but no such
waiver shall extend to or affect such term, provision or condition except to the
extent so expressly waived, and, until such waiver shall become effective, the
obligations of the Company and the duties of the Trustees to Holders of
Securities of such series in respect of any such term, provision or condition
shall remain in full force and effect. 

ARTICLE ELEVEN 
REDEMPTION OF SECURITIES 

	SECTION 11.01 	Applicability of Article.

Securities of any series which
are redeemable before their Stated Maturity shall be redeemable in accordance
with the terms of such Securities and (except as otherwise specified as
contemplated by Section 3.01 for Securities of any series) in accordance with
this Article Eleven. 

	SECTION 11.02 	Election to Redeem; Notice to Trustees.
    

The election of the Company to
redeem any Securities shall be evidenced by or pursuant to a Board Resolution.
In case of any redemption at the election of the Company, the Company shall, at
least 60 days prior to the Redemption Date fixed by the Company (unless a
shorter notice shall be satisfactory to the Trustees), notify the Trustees of
such Redemption Date and of the principal amount of Securities of such series to
be redeemed and shall deliver to the Trustees such documentation and records as
shall enable the Trustees to select the Securities to be redeemed pursuant to
Section 11.03. In the case of any redemption of Securities prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture, the Company shall furnish to the Trustees an
Officer’s Certificate evidencing compliance with such restriction. 

68 

	SECTION 11.03 	Selection by Trustees of Securities to Be
Redeemed. 

If less than all the Securities
of any series are to be redeemed, the particular Securities to be redeemed shall
be selected not more than 60 days prior to the Redemption Date by the Trustees,
from the Outstanding Securities of such series not previously called for
redemption, by such method as the Trustees shall deem fair and appropriate and
which may provide for the selection for redemption of portions of the principal
of Securities of such series; provided, however, that no such partial
redemption shall reduce the portion of the principal amount of a Security not
redeemed to less than the minimum authorized denomination for Securities of such
series established pursuant to Section 3.01. 

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

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

	SECTION 11.04 	Notice of Redemption.

Except as otherwise specified as
contemplated by Section 3.01, notice of redemption shall be given in the manner
provided for in Section 1.07 not less than 30 nor more than 60 days prior to the
Redemption Date, to each Holder of Securities to be redeemed. Failure to give
notice in the manner provided in Section 1.07 to the Holder of any Securities
designated for redemption as a whole or in part, or any defect in the notice to
any such Holder, shall not affect the validity of the proceedings for the
redemption of any other Securities or portion thereof. 

All notices of redemption shall
state: 

	 	(1) 	
      the Redemption Date,

	 	 	 
	 	(2) 	
      the Redemption Price and the amount of accrued interest
      to the Redemption Date payable as provided in Section 11.06, if
  any,

	 	 	 
	 	(3) 	
      if less than all the Outstanding Securities of any series
      are to be redeemed, the identification (and, in the case of partial
      redemption, the principal amounts) of the particular Securities to be
      redeemed,

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

	 	 	 
	 	(5) 	
      that on the Redemption Date, the Redemption Price and
      accrued interest (if any) to the Redemption Date payable as provided in
      Section 11.06 will become due and payable upon each such Security, or the
      portion thereof, to be redeemed and, if applicable, that interest thereon
      will cease to accrue on and after said date,

69 

	 	(6) 	
      the Place or Places of Payment where such Securities,
      together in the case of Bearer Securities with all coupons appertaining
      thereto, if any, maturing after the Redemption Date, are to be surrendered
      for payment of the Redemption Price and accrued interest (if
  any),

	 	 	 
	 	(7) 	
      that the redemption is for a sinking fund, if such is the
      case,

	 	 	 
	 	(8) 	
      that, unless otherwise specified in such notice, Bearer
      Securities of any series, if any, surrendered for redemption must be
      accompanied by all coupons maturing subsequent to the Redemption Date or
      the amount of any such missing coupon or coupons will be deducted from the
      Redemption Price unless security or indemnity satisfactory to the Company,
      the Trustees and any Paying Agent is furnished, and

	 	 	 
	 	(9) 	
      if Bearer Securities of any series are to be redeemed and
      any Registered Securities of such series are not to be redeemed, and if
      such Bearer Securities may be exchanged for Registered Securities not
      subject to redemption on such Redemption Date pursuant to Section 3.05 or
      otherwise, the last date, as determined by the Company, on which such
      exchanges may be made.

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

	SECTION 11.05 	Deposit of Redemption Price.
  

Prior to any Redemption Date, the
Company shall deposit with a Trustee or with a Paying Agent (or, if the Company
is acting as its own Paying Agent, segregate and hold in trust as provided in
Section 10.03) an amount of money in the Currency in which the Securities of
such series are payable (except as otherwise specified pursuant to Section 3.01
for the Securities of such series and except, if applicable, as provided in
Sections 3.12(b), 3.12(d) and 3.12(e)) sufficient to pay the Redemption Price
of, and accrued interest (if any) on, all the Securities which are to be
redeemed on that date. 

	SECTION 11.06 	Securities Payable on Redemption Date.
    

Notice of redemption having been
given as aforesaid, the Securities so to be redeemed shall, on the Redemption
Date, become due and payable at the Redemption Price therein specified in the
Currency in which the Securities of such series are payable (except as otherwise
specified pursuant to Section 3.01 for the Securities of such series and except,
if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) (together
with accrued interest (if any) to the Redemption Date), and from and after such
date (unless the Company shall default in the payment of the Redemption Price
and accrued interest (if any)) such Securities shall, if the same were
interest-bearing, cease to bear interest and the coupons for such interest
appertaining to any Bearer Securities so to be redeemed, except to the extent
provided below, shall be void. Upon surrender of any such Security for
redemption in accordance with said notice, together with all coupons, if any,
appertaining thereto maturing after the Redemption Date, such Security shall be
paid by the Company at the Redemption Price, together with accrued interest (if
any), to the Redemption Date; provided, however, that installments of
interest on Bearer Securities whose Stated Maturity is on or prior to the
Redemption Date shall be payable only at an office or agency located outside the
United States (except as otherwise provided in Section 10.02) and, unless
otherwise specified as contemplated by Section 3.01, only upon presentation and
surrender of coupons for such interest; provided further that
installments of interest on Registered Securities whose Stated Maturity is on or
prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the
relevant record dates according to their terms and the provisions of Section
3.07. 

70 

If any Bearer Security
  surrendered for redemption shall not be accompanied by all appurtenant coupons
  maturing after the Redemption Date, such Security may be paid after deducting
  from the Redemption Price an amount equal to the face amount of all such missing
  coupons, or the surrender of such missing coupon or coupons may be waived by the
  Company and the Trustees if there be furnished to them such security or
  indemnity as they may require to save each of them and any Paying Agent
  harmless. If thereafter the Holder of such Security shall surrender to the
  Trustees or any Paying Agent any such missing coupon in respect of which a
  deduction shall have been made from the Redemption Price, such Holder shall be
  entitled to receive the amount so deducted; provided, however, that
  interest represented by coupons shall be payable only at an office or agency
  located outside the United States (except as otherwise provided in Section
  10.02) and, unless otherwise specified as contemplated by Section 3.01, only
upon presentation and surrender of those coupons. 

If any Security called for
redemption shall not be so paid upon surrender thereof for redemption, the
principal and premium (if any) shall, until paid, bear interest from the
Redemption Date at the rate of interest or Yield to Maturity (in the case of
Original Issue Discount Securities) set forth in such Security. 

	SECTION 11.07 	Securities Redeemed in Part.
  

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

ARTICLE TWELVE 
SINKING FUNDS 

	SECTION 12.01 	Applicability of Article.

Retirements of Securities of any
series pursuant to any sinking fund shall be made in accordance with the terms
of such Securities and (except as otherwise specified as contemplated by Section
3.01 for Securities of any series) in accordance with this Article Twelve. 

The minimum amount of any sinking
fund payment provided for by the terms of Securities of any series is herein
referred to as a “mandatory sinking fund payment,” and any payment in
excess of such minimum amount provided for by the terms of Securities of any
series is herein referred to as an “optional sinking fund payment”. If
provided for by the terms of Securities of any series, the cash amount of any
mandatory sinking fund payment may be subject to reduction as provided in
Section 12.02. Each sinking fund payment shall be applied to the redemption of
Securities of any series as provided for by the terms of Securities of such
series. 

	SECTION 12.02 	Satisfaction of Sinking Fund Payments with
      Securities. 

Subject to Section 12.03, in lieu
of making all or any part of any mandatory sinking fund payment with respect to
any Securities of a series in cash, the Company may at its option (1) deliver to
the Trustees Outstanding Securities of a such series (other than any
previously called for redemption) theretofore purchased or otherwise acquired by
the Company together in the case of any Bearer Securities of such series with
all un-matured coupons appertaining thereto, and/or (2) receive credit for the
principal amount of Securities of such series which have been previously
delivered to the Trustees by the Company or redeemed either at the election of
the Company pursuant to the terms of such Securities or through the application
of permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any mandatory
sinking fund payment with respect to the Securities of the same series required
to be made pursuant to the terms of such Securities as provided for by the terms
of such series; provided, however, that such Securities have not been
previously so credited. Such Securities shall be received and credited for such
purpose by the Trustees at the Redemption Price specified in such Securities for
redemption through operation of the sinking fund and the amount of such
mandatory sinking fund payment shall be reduced accordingly. 

71 

	SECTION 12.03 	Redemption of Securities for Sinking
Fund. 

Not less than 60 days prior to
each sinking fund payment date for any series of Securities, the Company will
deliver to the Trustees an Officer’s Certificate specifying the amount of the
next ensuing 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
in the Currency in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 3.01 for the Securities of such series
and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e))
and the portion thereof, if any, which is to be satisfied by delivering or
crediting Securities of that series pursuant to Section 12.02 (which Securities
will, if not previously delivered, accompany such certificate) and whether the
Company intends to exercise its right to make a permitted optional sinking fund
payment with respect to such series. 

Such certificate shall be
irrevocable and upon its delivery the Company shall be obligated to make the
cash payment or payments therein referred to, if any, on or before the next
succeeding sinking fund payment date. In the case of the failure of the Company
to deliver such certificate, the sinking fund payment due on the next succeeding
sinking fund payment date for that series shall be paid entirely in cash and
shall be sufficient to redeem the principal amount of such Securities subject to
a mandatory sinking fund payment without the option to deliver or credit
Securities as provided in Section 12.02 and without the right to make any
optional sinking fund payment, if any, with respect to such series. 

Not more than 60 days before each
such sinking fund payment date the Trustees shall select the Securities to be
redeemed upon such sinking fund payment date in the manner specified in Section
11.03 and cause notice of the redemption thereof to be given in the name of and
at the expense of the Company in the manner provided in Section 11.04. Such
notice having been duly given, the redemption of such Securities shall be made
upon the terms and in the manner stated in Sections 11.06 and 11.07. 

Prior to any sinking fund payment
date, the Company shall pay to the Trustees or a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 10.03) in cash a sum equal to any interest that will accrue
to the date fixed for redemption of Securities or portions thereof to be
redeemed on such sinking fund payment date pursuant to this 12.03 Section. 

Notwithstanding the foregoing,
with respect to a sinking fund for any series of Securities, if at any time the
amount of cash to be paid into such sinking fund on the next succeeding sinking
fund payment date, together with any unused balance of any preceding sinking
fund payment or payments for such series, does not exceed in the aggregate
$100,000, the Trustees, unless requested by the Company, shall not give the next
succeeding notice of the redemption of Securities of such series through the
operation of the sinking fund. Any such unused balance of moneys deposited in
such sinking fund shall be added to the sinking fund payment for such series to be made
in cash on the next succeeding sinking fund payment date or, at the request of
the Company, shall be applied at any time or from time to time to the purchase
of Securities of such series, by public or private purchase, in the open market
or otherwise, at a purchase price for such Securities (excluding accrued
interest and brokerage commissions, for which the Trustees or any Paying Agent
will be reimbursed by the Company) not in excess of the principal amount
thereof. 

72 

ARTICLE THIRTEEN 

REPAYMENT AT OPTION OF HOLDERS 

	SECTION 13.01 	Applicability of Article.

Repayment of Securities of any
series before their Stated Maturity at the option of Holders thereof shall be
made in accordance with the terms of such Securities and (except as otherwise
specified as contemplated by Section 3.01 for Securities of any series) in
accordance with this Article Thirteen. 

	SECTION 13.02 	Repayment of Securities.

Securities of any series subject
to repayment in whole or in part at the option of the Holders thereof will,
unless otherwise provided in the terms of such Securities, be repaid at a price
equal to the principal amount thereof, together with interest (if any) thereon
accrued to the Repayment Date specified in or pursuant to the terms of such
Securities. The Company covenants that, with respect to such Securities, on or
before the Repayment Date it will deposit with a Trustee or with a Paying Agent
(or, if the Company is acting as its own Paying Agent, segregate and hold in
trust as provided in Section 10.03) an amount of money in the Currency in which
the Securities of such series are payable (except as otherwise specified
pursuant to Section 3.01 for the Securities of such series and except, if
applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) sufficient to
pay the principal (or, if so provided by the terms of the Securities of any
series, a percentage of the principal) of and (except if the Repayment Date
shall be an Interest Payment Date) accrued interest (if any) on, all the
Securities or portions thereof, as the case may be, to be repaid on such date.

	SECTION 13.03 	Exercise of Option. 

Securities of any series subject
to repayment at the option of the Holders thereof will contain an “Option to
Elect Repayment” form on the reverse of such Securities. To be repaid at the
option of the Holder, any Security so providing for such repayment, with the
“Option to Elect Repayment” form on the reverse of such Security duly completed
by the Holder (or by the Holder’s attorney duly authorized in writing), must be
received by the Company at the Place of Payment therefor specified in the terms
of such Security (or at such other place or places which the Company shall from
time to time notify the Holders of such Securities) not earlier than 45 days nor
later than 30 days prior to the Repayment Date. If less than the entire
principal amount of such Security is to be repaid in accordance with the terms
of such Security, the principal amount of such Security to be repaid, in
increments of the minimum denomination for Securities of such series, and the
denomination or denominations of the Security or Securities to be issued to the
Holder for the portion of the principal amount of such Security surrendered that
is not to be repaid, must be specified. The principal amount of any Security
providing for repayment at the option of the Holder thereof may not be repaid in
part if, following such repayment, the unpaid principal amount of such Security
would be less than the minimum authorized denomination of Securities of the
series of which such Security to be repaid is a part. Except as otherwise may be
provided by the terms of any Security providing for repayment at the option of
the Holder thereof, exercise of the repayment option by the Holder shall be
irrevocable unless waived by the Company. 

73 

	SECTION 13.04 	When Securities Presented for Repayment
      Become Due and Payable. 

If Securities of any series
providing for repayment at the option of the Holders thereof shall have been
surrendered as provided in this Article Thirteen and as provided by or pursuant
to the terms of such Securities, such Securities or the portions thereof, as the
case may be, to be repaid shall become due and payable and shall be paid by the
Company on the Repayment Date therein specified, and on and after such Repayment
Date (unless the Company shall default in the payment of such Securities on such
Repayment Date) such Securities shall, if the same were interest- bearing, cease
to bear interest and the coupons for such interest appertaining to any Bearer
Securities so to be repaid, except to the extent provided below, shall be void.
Upon surrender of any such Security for repayment in accordance with such
provisions, together with all coupons, if any, appertaining thereto maturing
after the Repayment Date, the principal amount of such Security so to be repaid
shall be paid by the Company, together with accrued interest (if any) to the
Repayment Date; provided, however, that coupons whose Stated Maturity is
on or prior to the Repayment Date shall be payable only at an office or agency
located outside the United States (except as otherwise provided in Section
10.02) and, unless otherwise specified pursuant to Section 3.01, only upon
presentation and surrender of such coupons; provided further that, in the
case of Registered Securities, installments of interest (if any) whose Stated
Maturity is on or prior to the Repayment Date shall be payable to the Holders of
such Securities, or one or more Predecessor Securities, registered as such at
the close of business on the relevant Record Dates according to their terms and
the provisions of Section 3.07. 

If any Bearer Security
surrendered for repayment shall not be accompanied by all appurtenant coupons
maturing after the Repayment Date, such Security may be paid after deducting
from the amount payable therefor as provided in Section 13.02 an amount equal to
the face amount of all such missing coupons, or the surrender of such missing
coupon or coupons may be waived by the Company and the Trustees if there be
furnished to them such security or indemnity as they may require to save each of
them and any Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to the Trustees or any Paying Agent any such missing coupon in
respect of which a deduction shall have been made as provided in the preceding
sentence, such Holder shall be entitled to receive the amount so deducted;
provided, however, that interest represented by coupons shall be payable
only at an office or agency located outside the United States (except as
otherwise provided in Section 10.02) and, unless otherwise specified as
contemplated by Section 3.01, only upon presentation and surrender of those
coupons. 

If any Security surrendered for
repayment shall not be so repaid upon surrender thereof for repayment, the
principal amount and premium (if any) shall, until paid, bear interest from the
Repayment Date at the rate of interest or Yield to Maturity (in the case of
Original Issue Discount Securities) set forth in such Security. 

	SECTION 13.05 	Securities Repaid in Part.

Upon surrender of any Registered
Security which is to be repaid in part only, the Company shall execute and the
applicable Trustee shall authenticate and deliver to the Holder of such
Security, without service charge and at the expense of the Company, a new
Registered Security or Securities of the same series, of any authorized
denomination specified by the Holder, in an aggregate principal amount equal to
and in exchange for the portion of the principal of such Security so surrendered
which is not to be repaid. 

74 

ARTICLE FOURTEEN 
DEFEASANCE AND COVENANT
DEFEASANCE 

	SECTION 14.01 	Company’s Option to Effect Defeasance or
      Covenant Defeasance. 

Except as otherwise specified as
contemplated by Section 3.01 for Securities of any series, the provisions of
this Article Fourteen shall apply to each series of Securities, and the Company
may, at its option, effect defeasance of the Securities of or within a series
under Section 14.02, or covenant defeasance of or within a series under Section
14.03 in accordance with the terms of such Securities and in accordance with
this Article Fourteen. 

	SECTION 14.02 	Defeasance and Discharge.

Upon the Company’s exercise of
the above option applicable to this Section 14.02 with respect to any Securities
of or within a series, the Company shall be deemed to have been discharged from
its obligations with respect to such Securities and any related coupons on the
date the conditions set forth in Section 14.04 are satisfied (hereinafter,
“defeasance”). For this purpose, such defeasance means that the Company
shall be deemed to have paid and discharged the entire indebtedness represented
by such Securities and any related coupons, which shall thereafter be deemed to
be “Outstanding” only for the purposes of Section 14.05 and the other Sections
of this Indenture referred to in (A) and (B) below, and to have satisfied all of
its other obligations under such Securities and any related coupons and this
Indenture insofar as such Securities and any related coupons are concerned (and
the Trustees, at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following which shall survive until
otherwise terminated or discharged hereunder: (A) the rights of Holders of such
Securities and any related coupons to receive, solely from the trust fund
described in Section 14.04 and as more fully set forth in such Section, payments
in respect of the principal of, premium (if any) and interest (if any) on such
Securities and any related coupons when such payments are due, (B) the Company’s
obligations with respect to such Securities under Sections 3.05, 3.06, 10.02 and
10.03, (C) the rights, powers, trusts, duties and immunities of the Trustees
hereunder and (D) this Article Fourteen. Subject to compliance with this Article
Fourteen, the Company may exercise its option under this Section 14.02
notwithstanding the prior exercise of its option under Section 14.03 with
respect to such Securities and any related coupons. 

	SECTION 14.03 	Covenant Defeasance.

Upon the Company’s exercise of
the above option applicable to this Section 14.03 with respect to any Securities
of or within a series, the Company shall be released from its obligations under
Sections 10.05 and 10.06, and, if specified pursuant to Section 3.01, its
obligations under any other covenant, with respect to such Securities and any
related coupons on and after the date the conditions set forth in Section 14.04
are satisfied (hereinafter, “covenant defeasance”), and such Securities
and any related coupons shall thereafter be deemed not to be “Outstanding” for
the purposes of any direction, waiver, consent or declaration or Act of Holders
(and the consequences of any thereof) in connection with such covenants, but
shall continue to be deemed “Outstanding” for all other purposes hereunder. For
this purpose, such covenant defeasance means that, with respect to such
Securities and any related coupons, the Company may omit to comply with and
shall have no liability in respect of any term, condition or limitation set
forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of reference in any
such covenant to any other provision herein or in any other document and such
omission to comply shall not constitute a Default or an Event of Default under
clauses (4) or (7) of Section 5.01 or otherwise but, except as specified above,
the remainder of this Indenture and such Securities and any related coupons
shall be unaffected thereby. 

75 

	SECTION 14.04 	Conditions to Defeasance or Covenant
      Defeasance. 

The following shall be the
conditions to application of either Section 14.02 or Section 14.03 to any
Securities of or within a series and any related coupons: 

	 	(1) 	
      The Company shall irrevocably have deposited or caused to
      be deposited with either Trustee (or another trustee satisfying the
      requirements of Section 6.08 who shall agree to comply with the provisions
      of this Article Fourteen applicable to it) as trust funds in trust for the
      purpose of making the following payments, specifically pledged as security
      for, and dedicated solely to, the benefit of the Holders of such
      Securities and any related coupons, (A) an amount (in such Currency in
      which such Securities and any related coupons are then specified as
      payable at Stated Maturity), or (B) Government Obligations applicable to
      such Securities (determined on the basis of the Currency in which such
      Securities are then specified as payable at Stated Maturity) which through
      the scheduled payment of principal and interest in respect thereof in
      accordance with their terms will provide, not later than one day before
      the due date of any payment of principal of and premium (if any) and
      interest (if any) under such Securities and any related coupons, money in
      an amount, or (C) a combination thereof, sufficient, in the opinion of a
      nationally recognized firm of independent public accountants expressed in
      a written certification thereof delivered to the Trustees, to pay and
      discharge, and which shall be applied by the Trustees (or another trustee
      satisfying the requirements of Section 6.08 who shall agree to comply with
      the provisions of this Article Fourteen) to pay and discharge, (i) the
      principal of, premium (if any) and interest (if any) on such Securities
      and any related coupons on the Stated Maturity (or Redemption Date, if
      applicable) of such principal of, premium (if any) or installment of
      interest (if any), (ii) any mandatory sinking fund payments or analogous
      payments applicable to such Securities and any related coupons on the day
      on which such payments are due and payable in accordance with the terms of
      this Indenture and of such Securities and any related coupons, and (iii)
      all amounts due the Trustees under Section 6.07; provided that the
      Trustees shall have been irrevocably instructed to apply such money or the
      proceeds of such Government Obligations to said payments with respect to
      such Securities and any related coupons. Before such a deposit, the
      Company may give to the Trustees, in accordance with Section 11.02, a
      notice of its election to redeem all or any portion of such Securities at
      a future date in accordance with the terms of such Securities and Article
      Eleven hereof, which notice shall be irrevocable. Such irrevocable
      redemption notice, if given, shall be given effect in applying the
      foregoing.

	 	 	 
	 	(2) 	
      No Default or Event of Default with respect to such
      Securities or any related coupons shall have occurred and be continuing on
      the date of such deposit or, insofar as clauses (5) and (6) of Section
      5.01 are concerned, at any time during the period ending on the 91st day
      after the date of such deposit (it being understood that this condition
      shall not be deemed satisfied until the expiration of such
  period).

	 	 	 
	 	(3) 	
      Such defeasance or covenant defeasance shall not result
      in a breach or violation of, or constitute a Default or an Event of
      Default under, this Indenture or any default under any material agreement
      or instrument to which the Company is a party or by which it is
    bound.

	 	 	 
	 	(4) 	
      In the case of an election under Section 14.02, the
      Company shall have delivered to the Trustees an Opinion of Counsel in the
      United States stating that (x) the Company has received from, or there has
      been published by, the Internal Revenue Service a ruling,
  or (y) since the date of execution of this Indenture, there has
been a change in the applicable United States federal income tax law, in either
case to the effect that, and based thereon such opinion shall confirm that, the
Holders of such Securities and any related coupons will not recognize income,
gain or loss for United States federal income tax purposes as a result of such
defeasance and will be subject to United States federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if
such defeasance had not occurred. 

76 

	 	(5) 	
      In the case of an election under Section 14.03, the
      Company shall have delivered to the Trustees an Opinion of Counsel in the
      United States to the effect that the Holders of such Securities will not
      recognize income, gain or loss for United States federal income tax
      purposes as a result of such covenant defeasance and will be subject to
      United States federal income tax on the same amounts, in the same manner
      and at the same times as would have been the case if such covenant
  defeasance had not occurred.

	 	 	 
	 	(6) 	
      The Company shall have delivered to the Trustees an
      Opinion of Counsel in Canada or a ruling from the Canada Revenue Agency to
      the effect that the Holders of such Securities will not recognize income,
      gain or loss for Canadian federal, provincial or territorial income tax or
      other tax purposes as a result of such defeasance or covenant defeasance,
      as applicable, and will be subject to Canadian federal, provincial or
      territorial income tax and other tax on the same amounts, in the same
      manner and at the same times as would have been the case had such
      defeasance or covenant defeasance, as applicable, not occurred (and for
      the purposes of such opinion, such Canadian counsel shall assume that
      Holders of such Securities include Holders who are not resident in
      Canada).

	 	 	 
	 	(7) 	
      The Company is not an “insolvent person” within the
      meaning of the Bankruptcy and Insolvency Act (Canada) on the date of such
      deposit or at any time during the period ending on the 91st day after the
      date of such deposit (it being understood that this condition shall not be
      deemed satisfied until the expiration of such period).

	 	 	 
	 	(8) 	
      Notwithstanding any other provisions of this Section
      14.04, such defeasance or covenant defeasance shall be effected in
      compliance with any additional or substitute terms, conditions or
      limitations in connection therewith pursuant to Section 3.01.

	 	 	 
	 	(9) 	
      The Company shall have delivered to the Trustees an
      Officer’s Certificate and an Opinion of Counsel, each stating that all
      conditions precedent provided for, relating to either the defeasance under
      Section 14.02 or the covenant defeasance under Section 14.03 (as the case
may be), have been complied with.

	SECTION 14.05 	Deposited Money and Government Obligations
      to Be Held in Trust; Other Miscellaneous Provisions.
  

Subject to the provisions of the
last paragraph of Section 10.03, all money and Government Obligations (or other
property as may be provided pursuant to Section 3.01) (including the proceeds
thereof) deposited with a Trustee (or another trustee satisfying the
requirements of Section 6.08 who shall agree to comply with the provisions of
this Article Fourteen) pursuant to Section 14.04 in respect of such Securities
and any related coupons shall be held in trust and applied by such Trustee, in
accordance with the provisions of such Securities and any related coupons and
this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent), to the Holders of such
Securities and any related coupons of all sums due and to become due thereon in
respect of principal, premium (if any) and interest (if any) on such
Securities but such money need not be segregated from other funds except to the
extent required by law. 

77 

Unless otherwise specified with
  respect to any Security pursuant to Section 3.01, if, after a deposit referred
  to in Section 14.04(1) has been made, (a) the Holder of a Security in respect of
  which such deposit was made is entitled to, and does, elect pursuant to Section
  3.12(b) or the terms of such Security to receive payment in a Currency other
  than that in which the deposit pursuant to Section 14.04(1) has been made in
  respect of such Security, or (b) a Conversion Event occurs as contemplated in
  Section 3.12(d) or 3.12(e) or by the terms of any Security in respect of which
  the deposit pursuant to Section 14.04(1) has been made, the indebtedness
  represented by such Security and any related coupons shall be deemed to have
  been, and will be, fully discharged and satisfied through the payment of the
  principal of, premium (if any) and interest (if any) on such Security as they
  become due out of the proceeds yielded by converting (from time to time as
  specified below in the case of any such election) the amount or other property
  deposited in respect of such Security into the Currency in which such Security
  becomes payable as a result of such election or Conversion Event based on the
  applicable Market Exchange Rate for such Currency in effect on the third
  Business Day prior to each payment date, except, with respect to a Conversion
  Event, for such Currency in effect (as nearly as feasible) at the time of the
Conversion Event. 

The Company shall pay and
indemnify such Trustee against any tax, fee or other charge imposed on or
assessed against the Government Obligations deposited pursuant to Section 14.04
or the principal and interest received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of such
Securities and any related coupons. 

Anything in this Article Fourteen
to the contrary notwithstanding, such Trustee shall deliver or pay to the
Company from time to time upon Company Request any money or Government
Obligations (or other property and any proceeds therefrom) held by it as
provided in Section 14.04 which, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof
delivered to such Trustee, are in excess of the amount thereof which would then
be required to be deposited to effect an equivalent defeasance or covenant
defeasance, as applicable, in accordance with this Article Fourteen. 

	SECTION 14.06 	Reinstatement. 

If a Trustee or any Paying Agent
is unable to apply any money in accordance with Section 14.05 by reason of any
order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, then the Company’s obligations under
this Indenture and such Securities and any related coupons shall be revived and
reinstated as though no deposit had occurred pursuant to Section 14.02 or 14.03,
as the case may be, until such time as such Trustee or Paying Agent is permitted
to apply all such money in accordance with Section 14.05; provided,
however, that if the Company makes any payment of principal of, premium (if
any) or interest (if any) on any such Security or any related coupon following
the reinstatement of its obligations, the Company shall be subrogated to the
rights of the Holders of such Securities and any related coupons to receive such
payment from the money held by such Trustee or Paying Agent. 

78 

ARTICLE FIFTEEN 
MEETINGS OF HOLDERS OF SECURITIES

	SECTION 15.01 	Purposes for Which Meetings May Be
      Called. 

If Securities of a series are
issuable as Bearer Securities, a meeting of Holders of Securities of such series
may be called at any time and from time to time pursuant to this Article Fifteen
to make, give or take any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be made, given or
taken by Holders of Securities of such series. 

	SECTION 15.02 	Call, Notice and Place of Meetings.
  

	 	(1) 	
      The Trustees may at any time call a meeting of Holders of
      Securities of any series for any purpose specified in Section 15.01, to be
      held at such time and at such place in The City of New York, in Toronto or
      in London as the Trustees shall determine. Notice of every meeting of
      Holders of Securities of any series, setting forth the time and the place
      of such meeting and in general terms the action proposed to be taken at
      such meeting, shall be given, in the manner provided for in Section 1.07,
      not less than 21 nor more than 180 days prior to the date fixed for the
      meeting.

	 	 	 
	 	(2) 	
      In case at any time the Company, pursuant to a Board
      Resolution, or the Holders of at least 10% in principal amount of the
      Outstanding Securities of any series shall have requested the Trustees to
      call a meeting of the Holders of Securities of such series for any purpose
      specified in Section 15.01, by written request setting forth in reasonable
      detail the action proposed to be taken at the meeting, and the Trustees
      shall not have made the first publication of the notice of such meeting
      within 21 days after receipt of such request or shall not thereafter
      proceed to cause the meeting to be held as provided herein, then the
      Company or the Holders of Securities of such series in the amount above
      specified, as the case may be, may determine the time and the place in The
      City of New York, in Toronto or in London for such meeting and may call
      such meeting for such purposes by giving notice thereof as provided in
      paragraph (1) of this Section 15.02.

	SECTION 15.03 	Persons Entitled to Vote at Meetings.
  

To be entitled to vote at any
meeting of Holders of Securities of any series, a Person shall be (1) a Holder
of one or more Outstanding Securities of such series, or (2) a Person appointed
by an instrument in writing as proxy for a Holder or Holders of one or more
Outstanding Securities of such series by such Holder of Holders. The only
Persons who shall be entitled to be present or to speak at any meeting of
Holders of Securities of any series shall be the Persons entitled to vote at
such meeting and their counsel, any representatives of the Trustees and their
counsel and any representatives of the Company and its counsel. 

	SECTION 15.04 	Quorum; Action. 

The Persons entitled to vote a
majority in principal amount of the Outstanding Securities of a series shall
constitute a quorum for a meeting of Holders of Securities of such series;
provided, however, that, if any action is to be taken at such meeting
with respect to a consent or waiver which this Indenture expressly provides may
be given by the Holders of not less than a specified percentage in principal
amount of the Outstanding Securities of a series, the Persons entitled to vote
such specified percentage in principal amount of the Outstanding Securities of
such series shall constitute a quorum. In the absence of a quorum within 30
minutes of the time appointed for any such meeting, the meeting shall, if
convened at the request of Holders of Securities of such series, be
dissolved. In any other case the meeting may be adjourned for a period of not
less than 10 days as determined by the chair of the meeting prior to the
adjournment of such meeting. In the absence of a quorum at any such adjourned
meeting, such adjourned meeting may be further adjourned for a period of not
less than 10 days as determined by the chair of the meeting prior to the
adjournment of such adjourned meeting. Notice of the reconvening of any
adjourned meeting shall be given as provided in Section 15.02(a), except that
such notice need be given only once not less than five days prior to the date on
which the meeting is scheduled to be reconvened. Notice of the reconvening of
any adjourned meeting shall state expressly the percentage, as provided above,
of the principal amount of the Outstanding Securities of such series which shall
constitute a quorum. 

79 

Subject to the foregoing, at the
  reconvening of any meeting adjourned for lack of a quorum the Persons entitled
  to vote 25% in principal amount of the Outstanding Securities at the time shall
  constitute a quorum for the taking of any action set forth in the notice of the
original meeting. 

Except as limited by the proviso
to Section 9.02, any resolution presented to a meeting or adjourned meeting duly
reconvened at which a quorum is present as aforesaid may be adopted by the
affirmative vote of the Holders of not less than a majority in principal amount
of the Outstanding Securities of such series who have casted their votes;
provided, however, that, except as limited by the proviso to Section
9.02, any resolution with respect to any request, demand, authorization,
direction, notice, consent, waiver or other action which this Indenture
expressly provides may be made, given or taken by the Holders of a specified
percentage, which is less than a majority, in principal amount of the
Outstanding Securities of a series may be adopted at a meeting or an adjourned
meeting duly reconvened and at which a quorum is present as aforesaid by the
affirmative vote of the Holders of not less than such specified percentage in
principal amount of the Outstanding Securities of such series. 

Any resolution passed or decision
taken at any meeting of Holders of Securities of any series duly held in
accordance with this Section 15.04 shall be binding on all the Holders of
Securities of such series and the related coupons, whether or not present or
represented at the meeting. 

Notwithstanding the foregoing
provisions of this Section 15.04, if any action is to be taken at a meeting of
Holders of Securities of any series with respect to any request, demand,
authorization, direction, notice, consent, waiver or other action that this
Indenture expressly provides may be made, given or taken by the Holders of a
specified percentage in principal amount of all Outstanding Securities affected
thereby, or of the Holders of such series and one or more additional series:

	 	(i) 	
      there shall be no minimum quorum requirement for such
      meeting; and

	 	 	 
	 	(ii) 	
      the principal amount of the Outstanding Securities of
      such series that vote in favor of such request, demand, authorization,
      direction, notice, consent, waiver or other action shall be taken into
      account in determining whether such request, demand, authorization,
      direction, notice, consent, waiver or other action has been made, given or
      taken under this Indenture.

	SECTION 15.05 	Determination of Voting Rights; Conduct and
      Adjournment of Meetings. 

	 	(1) 	
      Notwithstanding any provisions of this Indenture, the
      Trustees may make such reasonable regulations as they may deem advisable
      for any meeting of Holders of Securities of a series in regard to proof of
      the holding of Securities of such series and of the appointment of proxies
      and in regard to the appointment and duties of inspectors of votes, the
      submission and examination of proxies, certificates and other evidence of
      the right to vote, and such other matters concerning the conduct of the
      meeting as they shall deem appropriate. Except as otherwise permitted or required by any
such regulations, the holding of Securities shall be proved in the manner
specified in Section 1.05 and the appointment of any proxy shall be proved in
the manner specified in Section 1.05 or by having the signature of the person
executing the proxy witnessed or guaranteed by any trust company, bank or banker
authorized by Section 1.05 to certify to the holding of Bearer Securities. Such
regulations may provide that written instruments appointing proxies, regular on
their face, may be presumed valid and genuine without the proof specified in
Section 1.05 or other proof. 

80 

	 	(2) 	
      The Trustees shall, by an instrument in writing appoint a
      temporary chair of the meeting, unless the meeting shall have been called
      by the Company or by Holders of Securities as provided in Section
      15.02(b), in which case the Company or the Holders of Securities of the
      series calling the meeting, as the case may be, shall in like manner
      appoint a temporary chair. A permanent chair and a permanent secretary of
      the meeting shall be elected by vote of the Persons entitled to vote a
      majority in principal amount of the Outstanding Securities of such series
  represented at the meeting.

	 	 	 
	 	(3) 	
      At any meeting each Holder of a Security of such series
      or proxy shall be entitled to one vote for each $1,000 principal amount of
      Outstanding Securities of such series held or represented by him
      (determined as specified in the definition of “Outstanding” in Section
      1.01); provided, however, that no vote shall be cast or counted at
      any meeting in respect of any Security challenged as not Outstanding and
      ruled by the chair of the meeting to be not Outstanding. The chair of the
      meeting shall have no right to vote, except as a Holder of a Security of
      such series or a proxy.

	 	 	 
	 	(4) 	
      Any meeting of Holders of Securities of any series duly
      called pursuant to Section 15.02 at which a quorum is present may be
      adjourned from time to time by Persons entitled to vote a majority in
      principal amount of the Outstanding Securities of such series represented
      at the meeting; and the meeting may be held as so adjourned without
further notice.

	SECTION 15.06 	Counting Votes and Recording Action of
      Meetings. 

The vote upon any resolution
submitted to any meeting of Holders of Securities of any series shall be by
written ballots on which shall be subscribed the signatures of the Holders of
Securities of such series or of their representatives by proxy and the principal
amounts and serial numbers, if any, of the Outstanding Securities of such series
held or represented by them. The permanent chair of the meeting shall appoint
two inspectors of votes who shall count all votes cast at the meeting for or
against any resolution and who shall make and file with the secretary of the
meeting their verified written reports in duplicate of all votes cast at the
meeting. A record, at least in duplicate, of the proceedings of each meeting of
Holders of Securities of any series shall be prepared by the secretary of the
meeting and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one or
more persons having knowledge of the facts setting forth a copy of the notice of
the meeting and showing that said notice was given as provided in Section 15.02
and, if applicable, Section 15.04. Each copy shall be signed and verified by the
affidavits of the permanent chair and secretary of the meeting and one such copy
shall be delivered to the Company, and another to the Trustees to be preserved
by the Trustees, the latter to have attached thereto the ballots voted at the
meeting. Any record so signed and verified shall be conclusive evidence of the
matters therein stated. 

81 

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

	ENERGY FUELS INC. 
	  	  
	  	  
	By: 	 
    
	Name: 	 
    
	Title: 	 
    
	  	  
	  	  
	,

	as U.S. Trustee 
	  	  
	  	  
	By: 	 
    
	Name: 	 
    
	Title: 	 
    
	  	  
	  	  
	By: 	 
    
	Name: 	 
    
	Title: 	 
    
	  	  
	  	  
	,

	as Canadian Trustee 
	  	  
	  	  
	By: 	 
    
	Name: 	 
    
	Title: 	Authorized Signing Officer 
	  	  
	  	  
	By: 	 
    
	Name: 	 
    
	Title: 	Authorized Signing Officer

82 

EXHIBIT A-1 

FORM OF CERTIFICATE TO BE GIVEN BY 
PERSON ENTITLED TO
RECEIVE BEARER SECURITY 
OR TO OBTAIN INTEREST PAYABLE PRIOR 
TO THE
EXCHANGE DATE 

CERTIFICATE 

ENERGY FUELS INC. 
_____% Notes due _________________

This is to certify that as of the
date hereof, and except as set forth below, the above-captioned Securities held
by you for our account (i) are owned by any person(s) that is not a citizen or
resident of the United States; a corporation or partnership (including any
entity treated as a corporation or partnership for United States federal income
tax purposes) created or organized in or under the laws of the United States,
any state thereof or the District of Columbia unless, in the case of a
partnership, United States Treasury Regulations provide otherwise; any estate
whose income is subject to United States federal income tax regardless of its
source; or a trust if (A) a United States court can exercise primary supervision
over the trust’s administration and one or more United States persons are
authorized to control all substantial decisions of the trust or (B) it was in
existence on August 20, 1996 and has a valid election in effect under applicable
United States Treasury Regulations to be treated as a United States person
(“United States persons(s)”), (ii) are owned by United States person(s) that are
(a) foreign branches of United States financial institutions (financial
institutions, as defined in United States. United States Treasury Regulation
Section 1.165 -12(c)(1)(v) are herein referred to as “financial institutions”)
purchasing for their own account or for resale, or (b) United States person(s)
who acquired the Securities through foreign branches of United States financial
institutions and who hold the Securities through such United States financial
institutions on the date hereof (and in either case (a) or (b), each such United
States financial institution hereby agrees, on its own behalf or through its
agent, that you may advise Energy Fuels Inc. or its agent that such financial
institution will comply with the requirements of Section 165(j)(3)(A), (B) or
(C) of the United States Internal Revenue Code of 1986, as amended, and the
regulations thereunder), or (iii) are owned by United States or foreign
financial institution(s) for purposes of resale during the restricted period (as
defined in United States Treasury Regulation Section 1.163 -5(c)(2)(i)(D)(7)),
and, in addition, if the owner is a United States or foreign financial
institution described in clause (iii) above (whether or not also described in
clause (i) or (ii)), this is to further certify that such financial institution
has not acquired the Securities for purposes of resale directly or indirectly to
a United States person or to a person within the United States or its
possessions. 

As used herein, “United States”
means the United States of America (including the states and the District of
Columbia); and its “possessions” include Puerto Rico, the U.S. Virgin Islands,
Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

We undertake to advise you
promptly in writing on or prior to the date on which you intend to submit your
certification relating to the above-captioned Securities held by you for our
account in accordance with your operating procedures if any applicable statement
herein is not correct on such date, and in the absence of any such notification
it may be assumed that this certification applies as of such date. 

This certificate excepts and does
not relate to U.S. $__________of such interest in the above-captioned Securities
in respect of which we are not able to certify and as to which we understand an
exchange for an interest in a permanent global security or an
exchange for and delivery of definitive Securities (or, if relevant, collection
of any interest) cannot be made until we do so certify. 

A-1-1 

We understand that this
  certificate may be required in connection with certain tax legislation in the
  United States. If administrative or legal proceedings are commenced or
  threatened in connection with which this certificate is or would be relevant, we
  irrevocably authorize you to produce this certificate or a copy thereof to any
interested party in such proceedings. 

Dated:__________________
[To be dated no earlier than the
15th day prior to 
(i) the Exchange Date or (ii) the relevant
Interest
Payment Date occurring prior to the Exchange 
Date, as
applicable] 

	[Name of Person Making Certification] 
	 	  
	 	  
	By: 	
	Name: 	
	Title: 	

A-1-2 

EXHIBIT A-2 

FORM OF CERTIFICATE TO BE GIVEN BY THE DEPOSITARY 
IN
CONNECTION WITH THE EXCHANGE OF A PORTION OF A 
TEMPORARY GLOBAL SECURITY OR
TO OBTAIN INTEREST 
PAYABLE PRIOR TO THE EXCHANGE DATE 

CERTIFICATE 

ENERGY FUELS INC. 
_____% Notes due _________________

This is to certify that based
solely on written certifications that we have received in writing or by
electronic transmission from each of the persons appearing in our records as
persons entitled to a portion of the principal amount set forth below (our
“Member Organizations”) substantially in the form attached hereto, as of the
date hereof, U.S. $__________principal amount of the above-captioned Securities
(i) is owned by any person(s) that is not a citizen or resident of the United
States; a corporation or partnership (including any entity treated as a
corporation or partnership for United States federal income tax purposes)
created or organized in or under the laws of the United States, any state
thereof or the District of Columbia unless, in the case of a partnership, United
States Treasury Regulations provide otherwise; any estate whose income is
subject to United States federal income tax regardless of its source; or a trust
if (A) a United States court can exercise primary supervision over the trust’s
administration and one or more United States persons are authorized to control
all substantial decisions of the trust or (B) it was in existence on August 20,
1996 and has a valid election in effect under applicable United States Treasury
Regulations to be treated as a United States person (“United States person(s)”),
(ii) is owned by United States person(s) that are (a) foreign branches of United
States financial institutions (financial institutions, as defined in United
States Treasury Regulation Section 1.165 -12(c)(1)(v) are herein referred to as
“financial institutions”) purchasing for their own account or for resale, or (b)
United States person(s) who acquired the Securities through foreign branches of
United States financial institutions and who hold the Securities through such
United States financial institutions on the date hereof (and in either case (a)
or (b), each such financial institution has agreed, on its own behalf or through
its agent, that we may advise Energy Fuels Inc. or its agent that such financial
institution will comply with the requirements of Section 165(j)(3)(A), (B) or
(C) of the Internal Revenue Code of 1986, as amended, and the regulations
thereunder), or (iii) is owned by United States or foreign financial
institution(s) for purposes of resale during the restricted period (as defined
in United States Treasury Regulation Section 1.163 -5(c)(2)(i)(D)(7)) and, to
the further effect, that financial institutions described in clause (iii) above
(whether or not also described in clause (i) or (ii)) have certified that they
have not acquired the Securities for purposes of resale directly or indirectly
to a United States person or to a person within the United States or its
possessions. 

As used herein, “United States”
means the United States of America (including the states and the District of
Columbia); and its “possessions” include Puerto Rico, the U.S. Virgin Islands,
Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

We further certify that (i) we
are not making available herewith for exchange (or, if relevant, collection of
any interest) any portion of the temporary global Security representing the
above-captioned Securities excepted in the above-referenced certificates of
Member Organizations and (ii) as of the date hereof we have not received any
notification from any of our Member Organizations to the effect that the
statements made by such Member Organizations with respect to any portion of the
part submitted herewith for exchange (or, if relevant, collection of any
interest) are no longer true and cannot be relied upon as of the date hereof.

A-2-1 

We understand that this
certification is required in connection with certain tax legislation in the
United States. If administrative or legal proceedings are commenced or
threatened in connection with which this certificate is or would be relevant, we
irrevocably authorize you to produce this certificate or a copy thereof to any
interested party in such proceedings. 

Dated:_____________
[To be dated no earlier than the 15th
day prior to 
(i) the Exchange Date or (ii) the relevant Interest 
Payment
Date occurring prior to the Exchange
 Date, as applicable] 

	[INSERT NAME OF DEPOSITARY] 
	 	  
	 	  
	By: 	
	Name: 	
	Title: 	

A-2-2lmfa-ex41_10.htm

 

Exhibit 4.1

COMMON STOCK PURCHASE WARRANT

LM FUNDING AMERICA, INC.

 

	
 
	
 
	
 

	
Warrant Shares: []
	
 
	
Initial Exercise Date: [__], 2018

THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received,  or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on November 1, 2023 (the “Termination Date”) but not thereafter, to subscribe for and purchase from LM Funding America, Inc., a Delaware corporation (the “Company”), up to  shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

Section 1.    Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

“Bid Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close. 

“Commission” means the United States Securities and Exchange Commission. 

“Common Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed. 

“Common Stock Equivalents” means any securities of the Company or its subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock. 

“Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock.

			
	
 
	
-1-
	
 

	
 
	
 
	
 

 

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Registration Statement” means the Company’s registration statement on Form S-1 (File No. 333-227203). 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Trading Day” means a day on which the Common Stock is traded on a Trading Market. 

“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing. 

“Transfer Agent” means VStock Transfer, LLC, the current transfer agent of the Company, with a mailing address of 18 Lafayette Place, Woodmere, New York 11598, and any successor transfer agent of the Company. 

 “VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. 

“Warrants” means this Warrant and other Common Stock Purchase Warrants issued by the Company pursuant to the Registration Statement. 

Section 2.    Exercise.

a)    Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of 

			
	
 
	
-2-
	
 

	
 
	
 
	
 

 

 

Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

b)    Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $2.40, subject to adjustment hereunder (the “Exercise Price”).

c)    Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

A = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

B = the Exercise Price of this Warrant, as adjusted hereunder; and

 

X = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

 

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c).

 

d)    Mechanics of Exercise.

i.    Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository 

			
	
 
	
-3-
	
 

	
 
	
 
	
 

 

 

Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth (5th) Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

ii.    Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

iii.    Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

iv.    Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which 

			
	
 
	
-4-
	
 

	
 
	
 
	
 

 

 

such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

v.    No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

vi.    Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

vii.    Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

 

	
 
	

	
e)    Holder’s Exercise Limitations.    The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being 

			
	
 
	
-5-
	
 

	
 
	
 
	
 

 

 

	
 
		
acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two (2) Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be [4.99%/9.99%] of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

Section 3.    Certain Adjustments.

a)    Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

			
	
 
	
-6-
	
 

	
 
	
 
	
 

 

 

b)    Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

c)    Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, that to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

d)    Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the 

			
	
 
	
-7-
	
 

	
 
	
 
	
 

 

 

option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

e) Adjustment Upon Issuance of Shares of Common Stock.  If, at any time while this Warrant is outstanding (the “Adjustment Period”), the Company issues or sells, or in accordance with this Section 3(e) is deemed to have issued or sold, any shares of Common Stock (excluding any Excluded Securities (as defined below) issued or sold or deemed to have been issued or sold) for a consideration per share (the “New Issuance Price”) less than a price equal to the Exercise Price in effect immediately prior to such issue or sale or deemed issuance or sale (such Exercise Price then in effect is referred to as the “Applicable Price”) (the foregoing a “Dilutive Issuance”), then immediately after such Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount equal to the New Issuance Price.  “Excluded Securities” means any issuance of Common Stock, Options and/or Convertible Securities (i) reserved for issuance under the Company’s equity incentive plans or issued to employees, consultants or service providers as compensation or consideration in the ordinary course of business, (ii) issued pursuant to agreements, Options, Convertible Securities or Adjustment Rights (as defined below) existing as of the date hereof, provided that such agreements, Options, Convertible Securities or Adjustment Rights have not been amended since the initial issuance date of this Warrant to increase the number of such securities or decrease the exercise price, exchange price or conversion price of such securities, (iii) issued pursuant to acquisitions (whether by merger, consolidation, purchase of equity, purchase of assets, reorganization or otherwise), mergers, consolidations, reorganizations or strategic transactions approved by a majority of the disinterested directors of the Company, provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business complementary with the business of the Company and shall provide to the 

			
	
 
	
-8-
	
 

	
 
	
 
	
 

 

 

Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities, or (iv) to which the Holder consents in writing. “Adjustment Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance or sale (or deemed issuance or sale in accordance with this Section 3(e)) of Common Stock (other than rights of the type described in Sections 3(a) through (d)) that could result in a decrease in the net consideration received by the Company in connection with, or with respect to, such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights). For all purposes of the foregoing, the following shall be applicable:

i.Issuance of Options. If, during the Adjustment Period, the Company in any manner grants or sells any Options and the lowest price per share for which one share of Common Stock is issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option (such shares of Common Stock issuable upon such exercise of any Option or upon conversion, exercise or exchange of any Convertible Securities, the “Convertible Securities Shares”) is less than the Applicable Price, then such Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting or sale of such Option for such price per share. For purposes of this Section 3(e)(i), the “lowest price per share for which one share of Common Stock is issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option” shall be equal to (A) the sum of (1) the lowest amount of consideration (if any) received or receivable by the Company with respect to any one Convertible Securities Share upon the granting or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option and (2) the lowest exercise price set forth in such Option for which one Convertible Securities Share is issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option, minus (B) the sum of all amounts paid or payable to the holder of such Option (or any other Person), with respect to any one Convertible Securities Share, upon the granting or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Option (or any other Person), with respect to any one Convertible Securities Share. Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such Convertible Securities Share or of such Convertible Securities upon the exercise of such Options or upon the actual issuance of such Convertible Securities Share upon conversion, exercise or exchange of such Convertible Securities.

ii.Issuance of Convertible Securities. If, during the Adjustment Period, the Company in any manner issues or sells any Convertible Securities (other than Excluded Securities) and the lowest price per share for which one Convertible Securities Share is issuable upon the conversion, exercise or exchange thereof is less than the Applicable Price, then such Convertible Securities Share shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale of such Convertible Securities for such price per share.  For the purposes of this Section 3(e)(ii), the “lowest price per share for which one Convertible Securities Share is issuable upon the conversion, exercise or exchange thereof” shall be equal to (A) the sum of (1) the lowest amount of consideration (if any) received or receivable by the Company with respect to one Convertible Securities Share upon the issuance or sale of the Convertible Security and upon conversion, exercise or exchange of such Convertible Security and (2) the lowest conversion price set forth in such Convertible Security for which one Convertible Securities Share is issuable upon conversion, exercise or exchange thereof, minus (B) the sum of all amounts paid or payable to the holder of such Convertible Security (or any other Person), with respect to any one Convertible Securities Share, upon the issuance or sale of such Convertible 

			
	
 
	
-9-
	
 

	
 
	
 
	
 

 

 

Security plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Convertible Security (or any other Person), with respect to any one Convertible Securities Share. Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such Convertible Securities Share upon conversion, exercise or exchange of such Convertible Securities, and if any such issue or sale of such Convertible Securities is made upon exercise of any Options for which adjustment of the Exercise Price has been or is to be made pursuant to other provisions of this Section 3(e), except as contemplated below, no further adjustment of the Exercise Price shall be made by reason of such issue or sale.

iii.Change in Option Price or Rate of Conversion. If, during the Adjustment Period, the purchase or exercise price provided for in any Options, the additional consideration, if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at which any Convertible Securities are convertible into or exercisable or exchangeable for shares of Common Stock increases or decreases at any time, the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price which would have been in effect at such time had such Options or Convertible Securities provided for such increased or decreased purchase price, additional consideration or increased or decreased conversion rate, as the case may be, at the time initially granted, issued or sold. For purposes of this Section 3(e)(iii), if the terms of any Option or Convertible Security that was outstanding as of the date of issuance of this Warrant are increased or decreased in the manner described in the immediately preceding sentence, then such Option or Convertible Security and the Convertible Securities Shares deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such increase or decrease. No adjustment pursuant to this Section 3(e) shall be made if such adjustment would result in an increase of the Exercise Price then in effect.

iv.Calculation of Consideration Received. If any Option or Convertible Security is issued in connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (the “Primary Security”, and such Option or Convertible Security, the “Secondary Securities” and together with the Primary Security, each a “Unit”), together comprising one integrated transaction, the aggregate consideration per share of Common Stock with respect to such Primary Security shall be deemed to be the lowest of (x) the purchase price of such Unit, (y) if such Primary Security is an Option and/or Convertible Security, the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise or conversion of the Primary Security in accordance with Section 3(e)(i) or 3(e)(ii) above and (z) the lowest VWAP of the Common Stock on any Trading Day during the five Trading Day period immediately following the public announcement of such Dilutive Issuance (for the avoidance of doubt, if such public announcement is released prior to the opening of the Principal Market on a Trading Day, such Trading Day shall be the first Trading Day in such five Trading Day period). If any shares of Common Stock, Options or Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount of cash received by the Company therefor. If any shares of Common Stock, Options or Convertible Securities are issued or sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in which case the amount of consideration received by the Company for such securities will be the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Convertible Securities are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be the fair market value of such portion of the net assets and business of the non-surviving entity as is attributable to such shares of Common Stock, Options or Convertible Securities (as the case may be). The fair market value of any consideration other than cash or publicly traded securities will be determined jointly by the 

			
	
 
	
-10-
	
 

	
 
	
 
	
 

 

 

Company and the Holder. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”), the fair market value of such consideration will be determined within five (5) Trading Days after the tenth (10th) day following such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne by the Company.

v.Record Date. If, during the Adjustment Period, the Company takes a record of the holders of the Common Stock for the purpose of entitling them (A) to receive a dividend or other distribution payable in Common Stock, Options or in Convertible Securities or (B) to subscribe for or purchase shares of Common Stock, Options or Convertible Securities, then such record date will be deemed to be the date of the issue or sale of shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase (as the case may be).

vi.  No Adjustment to Warrant Shares.  For the avoidance of doubt, in no event shall the operation of this Section 3(e) result in any adjustment to the number of Warrant Shares hereunder.

f)    Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

g)    Notice to Holder.

i.    Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

ii.    Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least twenty (20) calendar days prior to the applicable record or effective date hereinafter specified, a notice (unless such information is filed with the Commission, in which case a notice shall not be required) stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their 

			
	
 
	
-11-
	
 

	
 
	
 
	
 

 

 

shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of its subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

Section 4.    Transfer of Warrant.

a)    Transferability. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b)    New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

c)    Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

Section 5.    Miscellaneous.

a)    No Rights as Stockholder Until Exercise; No Settlement in Cash.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.  Without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise,” and to receive the cash payments contemplated pursuant to Sections 2(d)(i) and 2(d)(iv), in no event will the Company be required to net cash settle a Warrant exercise.

b)    Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include 

			
	
 
	
-12-
	
 

	
 
	
 
	
 

 

 

the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

c)    Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

d)    Authorized Shares.

    The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

e)    Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of 

			
	
 
	
-13-
	
 

	
 
	
 
	
 

 

 

any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict the federal district court in which a Holder may bring a claim under the federal securities laws.

f)    Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g)    Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

h)    Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at 302 Knights Run Avenue, Suite 1000, Tampa, Florida 33602, Attention: Rick Russell, facsimile number: 813-221-7909, email address: rrussell@lmfunding.com, or such other facsimile number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.  To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of its subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

i)    Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

j)    Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. 

			
	
 
	
-14-
	
 

	
 
	
 
	
 

 

 

The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

k)    Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

l)    Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

m)    Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

n)    Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

********************

(Signature Page Follows)

 

 

 

 

 

 

 

 

 

			
	
 
	
-15-
	
 

	
 
	
 
	
 

 

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

 

	
 
	
 
	
 

	
LM FUNDING AMERICA, INC.

	
 

 
	
 

	
By:
	
 
	
 

	
Name: Bruce M. Rodgers

Title:   Chief Executive Officer
	

 

 

[Signature Page to Common Stock Warrant]

 

NOTICE OF EXERCISE

TO:    LM FUNDING AMERICA, INC.

(1) The undersigned hereby elects to purchase                      Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

(2) Payment shall take the form of (check applicable box):

☐ in lawful money of the United States; or

☐ if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

 

The Warrant Shares shall be delivered to the following DWAC Account Number:

 

 

 

 

 

 

[SIGNATURE OF HOLDER]

Name of Investing Entity:                                                                                                                                                 

Signature of Authorized Signatory of Investing Entity:                                                                                                    

Name of Authorized Signatory:                                                                                                                                                                          

Title of Authorized Signatory:                                                                                                                                                                         

Date:                                                                                                                                                                                  

 

			
	
 
	
-17-
	
 

	
 
	
 
	
 

 

ASSIGNMENT FORM

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	
 
	
 
	
 
	
 
	
 

	
Name:
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
(Please Print)

	
 
	
 
	
 

	
Address:
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
(Please Print)

	
 
	
 
	
 

	
Phone Number:
	
 
	
 
	
 
	
 

	
 
	
 
	
 

	
Email Address:
	
 
	
 
	
 
	
 

 

	
 
	
 
	
 

	
 

	
Dated:                                                  ,                 

 

	
 
	
 
	
 

	
 
	
 

	
Holder’s Signature:
	
 
	
 

 

	
 
	
 
	
 

	
 
	
 

	
Holder’s Address:
	
 
	
 

 

			
	
 
	
-18-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}]]