Document:

Exhibit
4.4

     

     

    THE
ROYAL BANK OF SCOTLAND GROUP PLC

    as
Issuer

     

     

     

    TO

     

     

     

    THE
BANK OF NEW YORK MELLON,

    acting
through its London Branch

    as
Trustee

     

     

     

    INDENTURE

     

     

     

    Senior
Debt Securities

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    THE
ROYAL BANK OF SCOTLAND GROUP plc

     

    Reconciliation
and tie between Trust Indenture Act of 1939, as amended by the Trust Indenture
Reform Act of 1990, and Senior Debt Securities Indenture, dated ________ ___,
____.

     

    
      	
              
                Trust
      Indenture Act Section

              

            	 
      	
              
                Senior
      Debt Securities Indenture Section

              

            
	
              §310

            	
              (a)(1)                                                                 

            	
              6.09

            
	 
      	
              (a)(2)                                                                 

            	
              6.09

            
	 
      	
              (a)(3)                                                                 

            	
              Not
      Applicable

            
	 
      	
              (a)(4)                                                                 

            	
              Not
      Applicable

            
	 
      	
              (b)                                                                 

            	
              6.08,
      6.10

            
	 
      	
              (c)                                                                 

            	
              Not
      Applicable

            
	
              §311

            	
              (a)                                                                 

            	
              6.13

            
	 
      	
              (b)                                                                 

            	
              6.13

            
	 
      	
              (b)(2)                                                                 

            	
              7.03(a),
      7.03(b)

            
	 
      	
              (c)                                                                 

            	
              Not
      Applicable

            
	
              §312

            	
              (a)                                                                 

            	
              7.01,
      7.02(a)

            
	 
      	
              (b)                                                                 

            	
              7.02(b)

            
	 
      	
              (c)                                                                 

            	
              7.02(c)

            
	
              §313

            	
              (a)                                                                 

            	
              7.03(a)

            
	 
      	
              (b)                                                                 

            	
              7.03(a)

            
	 
      	
              (c)                                                                 

            	
              1.06,
      7.03(a)

            
	 
      	
              (d)                                                                 

            	
              7.03(b)

            
	
              §314

            	
              (a)                                                                 

            	
              7.04,
      10.06

            
	 
      	
              (b)                                                                 

            	
              Not
      Applicable

            
	 
      	
              (c)(1)                                                                 

            	
              1.02

            
	 
      	
              (c)(2)                                                                 

            	
              1.02

            
	 
      	
              (c)(3)                                                                 

            	
              Not
      Applicable

            
	 
      	
              (d)                                                                 

            	
              Not
      Applicable

            
	 
      	
              (e)                                                                 

            	
              1.02

            
	 
      	
              (f)                                                                 

            	
              Not
      Applicable

            
	
              §315

            	
              (a)                                                                 

            	
              6.01

            
	 
      	
              (b)                                                                 

            	
              6.02,
      7.03(a)

            
	 
      	
              (c)                                                                 

            	
              6.01

            
	 
      	
              (d)                                                                 

            	
              6.01

            
	 
      	
              (d)(1)                                                                 

            	
              6.01

            
	 
      	
              (d)(2)                                                                 

            	
              6.01

            
	 
      	
              (d)(3)                                                                 

            	
              6.01

            
	 
      	
              (e)                                                                 

            	
              5.14

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
       

      
        	
                
                  Trust
      Indenture Act Section

                

              	 
      	
                
                  Senior
      Debt Securities Indenture
Section

                

              

      

      
        
          	
                  §316

                	
                  (a)(1)(A)                                                                 

                	
                  5.02,
      5.12

                
	 
      	
                  (a)(l)(B)                                                                 

                	
                  5.13

                
	 
      	
                  (a)(2)                                                                 

                	
                  Not
      Applicable

                

        

      

      
        	 
      	
                (a)(last
      sentence)                                                                 

              	
                1.01

              
	 
      	
                (b)                                                                 

              	
                5.08

              
	
                §317

              	
                (a)(1)                                                                 

              	
                5.03

              
	 
      	
                (a)(2)                                                                 

              	
                5.04

              
	 
      	
                (b)                                                                 

              	
                10.03

              
	
                §318

              	
                (a)                                                                 

              	
                1.07

              

      

    

     

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

     

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      TABLE
OF CONTENTS

      
        
          

        

      

      
        

      

      Page

      
        	
                ARTICLE
      1

                Definitions
      and Other Provisions of General Application

              
	 
      	 
      
	
                Section
      1.01.  Definitions

              	
                2

              
	
                Section
      1.02.  Compliance Certificates and
      Opinions

              	
                10

              
	
                Section
      1.03.  Form of
      Documents Delivered to Trustee

              	
                11

              
	
                Section
      1.04.  Acts of
      Holders

              	
                11

              
	
                Section
      1.05.  Notices, Etc. to
      Trustee and Company

              	
                12

              
	
                Section
      1.06.  Notice
      to Holders; Waiver

              	
                12

              
	
                Section
      1.07.  Conflict with
      Trust Indenture Act

              	
                13

              
	
                Section
      1.08.  Effect
      of Headings and Table of Contents

              	
                13

              
	
                Section
      1.09.  Successors and
      Assigns

              	
                14

              
	
                Section
      1.10.  Separability
      Clause

              	
                14

              
	
                Section
      1.11.  Benefits of
      Senior Debt
      Securities Indenture

              	
                14

              
	
                Section
      1.12.  Governing
      Law

              	
                14

              
	
                Section
      1.13.  Saturdays,
      Sundays and Legal Holidays

              	
                14

              
	
                Section
      1.14.  Appointment of
      Agent for Service

              	
                14

              
	
                Section
      1.15.  Calculation
      Agent

              	
                15

              
	 
      
	
                ARTICLE
      2

                Senior
      Debt Security Forms

              
	 
      	 
      
	
                Section
      2.01.  Forms
      Generally

              	
                15

              
	
                Section
      2.02.  Form of
      Trustee’s Certificate of
      Authentication

              	
                16

              
	 
      
	
                ARTICLE
      3

                The
      Senior Debt Securities

              
	 
      	 
      
	
                Section
      3.01.  Amount
      Unlimited; Issuable in Series

              	
                17

              
	
                Section
      3.02.  Denominations

              	
                20

              
	
                Section
      3.03.  Execution,
      Authentication, Delivery and Dating

              	
                20

              
	
                Section
      3.04.  Temporary Senior
      Debt
      Securities

              	
                21

              
	
                Section
      3.05.  Registration,
      Registration of Transfer and Exchange.

              	
                22

              
	
                Section
      3.06.  Mutilated,
      Destroyed, Lost and Stolen Senior Debt
      Securities

              	
                26

              
	
                Section
      3.07.  Payment; Interest
      Rights Preserved

              	
                27

              
	
                Section
      3.08.  Persons
      Deemed Owners

              	
                29

              
	
                Section
      3.09.  Cancellation

              	
                29

              
	
                Section
      3.10.  Computation of
      Interest

              	
                29

              
	
                Section
      3.11.  CUSIP
      Numbers

              	
                29

              
	 
      

      

       

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

       

      
        	
                ARTICLE
      4

                Satisfaction
      and Discharge

              
	 
      	 
      
	
                Section
      4.01.  Satisfaction and
      Discharge of Senior Debt Securities Indenture

              	
                30

              
	
                Section
      4.02.  Application of
      Trust Money

              	
                31

              
	
                Section
      4.03.  Repayment to
      Company

              	
                31

              
	 
      
	
                ARTICLE
      5

                Remedies

              
	 
      	 
      
	
                Section
      5.01.  Events
      of Default

              	
                32

              
	
                Section
      5.02.  Acceleration of
      Maturity; Rescission and Annulment

              	
                32

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

              	
                33

              
	
                Section
      5.04.  Trustee
      May File Proofs of Claim

              	
                35

              
	
                Section
      5.05.  Trustee
      May Enforce Claims Without Possession of Senior Debt
      Securities

              	
                36

              
	
                Section
      5.06.  Application of
      Money Collected

              	
                36

              
	
                Section
      5.07.  Limitation on
      Suits

              	
                36

              
	
                Section
      5.08.  Unconditional
      Right of Holders to Receive Principal, Premium and Interest, If
      Any

              	
                37

              
	
                Section
      5.09.  Restoration of
      Rights and Remedies

              	
                37

              
	
                Section
      5.10.  Rights
      and Remedies Cumulative

              	
                38

              
	
                Section
      5.11.  Delay
      or Omission Not Waiver

              	
                38

              
	
                Section
      5.12.  Control
      by Holders

              	
                38

              
	
                Section
      5.13.  Waiver
      of Past Defaults

              	
                38

              
	
                Section
      5.14.  Undertaking for
      Costs

              	
                39

              
	 
      
	
                ARTICLE
      6

                The
      Trustee

              
	 
      	 
      
	
                Section
      6.01.  Certain
      Duties and Responsibilities

              	
                40

              
	
                Section
      6.02.  Notice
      of Defaults

              	
                40

              
	
                Section
      6.03.  Certain Rights of
      Trustee

              	
                40

              
	
                Section
      6.04.  Not
      Responsible for Recitals or Issuance of Senior Debt
      Securities

              	
                42

              
	
                Section
      6.05.  May Hold Senior Debt
      Securities

              	
                42

              
	
                Section
      6.06.  Money
      Held in Trust

              	
                42

              
	
                Section
      6.07.  Compensation and
      Reimbursement.

              	
                42

              
	
                Section
      6.08.  Disqualification;
      Conflicting Interests

              	
                43

              
	
                Section
      6.09.  Corporate Trustee
      Required; Eligibility

              	
                43

              
	
                Section
      6.10.  Resignation and
      Removal; Appointment of Successor

              	
                44

              
	
                Section
      6.11.  Acceptance of
      Appointment by Successor.

              	
                46

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

              	
                47

              

      

      
        	
                Section
      6.13.  Preferential
      Collection of Claims

              	
                47

              
	
                Section
      6.14.  Appointment of
      Authenticating Agent

              	
                47

              

      

       

       

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

      
        	 
      
	
                ARTICLE
      7

                Holders
      Lists and Reports by Trustee and Company

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

              	
                49

              
	
                Section
      7.02.  Preservation of
      Information; Communication to Holders.

              	
                50

              
	
                Section
      7.03.  Reports
      by Trustee.

              	
                50

              
	
                Section
      7.04.  Reports
      by the Company

              	
                51

              
	 
      
	
                ARTICLE
      8

                Consolidation, Merger, Conveyance
      or Transfer

              
	 
      	 
      
	
                Section
      8.01.  Company
      May Consolidate, Etc. Only on Certain Terms

              	
                52

              
	
                Section
      8.02.  Successor
      Corporation Substituted

              	
                52

              
	
                Section
      8.03.  Assumption of
      Obligations

              	
                53

              
	 
      
	
                ARTICLE
      9

                Supplemental
      Indentures

              
	 
      	 
      
	
                Section
      9.01.  Supplemental Indentures without
      Consent of Holders

              	
                54

              
	
                Section
      9.02.  Supplemental
      Indentures with Consent of Holders

              	
                55

              
	
                Section
      9.03.  Execution of Supplemental
      Indentures

              	
                57

              
	
                Section
      9.04.  Effect
      of Supplemental Indentures

              	
                57

              
	
                Section
      9.05.  Conformity with
      Trust Indenture
      Act

              	
                57

              
	
                Section
      9.06.  Reference in
      Senior Debt Securities to Supplemental Indentures

              	
                57

              
	 
      
	
                ARTICLE
      10

                Covenants

              
	 
      	 
      
	
                Section
      10.01.  Payment of
      Principal, Premium, and Interest

              	
                57

              
	
                Section
      10.02.  Maintenance of
      Office or Agency

              	
                58

              
	
                Section
      10.03.  Money
      for Payments to be Held in Trust

              	
                58

              
	
                Section
      10.04.  Additional
      Amounts

              	
                60

              
	
                Section
      10.05.  Corporate
      Existence

              	
                62

              
	
                Section
      10.06.  Statement as to
      Compliance

              	
                62

              
	
                Section
      10.07.  Original Issue
      Document

              	
                62

              
	 
      
	
                ARTICLE
      11

                Redemption
      of Senior Debt Securities

              
	 
      	 
      
	
                Section
      11.01.  Applicability of
      Article

              	
                62

              
	
                Section
      11.02.  Election to Redeem; Notice to
      Trustee

              	
                62

              

      

       

       

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

       

       

      
        	
                Section
      11.03.  Selection by
      Trustee of Senior Debt Securities to be Redeemed

              	
                63

              
	
                Section
      11.04.  Notice
      of Redemption

              	
                63

              
	
                Section
      11.05.  Deposit of
      Redemption Price

              	
                64

              
	
                Section
      11.06.  Senior
      Debt Securities Payable on Redemption
    Date

              	
                64

              
	
                Section
      11.07.  Senior
      Debt Securities Redeemed in Part

              	
                65

              
	
                Section
      11.08.  Optional
      Redemption Due to Changes in Tax
      Treatment

              	
                65

              

      

    

     

     

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    
 

    

    SENIOR
DEBT SECURITIES INDENTURE, dated as of _________ ___, 2009
between THE ROYAL BANK OF SCOTLAND GROUP PLC, a corporation incorporated in
Scotland with registered number SC090312 (the “Company”), and THE BANK OF NEW
YORK MELLON (previously named The Bank of New York), acting through its London
Branch, a banking corporation duly organized and existing under the laws of the
State of New York as Trustee (the “Trustee”), having its
Corporate Trust Office at One Canada Square, London E14 5AL.

    

    RECITALS
OF THE COMPANY

    

    The
Company has duly authorized the execution and delivery of this Senior Debt
Securities Indenture to provide for the issuance from time to time of its senior
debt securities (the “Senior
Debt Securities”), to be issued in one or more series, represented by one
or more Global Securities in registered form without coupons for payments
attached, or represented by definitive Senior Debt Securities in registered form
without coupons for payments attached, the amount and terms of each such series
to be determined as hereinafter provided.

    

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

    

    NOW,
THEREFORE, THIS SENIOR DEBT SECURITIES INDENTURE WITNESSETH:

    

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

    

    

    ARTICLE
1

    DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

    

    Section
1.01. Definitions. For
all purposes of this Senior Debt Securities Indenture, except as otherwise
expressly provided or unless the context otherwise requires:

    

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

    

    

    

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    

    

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

    

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

    

    (4)       
the words
“herein,” “hereof” and “hereunder” and other words of
similar import refer to this Senior Debt Securities Indenture as a whole and not
to any particular Article, Section or other subdivision; and

    

    (5)      
 any
reference to an “Article” or a “Section” refers to an Article
or Section of this Senior Debt Securities Indenture.

    

    Certain
terms, used principally in Article 6, are defined in those
Articles.

    

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

    

    “Additional Amounts” shall have
the meaning set forth in Section 10.04, of this Agreement.

    

    “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.

    

    “Agent Member” means a member
of, or participant in, any Depositary.

    

    “Auditors” means the Auditors
from time to time of the Company or if there shall be joint Auditors of the
Company any one or more of such joint Auditors.

    

    “Authenticating Agent” means
any Person authorized by the Trustee to act on behalf of the Trustee to
authenticate Senior Debt Securities. Initially the Trustee shall act as
Authenticating Agent.

    

    

    
      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

    

    

    

    “Authorized Newspaper” means a
newspaper in an official language of the country of publication customarily
published at least once a day for at least five days in each calendar week and
of general circulation in the place in connection with which the term is used,
which, in the United Kingdom, will be the Financial Times of London, if
practicable, and which, in the United States, will be the Wall Street Journal, if
practicable, and which, in Luxembourg, will be the Luxemburger Wort, if
practicable and for so long as and only with respect to any Senior Debt
Securities listed on the Luxembourg Stock Exchange, and if it shall be
impracticable in the opinion of the Company to make any publication of any
notice required hereby in any such newspaper, shall mean any publication or
other notice in lieu thereof which is made or given with the approval of the
Company which may include through the means of DTC, Euroclear and
Clearstream.

    

    “Board of Directors” means
either the board of directors, or any committee of such board duly authorized to
act with respect hereto, of the Company, which board of directors or committee
may, to the extent permitted by applicable law, delegate its
authority.

    

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

    

    “Business Day” means, with
respect to any Place of Payment, except as may otherwise be provided in the form
of Senior Debt Securities of any particular series, each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions
in that Place of Payment are authorized or obligated by law or executive order
to close.

    

    “Calculation Agent” means the
Person, if any, authorized by the Company, to calculate the interest rate or
other amounts from time to time in relation to any series of Senior Debt
Securities.

    

    “Commission” means the
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
instrument such Commission is not existing and performing the duties now
assigned to it under the Trust Indenture Act, then the body performing such
duties at such time.

    

    “Company Request” and “Company Order” mean,
respectively, a written request or order signed in the name of the Company by an
Executive Director or Director or the Secretary of a Deputy or Assistant
Secretary, and delivered to the Trustee.

    

    

    
      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

    

    

    

    “Corporate Trust Office” means
the office of the Trustee in which its corporate trust business is principally
administered, located at One Canada Square, London E14 5AL (Attention: Corporate
Trust Administration, facsimile: +44 20 7964 2536).

    

    The term
“corporation” includes
corporations, associations, companies and business trusts.

    

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

    

    “Depositary” means, with
respect to any series of Senior Debt Securities, a clearing agency that is
designated to act as Depositary for the Global Securities evidencing all or part
of such Senior Debt Securities as contemplated by Section 3.01.

    

    “Dollar” or “$” or any similar reference
means the coin or currency of the United States which as at the time of payment
is legal tender for the payment of public and private debts.

    

    “DTC” means The Depository
Trust Company or its nominee or its or their successor.

    

    “euro” or “€” means the single currency
of the participating member states in the Third Stage of European economic and
monetary union pursuant to the Treaty establishing the European Community (as
amended from time to time). “participating member states”
means those member states of the European Union from time to time which adopt a
single, shared currency in the Third Stage, as defined and identified in the EMU
legislation.

    

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

    

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

    

    “Executive Officer” means any
executive officer or any Designated Signatory as defined in the minutes of a
meeting of a committee of the Board of Directors held on
[                  
], 2009, and, in each case, any other person authorized by a Board Resolution to
carry out the functions such officer performs.

    

    “Foreign Currency” means the
euro or any currency issued by the government of any country (or a group of
countries or participating member states) other than the United States which as
at the time of payment is legal tender for the payment of public and private
debts.

    

     

    

    
      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

    

    

    

    
      “Foreign Government Securities”
means with respect to Senior Debt Securities of any series that are denominated
in a Foreign Currency, non-callable (i) direct obligations of the
participating member state or government that issued such Foreign Currency for
the payment of which obligations its full faith and credit is pledged or (ii)
obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of such participating member state or government, the payment of
which obligations is unconditionally guaranteed as a full faith and credit
obligation of such participating member state or government. For the avoidance
of doubt, for all purposes hereof, euro shall be deemed to have been issued by
each participating member state from time to time.

    

    

    “Global Security” means a
global certificate evidencing all or part of a series of Senior Debt Securities,
authenticated and delivered to the Holder and registered in the name of the
Holder or its nominee.

    

    “Holder” means a Person in
whose name a Senior Debt Security in global or definitive form is registered in
the Senior Debt Security Register.

    

    The term
“interest”, when used
with respect to a Discount Security which by its terms bears interest only after
Maturity, means interest payable after Maturity.

    

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

    

    “Maturity”, when used with
respect to any Senior Debt Security, means the date, if any, on which the
principal of such Senior Debt Security becomes due and payable as therein or
herein provided, whether by call for redemption, winding-up of the Company or
otherwise.

    

    “Officer’s Certificate” means a
certificate delivered to the Trustee and signed by an Executive Director or an
Assistant Director or the Secretary or a Deputy or Assistant Secretary of the
Company.

    

    “Opinion of Counsel” means a
written opinion of legal advisors, who may be an employee of or legal advisors
for the Company or other legal advisors acceptable to the Trustee.

    

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

    

    “Outstanding”, when used with
respect to Senior Debt Securities or any series of Senior Debt Securities means
(except as otherwise specified pursuant to Section 3.01), as of the date of
determination, all Senior Debt Securities or all

    

    

    

    
      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

    

    

    

    Senior
Debt Securities of such series, as the case may be, theretofore authenticated
and delivered under this Senior Debt Securities Indenture, except:

    

    (i)       
 Senior
Debt Securities theretofore cancelled by the Trustee or delivered to the Trustee
for cancellation;

    

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

    

    (iii)     
 Senior
Debt Securities which have been paid pursuant to Section 11.06 or in exchange
for or in lieu of which other Senior Debt Securities have been authenticated and
delivered pursuant to this Senior Debt Securities Indenture, other than any such
Senior Debt Securities in respect of which there shall have been presented to
the Trustee proof satisfactory to it that such Senior Debt Securities are held
by a bona fide purchaser in whose hands such Senior Debt Securities are valid
obligations of the Company;

    

    provided, however, that in
determining whether the Holders of the requisite principal amount of the
Outstanding Senior Debt Securities of any series have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, (i) the principal
amount of a Senior Debt Security denominated in a Foreign Currency shall be the
Dollar equivalent, determined on the date of original issuance of such Senior
Debt Security, of the principal amount of such Senior Debt Security; and (ii)
Senior Debt Securities beneficially owned by the Company, or any other obligor
upon the Senior Debt Securities or any Affiliate of the Company or of such other
obligor shall be disregarded and deemed not to be Outstanding except that, in
determining whether the Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only
Senior Debt Securities for which a Responsible Officer of the Trustee has
received an Officer’s Certificate stating that such Senior Debt Securities are
so beneficially owned shall be so disregarded; provided, further, however, that Senior Debt
Securities so beneficially owned which have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction of
the Trustee the pledgee’s right so to act with respect to such Senior Debt
Securities and that the pledgee is not the Company, or any other obligor upon
the Senior Debt Securities or any Affiliate of the Company or of such other
obligor.

    

    

    
      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

     

     

    

    “Paying Agent” means any Person
(which may include the Company) authorized by the Company to pay the principal
of (and premium, if any) or interest, if any on any Senior Debt Securities on
behalf of the Company.

    

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

    

    “Place of Payment”, when used
with respect to the Senior Debt Securities of any series, means the place or
places where the principal of (and premium, if any) and interest, if any, on the
Senior Debt Securities of that series are payable as specified pursuant to
Section 3.01 or, if not so specified, as specified in Section
10.02.

    

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

    

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

    

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

    

    “Regular Record Date” for the
interest payable on any Interest Payment Date on registered Senior Debt
Securities of any series means the date specified for the purpose pursuant to
Section 3.01.

    

    “Responsible Officer”, when
used with respect to the Trustee, means any officer of the Trustee assigned to
or working in the corporate trust department of the Trustee or, with respect to
a particular corporate trust matter, any other officer to whom such matter is
referred because of his or her knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
Senior Debt Securities Indenture.

    

    

    

    
      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    

    

    

    “Senior Debt Securities” has
the meaning set forth in the recitals herein and more particularly means any
series of Senior Debt Securities issued, authenticated and delivered under this
Senior Debt Securities Indenture.

    

    “Senior Debt Securities
Indenture” means this instrument as originally executed or as it may from
time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof and shall
include the terms and forms of particular series of Senior Debt Securities
established pursuant to Section 3.01.

    

    “Senior Debt Security” means
one of the Senior Debt Securities.

    

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

    

    “Special Record Date”, when
used for the payment of any Deferred Interest on registered Senior Debt
Securities of any series, means the date specified by the Company for the
purpose pursuant to Section 3.07.

    

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

    

    “Subsidiary” has the meaning
attributed thereto by Section 736 of the Companies Act 1985 of Great Britain as
in force at the date as of which this instrument was executed.

    

    “Taxing Jurisdiction” has the
meaning specified in Section 10.04.

    

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

    

    “Trust Indenture Act” means the
Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of
1990, as in force at the date as of which this instrument was executed, except
as provided in Section 9.05.

    

    “United Kingdom” means the
United Kingdom of Great Britain and Northern Ireland.

     

    

    
      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

    

    

    

    “United States” and “U.S.” mean the United States
of America and, except in the case of Sections 6.09 and 6.14, its territories
and possessions.

    

    “U.S. Government Obligations”
means noncallable (i) direct obligations of the United States for which its full
faith and credit are pledged and/or (ii) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States,
the payment of which is unconditionally guaranteed as a full faith and credit
obligation of the United States, and shall also include a depository receipt
issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933,
as amended) as custodian with respect to any such U.S. Government Obligation or
a specific payment of principal of or interest on any such U.S. Government
Obligation held by such custodian for the account of the holder of such
depository receipt, provided that (except as
required by law) such custodian is not authorized to make any deduction from the
amount payable to the holder of such depository receipt from any amount received
by the custodian in respect of the U.S. Government Obligation or the specific
payment of principal of or interest on the U.S. Government Obligation evidenced
by such depository receipt.

    

    Section
1.02. Compliance Certificates
and Opinions. Upon any application or request by the Company to the
Trustee to take any action under any provision of this Senior Debt Securities
Indenture, the Company shall furnish to the Trustee an Officer’s Certificate
stating that all conditions precedent, if any, provided for in this Senior Debt
Securities Indenture relating to the proposed action have been complied with and
an Opinion of Counsel stating that in the opinion of the legal advisor rendering
such opinion 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
Senior Debt Securities Indenture relating to such particular application or
request, no additional certificate or opinion need be furnished.

    

    Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Senior Debt Securities Indenture shall
include:

    

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

    

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

    

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

    

    

    
      
        
           

        

        
          10

          
            

          

        

        
           

        

      

    

    

    

    

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

    

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

    

    Any
certificate or opinion of an officer of the Company may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations
by, legal advisors, 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, or representations by, legal
advisors 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 legal advisors know, or in the
exercise of reasonable care should know, that the certificate or opinion or
representation with respect to such matters is erroneous.

    

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

    

    Section
1.04. Acts of Holders.
(a) Any request, demand, authorization, direction, notice, consent, waiver or
other action provided by this Senior Debt Securities Indenture to be given or
taken by Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by an agent duly
appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered
to the Trustee and, when it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of
a writing appointing any such agent shall be sufficient for any purpose of this
Senior Debt Securities Indenture and (subject to Section 6.01) conclusive in
favor of the Trustee and the Company, if made in the manner provided in this
Section.

    

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

    

    

    

    (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. When 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 his 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
Trustee deems sufficient.

    

    (c)      
 The
ownership of registered Senior Debt Securities shall be proved by the Senior
Debt Security Register.

    

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

    

    Section
1.05. Notices, Etc. to Trustee
and Company. Any request, demand, authorization, direction, notice,
consent, waiver or Act of Holders or other document provided or permitted by
this Senior Debt Securities Indenture to be made upon, given or furnished to, or
filed with,

    

    (a)      
 the
Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if made, given, furnished
or filed in writing (which may be via facsimile) to the Trustee at its Corporate
Trust Office, or

    

    (b)       
the
Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed,
first-class air mail postage prepaid, to the Company, to RBS Gogarburn, P.O. Box
1000, Edinburgh EH12 1HQ (Attention: Group Secretariat) or at any other address
previously furnished in writing to the Trustee by the Company.

    

    Section
1.06. Notice to Holders;
Waiver. When this Senior Debt Securities Indenture provides for notice to
Holders of any event, such notice shall be sufficiently given (unless otherwise
herein expressly provided) if given in writing and mailed, first-class postage
prepaid, to each Holder of a registered Senior Debt Security affected by such
event in the manner and to the extent provided in Section 313(c) of the Trust
Indenture Act with respect to reports pursuant to Section 7.03(a).

    

    

    
      
        
           

        

        
          12

          
            

          

        

        
           

        

      

    

    

     

    

    For so
long as the Senior Debt Securities of any series are represented by Global
Securities, the Company will deliver a copy of all notices with respect to such
series to the Holder (if the address of such Holder is known to the
Company).

    

    When
notice to Holders of registered Senior Debt 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. Where this Senior Debt Securities Indenture provides for notice
in any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Holders shall be filed with
the Trustee, but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such waiver. In case by reason of the
suspension of regular mail service or by reason of any other cause it shall be
impracticable to give such notice by mail, then such notification as shall be
made with the approval of the Trustee shall constitute a sufficient notification
for every purpose hereunder.

     

    Section
1.07. Conflict with Trust
Indenture Act. If any provision hereof limits, qualifies or conflicts
with another provision hereof which is required to be included in this Senior
Debt Securities Indenture by any of the provisions of the Trust Indenture Act,
such required provision shall control. If at any future time any provision
required to be included herein by the Trust Indenture Act as in force at the
date as of which this Senior Debt Securities Indenture was executed or any
limitation imposed by the Trust Indenture Act at such date on any provision
otherwise included herein would not be so required or imposed (in whole or in
part) if this Senior Debt Securities Indenture were executed at such future
time, the Company and the Trustee may enter into one or more indentures
supplemental hereto pursuant to Section 9.01 to change or eliminate (in whole or
in part) such provision or limitation of this Senior Debt Securities Indenture
in conformity with the requirements of the Trust Indenture Act as then in force,
except that (subject to Article Nine) no provision or limitation required to be
included herein by Sections 310(a)(1) and (a)(2), 315(a), (c), (d)(l), (d)(2),
(d)(3) and (e), 316(a)(1)(A), (a)(l)(B), (a)(2), (a) (last sentence) and (b) of
the Trust Indenture Act as in force at the date as of which this Senior Debt
Securities Indenture was executed may be so changed or eliminated.

    

    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.

    

    

    

    
      
        
           

        

        
          13

          
            

          

        

        
           

        

      

    

    

    

    

    Section
1.09. Successors and
Assigns. All covenants and agreements in this Senior Debt Securities
Indenture by the Company shall bind its successors and assigns, whether so
expressed or not.

    

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

    

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

    

    Section
1.12. Governing Law.
This Senior Debt Securities Indenture and the Senior Debt Securities shall be
governed by and construed in accordance with the laws of the State of New York,
except that the authorization and execution of the Senior Debt Securities
Indenture and the Senior Debt Securities shall be governed by (in addition to
the laws of the State of New York relevant to execution) by the respective
jurisdictions of the Company and the Trustee, as the case may be.

    

    Section
1.13. Saturdays, Sundays and
Legal Holidays. The terms of the Senior Debt Securities shall provide
that, in any case where any Interest Payment Date, Redemption Date, Maturity or
Stated Maturity, of a Senior Debt Security shall not be a Business Day at any
Place of Payment, then (notwithstanding any other provision of this Senior Debt
Securities Indenture or the Senior Debt Securities other than a provision in the
Senior Debt Securities that specifically states that such provision shall apply
in lieu of this Section) payments of interest, if any (and premium, if any) or
principal and the exchange of the Senior Debt Security need not be made at such
Place of Payment on such date, but may be made on the next succeeding Business
Day at such Place of Payment (or such other Business Day as shall be provided in
such Senior Debt Security) with the same force and effect as if made on such
Interest Payment Date, Redemption Date, Maturity or Stated Maturity, provided that no interest
shall accrue on such payment for the period from and after such Interest Payment
Date, Redemption Date, Maturity or Stated Maturity, as the case may
be.

    

    Section
1.14. Appointment of Agent for
Service. The Company has designated and appointed John Fawcett, Chief
Financial Officer, Citizens Financial Group, Inc., 600 Washington Boulevard,
Stamford, Connecticut, 06901, as its authorized agent upon which process may be
served in any suit or proceeding in any Federal or State court in the Borough of
Manhattan, The City

    

    

    
      
        
           

        

        
          14

          
            

          

        

        
           

        

      

    

    

    

    

    of New
York arising out of or relating to the Senior Debt Securities or this Senior
Debt Securities Indenture, but for that purpose only, and agrees that service of
process upon said John Fawcett shall be deemed in every respect effective
service of process upon it in any such suit or proceeding in any Federal or
State court in the Borough of Manhattan, The City of New York, New York. Such
appointment shall be irrevocable so long as any of the Senior Debt Securities
remain Outstanding until the appointment of a successor by the Company and such
successor’s acceptance of such appointment. Upon such acceptance, the Company
shall notify the Trustee of the name and address of such successor. 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 said John Fawcett in full force and effect so
long as any of the Senior Debt Securities shall be Outstanding. The Trustee
shall not be obligated and shall have no responsibility with respect to any
failure by the Company to take any such action. The Company hereby submits (for
the purposes of any such suit or proceeding) to the jurisdiction of any such
court in which any such suit or proceeding is so instituted, and waives, to the
extent it may effectively do so, any objection it may have now or hereafter to
the laying of the venue of any such suit or proceeding.

    

    Section
1.15. Calculation
Agent. If the Company appoints a Calculation Agent pursuant to Section
3.01 with respect to any series of Senior Debt Securities, any determination of
the interest rate on, or other amounts in relation to, such series of Senior
Debt Securities in accordance with the terms of such series of Senior Debt
Securities by such Calculation Agent shall (in the absence of manifest error,
bad faith or willful misconduct) be binding on the Company, the Trustee and all
Holders and (in the absence of manifest error, bad faith or willful misconduct)
no liability to the Holders shall attach to the Calculation Agent in connection
with the exercise or non-exercise by it of its powers, duties and
discretions.

    

    

    ARTICLE
2

    SENIOR DEBT SECURITY FORMS

    

    Section
2.01. Forms Generally.
The Senior Debt Securities of each series shall be issuable as registered
securities without coupons and in such forms as shall be established by or
pursuant to a Board Resolution, or in one or more indentures supplemental
hereto, pursuant to Section 3.01, in each case with such insertions, omissions,
substitutions and other variations as are required or permitted by this Senior
Debt Securities 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 any applicable law or rule or regulation made pursuant
thereto or with the rules of any securities exchange or

    

    

    
      
        
           

        

        
          15

          
            

          

        

        
           

        

      

    

    

    

    

    Depositary
therefor, or as may, consistently herewith, be determined by the officers
executing such Senior Debt Securities, all as evidenced by any such
execution.

    

    The
Trustee’s certificates of authentication shall be in substantially the form set
forth in Section 2.02 or Section 6.14.

    

    The
definitive Senior Debt Securities shall be printed, lithographed or engraved or
produced by any combination of these methods or may be produced in any other
manner permitted by the rules of any securities exchange on which the Senior
Debt Securities may be listed, all as determined by the officers executing such
Senior Debt Securities, as evidenced by their execution thereof.

    

    Section
2.02. Form of Trustee’s
Certificate of Authentication. The Trustee’s certificate of
authentication shall be in substantially the following form:

    

    CERTIFICATE
OF AUTHENTICATION

    

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

     

    
      
        

        
          	
                   

                	 
      
	Dated: 	 	 

        

         

        
          	 	 	 
	 	 	 
	
                  THE
      BANK OF NEW YORK MELLON, LONDON BRANCH

                	 
	 	 	 
	 	 	 
	
                  as
      Trustee

                	 
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                  By:

                	 
      	 
      
	 
      	
                  Authorized
      Signatory

                	 
      
	 
      	 
      	 
      

        

         

      

    

    
      
        
           

        

        
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    ARTICLE
3

    THE SENIOR DEBT SECURITIES

    

    Section
3.01. Amount Unlimited;
Issuable in Series. The aggregate principal amount of Senior Debt
Securities which may be authenticated and delivered under this Senior Debt
Securities Indenture is unlimited. The Senior Debt Securities may be issued in
one or more series.

    

    There
shall be established by or pursuant to Board Resolutions of the Company or
established in one or more indentures supplemental hereto, prior to the initial
issuance of Senior Debt Securities of any series:

    

    (a)      
 the title
of the Senior Debt Securities of the series (which shall distinguish the Senior
Debt Securities of the series from all other Senior Debt
Securities);

    

    (b)     
 any limit
upon the aggregate principal amount of the Senior Debt Securities of the series
which may be authenticated and delivered under this Senior Debt Securities
Indenture (except for Senior Debt Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Senior
Debt Securities of the series pursuant to Sections 3.04, 3.05, 3.06,
9.6 or 11.07
and except for any Senior Debt Securities which, pursuant to Section 3.03 are
deemed never to have been authenticated and delivered hereunder);

    

    (c)      
 the date
or dates, if any, on which the principal of (and premium, if any, on) the Senior
Debt Securities of the series is payable;

    

    (d)      
the rate
or rates, if any, at which the Senior Debt Securities of the series shall accrue
interest or the manner of calculation of such rate or rates, if any, the date or
dates from which such interest shall accrue, the Interest Payment Dates on which
such interest shall be payable or the manner of determination of such Interest
Payment Dates, if other than as specified in Section 3.07, the terms applicable
to deferred payments and, in the case of registered Senior Debt Securities, the
Regular Record Date for the interest payable on any Interest Payment Date, the
Special Record Date for the payment of any Deferred Interest and any dates
required to be established pursuant to Section 7.01;

    

    (e)     
 whether
any premium, upon redemption or otherwise, shall be payable by the Company on
Senior Debt Securities of the series;

    

    (f)      
 the place
or places where the principal of (and premium, if any) and any interest on
Senior Debt Securities of the series shall be payable, and the Paying Agent or
Paying Agents who shall be authorized to pay principal of (and premium, if any)
and interest on Senior Debt Securities of such series, at least one of such
Paying Agents having an office or agency in the Borough of Manhattan, The City
of New York;

    

    

    
      
        
           

        

        
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    (g)     
 other
than with respect to any redemption of the Senior Debt Securities pursuant to
Section 11.08, whether or not such series of Senior Debt Securities are to be
redeemable, in whole or in part, at the Company’s option and, if so redeemable,
the period or periods within which, the price or prices at which and the terms
and conditions upon which, Senior Debt Securities of the series may be redeemed,
including the date referred to in Section 11.08;

    

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

    

    (i)       
 if other
than denominations of $[        ] and
any multiple thereof, the denominations in which Senior Debt Securities of the
series in each applicable form shall be issuable;

    

    (j)       
 if other
than the principal amount thereof, the portion, or the manner of calculation of
such portion, of the principal amount of Senior Debt Securities of the series
which shall be payable upon a declaration of acceleration or acceleration of the
Maturity thereof pursuant to Section 5.02, upon redemption of Senior Debt
Securities of any series which are redeemable before their Stated Maturity, or
which the Trustee shall be entitled to file and prove a claim pursuant to
Section 5.04;

    

    
      (k)     
  if
Additional Amounts, pursuant to Section 10.04, will not be payable;

    

    

    (l)      
 the
terms, if any, on which such Senior Debt Securities may or shall be converted
into or exchanged at the option of the Company or otherwise for stock or other
securities of the Company or another entity or other entities, into a basket or
baskets of such securities, into an index or indices of such securities, into
the cash value therefor or into any combination of the foregoing, any specific
terms relating to the adjustment thereof and the period during which such Senior
Debt Securities may or shall be so converted or exchanged;

    

    (m)      
if other
than Dollars, provisions, if any, for the Senior Debt Securities of the series
to be denominated, and payments thereon to be made, in Foreign Currencies and
specifying the manner and place of payment thereon and any other terms with
respect thereto;

    

    

    
      
        
           

        

        
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    (n)     
 if other
than the coin or currency in which the Senior Debt Securities of that series are
denominated, the coin or currency in which payment of the principal of (and
premium, if any) or interest, if any, on the Senior Debt Securities of such
series shall be payable;

    

    (o)     
 if the
principal of (and premium, if any) or interest, if any, on the Senior Debt
Securities of such series are to be payable, at the election of the Company or a
Holder thereof, in a coin or currency other than that in which the Senior Debt
Securities are denominated, the period or periods within which, and the terms
and conditions upon which, such election may be made;

    

    (p)      
 whether
the Senior Debt Securities of the series shall be issued in whole or in part in
the form of one or more Global Securities and the initial Holder with respect to
such Global Security or Senior Debt Securities;

    

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

    

    (r)      
 if the
amounts of payments of principal of (and premium, if any) or interest, if any,
on the Senior Debt Securities of the series may be determined with reference to
an index or are otherwise not fixed on the original issue date thereof, the
manner in which such amounts shall be determined and the Calculation Agent, if
any, who shall be appointed and authorized to calculate such
amounts;

    

    (s)     
 any other
Events of Default or covenants with respect to the Senior Debt Securities of
such series and if other than as specified in this Senior Debt Securities
Indenture, the terms thereof;

    

    
      (t)     
  the forms
of Senior Debt Securities of the series; and

    

    

    (u)     
 any other
terms of the series (which terms shall not be inconsistent with the provisions
of this Senior Debt Securities Indenture, except as permitted by Section
9.01(d)).

    

    All
Senior Debt Securities of any one series shall be substantially identical except
as to denomination and except as may otherwise be provided in or pursuant to
such action or in any such indenture supplemental hereto.

    

    If the
forms of Senior Debt Securities of any series, or any of the terms thereof, are
established by action taken pursuant to a Board Resolution, a copy of the Board
Resolution in respect thereof shall be delivered to the Trustee at or prior
to
the delivery of the Company Order pursuant to Section 3.03 for the
authentication and delivery of such Senior Debt Securities.

    

    

    

    
      
        
           

        

        
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    Section
3.02. Denominations.
The Senior Debt Securities of each series shall be issuable in such
denominations as shall be specified as contemplated by Section 3.01. In the
absence of any such specification with respect to Senior Debt Securities of any
series, the Senior Debt Securities of each series shall be issuable in
denominations of $[        ] each and any
integral multiple thereof. Unless otherwise specified in accordance with Section
3.01, any Global Security issued and delivered to the Holder shall be issued in
the form of units with each $[        ]
principal amount of such Global Security constituting one unit.

    

    Section
3.03. Execution,
Authentication, Delivery and Dating. The Senior Debt Securities shall be
executed on behalf of the Company by any Executive Officer. The signature of any
Executive Officer on the Senior Debt Securities may be manual or facsimile.
Senior Debt Securities bearing the manual or facsimile signatures of individuals
who were at any time the proper officer of the Company shall bind the Company,
notwithstanding that such individual has ceased to hold such office prior to the
authentication and delivery of such Senior Debt Securities.

    

    At any
time and from time to time after the execution and delivery of this Senior Debt
Securities Indenture, the Company may deliver Senior Debt Securities of any
series executed by the Company to the Trustee for authentication, together with
a Company Order for the authentication and delivery of such Senior Debt
Securities, and the Trustee in accordance with the Company Order shall
authenticate and deliver such Senior Debt Securities. In authenticating such
Senior Debt Securities and accepting the additional responsibilities under this
Senior Debt Securities Indenture in relation to such Senior Debt Securities the
Trustee shall be entitled to receive, and (subject to Section 6.01) shall be
fully protected in relying upon, an Opinion of Counsel stating that (a) the form
and terms thereof have been established in conformity with the provisions of
this Senior Debt Securities Indenture and (b) that such Senior Debt Securities,
when authenticated and delivered by the Trustee and issued by the Company in the
manner and subject to any conditions specified in such Opinion of Counsel, will
constitute valid and binding obligations of the Company enforceable in
accordance with their terms, except as the enforceability thereof may be limited
by bankruptcy, insolvency, reorganization, moratorium or other laws relating to
or affecting creditor’s rights and by general principles of equity.

    

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

    

    

    
      
        
           

        

        
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    Each
registered Senior Debt Security shall be dated the date of its
authentication.

    

    No Senior
Debt Security appertaining thereto shall be entitled to any benefit under this
Senior Debt Securities Indenture or be valid or obligatory for any purpose
unless there appears on such Senior Debt Security a certificate of
authentication substantially in the form provided for herein executed by or on
behalf of the Trustee by manual signature, and such certificate upon any Senior
Debt Security shall be conclusive evidence, and the only evidence, that such
Senior Debt Security has been duly authenticated and delivered hereunder and
that such Senior Debt Security is entitled to the benefits of this Senior Debt
Securities Indenture. Notwithstanding the foregoing, if any Senior Debt Security
shall have been authenticated and delivered hereunder but never issued and sold
by the Company, and the Company shall deliver such Senior Debt Security to the
Trustee for cancellation as provided in Section 3.09, for all purposes of this
Senior Debt Securities Indenture, such Senior Debt Security shall be deemed
never to have been authenticated and delivered hereunder and shall never be
entitled to the benefit of this Senior Debt Securities Indenture.

    

    Section
3.04. Temporary Senior Debt
Securities. Pending the preparation of definitive Senior Debt Securities
of any series, the Company may execute, and upon Company Order the Trustee shall
authenticate and deliver, temporary Senior Debt Securities substantially of the
tenor of the definitive Senior Debt Securities in lieu of which they are issued,
which Senior Debt Securities may be printed, lithographed, typewritten,
photocopied or otherwise produced. Temporary Senior Debt Securities shall be
issuable as registered Senior Debt Securities without coupons attached in any
authorized denomination, and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Senior Debt
Securities may determine, all as evidenced by such execution.

    

    If
temporary Senior Debt Securities of any series are issued, the Company will
cause, if so required by the terms of such temporary Senior Debt Securities,
definitive Senior Debt Securities of such series to be prepared without
unreasonable delay. After the preparation of definitive Senior Debt Securities
of such series, the temporary Senior Debt Securities of such series shall be
exchangeable for definitive Senior Debt Securities of such series containing
identical terms and provisions upon surrender of the temporary Senior Debt
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 Senior Debt Securities of any series
the Company shall execute, and the Trustee shall authenticate and deliver in
exchange therefor, a like aggregate principal amount of definitive Senior Debt
Securities of the same series of authorized denominations containing identical
terms and provisions. Until so exchanged, unless otherwise provided therein or
in a supplemental indenture relating thereto, the temporary Senior Debt
Securities of

    

    
      
        
           

        

        
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    any
series shall in all respects be entitled to the same benefits (but shall be
subject to all the limitations of rights) under this Senior Debt Securities
Indenture as definitive Senior Debt Securities of such series.

    

    Section
3.05.  Registration,
Registration of Transfer and Exchange.

    

    (a)      
 Global
Securities. This Section 3.05(a) shall apply to Global Securities unless
otherwise specified, as contemplated by Section 3.01.

    

    Except as
otherwise specified, as contemplated by Section 3.01 hereof, the Senior Debt
Securities shall be initially issued and represented by one or more Global
Securities in registered form, without Coupons attached thereto, which shall be
authenticated as contemplated by this Senior Debt Securities
Indenture.

    

    Each
Global Security in registered form authenticated under this Senior Debt
Securities Indenture shall be registered in the name of the Depositary
designated for such Global Security or a nominee thereof and delivered to such
Depositary or a nominee thereof or custodian therefor, and each such Global
Security shall constitute a single Senior Debt Security for all purposes of this
Senior Debt Securities Indenture. Except as otherwise specified, as contemplated
by Section 3.01 hereof, each Global Security in registered form authenticated
under this Senior Debt Securities Indenture shall be initially registered in the
name of DTC only.

    

    With
respect to Global Securities in registered form, unless the Global Security is
presented by an authorized representative of the Holder to the Company or its
agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of a nominee of the Holder and any payment is
made to such nominee, any transfer, pledge or other use of the Global Security
in registered form for value or otherwise shall be wrongful since the registered
owner of such Global Security, the nominee of the Holder, has an interest in
such Global Security.

    

    Except as
otherwise specified, as contemplated by Section 3.01 hereof, any Global Security
shall be exchangeable for definitive Senior Debt Securities only as provided in
this paragraph. A Global Security shall be exchangeable pursuant to this Section
only (i) if the relevant Depositary notifies the Trustee that it is unwilling or
unable to continue to act as Depositary, (ii) if, in the event of a winding-up
of the Company, the Company fails to make a payment on the Senior Debt
Securities when due, or (iii) at any time if the Company at its option and in
its sole discretion determines that the Global Securities of a particular series
should be exchanged for definitive Senior Debt Securities of that series in
registered form. Any Global Security that is exchangeable pursuant to the
preceding sentence shall be exchangeable for, unless otherwise specified or
contemplated by Section 3.01, definitive Senior Debt Securities in registered
form

    

    

    
      
        
           

        

        
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    bearing
interest (if any) at the same rate or pursuant to the same formula, having the
same date of issuance, the same date or dates from which such interest shall
accrue, the same Interest Payment Dates on which such interest shall be payable
or the manner of determination of such Interest Payment Dates, redemption
provisions, if any, specified currency and other terms and of differing
denominations aggregating a like amount as the Global Security so exchangeable.
Definitive Senior Debt Securities in registered form shall be registered in the
names of the owners of the beneficial interests in such Global Securities as
such names are from time to time provided by the Holder to the
Trustee.

    

    Any
Global Security that is exchangeable pursuant to the preceding paragraph, unless
otherwise specified as contemplated by Section 3.01, shall be exchangeable for
Senior Debt Securities issuable in authorized denominations of a like aggregate
principal amount and tenor.

    

    No Global
Security in registered form may be transferred except as a whole by the Holder
to a nominee of the Holder or by the Holder or any such nominee to a successor
of the Holder or a nominee of such successor. Except as provided above, owners
solely of beneficial interests in a Global Security shall not be entitled to
receive physical delivery of Senior Debt Securities in definitive form and will
not be considered the holders thereof for any purpose under this Senior Debt
Securities Indenture.

    

    In the
event that a Global Security is surrendered for redemption or exchange for stock
or other securities of the Company or another entity or other entities in part
pursuant to Section 11.07, the Company shall execute, and the Trustee shall
authenticate and deliver to the Holder of such Global Security, without service
charge, a new Global Security in a denomination equal to and in exchange for the
unredeemed or unexchanged portion of the principal of the Global Security so
surrendered.

    

    The Agent
Members and any other beneficial owners shall have no rights under this Senior
Debt Securities Indenture with respect to any Global Security held on their
behalf by a Holder, and such Holder may be treated by the Company, the Trustee,
and any agent of the Company or the Trustee as the owner of such Global Security
for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall
prevent the Company, the Trustee, or any agent of the Company or the Trustee,
from giving effect to any written certification, proxy or other authorization
furnished by a Holder or impair, as between any such Holder or other clearance
service and its Agent Members and Holders, the operation of customary practices
governing the exercise of the rights of a holder of any security, including
without limitation the granting of proxies or other authorization of
participants to give or take any request, demand, authorization, direction,
notice, consent, waiver or other action which a Holder is entitled to give or
take under this Senior Debt Securities Indenture.

    

    

    
      
        
           

        

        
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    In
connection with any exchange of interests in a Global Security for definitive
Senior Debt Securities of another authorized form, as provided in this Section
3.05(a), then without unnecessary delay but in any event not later than the
earliest date on which such interests may be so exchanged, the Company shall
deliver to the Trustee definitive Senior Debt Securities in aggregate principal
amount equal to the principal amount of such Global Security or the portion to
be exchanged executed by the Company. On or after the earliest date on which
such interests may be so exchanged, such Global Security shall be surrendered by
the Holder to the Trustee, as the Company’s agent for such purpose, to be
exchanged, in whole or from time to time in part, for definitive Senior Debt
Securities without charge (unless the definitive Senior Debt Securities in
registered form are to be issued to an Excepted Person (as defined in Section
13.10) in which case the Company or Trustee may require payment of any taxes or
governmental charges arising) and the Trustee shall authenticate and deliver, in
exchange for each portion of such Global Security, an equal aggregate principal
amount of definitive Senior Debt Securities of authorized denominations as the
portion of such Global Security to be exchanged. Any Global Security that is
exchangeable pursuant to this Section 3.05 shall be exchangeable for Senior Debt
Securities issuable in the denominations specified as contemplated by Section
3.01 and registered in such names as the Holder of such Global Security shall
direct. If a definitive Senior Debt Security in registered form is issued in
exchange for any portion of a Global Security after the close of business at the
office or agency where such exchange occurs on any record date and before the
opening of business at such office or agency on the relevant Interest Payment
Date, interest will not be payable on such Interest Payment Date in respect of
such definitive Senior Debt Security, but will be payable on such Interest
Payment Date only to the person to whom payments of interest in respect of such
portion of such Global Security are payable.

    

    A
Depositary may grant proxies and otherwise authorize any person, including Agent
Members and persons that may hold interests through Agent Members, to take any
action which a holder is entitled to take under this Senior Debt Securities
Indenture with respect to the Senior Debt Securities.

    

    (b)     
 Except as otherwise specified pursuant to Section 3.01, registered Senior
Debt Securities of any series may only be exchanged for a like aggregate
principal amount of registered Senior Debt Securities of such series of other
authorized denominations containing identical terms and provisions. Senior Debt
Securities to be exchanged shall be surrendered at an office or agency of the
Company designated pursuant to Section 10.02 for such purpose, and the Company
shall execute, and the Trustee shall authenticate and deliver, in exchange
therefor the Senior Debt Security or Senior Debt Securities of the same series
which the Holder making the exchange shall be entitled to receive.

    

     

    
 

    
      
        
           

        

        
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      Except as
otherwise specified pursuant to Section 3.01, the Company shall cause to be kept
in the principal corporate trust office of the Trustee a register (the
register maintained in such office and in any other office or agency of
the Company in a Place of Payment being herein sometimes collectively referred
to as the “Senior Debt Security
Register” provided, no such Senior Debt
Security Register shall be maintained in any office or agency in the United
Kingdom other than in Scotland) in which, subject to such reasonable regulations
as it may prescribe, the Company shall provide for the registration of
registered Senior Debt Securities and of transfers of such Senior Debt
Securities. The Trustee is hereby appointed “Senior Debt Security
Registrar” for the purpose of registering Senior Debt Securities in
registered form and transfers of Senior Debt Securities in registered form as
herein provided.

    

    

    Registered
Senior Debt Securities shall be transferable only on the Senior Debt Security
Register. Upon surrender for registration of transfer of any registered Senior
Debt Security of any series, together with the form of transfer endorsed on it,
duly completed and executed at an office or agency of the Company designated
pursuant to Section 10.02 for such purpose, the Company shall execute, and the
Trustee shall authenticate and deliver to the address specified in the formal
transfer, within three Business Days, in the name of the designated transferee
or transferees, one or more new registered Senior Debt Securities of the same
series of any authorized denominations containing identical terms and
provisions, of a like aggregate principal amount.

    

    If only
part of a registered Senior Debt Security is transferred, a new registered
Senior Debt Security of an aggregate principal amount equal to the amount not
being transferred shall be executed by the Company, and authenticated and
delivered by the Trustee to the transferor, in the name of the transferor,
within three Business Days after the Trustee acting as Paying Agent pursuant to
Section 10.02 receives the registered Senior Debt Security. The new registered
Senior Debt Security will be delivered to the transferor by uninsured post at
the risk of the transferor to the address of the transferor appearing in the
Senior Debt Security Register. A new registered Senior Debt Security of an
aggregate principal amount equal to the amount being transferred shall be
delivered by the Trustee to the transferee, in the name of the transferee,
within three Business Days after the Trustee acting as Paying Agent pursuant to
Section 10.02 receives the registered Senior Debt Security. The new registered
Senior Debt Security will be delivered to the transferee by uninsured post at
the risk of the transferee to the address of the transferee specified in the
form of transfer.

    

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

    

    

    

    
      
        
           

        

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

    

    No
service charge shall be made for any registration of transfer or exchange of
Senior Debt Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Senior Debt Securities, other
than exchanges pursuant to Sections 3.04, 9.06 or 11.07 not involving any
transfer.

    

    The
Company shall not be required (i) to issue, register the transfer of or exchange
any Senior Debt Security of any series during a period beginning at the opening
of business 15 days before the day of the giving of a notice of redemption of
Senior Debt Securities of such series selected for redemption under Section
11.03 and ending at the close of business on the day of the giving of such
notice, or (ii) to register the transfer of or exchange any Senior Debt Security
so selected for redemption in whole or in part, except the unredeemed portion of
any Senior Debt Securities being redeemed in part.

    

    Section
3.06. Mutilated, Destroyed,
Lost and Stolen Senior Debt Securities. If any mutilated
Senior Debt Security (including any Global Security) is surrendered to the
Trustee, the Company may execute and the Trustee shall, in the case of a Senior
Debt Security, authenticate and deliver in exchange therefor a new Senior Debt
Security of the same series containing identical terms and provisions and of
like amount, and bearing a number not contemporaneously
outstanding.

    

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

    

     

    

    

    
      
        
           

        

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

    

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

    

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

    

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

    

    Section
3.07. Payment; Interest Rights
Preserved. Except as otherwise provided as contemplated by Section 3.01
with respect to any series of Senior Debt Securities, interest, if any, on any
Senior Debt Securities which is payable, and is paid or duly provided for, on
any Interest Payment Date shall be paid, in the case of registered Senior Debt
Securities, to the Person in whose name that Senior Debt Security (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest or, in the case of Global Securities held
by any Holder, to the Holder including through a Paying Agent of the Company
designated pursuant to Section 3.01 outside the United Kingdom for collection by
the Holder.

    

    In the
case of registered Senior Debt Securities where payment is to be made in
Dollars, payment at any Paying Agent’s office outside The City of New York will
be made in Dollars by check drawn on, or, at the request of the Holder, by
transfer to a Dollar account maintained by the payee with, a bank in The City of
New York.

    

    In the
case of registered Senior Debt Securities where payment is to be made in a
Foreign Currency, payment will be made as established pursuant to Section
3.01.

    

    Any
interest on any Senior Debt Security of any series which is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date is herein
called “Deferred
Interest”. Deferred Interest on any registered Senior Debt Security of
any series shall forthwith cease to be payable to the Holder on

    

    

    
      
        
           

        

        
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    the
relevant Regular Record Date by virtue then of having been such Holder, and such
Deferred Interest may be paid by the Company, at its election in each case, as
provided in clause (a) or (b) below:

    

    (a)      
 The
Company may elect to make payment of any Deferred Interest to the Persons in
whose names the registered Senior Debt 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 Deferred Interest, which shall be
fixed in the following manner. The Company shall notify the Trustee in writing
of the amount of Deferred Interest proposed to be paid on each Senior Debt
Security of such series and the date of the proposed payment, and at the same
time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Deferred Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to
the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Deferred Interest as in this
clause provided. Thereupon the Company shall fix a Special Record Date for the
payment of such Deferred Interest in respect of such registered Senior Debt
Securities of such series 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 it delivers to the Trustee notice of the proposed payment. The Company
shall promptly notify the Trustee of such Special Record Date and, in the name
and at the expense of the Company, the Trustee shall cause notice of the
proposed payment of such Deferred Interest and the Special Record Date therefor
to be given in the manner and to the extent provided in Section 1.06, not less
than 10 days prior to such Special Record Date. Notice of the proposed payment
of such Deferred Interest on the Senior Debt Securities of such series and the
Special Record Date therefor having been so given, such Deferred Interest on the
Senior Debt Securities of such series shall be paid in the case of registered
Senior Debt Securities to the Persons in whose names such Senior Debt Securities
(or their respective Predecessor Securities) are registered in the Senior Debt
Security Register at the close of business on the Special Record Date, and such
Deferred Interest shall no longer be payable pursuant to the following clause
(b); or

    

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

    

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

    

    

    
      
        
           

        

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

    

    Section
3.09. Cancellation. All
Senior Debt Securities surrendered for payment, redemption, registration of
transfer or exchange shall, if surrendered to any Person other than the Trustee,
be delivered to the Trustee and shall be promptly cancelled by it. The Company
may at any time deliver to the Trustee for cancellation any Senior Debt
Securities previously authenticated and delivered hereunder and all Senior Debt
Securities so delivered shall be promptly cancelled by the Trustee. No Senior
Debt Securities shall be authenticated in lieu of or in exchange for any Senior
Debt Securities cancelled as provided in this Section, except as expressly
permitted by the provisions of the Senior Debt Securities of any series or
pursuant to the provisions of this Senior Debt Securities Indenture. The Trustee
shall deliver to the Company all cancelled Senior Debt Securities held by the
Trustee.

    

    Section
3.10. Computation of
Interest. Except as otherwise specified pursuant to Section 3.01 for
Senior Debt Securities of any series, payments of interest on the Senior Debt
Securities of each series shall be computed on the basis of a 360-day year of
twelve 30-day months.

    

    Section
3.11. CUSIP Numbers.
The Company in issuing any series of the Senior Debt Securities may use “CUSIP”,
“ISIN” and/or “Common Code” numbers (if then generally in use) or any successor
to such numbers and thereafter with respect to such series, the Trustee shall
use “CUSIP”, “ISIN” and/or “Common Code” numbers or successor numbers in notices
of redemption as a convenience to Holders; provided that any such notice
may state that no representation is made as to the correctness of such numbers
either as printed on the Senior Debt Securities or as contained in any notice of
a redemption and that reliance may be placed only on the other identification
numbers printed on the Senior Debt Securities, and any such redemption shall not
be affected by any defect in or omission of such numbers. The Company will
promptly notify the Trustee of any change in the “CUSIP”, “ISIN” and/or “Common
Code” numbers or successor numbers.

    

    

    
      
        
           

        

        
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    ARTICLE
4

    SATISFACTION AND DISCHARGE

    

    Section
4.01. Satisfaction and
Discharge of Senior Debt Securities Indenture. This Senior Debt
Securities Indenture shall upon Company Request cease to be of further
effect with respect to Senior Debt Securities of any series (except as to any
surviving rights of registration of transfer or exchange of Senior Debt
Securities of such series herein expressly provided for), and the Trustee, at
the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Senior Debt Securities Indenture with respect
to the Senior Debt Securities of such series when

    

    
      	
            	
              (a)  

            	
              either

            

    

    

    (i)        
 all
Senior Debt Securities of such series theretofore authenticated and delivered
(other than (A) Senior Debt Securities which have been destroyed, lost or stolen
and which have been replaced or paid as provided in Section 3.06 and (B) Senior
Debt Securities for whose payment money has theretofore been deposited in trust
or segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in Section 10.03) have been
delivered to the Trustee for cancellation; or

    

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

    

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

    

    (B)      
 are to be
called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Company, or

    

    (C)      
 are to be
exchanged for stock or other securities of the Company or another entity or
other entities and notice of exchange of such Senior Debt Securities for stock
or other securities of the Company or another entity or other entities shall
have been given,

    

    and the
Company has deposited or caused to be deposited with the Trustee, as trust funds
in trust for the purpose, an amount in cash, or U.S. Government Obligations
(with respect to Senior Debt Securities denominated in Dollars) or Foreign
Government Securities (with respect to Senior Debt Securities denominated in the
same Foreign Currency) maturing, in the case of (A) and (B)

    

    

    
      
        
           

        

        
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    above, as
to principal and interest, if any, and, in the case of (C) above, as to accrued
interest, if any, in such amounts and at such times as will ensure the
availability of cash sufficient to pay and discharge all claims with respect to
such Senior Debt Securities not theretofore delivered to the Trustee for
cancellation, in the case of (A) and (B) above, for principal (and premium, if
any) and accrued interest, if any, and, in the case of (iii) above, as to
accrued interest, if any, to the date of such deposit (in the case of Senior
Debt Securities which have become due and payable) or to the Redemption
Date;

    

    (b)      
the
Company has paid or caused to be paid all other sums payable hereunder by the
Company with respect to the Senior Debt Securities of such series;
and

    

    (c)      
the
Company has delivered to the Trustee 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 Senior Debt Securities Indenture with
respect to the Senior Debt Securities of such series have been complied
with.

    

    Notwithstanding
any satisfaction and discharge of this Senior Debt Securities Indenture, the
obligations of the Company to the Trustee under Section 6.07, the obligations of
the Trustee to any Authenticating Agent under Section 6.14 and, if cash, U.S.
Government Obligations and/or Foreign Government Securities shall have been
deposited with the Trustee pursuant to subclause 4.01(a)(ii) of clause 4.01(a)
of this Section, the obligations of the Trustee under Section 4.02 and the last
paragraph of Section 10.03 shall survive such satisfaction and discharge,
including any termination under any bankruptcy law.

    

    Section
4.02. Application of Trust
Money. Subject to the provisions of the last paragraph of Section 10.03,
all cash, U.S. Government Obligations and Foreign Government Securities
deposited with the Trustee pursuant to Section 4.01 shall be held in trust and
such cash and the proceeds from such U.S. Government
Obligations and/or Foreign Government Securities shall be applied by it, in
accordance with the provisions of the Senior Debt Securities of such series, and
this Senior Debt Securities Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal (and
premium, if any) and interest for the payment of which such cash, U.S.
Government Obligations and/or Foreign Government Securities have been deposited
with the Trustee.

    

    Section
4.03. Repayment to
Company. The Trustee, the Calculation Agent and any Paying Agent promptly
shall pay to the Company upon Company Request any excess money, U.S. Government
Obligations and/or Foreign Government Securities held by them at any time with
respect to any series of Senior Debt Securities.

    

    

    
      
        
           

        

        
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    ARTICLE
5

    REMEDIES

    

    Section
5.01. Events of
Default. “Event of
Default”, wherever used herein with respect to Senior Debt Securities of
a particular series, means (i) that, whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by
operation of law pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body, except as
otherwise provided as contemplated by Section 3.01 with respect to any series of
Senior Debt Securities, the Company failed to pay any principal or any interest
on any Senior Debt Securities of that series within 14 days from the due date
for payment and the principal or interest has not been duly paid within a
further 14 days following written notice from the Trustee to the Company or to
the Company and the Trustee by the Holders of at least 25% in aggregate
principal amount of the Outstanding Senior Debt Securities of that series
requiring the non-payment to be made good, (ii) the making of an order by an
English court of competent jurisdiction which is not successfully appealed
within 30 days of the making of such order, or the valid adoption by the
shareholders of the Company of an effective resolution, for the winding-up of
the Company (other than under or in connection with a scheme of reconstruction,
merger or amalgamation not involving bankruptcy or insolvency), (iii) any other
Event of Default provided with respect to Senior Debt Securities of such series
pursuant to Section 3.01 or (iv) the default in the performance, or breach, of
any covenant or warranty of the Company in this Senior Debt Securities Indenture
(other than a covenant or warranty a default in whose performance or whose
breach is elsewhere in this Section 5.01 specifically dealt with) provided, that
default or breach has not been remedied within 60 days of receipt by the Company
and the Trustee from the Holders of at least 25% aggregate principal amount of
the Outstanding Senior Debt Securities of that series of a written notice
requiring the breach to be remedied or written notice from the Trustee to the
Company certifying that in its opinion the default or breach is materially
prejudicial to the interests of the Holders of the Senior Debt Securities of
that series and requiring the breach to be remedied.

    

    Section
5.02. Acceleration of
Maturity; Rescission and Annulment. If an Event of Default occurs with
respect to Senior Debt Securities of any series and is continuing, then in every
such case the Trustee or the Holder or Holders of not less than 25% in aggregate
principal amount of the Outstanding Senior Debt Securities of such series may
declare the principal amount (or, in the case of Original Issue Discount
Securities, the accreted face amount together with

    

    

    
      
        
           

        

        
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    accrued
interest, if any, on) of all the Senior Debt Securities of that series to be due
and payable immediately, by a notice in writing to the Company (and to the
Trustee if given by the Holder or Holders), and upon any such declaration such
principal amount (or specified amount) shall become immediately due and
payable.

    

    At any
time after such a declaration of acceleration with respect to Senior Debt
Securities of any series has been made but before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this
Article provided, the Holder or Holders of a majority in aggregate principal
amount of the Outstanding Senior Debt Securities of such series, by written
notice to the Company and the Trustee, may rescind or annul such declaration of
acceleration and its consequences (including any Event of Default under another
series of Senior Debt Securities arising therefrom) but only if

    

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

    

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

    

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

    

    (b)     
 all
Events of Default with respect to Senior Debt Securities of such series have
been cured or waived as provided by Section 5.13.

    

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

    

    Section
5.03. Collection of
Indebtedness and Suits for Enforcement by Trustee. The Company
covenants that, if the Company fails to pay any principal or any interest on any
Senior Debt Securities of that series within 14 days from the due date for
payment and the principal or interest has not been duly paid within a further 14
days following written notice from the Trustee to the Company or to the Company
and the Trustee by the Holders of at least 25% in aggregate principal amount of
the Outstanding Senior Debt Securities of that series requiring the non-payment
to be made good, the Company will, upon demand of the Trustee, pay to it, for
the benefit of the Holders of such Senior Debt Securities, the whole amount then
due and payable on such Senior Debt Securities for principal (and premium, if
any) and interest, if any, and interest on

    

    

    
      
        
           

        

        
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    any
overdue principal (and premium, if any), at the rate or rates prescribed
therefor in such Senior Debt Securities; and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel.

    

    If an
Event of Default with respect to Senior Debt Securities of any series occurs and
is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Senior Debt Securities of such
series by such appropriate judicial proceedings as the Trustee shall deem most
effectual to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Senior Debt Securities
Indenture or in aid of the exercise of any power granted herein, or to enforce
any other proper remedy, including the institution of proceedings in Scotland
(but not elsewhere) for the winding-up of the Company.

    

    The
Holders of Senior Debt Securities by their acceptance thereof will be deemed to
have waived any right of set-off or counterclaim or combination of accounts with
respect to the Senior Debt Securities or this Senior Debt Securities Indenture
(or between the obligations under or in respect of any Senior Debt Securities
and any liability owed by a Holder to the Company) that they might otherwise
have against the Company, whether before or during a winding up of the
Company.

    

    Notwithstanding
the foregoing, failure to make any payment in respect of a series of Senior Debt
Securities shall not be a default in respect of such Senior Debt Securities if
such payment is withheld or refused (i) in order to comply with any law or
regulation or with the order of any court of competent jurisdiction, in each
case applicable to such payment, or (ii) in case of doubt as to the validity or
applicability of any such law, regulation or order, in accordance with advice
given as to such validity or applicability at any time before the expiry of such
period of 14 days by independent legal advisers acceptable to the Trustee, provided, however, that the Trustee may
by notice to the Company require the Company to take such action
(including but not limited to proceedings for a declaration by a court of
competent jurisdiction) as the Trustee may be advised in an Opinion of Counsel,
upon which opinion the Trustee may conclusively rely, is appropriate and
reasonable in the circumstances to resolve such doubt, in which case the Company
shall forthwith take and expeditiously proceed with such action and shall be
bound by any final resolution of the doubt resulting therefrom. If any such
action results in a determination that the relevant payment can be made without
violating any applicable law, regulation or order then the provisions of the
preceding sentence shall cease to have effect and the payment shall become due
and payable on the expiration of 14 days after the Trustee gives written notice
to the Company informing it of such resolution.

    

    

    
      
        
           

        

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

    

    Notwithstanding
any contrary provisions, nothing shall impair the right of a Holder, absent the
Holder’s consent, to sue for any payments due but unpaid with respect to the
Senior Debt Securities.

    

    Section
5.04. Trustee May File Proofs
of Claim. In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition,
winding-up or other judicial proceeding relative to the Company or any other
obligor upon the Senior Debt Securities of any series or to the property of the
Company or such other obligor or their creditors (other than under or in
connection with a scheme of amalgamation or reconstruction not involving
bankruptcy or insolvency), the Trustee (irrespective of whether the principal of
the Senior Debt Securities of such series shall then be due and payable as
therein expressed or by declaration or otherwise and irrespective of whether the
Trustee shall have made any demand on the Company for the payment of overdue
principal (and premium, if any) or interest, if any) shall be entitled and
empowered, by intervention in such proceeding or otherwise, to take any and all
actions authorized under the Trust Indenture Act in order to have claims of the
Holders and the Trustee allowed in any such proceeding. In particular, the
Trustee shall be authorized to collect and receive any moneys and 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 of a Senior Debt Security to make such payments to the Trustee and, in
the event that the Trustee shall consent to the making of such payments directly
to such Holders or holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due to the Trustee under Section
6.07.

    

    

    

    
      
        
           

        

        
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      Subject
to Article Eight and Section 9.02, nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder of any Senior Debt Security any plan of reorganization,
arrangement, adjustment, or composition affecting any Senior Debt Securities or
the rights of any Holder of any Senior Debt Security or to authorize the Trustee
to vote in respect of the claim of any such Holder or holder in any such
proceeding.

    

    

    Section
5.05. Trustee May Enforce
Claims Without Possession of Senior Debt Securities. All rights
of action and claims under this Senior Debt Securities Indenture or the Senior
Debt Securities may be prosecuted and enforced by the Trustee without the
possession of any of the Senior Debt Securities or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel be for the ratable benefit of the Holders of the Senior Debt
Securities in respect of which such judgment has been recovered.

    

    Section
5.06. Application of Money
Collected. Any money collected by the Trustee pursuant to this Article in
respect of any series of Senior Debt Securities shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money on account of principal (and premium, if any) or
interest, if any, upon presentation of such Senior Debt Securities and the
notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid:

    

    FIRST: To
the payment of all amounts applicable to such series of Senior Debt Securities
due and owing to the Trustee under Section 6.07;

    

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

    

    THIRD: To
the payment of the balance, if any, to the Company or any other Person or
Persons legally entitled thereto.

    

    Section
5.07. Limitation on
Suits. No Holder of any Senior Debt Security of any series shall have any
right to institute any proceeding, judicial or otherwise, with respect to this
Senior Debt Securities Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless

    

    (a)      
 such Holder has previously given written notice to the Trustee of a
continuing Event of Default with respect to Senior Debt Securities of the
same

    

    

    

    
      
        
           

        

        
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    series
specifying such Event of Default and stating that such notice is a “Notice of Default”
hereunder;

    

    (b)     
 the
Holders of not less than 25% in aggregate principal amount of the Outstanding
Senior Debt Securities of such series shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own
name, as Trustee hereunder;

    

    (c)      
such
Holder of a Senior Debt Security has offered to the Trustee reasonable indemnity
satisfactory to it against the costs, expenses and liabilities to be incurred in
compliance with such request;

    

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

    

    (e)      
 no
direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of
the Outstanding Senior Debt Securities of such series;

    

    it being
understood and intended that no one or more Holders of Senior Debt Securities of
a particular series shall have any right in any manner whatever by virtue of, or
by availing of, any provision of this Senior Debt Securities Indenture to
affect, disturb or prejudice the rights of any other such Holders or holders, or
to obtain or to seek to obtain priority or preference over any other such
Holders or holders or to enforce any right under this Senior Debt Securities
Indenture, except in the manner herein provided and for the equal and ratable
benefit of all Holders of Senior Debt Securities of such series.

    

    Section
5.08. Unconditional Right of
Holders to Receive Principal, Premium and Interest, If Any.
Notwithstanding any other provision in this Senior Debt Securities
Indenture, the Holder of any Senior Debt Security shall have the right, which is
absolute and unconditional, to receive payment of the principal of (and premium,
if any) and (subject to Section 3.07) interest, if any, on such Senior Debt
Security on the respective Stated Maturities as expressed in such Senior Debt
Security (or, in the case of redemption, on the Redemption Date) and to
institute suit for the enforcement of any such payment, and such rights shall
not be impaired without the consent of such Holder or holder.

    

    Section
5.09. Restoration of Rights
and Remedies. If the Trustee or any Holder of any Senior Debt Security
has instituted any proceeding to enforce any right or remedy under this Senior
Debt Securities Indenture and such proceeding has been discontinued or abandoned
for any reason, or has been determined adversely to the Trustee or to such
Holder, then and in every such case, subject to any determination in such
proceeding, the Company, the Trustee and the Holders of Senior Debt Securities
shall be restored severally and respectively to their

    

    

    
      
        
           

        

        
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    former
positions hereunder and thereafter all rights and remedies of the Trustee and
the Holders of Senior Debt Securities 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 Senior Debt Securities in the
last paragraph of Section 3.06, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders of Senior Debt Securities is intended
to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

    

    Section
5.11. Delay or Omission Not
Waiver. No delay or omission of the Trustee or of any Holder of any
Senior Debt Security to exercise any right or remedy accruing upon any Event of
Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or an acquiescence therein. Every right and remedy given by
this Article or by law to the Trustee or to the Holders of Senior Debt
Securities may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders of Senior Debt Securities, as the
case may be.

    

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

    

    (a)      
 such
direction shall not be in conflict with any rule of law or with this Senior Debt
Securities Indenture;

    

    (b)      
 the
Trustee shall not determine that the action so directed would be unjustly
prejudicial to the Holders of any Senior Debt Securities of any series not
taking part in such direction with respect to which the Trustee is acting as the
Trustee; and

    

    (c)       
the
Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction.

    

    Section
5.13. Waiver of Past
Defaults. The Trustee may without prejudice to its rights in respect of
any subsequent Event of Default from time to time and at any time waive any
Event of Default or authorize any proposed Event

    

    

    
      
        
           

        

        
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    of
Default by the Company, provided that in its opinion the interests of the
Holders shall not be materially prejudiced thereby and, provided further, that
the Trustee shall not exercise any powers conferred on it by this clause in
contravention of any notice in writing to the Company and the Trustee made
pursuant to Section 5.02 hereof but so that no such notice shall affect any
waiver or authorization previously given or made. The Holders of not less than a
majority in aggregate principal amount of the Outstanding Senior Debt Securities
of any series may on behalf of the Holders of all the Senior Debt Securities of
such series waive any past Event of Default hereunder with respect to such
series and its consequences, except an Event of Default:

    

    (a)      
 in the
payment of the principal of (or premium, if any) or interest, if any, on any
Senior Debt Security of such series, or

    

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

    

    Upon any
such waiver, such Event of Default shall cease to exist, and any Event of
Default with respect to any series arising therefrom shall be deemed to have
been cured and not to have occurred for every purpose of this Senior Debt
Securities Indenture, but no such waiver shall extend to any subsequent or other
Event of Default or impair any right consequent thereon.

    

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

    

    

    

    

    
      
        
           

        

        
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    ARTICLE
6

    THE TRUSTEE

    

    Section
6.01. Certain Duties and
Responsibilities. The duties and responsibilities of the Trustee shall be
as provided by the Trust Indenture Act. Notwithstanding the foregoing, no
provision of this Senior Debt Securities Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder, or in the exercise of any of its
rights or powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it. Whether or not therein expressly so provided,
every provision of this Senior Debt Securities Indenture relating to the conduct
or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section 6.01.

    

    Section
6.02. Notice of
Defaults. Within 90 days after the occurrence of any Event of Default
hereunder with respect to Senior Debt Securities of any series of which a
Responsible Officer of the Trustee has written notice of such Event of Default
the Trustee shall transmit in the manner and to the extent provided in Section
1.06 to Holders of Senior Debt Securities of such series notice of such Event of
Default hereunder known to the Trustee, unless such Event of Default shall have
been cured or waived; provided, however, that, the Trustee
shall be protected in withholding such notice if it determines in good faith
that the withholding of such notice is in the interest of the Holders of Senior
Debt Securities of such series.

    

    Section
6.03. Certain Rights of
Trustee. Subject to the provisions of Section 6.01:

    

    (a)      
 the
Trustee may conclusively rely and shall be protected in acting or refraining
from acting upon any resolution, Officer’s Certificate, or any other
certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, coupon or other evidence of indebtedness
or other paper or document (whether in its original or facsimile form) believed
by it to be genuine and to have been signed or presented by the proper party or
parties;

    

    (b)     
 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 of the Company may be sufficiently evidenced by a Board
Resolution;

    

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

    

    

    
      
        
           

        

        
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    (d)      
the
Trustee may consult with counsel of its own selection and the advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon;

    

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

    

    (f)      
 the
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, coupon or
other evidence of indebtedness or other paper or document, but the Trustee, in
its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit at the reasonable expense of the Company and shall
incur no liability by reason of such inquiry or investigation; provided that the
Trustee shall not be entitled to such information which the Company is prevented
from disclosing as a matter of law or contract;

    

    (g)     
 the
Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee
shall not be responsible for any misconduct or negligence on the part of any
agent (other than an officer or employee of the Trustee) or attorney appointed
with due care by it hereunder;

    

    (h)      
the
Trustee shall not be liable for any action taken, suffered, or omitted to be
taken by it in good faith and reasonably believed by it to be authorized or
within the discretion or rights or powers conferred upon it by this Senior Debt
Securities Indenture;

    

    (i)       
 the
Trustee shall not be deemed to have notice of any Event of Default unless a
Responsible Officer of the Trustee has received written notice of any event
which is in fact such a default is received by the Trustee at the Corporate
Trust Office of the Trustee; and

    

    (j)       
 the
rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and
shall be enforceable by, the Trustee in each of its capacities
hereunder.

    

    

    
      
        
           

        

        
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    Section
6.04. Not Responsible for
Recitals or Issuance of Senior Debt Securities. The recitals
contained herein and in the Senior Debt Securities, except the Trustee’s
certificates of authentication, shall be taken as the statements of the Company,
and neither the Trustee nor any Authenticating Agent assumes any responsibility
for their correctness. The Trustee makes no representations as to the validity
or sufficiency of this Senior Debt Securities Indenture or of the Senior Debt
Securities, except that the Trustee represents and warrants that it has duly
authorized, executed and delivered this Senior Debt Securities Indenture.
Neither the Trustee nor any Authenticating Agent shall be accountable for the
use or application by the Company of Senior Debt Securities or the proceeds
thereof.

    

    Section
6.05. May Hold Senior Debt
Securities. The Trustee, any Authenticating Agent, any Paying Agent, any
Senior Debt Security Registrar and any Calculation Agent or any other agent of
the Company, in its individual or any other capacity, may become the owner or
pledgee of Senior Debt Securities and, subject to Sections 6.08 and 6.13, may
otherwise deal with the Company with the same rights it would have if it were
not Trustee, Authenticating Agent, Paying Agent, Senior Debt Security Registrar,
Calculation Agent or such other agent.

    

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

    

    Section
6.07.  Compensation
and Reimbursement.

    

    The
Company agrees:

    

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

    

    (b)     
 except as
otherwise expressly provided herein, to reimburse the Trustee upon its request
for all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any provision of this Senior Debt Securities
Indenture (including the reasonable compensation and the expenses and
disbursements of its agents and counsel), except any such expense, disbursement
or advance as shall be determined by a court of competent jurisdiction to have
been caused by its own negligence or bad faith; and

    

    
      (c)    
  to
indemnify the Trustee for, and to hold it harmless against, any and all
loss, liability, claim, damage or expense (including legal fees and expenses)
incurred without negligence or bad faith on its part, arising out of or in
connection with the acceptance or administration of the trust or trusts
hereunder including the

    

    

    

    
      
        
           

        

        
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    costs and
expenses of defending itself against any claim or liability in connection with
the exercise or performance of any of its powers or duties hereunder but
excluding any tax liabilities of the Trustee in respect of its net
profits.

    

    The
Trustee shall notify the Company in writing of the commencement of any action or
claim in respect of which indemnification may be sought promptly after a
Responsible Officer of the Trustee becomes aware of such commencement (provided
that the failure to make such notification shall not affect the Trustee’s rights
hereunder) and the Company shall be entitled to participate in, and to the
extent it shall wish, to assume the defense thereof, including the employment of
counsel reasonably satisfactory to the Trustee. If the Company and the Trustee
are being represented by the same counsel and the Company has assumed the
defense of the claim, the Trustee shall not be authorized to settle a claim
without the written consent of the Company, which consent shall not be
unreasonably withheld. In the case where the Company has assumed the defense of
a claim and the Trustee and the Company are represented by the same legal
counsel, the Trustee should not settle such a claim without the written consent
of the Company, which shall not be unreasonably withheld.

    

    If the
Trustee is represented by separate counsel due to a conflict of interest or its
need for separate representation due to a need to assert defenses which are
different from the Company’s in the Trustee’s sole discretion, the Trustee shall
be entitled to enter into any settlement without the written consent of the
Company and any and all fees, cost and expenses of such separate legal
representation of the Trustee will be paid by the Company.

    

    As
security for the performance of the obligations of the Company under this
Section, the Trustee shall have a senior lien to which the Senior Debt
Securities are hereby made subordinate, upon all property and funds held or
collected by the Trustee as such, except funds held in trust for the payment of
principal of (or premium, if any) or interest, if any, on the Senior Debt
Securities.

    

    Section
6.08. Disqualification;
Conflicting Interests. If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act, the Trustee shall either
eliminate such interest or resign, to the extent and in the manner provided by,
and subject to the provisions of, the Trust Indenture Act and this Senior Debt
Securities Indenture.

    

    Section
6.09. Corporate Trustee
Required; Eligibility. There shall at all times be a Trustee hereunder
with respect to each series which shall be a corporation organized and doing
business under the laws of the United States, any State thereof or the District
of Columbia, authorized under such laws to exercise corporate trust powers,
having a combined capital and surplus of at least $50,000,000, subject to
supervision or examination by Federal or State or District of Columbia authority
and, if there be such corporation willing and able to act as

     

    
 

    
      
        
           

        

        
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    trustee
on reasonable and customary terms, having its corporate trust office or agency
in the Borough of Manhattan, The City of New York, New York. 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, 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 the Trustee shall cease to be
eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article 6.

    

    Section
6.10. Resignation and Removal;
Appointment of Successor. (a) No resignation or removal of the Trustee
and no appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 6.11.

    

    (b)     
 The
Trustee may resign at any time with respect to the Senior Debt Securities of one
or more series by giving written notice thereof to the Company. If the
instrument of acceptance by a successor Trustee required by Section 6.11 shall
not have been delivered to the Trustee within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Senior Debt Securities of such series.

    

    (c)      
 The
Trustee may be removed at any time with respect to the Senior Debt Securities of
any series by Act of the Holders of a majority in principal amount of the
Outstanding Senior Debt Securities of such series delivered to the Trustee and
to the Company. If the instrument of acceptance by a successor Trustee required
by Section 6.11 shall not have been delivered to the Trustee within 30 days
after the giving of such notice of removal, the Trustee may petition at the
expense of the Company any court of competent jurisdiction for the appointment
of a successor Trustee with respect to the Senior Debt Securities of such
series.

    

    
      (d)    
  If at any
time:

    

    

    (i) 
        the
Trustee shall fail to comply with Section 6.08 after written request therefor by
the Company or by any Holder who has been a bona fide Holder of a Senior Debt
Security of the series as to which the Trustee has a conflicting interest for at
least six months, or

    

    (ii)  
      the
Trustee shall cease to be eligible under Section 6.09 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 Senior Debt Security for at least six months,
or

    

    

    
      
        
           

        

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

    

    (iv)      
 the
Trustee shall fail to perform its obligations to the Company under the Senior
Debt Securities Indenture in any material respect,

    

    then, in
any such case, (A) the Company by a Board Resolution may remove the Trustee with
respect to any or all series of Senior Debt Securities or (B) subject to Section
5.14 (and except in the case of subparagraph 6.10(d)(iv) above), any Holder who
has been a bona fide Holder of a Senior Debt Security for at least six months
(and, in the case of Section 6.10(d)(i) above, who is a Holder of a Senior Debt
Security of the series as to which the Trustee has a conflicting interest) may,
on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect to all Senior
Debt Securities and the appointment of a successor Trustee or
Trustees.

    

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

    

    

    
      
        
           

        

        
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    (f)      
 The Company shall give notice of each resignation and each removal of the
Trustee with respect to the Senior Debt Securities of any series and each
appointment of a successor Trustee with respect to the Senior Debt Securities of
any series in the manner and to the extent provided in Section 1.06. Each notice
shall include the name of the successor Trustee with respect to the Senior Debt
Securities of such series and the address of its Corporate Trust
Office.

    

    Section
6.11.  Acceptance of
Appointment by Successor.

    

    (a)      
 In case
of the appointment hereunder of a successor Trustee with respect to all Senior
Debt 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 request of the
Company or the successor Trustee, such retiring Trustee shall, upon payment of
its charges, execute and deliver an instrument transferring to such successor
Trustee, all the rights, powers and trusts of the retiring Trustee and shall
duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder.

    

    (b)      
 In case
of the appointment hereunder of a successor Trustee with respect to the Senior
Debt Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Senior Debt Securities of
such series shall execute and deliver an indenture supplemental hereto wherein
each successor Trustee shall accept such appointment and which (i) 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 Senior Debt Securities of such
series to which the appointment of such successor Trustee relates, (ii) if the
retiring Trustee is not retiring with respect to all Senior Debt 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 Senior Debt Securities of such series as to which the
retiring Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (iii) shall add to or change any of the provisions of this Senior
Debt Securities 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

     

     

    

    
      
        
           

        

        
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    conveyance,
shall become vested with all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Senior Debt Securities of such 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 Senior Debt Securities of
such series to which the appointment of such successor Trustee
relates.

    

    (c)      
 Upon
request of any such successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such
successor Trustee all such rights, powers and trusts referred to in paragraph
(a) or (b) of this Section 6.11, as the case may be.

    

    (d)      
No
successor Trustee shall accept its appointment unless at the time of such
acceptance such successor Trustee shall be qualified and eligible under this
Article 6.

    

    Section
6.12. Merger, Conversion,
Consolidation or Succession to Business. Any corporation
into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Senior Debt Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Senior Debt Securities so authenticated with
the same effect as if such successor Trustee had itself authenticated such
Senior Debt Securities.

    

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

    

    Section
6.14. Appointment of
Authenticating Agent. The Trustee may at any time appoint an
Authenticating Agent or Agents with respect to one or more series of Senior Debt
Securities which shall be authorized to act on behalf of the Trustee to
authenticate Senior Debt Securities of such series upon original issue, or
issued upon exchange, registration of transfer or partial redemption thereof or
in lieu of destroyed, lost or stolen Senior Debt Securities, and Senior Debt
Securities so authenticated shall be entitled to the benefits of this Senior

    

    

    
      
        
           

        

        
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    Debt Securities
Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder. Wherever reference is made in this Senior Debt
Securities Indenture to the authentication and delivery of Senior Debt
Securities by the Trustee or the Trustee’s certificate of authentication, such
reference shall be deemed to include authentication and delivery on behalf of
the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Company and shall at all times
be a corporation or national banking association organized and doing business
under the laws of the United States, any State thereof or the District of
Columbia, 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 Federal or State or District of Columbia
authority. If such Authenticating Agent publishes reports of condition at least
annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined capital
and surplus of such Authenticating Agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section 6.14, such Authenticating Agent
shall resign immediately in the manner and with the effect specified in this
Section.

    

    Any
corporation or national banking association into which an Authenticating Agent
may be merged or converted or with which it may be consolidated, or any
corporation or national banking association resulting from any merger,
conversion or consolidation to which such Authenticating Agent shall be a party,
or any corporation or national banking association succeeding to the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to
be an Authenticating Agent, provided such corporation or national banking
association shall be otherwise eligible under this Section 6.14, without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

    

    An
Authenticating Agent may resign at any time by giving written notice thereof to
the Trustee and the Company. The Trustee may at any time terminate the agency of
an Authenticating Agent by giving written notice thereof to such Authenticating
Agent and 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 6.14, the Trustee
may appoint a successor Authenticating Agent which shall be acceptable to the
Company and shall give notice to the Holders of Senior Debt Securities in the
manner and to the extent provided in Section 1.06. 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
6.14.

    

    

    
      
        
           

        

        
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    The
Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section 6.14.

    

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

    

    This is
one of the Senior Debt Securities referred to in the within- mentioned Senior
Debt Securities Indenture.

     

    
      
         

        
          

          
            	
                    THE
      BANK OF NEW YORK MELLON, LONDON BRANCH

                  	 
      
	 	 
	 	 
	
                    as
      Trustee

                  	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                    By:

                  	 
      	 
      
	 
      	
                    as
      Authenticating Agent

                  	 
      
	 
      	 
      	 
      

          

           

        

        
          
            
              	
                      By:

                    	 
      	 
      
	 
      	
                      
                        as
      Authenticating Agent

                      

                    	 
      
	 
      	 
      	 
      

            

             

          

        

      

       

    

    

    

    ARTICLE
7

    HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY

    

    Section
7.01. Company to Furnish
Trustee Names and Addresses of Holders. The Company, with
respect to any series of Senior Debt Securities in registered form, will
furnish or cause to be furnished to the Trustee

    

    (a)     
 quarterly, not more than 15 days after each Regular Record Date (or after
each of the dates to be specified for such purpose for non-interest bearing
Senior Debt Securities and Senior Debt Securities on which interest is paid less
frequently than quarterly as contemplated by Section 3.01), a list, in such form
as the Trustee may reasonably require, of the names and addresses of the Holders
of registered Senior Debt Securities as of such Regular Record Date or such
specified date, and

    

    

    
      
        
           

        

        
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    (b)     
 at such other times as the Trustee may request in writing, within 30 days
after the receipt by the Company of any such request, a list of similar form and
content as of a date not more than 15 days prior to the time such list is
furnished.

    

    The
Company need not furnish or cause to be furnished to the Trustee pursuant to
this Section 7.01 the names and addresses of Holders of registered Senior Debt
Securities so long as the Trustee acts as Senior Debt Security Registrar with
respect to such series of Senior Debt Securities.

    

    Section
7.02.  Preservation
of Information; Communication to Holders.

    

    (a)      
 The
Trustee shall preserve, in as current a form as is reasonably practicable, the
names and addresses of Holders (i) contained in the most recent list furnished
to the Trustee as provided in Section 7.01 and (ii) received by the Trustee in
its capacity as Paying Agent or Senior Debt Security Registrar (if so acting).
The Trustee may destroy any list furnished to it as provided in Section
7.1 upon
receipt of a new list so furnished.

    

    (b)      
 The
rights of the Holders of Senior Debt Securities of any series to communicate
with other Holders with respect to their rights under this Senior Debt
Securities Indenture or under the Senior Debt Securities, and the corresponding
rights and privileges of the Trustee, shall be as provided by the Trust
Indenture Act.

    

    (c)      
 Every
Holder, by receiving and holding a Senior Debt Security, agrees with the Company
and the Trustee that neither the Company nor the Trustee nor any agent of any 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
Section 7.02(b) or otherwise made pursuant to the Trust Indenture
Act.

    

    Section
7.03.  Reports by
Trustee.

    

    (a)      
 On or
before [May 15] in each year following the date hereof, so long as any Senior
Debt Securities are Outstanding hereunder, the Trustee shall transmit to Holders
as provided in the Trust Indenture Act a brief report dated as of a date
required by and in compliance with the Trust Indenture Act.

    

    (b)     
 A copy of
each such report shall, at the time of such transmission to Holders, be filed by
the Trustee with each securities exchange upon which the Trustee has been
notified that the Senior Debt Securities are listed, with the Commission and
with the Company. The Company will notify the Trustee when Senior Debt
Securities are listed on any securities exchange.

    

    

    
      
        
           

        

        
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    (c)      
 The Company will furnish the Trustee with interim and annual reports and
upon receipt thereof, the Trustee will mail such reports to all record holders
of Senior Debt Securities. In addition, the Company will furnish the Trustee
with all notices of meetings at which holders of Senior Debt Securities of a
particular series are entitled to vote, and all other reports and communications
that are made generally available to holders of Senior Debt Securities. The
Trustee will, at the Company’s expense, make such notices, reports and
communications available for inspection by holders of Senior Debt Securities in
such manner as the Company may determine and, in the case of any notice received
by the Trustee in respect of any meeting at which holders of Senior Debt
Securities of a particular series are entitled to vote, will mail to all such
record holders of Senior Debt Securities, at the Company’s expense, a notice
containing a summary of the information set forth in such notice of
meeting.

    

    Section
7.04.  Reports by
the Company.  The Company shall:

    

    (a)      
 file with
the Trustee, within 15 days after the Company is required to file the same with
the Commission, copies of the annual reports and of the information, documents
and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) which the
Company may be required to file with the Commission pursuant to Section 13 or
Section 15(d) of the Exchange Act; or, if the Company is not required to file
information, documents or reports pursuant to either of such Sections, then it
shall file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time 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
from time to time in such rules and regulations. Delivery of such reports,
information and documents to the Trustee is for informational purposes only and
the Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on an Officer’s
Certificate);

    

    (b)     
 file with
the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such additional information,
documents and reports with respect to compliance by the Company with the
conditions and covenants of this Senior Debt Securities Indenture as may be
required from time to time by such rules and regulations. Delivery of such
reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice
of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on an Officer’s
Certificate); and

    

    

    
      
        
           

        

        
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    (c)        transmit
to Holders, in the manner and to the extent required by the Trust Indenture Act,
within 30 days after the filing thereof with the Trustee, such summaries of any
information, documents and reports required to be filed by the Company pursuant
to paragraphs (a) and (b) of this Section as may be required by rules and
regulations prescribed from time to time by the Commission.

    

    

    ARTICLE
8

    CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

    

    Section
8.01.  Company May
Consolidate, Etc. Only on Certain Terms. The
Company may, without the consent of Holders of any Senior Debt Securities of any
series Outstanding under this Senior Debt Securities Indenture, consolidate or
amalgamate with or merge into any other corporation or convey or transfer or
lease its properties and assets substantially as an entirety to any Person,
provided that:

    

    (a)     
 the
corporation formed by such consolidation or amalgamation or into which the
Company is merged or the Person which acquires by conveyance or transfer the
properties and assets of the Company substantially as an entirety (i) shall be a
company organized and existing under the laws of the United Kingdom or any
political subdivision thereof, and (ii) shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form satisfactory
to the Trustee, the due and punctual payment of the principal of (and premium,
if any) and interest, if any, on all the Senior Debt Securities in accordance
with the provisions of such Senior Debt Securities and this Senior Debt
Securities Indenture and the performance of every covenant of this Senior Debt
Securities Indenture on the part of the Company to be performed or observed;
and

    

    (b)      
the
Company shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that such consolidation, amalgamation, merger,
conveyance or transfer and such supplemental indenture comply with this Article
and that all conditions precedent herein provided for relating to such
transaction have been complied with.

    

    Section
8.02. Successor Corporation
Substituted. Upon any consolidation, amalgamation or merger by the
Company into any other corporation or any conveyance or transfer of the
properties and assets of the Company substantially as an entirety in accordance
with Section 8.01, the successor corporation formed by such consolidation or
amalgamation or into which the Company is merged or to which such conveyance or
transfer is made shall succeed to and be substituted

    

    

    
      
        
           

        

        
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    for, and
may exercise every right and power of, the Company, under this Senior Debt
Securities Indenture with the same effect as if such successor corporation had
been named as the Company herein, and thereafter, the predecessor corporation
shall be relieved of all obligations and covenants under the Senior Debt
Securities Indenture and the Senior Debt Securities.

    

    Section
8.03. Assumption of
Obligations. With respect to the Senior Debt Securities of any series, a
wholly-owned Subsidiary of the Company (a “successor entity”) may without
the consent of any Holder assume the obligations of the Company (or any
corporation which shall have previously assumed the obligations of the Company)
for the due and punctual payment of the principal of (and premium, if any, on)
and interest, if any, on any series of Senior Debt Securities in accordance with
the provisions of such Senior Debt Securities and this Senior Debt Securities
Indenture and the performance of every covenant of this Senior Debt Security
Indenture and such series of Senior Debt Securities on the part of the Company
to be performed or observed, provided that:

    

    (a)     
 the
successor entity shall expressly assume such obligations by an amendment to the
Senior Debt Securities Indenture, executed by the Company and such successor
entity, if applicable, and delivered to the Trustee, in form satisfactory to the
Trustee, and the Company shall, by amendment to the Senior Debt Securities
Indenture, unconditionally guarantee (such guarantee shall be given on a Senior
basis consistent with Article Twelve hereof) all of the obligations of such
successor entity under the Senior Debt Securities of such series and the Senior
Debt Securities Indenture as so modified by such amendment (provided, however, that, for the
purposes of the Company’s obligation to pay Additional Amounts, if any, payable
pursuant to Section 10.04 in respect of the Senior Debt Securities, references
to such successor entity’s country of organization will be added to references
to the United Kingdom);

    

    (b)     
 such
successor entity shall confirm in such amendment to the Senior Debt Securities
Indenture that such successor entity will pay all Additional Amounts, if any,
payable pursuant to Section 10.04 in respect of all the Senior Debt Securities
(provided, however, that for these
purposes such successor entity’s country of organization will be substituted for
the references to the United Kingdom);

    

    (c)     
 immediately
after giving effect to such assumption of obligations, no Event of Default and
no event which, after notice or lapse of time or both, would become an Event of
Default, shall have occurred and be continuing; and

    

    (d)      
the
Company shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that such assumption complies with this Article
and that all conditions precedent herein provided for relating to such
assumption have been complied with.

    

     

    
      
        
           

        

        
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    Upon any
such assumption, the successor entity shall succeed to, and be substituted for,
and may exercise every right and power of, the Company under this Senior Debt
Securities Indenture with respect to any such Senior Debt Securities with the
same effect as if such successor entity had been named as the Company in this
Senior Debt Securities Indenture, and the Company or any legal and valid
successor corporation which shall theretofore have become such in the manner
prescribed herein, shall be released from all liability as obligor upon any such
Senior Debt Securities except as provided in clause (a) of this Section
8.03.

    

    In the
event of any such assumption, any Additional Amounts, if any, payable pursuant
to Section 10.04 will be payable in respect of taxes, levies, imposts, duties,
charges, fees, deductions or withholdings (“Taxes”) imposed by the
jurisdiction in which the assuming corporation is incorporated (subject to
exceptions equivalent to those that apply to any obligation to pay Additional
Amounts in respect of Taxes imposed by any Taxing Jurisdiction) rather than
Taxes imposed by any Taxing Jurisdiction; provided however, that if the
Company makes payment under the guarantee, the Company shall be required to pay
Additional Amounts related to Taxes (subject to the exceptions set forth in
Section 10.04) imposed by any Taxing Jurisdiction by reason of such
payments.

    

    

    ARTICLE
9

    SUPPLEMENTAL INDENTURES

    

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

    

    (a)      
 to
evidence the succession of another corporation to the Company and the assumption
by any such successor of the covenants of any the Company herein and in the
Senior Debt Securities;

    

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

    

    
      (c)    
  to add
any additional Events of Default;

    

    

    (d)     
 to add
to, change or eliminate any of the provisions of this Senior Debt Securities
Indenture, or any supplemental indenture, provided that any such change
or elimination shall become effective only when there is no Senior
Debt

    

    

    
      
        
           

        

        
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    Security
Outstanding of any series created prior to the execution of such supplemental
indenture effecting such change or elimination which is entitled to the benefit
of such provision, and adversely affected by such addition, change or
elimination;

    

    
      (e)    
  to secure
the Senior Debt Securities;

    

    

    (f)       
to
establish the form or terms of Senior Debt Securities of any series as permitted
by Sections 2.01 or 3.01;

    

    (g)     
 to change
any Place of Payment, so long as the Place of Payment as required by Section
3.01 is maintained;

    

    (h)     
 to cure
any ambiguity, to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein or in any supplemental
indenture;

    

    (i)       
to make
any other provisions with respect to matters or questions arising under this
Senior Debt Securities Indenture, provided such action shall
not adversely affect the interests of the Holders of Senior Debt Securities of
any series in any material respect;

    

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

    

    (k)     
 to change
or eliminate any provision of this Senior Debt Securities Indenture as permitted
by Section 1.07.

    

    Section
9.02. Supplemental Indentures
with Consent of Holders. With the consent of the Holders of not less than
a majority in aggregate principal amount of the Outstanding Senior Debt
Securities of each series affected by such supplemental Senior Debt Securities
Indenture (voting as a class), by Act of said Holders delivered to the Company
and the Trustee, the Company, when authorized by a Board Resolution, and the
Trustee may enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Senior Debt Securities Indenture or of modifying in
any manner the rights of the Holders of Senior Debt Securities of such series
under this Senior Debt Securities Indenture; provided, however, that no
such supplemental indenture may, without the consent of the Holder of each
Outstanding Senior Debt Security affected thereby,

    

    

    

    
      
        
           

        

        
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    (a)     
 change
the Stated Maturity, if any, of any principal amount or any interest amounts in
respect of any such Senior Debt Security, reduce the principal amount thereof or
the rate of interest, if any, thereon, or any premium payable upon the
redemption thereof, or reduce the amount of principal of an Original Issue
Discount Security that would be due and payable upon an acceleration of the
Maturity thereof pursuant to Section 5.02, or change the obligation of the
Company (or its successor) to pay Additional Amounts pursuant to Section 10.04
(except as contemplated by Section 8.01(a) and permitted by Section 9.01(a)) on
the Senior Debt Securities, or the currency of payment of the principal amount
of, premium, if any, or interest on, any such Senior Debt Security, or impair
the right to institute suit for the enforcement of any such payment on or after
the Stated Maturity thereof (or, in the case of redemption, on or after the
Redemption Date); or

    

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

    

    (c)     
 modify
any of the provisions of this Section 9.02 or Section 5.13 except to increase
any such percentage or to provide that certain other provisions of this Senior
Debt Securities Indenture cannot be modified or waived without the consent of
the Holder of each Outstanding Senior Debt Security affected thereby; provided, however, that this
clause shall not be deemed to require the consent of any Holder with respect
to changes in the references to “the Trustee” and concomitant changes in this
Section, or the deletion of this proviso, in accordance with the requirements of
Sections 6.11(b) and 9.01(j), or

    

    (d)     
 change in
any manner adverse to the interests of the Holders of any Senior Debt Securities
the terms and conditions of the obligations of the Company in respect of the due
and punctual payment of any amounts due and payable on the Senior Debt
Securities.

    

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

    

    A
supplemental indenture which changes or eliminates any covenant or other
provision of this Senior Debt Securities Indenture which has expressly been
included solely for the benefit of one or more particular series of Senior Debt
Securities, or which modifies the rights of the Holders of Senior Debt
Securities of such series with respect to such covenant or other provision,
shall be deemed

    

    

    
      
        
           

        

        
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    not to
affect the rights under this Senior Debt Securities Indenture of the Holders of
Senior Debt Securities of any other series.

    

    Section
9.03. Execution of
Supplemental Indentures. In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trusts created by this Senior Debt Securities
Indenture, the Trustee shall be entitled to receive, and (subject to Section
6.01) 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 Senior Debt Securities Indenture and that such supplemental indenture
constitutes the legal, valid and binding obligation of the Company. The Trustee
may, but shall not be obliged to, enter into any such supplemental indenture
which affects the Trustee’s own rights, duties or immunities under this Senior
Debt Securities Indenture or otherwise.

    

    Section
9.04. Effect of Supplemental
Indentures. Upon the execution of any supplemental indenture under this
Article, this Senior Debt Securities Indenture shall be modified in accordance
therewith, and such supplemental indenture shall form a part of this Senior Debt
Securities Indenture for all purposes; and every Holder of Senior Debt
Securities theretofore or thereafter authenticated and delivered hereunder shall
be bound thereby, except as otherwise expressed therein.

    

    Section
9.05. Conformity with Trust
Indenture Act. Every supplemental indenture executed pursuant to this
Article shall conform to the requirements of the Trust Indenture Act as then in
effect.

    

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

    

    

    ARTICLE
10

    COVENANTS

    

    Section
10.01. Payment of Principal,
Premium, and Interest. The Company covenants and agrees for the benefit
of each series of Senior Debt Securities that it will duly and punctually pay
the principal of (and premium, if

    

    

    
      
        
           

        

        
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    any) and
(subject to Section 3.07) interest, if any, on the Senior Debt Securities of
that series in accordance with the terms of the Senior Debt Securities and this
Senior Debt Securities Indenture.

    

    Section
10.02. Maintenance of Office
or Agency. The Company will maintain in each Place of Payment for any
series of Senior Debt Securities an office or agency where Senior Debt
Securities of that series may be presented or surrendered for payment, where
Senior Debt Securities of that series may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Company in
respect of the Senior Debt Securities of that series and this Senior Debt
Securities Indenture may be served; provided, however, that at
the option of the Company in the case of registered Senior Debt Securities of
such series, payment of any interest thereon may be made by check mailed to the
address of the Person entitled herein as such address shall appear in the Senior
Debt Security Register. With respect to the Senior Debt Securities of any
series, such office or agency in each Place of Payment shall be specified as
contemplated by Section 3.01, and if not so specified, initially shall be the
Corporate Trust Office of the Trustee. Unless otherwise specified pursuant to
Section 3.01, the Company will maintain in the Borough of Manhattan, The City of
New York, an office or agency where notices and demands to or upon the Company
in respect of Senior Debt Securities of any series and this Senior Debt
Securities Indenture may be served. The Company will give prompt written notice
to the Trustee of the location, and any change in the location, of such office
or agency. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee. The Company hereby appoints the Trustee
as its agent to receive all presentations, surrenders, notices and
demands.

    

    The
Company may also from time to time designate one or more other offices or
agencies (in or outside the Borough of Manhattan, The City of New York) where
the Senior Debt Securities of one or more series may be presented or surrendered
for any or all such purposes and may from time to time rescind such
designations; provided,
however, that no such designation or rescission shall in any manner
relieve the Company of any obligation to maintain an office or agency in each
Place of Payment (except as otherwise indicated in this Section) for Senior Debt
Securities of any series for such purposes. The Company will give prompt written
notice to the Trustee of any such designation or rescission and of any change in
the location of any such other office or agency.

    

    Section
10.03. Money for Payments to
be Held in Trust. If the Company shall at any time act as Paying Agent
with respect to the Senior Debt Securities of any series, it will, on or before
each due date for payment of the principal of (and premium, if any) or interest,
if any, if any, on any of the Senior Debt Securities of that series, segregate
and hold in trust for the benefit of the Persons entitled

    

    

    
      
        
           

        

        
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    thereto a
sum sufficient to pay the principal (and premium, if any) or interest, if any,
so becoming due until such sums shall be paid to such Persons or otherwise
disposed of as herein provided and will promptly notify the Trustee of its
failure so to act.

    

    Whenever
the Company shall have one or more Paying Agents for any series of Senior Debt
Securities, it will, prior to each due date for payment of the principal of (and
premium, if any) or interest, if any, on any Senior Debt Securities of that
series deposit with a Paying Agent a sum sufficient to pay the principal (and
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 the Trustee) the Company will
promptly notify the Trustee of its action or its failure so to act. Unless
otherwise specified as contemplated by Section 3.01, the Trustee shall be the
Company’s Paying Agent. The Company will cause each Paying Agent for any series
of Senior Debt Securities other than the Trustee to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee,
subject to the provisions of this Section, that such Paying Agent
will:

    

    (a)     
 hold all
sums held by it for the payment of the principal of (and premium, if any) or
interest, if any, on Senior Debt Securities of that 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;

    

    (b)     
 give the
Trustee notice of any default by the Company (or any other obligor upon the
Senior Debt Securities of that series) in the making of any payment, when due
and payable, or principal of (and premium, if any) or interest, if any, on
Senior Debt Securities of that series; and

    

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

    

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

    

    Any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium, if any) or interest, if
any, on any Senior Debt Security of any series and remaining

    

    

    
      
        
           

        

        
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    unclaimed
for two years after such principal (and premium, if any) or interest, if any,
have 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 Senior Debt Security shall thereafter, as an unsecured general
creditor, look only to the Company for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability
of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or
such Paying Agent, before being required to make any such repayment, may
at the expense of the Company cause to be published at least 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
paid to the Company.

    

    Section
10.04. Additional
Amounts. Unless otherwise specified in any Board Resolution establishing
the terms of Senior Debt Securities of a series in accordance with Section 3.01,
all amounts of principal, and premium, if any, and interest, if any, on any
series of Senior Debt Securities will be paid by the Company without deduction
or withholding for, or on account of, any and all present and future income,
stamp and other taxes, levies, imposts, duties, charges, fees, deductions or
withholdings now or hereafter imposed, levied, collected, withheld or assessed
by or on behalf of the United Kingdom or any political subdivision or authority
thereof or therein having the power to tax (the “Taxing Jurisdiction”), unless
such deduction or withholding is required by law. If deduction or withholding of
any such taxes, levies, imposts, duties, charges, fees, deductions or
withholdings shall at any time be required by the Taxing Jurisdiction, the
Company will pay such additional amounts of, or in respect of, the principal
amount of, premium, if any, and interest, if any, on any series of Senior Debt
Securities (“Additional Amounts”) as may be necessary in order that the net
amounts paid to the Holders of Senior Debt Securities of the particular series,
after such deduction or withholding, shall equal the respective amounts of
principal, premium, if any, and interest, if any, which would have been payable
in respect of such Senior Debt Securities had no such deduction or withholding
been required; provided, however, that the foregoing
will not apply to any such tax, levy, impost, duty, charge, fee, deduction or
withholding which would not have been payable or due but for the fact
that:

    

    (i)        
the Holder or the beneficial owner of the Senior Debt Security is a domiciliary,
national or resident of, or engaging in business or maintaining a permanent
establishment or physically present in, the Taxing Jurisdiction or otherwise has
some connection with the Taxing Jurisdiction other than the holding or ownership
of a Senior Debt Security, or the collection of any payment of (or in respect
of) principal of, premium, if any, or interest, if any, on any Senior Debt
Security of the relevant series,

    

    

    
      
        
           

        

        
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    (ii)      
 except in
the case of a winding-up of the Company in the United Kingdom, the relevant
Senior Debt Security is presented (where presentation is required) for payment
in the United Kingdom,

    

    (iii)     
 the
relevant Senior Debt Security is presented (where presentation is required) for
payment more than 30 days after the date payment became due or was provided for,
whichever is later, except to the extent that the Holder would have been
entitled to such Additional Amount on presenting (where presentation is
required) the same for payment at the close of such 30 day period,
or

    

    (iv)     
 the
Holder or the beneficial owner of the relevant Senior Debt Security or the
beneficial owner of any payment of (or in respect of) principal of, or interest,
if any, on such Senior Debt Security failed to comply with a request of the
Company or its liquidator or other authorized person addressed to the Holder (x)
to provide information concerning the nationality, residence or identity of the
Holder or such beneficial owner or (y) to make
any declaration or other similar claim to satisfy any information requirement,
which in the case of (x) or (y), is required or imposed by a statute, treaty,
regulation or administrative practice of the Taxing Jurisdiction as a
precondition to exemption from all or part of such tax, assessment or other
governmental charge;

    

    (v)      
 the
withholding or deduction is imposed on a payment to or for the benefit of an
individual and is required to be made pursuant to European Council Directive
2003/48/EC or any other Directive implementing the conclusions of the ECOFIN
Council meeting of November 26-27, 2000 on the taxation of savings income or any
law implementing or complying with, or introduced in order to conform to, such
directives;

    

    (vi)     
 the
relevant Senior Debt Security is presented (where presentation is required) for
payment by or on behalf of a holder who would have been able to avoid such
withholding or deduction by presenting (where presentation is required) the
relevant Senior Debt Security to another paying agent in a Member State of the
European Union; or

    

    
      (vii)   
  any
combination of subclauses (i) through (vi) above;

    

    

    nor shall
Additional Amounts be paid with respect to the principal of, and interest on,
the Senior Debt Securities to any holder who is a fiduciary or partnership or
settlor with respect to such fiduciary or a member of such partnership other
than the sole beneficial owner of such payment to the extent such payment would
be required by the laws of any Taxing Jurisdiction to be included in the income
for

    

    

    
      
        
           

        

        
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    tax
purposes of a beneficiary or partner or settlor with respect to such fiduciary
or a member of such partnership or a beneficial owner who would not have been
entitled to such Additional Amounts, had it been the holder.

    

    Whenever
in this Senior Debt Securities Indenture there is mentioned, in any context, the
payment of the principal of (and premium, if any) or interest, if any, on, or in
respect of, any Senior Debt Security of any series such mention shall be deemed
to include mention of the payment of Additional Amounts provided for in this
Section to the extent that, in such context, Additional Amounts are, were or
would be payable in respect thereof pursuant to the provisions of this Section
and as if express mention of the payment of Additional Amounts (if applicable)
were made in any provisions hereof where such express mention is not
made.

    

    Section
10.05. 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.

    

    Section
10.06. Statement as to
Compliance. The Company will deliver to the Trustee, within 120 days
after the end of each fiscal year, a certificate in compliance with Section
314(a)(4) of the Trust Indenture Act.

    

    Section
10.07. Original Issue
Document. The Company shall provide to the Trustee on a timely basis such
information, if any, as the Trustee requires to enable the Trustee to prepare
and file any form required to be submitted by the Company with the Internal
Revenue Service and the Holders of the Senior Debt Securities relating to any
original issue discount, including, without limitation, Form 1099-OID or any
successor form.

    

    

    ARTICLE
11

    REDEMPTION OF SENIOR DEBT SECURITIES

    

    Section
11.01. Applicability of
Article. Senior Debt Securities of any series shall be redeemable in
accordance with their terms and (except as otherwise specified pursuant to
Section 3.01 for Senior Debt Securities of any series) in accordance with this
Article 11.

    

    Section
11.02. Election to Redeem;
Notice to Trustee. The election of the Company to redeem any Senior Debt
Securities shall be evidenced by a Board Resolution. 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 Trustee), notify the Trustee of such
Redemption Date, of the principal amount of Senior Debt Securities of such
series to be redeemed and, if applicable, the tenor of the Senior Debt
Securities to be redeemed. In the case of any redemption of Senior

    

    

    
      
        
           

        

        
          62

          
            

          

        

        
           

        

      

    

    

    

    

    Debt
Securities of any series prior to the expiration of any provision restricting
such redemption provided in the terms of such Senior Debt Securities or
elsewhere in this Senior Debt Securities Indenture, the Company shall furnish
the Trustee with respect to such Senior Debt Securities with an Officer’s
Certificate evidencing compliance with or waiver of such provision.

    

    Section
11.03. Selection by Trustee of
Senior Debt Securities to be Redeemed. If less than all
the Senior Debt Securities of any series are to be redeemed, the
particular Senior Debt Securities to be redeemed shall be selected not more than
60 days nor less than 30 days prior to the Redemption Date by the Trustee, from
the Outstanding Senior Debt Securities of such series not previously called for
redemption, by such method as the Trustee shall deem fair and appropriate and
which may provide for the selection for redemption of portions (equal to the
minimum authorized denomination for registered Senior Debt Securities of that
series or any multiple thereof) of the principal amount of Senior Debt
Securities of such series of a denomination larger than the minimum authorized
denomination for Senior Debt Securities of that series.

    

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

    

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

    

    Section
11.04. Notice of
Redemption. Unless otherwise provided as contemplated by Section 3.01
with respect to any series of Senior Debt Securities, notice of redemption shall
be given not less than 30 nor more than 60 days prior to the Redemption Date to
each Holder of Senior Debt Securities to be redeemed in the manner and to the
extent provided in Section 1.06.

    

    All
notices of redemption shall state:

    

    
      	
            	
              (a)  

            	
              the
      Redemption Date,

            

    

    

    
      	
            	
              (b)  

            	
              the
      Redemption Price,

            

    

    

    
      
        (c)      
 if less
than all the Outstanding Senior Debt Securities of any series are to be
redeemed, the principal amount of the Senior Debt Securities to be
redeemed,

      

    

    

    

    

    
      
        
           

        

        
          63

          
            

          

        

        
           

        

      

    

    

    

    

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

    

    (e)     
 the place
or places where such Senior Debt Securities are to be surrendered for payment of
the Redemption Price, and

    

    (f)      
 the
CUSIP, Common Code and/or ISIN number or numbers, if any, with respect to such
Senior Debt Securities.

    

    Notice of
redemption of Senior Debt Securities to be redeemed at the selection of the
Company shall be given by the Company or, at the Company’s Request, by the
Trustee in the name and at the expense of the Company.

    

    Section
11.05. Deposit of Redemption
Price. On or prior to any Redemption Date, the Company shall deposit with
the Trustee or with a Paying Agent (or, if the Company is acting as Paying
Agent, segregate and hold in trust as provided in Section 10.03) an amount of
money sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) accrued but unpaid interest on, all the
Senior Debt Securities which are to be redeemed on that date.

    

    Section
11.06.  Senior Debt
Securities Payable on Redemption Date. Notice of
redemption having been given as aforesaid, the Senior Debt Securities so to be
redeemed shall, on the Redemption Date, become due and payable at the Redemption
Price therein specified, and from and after such date (unless the Company shall
default in the payment of the Redemption Price and accrued interest, if any)
such Senior Debt Securities shall cease to accrue interest. Upon surrender of
any such Senior Debt Security for redemption in accordance with said notice,
such Senior Debt Security shall be paid by the Company at the Redemption Price,
together with accrued but unpaid interest to the Redemption Date; provided, however, that with
respect to any Senior Debt Securities in registered form, unless otherwise
specified as contemplated by Section 3.01, a payment of interest which is
payable on a Interest Payment Date which is the Redemption Date, shall be
payable to the Holders of such Senior Debt Securities, or one or more
Predecessor Securities, registered as such at the close of business on the
relevant Regular Record Date or Special Record Date according to the terms of
the Senior Debt Securities and the provisions of Section 3.07. Senior Debt
Securities in definitive form shall be presented for redemption to the Paying
Agent.

    

    If any
Senior Debt Security called for redemption shall not be so paid upon surrender
thereof for redemption, the Senior Debt Security shall, until paid, continue to
accrue interest from and after the Redemption Date in accordance with its terms
and the provisions of Section 3.07.

    

    

    
      
        
           

        

        
          64

          
            

          

        

        
           

        

      

    

    

    

    

    Section
11.07. Senior Debt Securities
Redeemed in Part. Any Senior Debt Security which is to be redeemed only
in part shall be surrendered at a Place of Payment therefor (with, only in the
case of Senior Debt Securities in registered form, if the Company or the Trustee
so requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by, the Holder thereof
or his attorney duly authorized in writing), and the Company shall execute, and
the Trustee shall authenticate and deliver to the Holder of such Senior Debt
Security without service charge, a new Senior Debt Security or Senior Debt
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 Senior Debt Security so
surrendered.

    

    Section
11.08.  Optional
Redemption Due to Changes in Tax Treatment. Unless
otherwise provided in the Senior Debt Securities of any series, the Company will
have the option to redeem the Senior Debt Securities of any series in whole as
contemplated by Section 3.01 with respect to any series of Senior Debt
Securities, the Senior Debt Securities are redeemable, as a whole but not in
part, on not less than 30 nor more than 60 days’ notice, on any Interest Payment
Date, at a redemption price equal to 100% of the principal amount, together with
accrued but unpaid interest, if any, in respect of such series of Senior Debt
Securities to the date fixed for redemption (or, in the case of Original Issue
Discount Securities, the accreted face amount thereof, together with accrued
interest, if any), if, at any time, the Company shall determine that as a result
of a change in or amendment to the laws or regulations of the Taxing
Jurisdiction (including any treaty to which such Taxing Jurisdiction is a
party), or any change in the official application or interpretation of such laws
or regulations (including a decision of any court or tribunal) which change or
amendment becomes effective on or after a date included in the terms of such
series of Senior Debt Securities pursuant to Section 3.01:

    

    (a)      
 in making
payment under the Senior Debt Securities in respect of principal or premium, if
any, or interest, if any, it has or will or would on the next Interest Payment
Date become obligated to pay Additional Amounts;

    

    (b)     
 the
payment of interest on the next Interest Payment Date in respect of any of the
Senior Debt Securities would be treated as “distributions” within the meaning of
Section 209 of the Income and Corporation Taxes Act 1988 of the United Kingdom
(or any statutory modification or re-enactment thereof for the time being);
or

    

    (c)      
 on the
next Interest Payment Date the Company would not be entitled to claim a
deduction in respect of such payment of interest in computing its United Kingdom
taxation liabilities (or the value of such deduction to the Company would be
materially reduced).

    

    

    
      
        
           

        

        
          65

          
            

          

        

        
           

        

      

    

    

    

    

    In any
case where the Company shall determine that as a result of any change in the
official application or interpretation of any laws or regulations it is entitled
to redeem the Senior Debt Securities of any series, the Company shall be
required to deliver to the Trustee prior to the giving of any notice of
redemption a written legal opinion of independent United Kingdom counsel of
recognized standing (selected by the Company) in a form satisfactory to the
Trustee confirming that the relevant change in the official application or
interpretation of such laws or regulations has occurred and that the Company is
entitled to exercise its right of redemption.

    

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

    

    [SIGNATURE
PAGE FOLLOWS]

    

    

    
 

    
      
        
           

        

        
          66

          
            

          

        

        
           

        

      

    

    

    

    

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

     

    
      

      
        	
                THE
      ROYAL BANK OF SCOTLAND GROUP PLC

              	 
	 
      	 
      	 
	 
      	 
      	 
	
                By:

              	 
      	 
	 
      	
                Name:

              	 
	 
      	
                Title:

              	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	 
      	 
	
                THE
      BANK OF NEW YORK MELLON, LONDON BRANCH

              	 
	 
      	 
      	 
	 
      	 
      	 
	
                By:

              	 
      	 
	 
      	
                Name:

              	 
	 
      	
                Title:

              	 

      

       

      

    

     

     

     

    67Exhibit
4.4

      

      
        
 

      CCL
FINANCE LIMITED

      as
Issuer

      
 

       

      COSAN
COMBUSTÍVEIS E LUBRIFICANTES S.A.

      as
Guarantor

      
 

       

      THE
BANK OF NEW YORK MELLON

      as
Trustee, Registrar, Paying Agent and Transfer Agent

       

      

       

      THE
BANK OF NEW YORK MELLON TRUST (JAPAN) LTD.

      as
Principal Paying Agent

      And

       

      

      THE
BANK OF NEW YORK MELLON (LUXEMBOURG) S.A.

      as
Luxembourg Paying and Transfer Agent

      

       

      Indenture

      

      Dated
as of August 11, 2009

      
        

        
          
            

          

        

        

      

      9.50%

      Senior
Notes

      Due
August 15, 2014

      
        

      

      

        
          

        

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      Table of
Contents

      Page

       

      RECITALS

       

      
        	
                ARTICLE
      1  Definitions And Incorporation By Reference

              	
                2

              
	 	 
	
                Section
      1.01  Definitions

              	
                2

              
	
                Section
      1.02  Rules of Construction

              	
                20

              
	
                Section
      1.03  Table of Contents; Headings

              	
                21

              
	
                Section
      1.04  Form of Documents Delivered to Trustee

              	
                21

              
	 	 
	
                ARTICLE
      2  The Notes

              	
                22

              
	 	 
	
                Section
      2.01  Form, Dating and Denominations; Legends

              	
                22

              
	
                Section
      2.02  Execution and Authentication; Additional
    Notes

              	
                23

              
	
                Section
      2.03  Registrar, Paying Agent and Authenticating Agent; Paying
      Agent to Hold Money in Trust

              	
                24

              
	
                Section
      2.04  Replacement Notes

              	
                26

              
	
                Section
      2.05  Outstanding Notes

              	
                26

              
	
                Section
      2.06  Temporary Notes

              	
                27

              
	
                Section
      2.07  Cancellation

              	
                27

              
	
                Section
      2.08  CUSIP and ISIN Numbers

              	
                28

              
	
                Section
      2.09  Registration, Transfer and Exchange

              	
                28

              
	
                Section
      2.10  Restrictions on Transfer and Exchange

              	
                31

              
	
                Section
      2.11  Open Market Purchases

              	
                32

              
	 	 
	
                ARTICLE
      3  Additional Amounts; Redemption

              	
                32

              
	 	 
	
                Section
      3.01  Additional Amounts

              	
                32

              
	
                Section
      3.02  Optional Redemption

              	
                34

              
	
                Section
      3.03  Redemption for Taxation Reasons

              	
                35

              
	
                Section
      3.04  Method, Effect and Notice of Redemption

              	
                36

              
	
                Section
      3.05  Notice of Redemption by the Company

              	
                36

              
	
                Section
      3.06  Deposit of Redemption Price

              	
                37

              
	
                Section
      3.07  Effect of Notice of Redemption

              	
                37

              
	
                Section
      3.08  Offer to Purchase

              	
                38

              
	 	 
	
                ARTICLE
      4  Covenants

              	
                40

              
	 	 
	
                Section
      4.01  Payment of Principal and Interest under the
      Notes

              	
                40

              
	
                Section
      4.02  Maintenance of Office or Agency

              	
                41

              
	
                Section
      4.03  Maintenance of Corporate Existence

              	
                42

              
	
                Section
      4.04  Payment of Taxes and other Claims

              	
                42

              
	
                Section
      4.05  Maintenance of Properties and Insurance

              	
                42

              
	
                Section
      4.06  Limitation on Debt and Disqualified Stock

              	
                43

              
	
                Section
      4.07  Limitation on Restricted Payments

              	
                45

              
	
                Section
      4.08  Limitation on Transfer of the Company’s Voting
      Stock

              	
                48

              

      

       

      
        
          
          

        

        
          (i)

          
            

          

        

        
          
          

        

      

       

      
        	
                Section
      4.09  Limitation on Liens

              	
                48

              
	
                Section
      4.10  Limitation on Sale and Leaseback
    Transactions

              	
                48

              
	
                Section
      4.11  Limitation on Dividend and other Payment Restrictions
      Affecting Subsidiaries

              	
                48

              
	
                Section
      4.12  Guarantees by Material Subsidiaries

              	
                50

              
	
                Section
      4.13  Repurchase of Notes Upon a Change of
    Control

              	
                50

              
	
                Section
      4.14  Limitation on Asset Sales

              	
                50

              
	
                Section
      4.15  Limitation on Transactions with Shareholders and
      Affiliates

              	
                52

              
	
                Section
      4.16  Line of Business

              	
                54

              
	
                Section
      4.17  Financial Reports

              	
                54

              
	
                Section
      4.18  Reports to Trustee

              	
                55

              
	
                Section
      4.19  Ranking

              	
                55

              
	
                Section
      4.20  Limitations and Restrictions on the
Company

              	
                56

              
	
                Section
      4.21  Paying Agent and Transfer Agent

              	
                57

              
	
                Section
      4.22  Covenant Suspension

              	
                57

              
	 	 
	
                ARTICLE
      5  Consolidation, Merger or Sale of Assets

              	
                58

              
	 	 
	
                Section
      5.01  Consolidation, Merger or Sale of Assets by the Guarantor;
      No Lease of All or Substantially All Assets

              	
                58

              
	
                Section
      5.02  Consolidation, Merger Or Sale Of Assets By the
      Company

              	
                59

              
	 	 
	
                ARTICLE
      6  Default and Remedies

              	
                60

              
	 	 
	
                Section
      6.01  Events of Default

              	
                60

              
	
                Section
      6.02  Acceleration

              	
                61

              
	
                Section
      6.03  Notices; Other Remedies

              	
                62

              
	
                Section
      6.04  Waiver of Past Defaults

              	
                62

              
	
                Section
      6.05  Control by Majority

              	
                63

              
	
                Section
      6.06  Limitation on Suits

              	
                63

              
	
                Section
      6.07  Rights of Holders to Receive Payment

              	
                63

              
	
                Section
      6.08  Collection Suit by Trustee

              	
                64

              
	
                Section
      6.09  Trustee May File Proofs of Claim

              	
                64

              
	
                Section
      6.10  Priorities

              	
                64

              
	
                Section
      6.11  Restoration of Rights and Remedies

              	
                65

              
	
                Section
      6.12  Undertaking for Costs

              	
                65

              
	
                Section
      6.13  Rights and Remedies Cumulative

              	
                65

              
	
                Section
      6.14  Delay or Omission Not Waiver

              	
                65

              
	
                Section
      6.15  Waiver of Stay, Extension or Usury Laws

              	
                65

              
	 	 
	
                ARTICLE
      7  The Trustee

              	
                66

              
	 	 
	
                Section
      7.01  General

              	
                66

              
	
                Section
      7.02  Certain Rights of Trustee

              	
                66

              
	
                Section
      7.03  Individual Rights of Trustee

              	
                68

              
	
                Section
      7.04  Trustee’s Disclaimer

              	
                69

              
	
                Section
      7.05  Notice of Default

              	
                69

              

      

       

      
        
          
          

        

        
          (ii)

          
            

          

        

        
          
          

        

      

       

      
        	
                Section
      7.06  Compensation And Indemnity

              	
                69

              
	
                Section
      7.07  Replacement of Trustee

              	
                70

              
	
                Section
      7.08  Successor Trustee by Merger

              	
                71

              
	
                Section
      7.09  Eligibility

              	
                72

              
	
                Section
      7.10  Money Held in Trust

              	
                72

              
	
                Section
      7.11  Paying and Transfer Agent

              	
                72

              
	 	 
	
                ARTICLE
      8  Defeasance and Discharge

              	
                76

              
	 	 
	
                Section
      8.01  Discharge of Company’s and Guarantor’
      Obligations

              	
                76

              
	
                Section
      8.02  Legal Defeasance

              	
                76

              
	
                Section
      8.03  Covenant Defeasance

              	
                78

              
	
                Section
      8.04  Application of Trust Money

              	
                78

              
	
                Section
      8.05  Repayment to Company

              	
                79

              
	
                Section
      8.06  Reinstatement

              	
                79

              
	 	 
	
                ARTICLE
      9  Amendments, Supplements and Waivers

              	
                79

              
	 	 
	
                Section
      9.01  Amendments Without Consent of Holders

              	
                79

              
	
                Section
      9.02  Amendments With Consent of Holders

              	
                80

              
	
                Section
      9.03  Effect of Consent

              	
                81

              
	
                Section
      9.04  Trustee’s Rights and Obligations

              	
                82

              
	 	 
	
                ARTICLE
      10  Guarantee

              	
                82

              
	 	 
	
                Section
      10.01  The Note Guarantee

              	
                82

              
	
                Section
      10.02  Guarantee Unconditional

              	
                82

              
	
                Section
      10.03  Discharge; Reinstatement

              	
                83

              
	
                Section
      10.04  Waiver by the Guarantor

              	
                84

              
	
                Section
      10.05  Subrogation

              	
                84

              
	
                Section
      10.06  Stay of Acceleration

              	
                84

              
	
                Section
      10.07  Limitation on Amount of Guarantee

              	
                84

              
	
                Section
      10.08  Execution and Delivery of Guarantee

              	
                84

              
	
                Section
      10.09  Release of Guarantee

              	
                84

              
	 	 
	
                ARTICLE
      11  Miscellaneous

              	
                85

              
	 	 
	
                Section
      11.01  Holder Communications; Holder Actions

              	
                85

              
	
                Section
      11.02  Notices

              	
                86

              
	
                Section
      11.03  Certificate and Opinion as to Conditions
      Precedent

              	
                88

              
	
                Section
      11.04  Statements Required in Certificate or
    Opinion

              	
                88

              
	
                Section
      11.05  Payment Date Other Than a Business Day

              	
                88

              
	
                Section
      11.06  Governing Law

              	
                88

              
	
                Section
      11.07  Submission to Jurisdiction; Agent for Service; Waiver of
      Immunities

              	
                89

              
	
                Section
      11.08  Judgment Currency

              	
                90

              
	
                Section
      11.09  No Adverse Interpretation of Other
    Agreements

              	
                90

              

      

       

      
        
          
          

        

        
          (iii)

          
            

          

        

        
          
          

        

      

       

      
        	
                Section
      11.10  Successors

              	
                90

              
	
                Section
      11.11  Duplicate Originals

              	
                91

              
	
                Section
      11.12  Separability

              	
                91

              
	
                Section
      11.13  Table of Contents and Headings

              	
                91

              
	
                Section
      11.14  No Liability of Directors, Officers, Employees,
      Incorporators, Members and Stockholders

              	
                91

              

      

       

      
        	
                EXHIBITS

              	 	
                 
      

              
	
                EXHIBIT
      A

              	 	
                Form
      of Note

              
	
                EXHIBIT
      B

              	 	
                Form
      of Supplemental Indenture

              
	
                EXHIBIT
      C

              	 	
                Restricted
      Legend

              
	
                EXHIBIT
      D

              	 	
                DTC
      Legend

              
	
                EXHIBIT
      E

              	 	
                Regulation
      S Certificate

              
	
                EXHIBIT
      F

              	 	
                Rule
      144A Certificate

              

      

    

     

     

    
      
        
        

      

      
        (iv)

        
          

        

      

      
        
        

      

    

     

    
      

      INDENTURE, dated as of August 11, 2009, between CCL FINANCE LIMITED,
a company incorporated with limited liability in the Cayman Islands, as the
Company, COSAN COMBUSTÍVEIS E LUBRIFICANTES S.A., a sociedade anônima
(corporation) incorporated under the laws of the Federative Republic of Brazil, as
the Guarantor, THE BANK OF NEW YORK MELLON, a New York banking corporation, as
Trustee, Registrar, Paying Agent and Transfer Agent, THE BANK OF NEW YORK MELLON
TRUST (JAPAN), LTD., as Principal Paying Agent, and THE BANK OF NEW YORK MELLON
(LUXEMBOURG) S.A., as Luxembourg Paying and Transfer Agent.

      

      RECITALS

      

      The
Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance of up to $350.000,000 aggregate principal amount of the
Company’s 9.50% Senior Notes due August 15, 2014, and, if and when issued, any
Additional Notes as provided herein (the “Notes”). All things necessary
to make this Indenture a valid agreement of the Company, in accordance with its
terms, have been done, and the Company has done all things necessary to make the
Notes (in the case of the Additional Notes, when duly authorized), when executed
by the Company and authenticated and delivered by the Trustee and duly issued by
the Company, the valid obligations of the Company as hereinafter
provided.

      

      In
addition, the Guarantor has duly authorized the execution and delivery of this
Indenture as guarantor of the Notes. All things necessary to make this Indenture
a valid agreement of the Guarantor, in accordance with its terms, have been
done, and the Guarantor has done all things necessary to make the Note
Guarantee, when the Notes are executed by the Company and authenticated and
delivered by the Trustee and duly issued by the Company, the valid obligations
of the Guarantor as hereinafter provided.

      

      WITNESSETH

      

      For and
in consideration of the premises and the purchase of the Notes by the Holders
thereof, the parties hereto covenant and agree, for the equal and proportionate
benefit of all Holders, as follows:

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE 1

      

      DEFINITIONS
AND INCORPORATION BY REFERENCE

      

      Section
1.01    Definitions.

      

      “Acquired Debt” means Debt of a
Person existing at the time the Person merges with or into or becomes a
Subsidiary and not Incurred in connection with, or in contemplation of, the
Person merging with or into or becoming a Subsidiary.

      

      “Additional Amounts” has the
meaning assigned to such term in Section 3.01.

      

      “Additional Notes” means any
Notes issued under this Indenture in addition to the Original Notes, having the
same terms in all respects as the Original Notes except that interest will
accrue on the Additional Notes from their date of issuance.

      

      “Affiliate” means, with respect
to any Person, any other Person directly or indirectly controlling, controlled
by, or under direct or indirect common control with, such Person. For purposes
of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”) with respect to
any Person, means the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of such Person, whether
through the ownership of voting securities, by contract or
otherwise.

      

      “Agent” means any Registrar,
Paying Agent, Transfer Agent, Authenticating Agent or other agent hereunder, as
duly appointed by the Company or by the Trustee in the case of the
Authenticating Agent.

      

      “Agent Member” means a member
of, or a participant in, the Depositary.

      

      “Asset Sale” means any sale,
lease, transfer or other disposition of any assets by the Guarantor or any
Subsidiary, including by means of a merger, consolidation or similar transaction
and including any sale or issuance of the Equity Interests of any Subsidiary
(each of the above referred to as a “disposition”), provided that the following
are not included in the definition of “Asset Sale”:

      

      (1) 
 a
disposition to the Guarantor or a Subsidiary, including the sale or issuance by
the Guarantor or any Subsidiary of any Equity Interests of any Subsidiary to the
Guarantor or any Subsidiary;

      

      (2) 
 the sale,
lease, transfer or other disposition by the Guarantor or any Subsidiary in the
ordinary course of business of (i) cash and Cash Equivalents, (ii)

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      inventory, (iii) damaged, worn out or obsolete equipment or other
assets, or (iv) rights granted to others pursuant to leases or
licenses;

      

      (3) 
 the lease
of assets by the Guarantor or any of its Subsidiaries in the ordinary course of
business;

      

      (4) 
 the sale
or discount of accounts receivable arising in the ordinary course of business in
connection with the compromise or collection thereof;

      

      
        (5)  a
transaction covered by the covenant described under Article
5;

      

      

      
        (6)  a
Restricted Payment permitted under Section 4.07;

      

      

      
        (7)  a Sale
and Leaseback Transaction otherwise permitted under Section
4.10;

      

      

      
        (8)  any
issuance of Disqualified Stock otherwise permitted under Section
4.06;

      

      

      (9) 
 the
creation of a Lien not prohibited by this Indenture (but not the sale or
disposition of the property subject to such Lien);

      

      (10) any
surrender or waiver of contract rights pursuant to a settlement, release,
recovery on or surrender of contract, tort or other claims of any kind;
and

      

      (11) any
disposition of assets with an aggregate fair market value, taken together with
all other dispositions made in reliance on this clause on or after the Issue
Date, of less than U.S.$5.0 million (or the equivalent thereof at the time of
determination) in any given calendar year.

      

      “Attributable Debt” means, in
respect of a Sale and Leaseback Transaction the present
value, discounted at the interest rate implicit in the Sale and Leaseback
Transaction, of the total obligations of the lessee for rental payments during
the remaining term of the lease in the Sale and Leaseback
Transaction.

      

      “Authenticating Agent” refers
to the Trustee’s designee for authentication of the Notes.

      

      “Average Life” means, with
respect to any Debt, the quotient obtained by dividing (i) the sum of the
products of (x) the number of years from the date of determination to the dates
of each successive scheduled principal payment of such Debt and (y) the amount
of such principal payment by (ii) the sum of all such principal
payments.

      

      “bankruptcy default” has the
meaning assigned to such term in Section 6.01.

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

       

      “Board of
Directors” means the board of directors or comparable governing body of
the Company or the Guarantor, as applicable, or any committee thereof duly
authorized to act on its behalf.

      

      “Board Resolution” means a
resolution duly adopted by the Board of Directors which is certified by the
Secretary, Assistant Secretary or a director of the Company or the Guarantor, as
applicable, and remains in full force and effect as of the date of its
certification.

      

      “Business Day” means any day
other than a Saturday, a Sunday or a legal holiday or a day on which banking
institutions or trust companies are authorized or obligated by law to close in
the City of New York, São Paulo or Tokyo.

      

      “Capital Lease” means, with
respect to any Person, any lease of any Property which, in conformity with GAAP,
is required to be capitalized on the balance sheet of such Person.

      

      “Capital Stock” means, with
respect to any Person, any and all shares of stock of a corporation, partnership
interests or other equivalent interests (however designated, whether voting or
non-voting) in such Person’s equity, entitling the holder to receive a share of
the profits and losses, and a distribution of assets, after liabilities, of such
Person.

      

      “Cash Equivalents” means

      

      (1) Brazilian
reais, U.S. Dollars, or money in other currencies received in the ordinary
course of business that are readily convertible into U.S. Dollars,

      

      (2) any
evidence of Debt with a maturity of 180 days or less issued or directly and
fully guaranteed or insured by the Federative Republic of Brazil or the United
States of America or any agency or instrumentality thereof, provided that the
full faith and credit of the Federative Republic of Brazil or the United States
of America is pledged in support thereof,

      

      (3) (i)
demand deposits, (ii) time deposits and certificates of deposit with maturities
of one year or less from the date of acquisition, (iii) bankers’ acceptances
with maturities not exceeding one year from the date of acquisition, and (iv)
overnight bank deposits, in each case with any bank or trust company organized
or licensed under the laws of the Federative Republic of Brazil or any political
subdivision thereof or the United States or any state thereof having capital,
surplus and undivided profits in excess of U.S.$500.0 million whose short-term
debt is rated “A-2” or higher by S&P or “P-2” or higher by
Moody’s,

      

      (4) repurchase
obligations with a term of not more than seven days for underlying securities of
the type described in clauses (2) and (4) above entered into with any financial
institution meeting the qualifications specified in clause (4) above,

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      (5) commercial paper rated at least P-1 by Moody’s or A-1 by S&P and
maturing within six months after the date of acquisition, and

      

      (6) money
market funds at least 95% of the assets of which consist of investments of the
type described in clauses (1) through (6) above.

      

      “Certificated Note” means a
Note in registered individual form without interest coupons.

      

      “Change of Control” means:

      

      (1) the
merger or consolidation of the Guarantor with or into another Person or the
merger of any Person with or into the Guarantor or the merger of another Person
with or into a Subsidiary of the Guarantor, if Capital Stock of the Guarantor is
issued in connection therewith, or the sale of all or substantially all the
assets of the Guarantor to another Person, (in each case, unless such other
Person is a Permitted Holder) unless holders of a majority of the aggregate
voting power of the Voting Stock of the Guarantor, immediately prior to such
transaction, hold securities of the surviving or transferee Person that
represent, immediately after such transaction, at least a majority of the
aggregate voting power of the Voting Stock of the surviving Person;
or

      

      (2) any
“person” or “group” (as such terms are used for purposes of Sections 13(d) and
14(d) of the Exchange Act, other than Permitted Holders) is or becomes the
“beneficial owner” (as such term is used in Rules 13d-3 under the Exchange Act),
directly or indirectly, of more than 50% of the total voting power of the Voting
Stock of the Guarantor; or

      

      (3) occupation
of a majority of the seats (other than vacant seats) on the Board of Directors
of the Guarantor by persons who were neither (i) nominated by the Permitted
Holders or the Board of Directors of the Guarantor nor (ii) appointed by
directors so nominated.

      

      “Commission” means the U.S.
Securities and Exchange Commission.

      

      “Common Stock” means Capital
Stock not entitled to any preference on dividends or distributions, upon
liquidation or otherwise.

      

      “Company” means the party named
as such in the first paragraph of this Indenture or any successor obligor under
this Indenture and the Notes pursuant to Section 5.01.

      

      “Consolidated Net Income”
means, for any period, the aggregate net income (or loss) of the Guarantor and
its Subsidiaries for such period determined on a consolidated basis in
conformity with GAAP.

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

      “Consolidated Net
Worth” means, at any date of determination, the consolidated
stockholder’s equity of the Guarantor and its Subsidiaries, calculated
excluding

      

      
        (1)  any
amounts attributable to Disqualified Stock,

      

      

      
        (2)  treasury
stock, and

      

      

      (3) all
write-ups (other than write-ups resulting from foreign currency translations and
write-ups of tangible assets of a going concern business made in accordance with
GAAP as a result of the acquisition of such business) subsequent to the Issue
Date in the book value of any asset.

      

      “Consolidated Total Assets”
means the total amount of assets of the Guarantor and its Subsidiaries on a
consolidated basis.

      

      “Corporate Trust Office” means
the office of the Trustee at which the corporate trust business of the Trustee
is principally administered, which at the date of this Indenture is located at
101 Barclay Street 4E, New York, NY 10286.

      

      “Cosan IFC Loan” means the
credit facility agreement entered into by Cosan S.A. Indústria e Comércio and
the International Finance Corporation on June 28, 2005.

      

      “Debt” means, with respect to
any Person, without duplication,

      

      (1)
 all
indebtedness of such Person for borrowed money, including advances from
customers;

      

      (2)
 all
obligations of such Person evidenced by bonds, debentures, notes or other
similar instruments;

      

      (3)
 all
obligations of such Person in respect of letters of credit, bankers’ acceptances
or other similar instruments, excluding obligations in respect of trade letters
of credit or bankers’ acceptances issued in respect of trade accounts payables
to the extent not drawn upon or presented, or, if drawn upon or presented, to
the extent the resulting obligation of the Person is paid within 10 Business
Days;

      

      (4)
 all
obligations of such Person to pay the deferred and unpaid purchase price of
property or services which are recorded as liabilities under GAAP, all
conditional sale obligations and all obligations of such person under any title
retention agreement, excluding trade payables arising in the ordinary course of
business;

      

      
        (5)  all
obligations of such Person as lessee under Capital Leases;

      

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      
        (6)
 all Debt of other Persons guaranteed by such Person to the
extent so
guaranteed;

      

      

      (7)
 all Debt
of other Persons secured by a Lien on any asset of such Person, whether or not
such Debt is assumed by such Person; and

      

      
        (8)  all
obligations of such Person under Hedging Agreements.

      

      

      The
amount of Debt of any Person will be deemed to be:

      

      (A) with
respect to contingent obligations, the maximum liability upon the occurrence of
the contingency giving rise to the obligation;

      

      (B) with
respect to Debt secured by a Lien on an asset of such Person but not otherwise
the obligation, contingent or otherwise, of such Person, the lesser of (x) the
fair market value of such asset on the date the Lien attached and (y) the
amount of such Debt;

      

      (C) with
respect to any Debt issued with original issue discount, the face amount of such
Debt less the remaining unamortized portion of the original issue discount of
such Debt;

      

      (D) with
respect to any Hedging Agreement, the net amount payable if such Hedging
Agreement terminated at that time due to default by such Person;
and

      

      
        (E) otherwise,
the outstanding principal amount thereof.

      

      

      The
principal amount of any Debt or other obligation that is denominated in any
currency other than U.S. Dollars (after giving effect to any Hedging Agreement
in respect thereof) shall be the amount thereof, as determined pursuant to the
foregoing sentence, converted into U.S. Dollars at the Spot Rate in effect on
the date of determination.

      

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

      

      “Depositary” means the
depositary of each Global Note, which will initially be DTC.

      

      “Disqualified Equity Interests”
means Equity Interests that by their terms or upon the happening of any event
are

      

      (1)
required to be redeemed or redeemable at the option of the holder prior to the
Stated Maturity of the Notes for consideration other than Qualified Equity
Interests, or

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      

      (2) convertible at the option of the holder into Disqualified Equity
Interests or exchangeable for Debt;

      

      provided
that Equity Interests will not constitute Disqualified Equity Interests solely
because of provisions giving holders thereof the right to require repurchase or
redemption upon an “asset sale” or “change of control” occurring prior to the
Stated Maturity of the Notes if those provisions

      

      (A) are no
more favorable to the holders than the covenants described under Sections 4.13
and 4.14, and

      

      (B) specifically
state that repurchase or redemption pursuant thereto will not be required prior
to the Company’s repurchase of the Notes as required by this
Indenture.

      

      “Disqualified Stock” means
Capital Stock constituting Disqualified Equity Interests.

      

      “DTC” means The Depository
Trust Company, a New York corporation, and its successors.

      

      “DTC Legend” means the legend
set forth in Exhibit D. 

       

      “EBITDA” means, for any
period:

      

      
        (1)  consolidated
net revenue for sales and services minus;

      

      

      
        (2)  consolidated
cost of goods sold and services rendered minus;

      

      

      
        (3)  consolidated
administrative and selling expenses plus;

      

      

      (4) consolidated
other operating income, net and non-operating income, net plus;

      

      
        (5)  any
depreciation or amortization included in any of the
foregoing;

      

      

      as each
such item is reported on the most recent consolidated financial statements
delivered by the Guarantor to the Trustee and prepared in accordance with
GAAP.

      

      “Equity Interests” means all
Capital Stock and all warrants or options with respect to, or other rights to
purchase, Capital Stock, but excluding Debt convertible into
equity.

      

      “Event of Default” has the
meaning assigned to such term in Section 6.01.

      

      “Excess Proceeds” has the
meaning assigned to such term in Section 4.14.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

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

      

      “Fitch” means Fitch Ratings
Inc. and its successors.

      

      “GAAP” means generally accepted
accounting principles in Brazil, which are based on the Brazilian corporate law,
the rules and regulations of the Brazilian securities commission and the
accounting standards issued by the Brazilian Institute of Independent
Accountants (Instituto dos
Auditores Independentes do Brasil - IBRACON) (whether or
not the Guarantor or any of its Subsidiaries or Affiliates is otherwise
subject to such rules).

      

      “Global Note” means a Note in
registered global form without interest coupons.

      

      “Guarantee” means any
obligation, contingent or otherwise, of any Person directly or indirectly
guaranteeing any Debt or other obligation of any other Person and, without
limiting the generality of the foregoing, any obligation, direct or indirect,
contingent or otherwise, of such Person (i) to purchase or pay (or advance or
supply funds for the purchase or payment of) such Debt or other obligation of
such other Person (whether arising by virtue of partnership arrangements, or by
agreement to keep-well, to purchase assets, goods, securities or services, to
take-or-pay, or to maintain financial statement conditions or otherwise) or (ii)
entered into for purposes of assuring in any other manner the obligee of such
Debt or other obligation of the payment thereof or to protect such obligee
against loss in respect thereof, in whole or in part; provided that the term
“Guarantee” does not include endorsements for collection or deposit in the
ordinary course of business. The term “Guarantee” used as a verb has a
corresponding meaning.

      

      “Guarantor” means (i) Cosan
Combustíveis e Lubrificantes S.A. and (ii) any other party that executes a
supplemental indenture in the form of Exhibit B to this Indenture providing for
the guarantee of the payment of the Notes, or any successor obligor under its
Note Guarantee pursuant to Article 5, in each case unless and until such
Guarantor is released from its Note Guarantee pursuant to this
Indenture.

      

      “Hedging Agreement” means (i)
any interest rate swap agreement, interest rate cap agreement or other agreement
designed to protect against fluctuations in interest rates or (ii) any foreign
exchange forward contract, currency swap agreement or other agreement designed
to protect against fluctuations in foreign exchange rates or (iii) any commodity
or raw material futures contract or any other agreement designed to protect
against fluctuations in raw material prices.

      

      “Holder” means the registered
holder of any Note.

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      

      “Incur”
means, with respect to any Debt or Capital Stock, to incur, create, issue,
assume or guarantee such Debt or Capital Stock. If any Person becomes a
Subsidiary on any date after the date of this Indenture, the Debt and Capital
Stock of such Person outstanding on such date will be deemed to have been
Incurred by such Person on such date for purposes of Section 4.06, but will not
be considered the sale or issuance of Equity Interests for purposes of Section
4.07 or Section 4.14. The accretion of original issue discount or payment of
interest in kind will not be considered an Incurrence of Debt.

      

      “Incurrence” shall have a
corresponding meaning to the definition herein of Incur.

      

      “Indenture” means this
indenture, as amended or supplemented from time to time.

      

      “Initial Notes” means the Notes
issued on the date hereof.

      

      “Initial Purchasers” means the
initial purchasers party to a purchase agreement with the Company relating to
the sale of the Notes or Additional Notes by the Company.

      

      “Interest Expense” means, for
any period, the consolidated financial expense of the Guarantor and its
Subsidiaries, plus, to the extent not included in such consolidated financial
expense, and to the extent incurred, accrued or payable by the Guarantor or its
Subsidiaries, without duplication, (i) interest expense attributable to Sale and
Leaseback Transactions, (ii) amortization of debt discount and debt issuance
costs but excluding amortization of deferred financing charges incurred in
respect of the Notes on or prior to the Issue Date, (iii) capitalized interest,
(iv) non-cash interest expense, (v) commissions, discounts and other fees and
charges owed with respect to letters of credit and bankers’ acceptance financing
or similar financing, (vi) net costs associated with Hedging Agreements
(including the amortization of fees) and (vii) any of the above expenses with
respect to Debt of another Person guaranteed by the Guarantor or any of its
Subsidiaries.

      

      “Interest Payment Date” means
each February 15 and August 15 of each year, commencing February 15,
2010.

      

      “Investment” means

      

      (1) any
direct or indirect advance, loan or other extension of credit to another Person,
but excluding any such advance, loan or extension of credit having a term not
exceeding 180 days arising in connection with the sale of inventory, equipment
or supplies by that Person in the ordinary course of business,

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      

      (2) any capital contribution to another Person, by means of any transfer
of cash or other property or in any other form,

      

      (3) any
purchase or acquisition of Equity Interests, bonds, notes or other Debt, or
other instruments or securities issued by another Person, any acquisitions of
assets or substantially all the assets of a Person, including the receipt of any
of the above as consideration for the disposition of assets or rendering of
services, or

      

      
        (4) any
guarantee of any obligation of another Person.

      

      

      For
purposes of this definition, the term “Person” shall not include the Guarantor
or any Subsidiary or any Person who would become a Subsidiary as a result of any
Investment. If the Guarantor or any Subsidiary sells or otherwise disposes of
any Equity Interests of any direct or indirect Subsidiary so that, after giving
effect to that sale or disposition, such Person is no longer a Subsidiary of the
Guarantor, all remaining Investments of the Guarantor and the Subsidiaries in
such Person shall be deemed to have been made at such time.

      

      “Investment Grade” means BBB-
or higher by S&P, Baa3 or higher by Moody’s or BBB- or higher by Fitch, or
the equivalent of such global ratings by S&P, Moody’s or Fitch.

      

      “Issue Date” means the date on
which the Notes are originally issued under this Indenture.

      

      “Lien” means any mortgage,
pledge, security interest, encumbrance, lien or charge of any kind (including
any conditional sale or other title retention agreement or Capital
Lease).

      

      “Luxembourg Paying Agent” means
The Bank of New York Mellon (Luxembourg) S.A., or such other Luxembourg paying
agent as the Company shall appoint.

      

      “Luxembourg Transfer Agent”
means The Bank of New York Mellon (Luxembourg) S.A. and its successors, or such
other Luxembourg transfer agent as the Company shall appoint.

      

      “Marketable Securities” means
publicly traded debt or equity securities that are listed for trading on a
national securities exchange and that were issued by a corporation with debt
securities rated at least “AA-” from S&P or “Aa3” from Moody’s.

      

      “Material Subsidiary” means, in
respect of the Guarantor, any direct or indirect “significant subsidiary”
thereof as such term is defined in Rule 12b-2 of the Exchange Act and those
subsidiaries specifically identified in this Indenture.

      

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      “Minimum
Withholding Level” has the meaning assigned to such term in Section
3.03.

      

      “Moody’s” means Moody’s
Investors Service, Inc. and its successors.

      

      “Net Cash Proceeds” means, with
respect to any Asset Sale, the proceeds of such Asset Sale in the form of cash
or Cash Equivalents (including (i) payments in respect of deferred payment
obligations to the extent corresponding to, principal, but not interest, when
received in the form of cash, and (ii) proceeds from the conversion of other
consideration received when converted to cash), net of

      

      (1) brokerage
commissions and other fees and expenses related to such Asset Sale, including
fees and expenses of counsel, accountants and investment bankers;

      

      (2) provisions
for taxes as a result of such Asset Sale taking into account the consolidated
results of operations of the Guarantor and its Subsidiaries;

      

      (3) payments
required to be made to repay Debt (other than revolving credit borrowings)
outstanding at the time of such Asset Sale that is secured by a Lien on the
property or assets sold; and

      

      (4) appropriate
amounts to be provided as a reserve against liabilities associated with such
Asset Sale, including pension and other post-employment benefit liabilities,
liabilities related to environmental matters and indemnification obligations
associated with such Asset Sale, with any subsequent reduction of the reserve
other than by payments made and charged against the reserved amount to be deemed
a receipt of cash.

      

      “Net Debt” means, as of any
date of determination, the aggregate amount of Debt of the Guarantor and its
Subsidiaries less the sum of consolidated cash and cash equivalents and
consolidated marketable securities recorded as current assets in all cases
determined in accordance with GAAP and as set forth in the most recent
consolidated balance sheet of the Guarantor.

      

      “Net Debt to EBITDA Ratio”
means, on any date (the “transaction date”), the ratio of:

      

      
        (x)  the
aggregate amount of Net Debt at that time to

      

      

      (y) EBITDA
for the four fiscal quarters immediately prior to the transaction date for which
internal financial statements are available (the “reference
period”).

      

      In making
the foregoing calculation,

      

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      (1) pro forma effect will be given to any Debt Incurred during or after
the reference period to the extent the Debt is outstanding or is to be Incurred
on the transaction date as if the Debt had been Incurred on the first day of the
reference period; and

      

      
        (2) pro forma
effect will be given to:

      

      

      (A) the
acquisition or disposition of companies, divisions or lines of businesses by the
Guarantor and its Subsidiaries, including any acquisition or disposition of a
company, division or line of business since the beginning of the reference
period by a Person that became a Subsidiary after the beginning of the reference
period, and

      

      
        (B) the
discontinuation of any discontinued operations

      

      

      that have
occurred since the beginning of the reference period as if such events had
occurred, and, in the case of any disposition, the proceeds thereof applied, on
the first day of the reference period. To the extent that pro forma effect is to
be given to an acquisition or disposition of a company, division or line of
business, the pro forma calculation will be based upon the most recent four full
fiscal quarters for which the relevant financial information is
available.

      

      For the
avoidance of doubt, the floating rate notes issued by the Guarantor for
U.S.$175.0 million aggregate principal amount, as described in the Offering
Memorandum, shall not be considered Debt for purposes of any calculation to be
made hereunder so long as such floating rate notes are held by the Guarantor or
its Subsidiaries (although the Notes will be considered Debt for such purposes).
In addition, the guarantee by the Guarantor of the amounts owed under the Cosan
IFC Loan shall not be considered Debt for purposes of any calculation to be made
hereunder so long as (1) such guarantee does not exceed the aggregate
outstanding amounts owed by Cosan S.A.Indústria e Comércio thereunder on the
date hereof, (2) such guarantee has not been drawn, or (3) the Stated Maturity
of the Cosan IFC Loan on the date hereof is not extended.

      

      “Non-U.S. Person” means a
Person that is not a U.S. person, as defined in Regulation S.

      

      “Note Guarantee” means the
guarantee of the Notes by the Guarantor pursuant to this Indenture.

      

      “Notes” has the meaning
assigned to such term in the Recitals.

      

      “obligations” means, with
respect to any Debt, all obligations (whether in existence on the Issue Date or
arising afterwards, absolute or contingent, direct or indirect) for or in
respect of principal (when due, upon acceleration, upon redemption, upon
mandatory repayment or repurchase pursuant to a mandatory offer to purchase, or
otherwise), premium, interest, penalties, fees,

      

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      indemnification, reimbursement and other amounts payable and
liabilities with respect to such Debt, including all interest accrued or
accruing after the commencement of any bankruptcy, insolvency or reorganization
or similar case or proceeding at the contract rate (including, without
limitation, any contract rate applicable upon default) specified in the relevant
documentation, whether or not the claim for such interest is allowed as a claim
in such case or proceeding.

      

      “Offering Memorandum” means the
final offering memorandum dated August 4, 2009 prepared by the Company in
connection with the Notes.

      

      “Offer to Purchase” has the
meaning assigned to such term in Section 3.08.

      

      “Officer” means a director, the
president or chief executive officer, any vice president, the chief financial
officer, the chief operating officer, the chief accounting officer, the
treasurer or any assistant treasurer, or the secretary or any assistant
secretary, the general counsel or any other Person duly appointed by the
shareholders or the Board of Directors of the Guarantor or the Company, as
applicable, to perform corporate duties.

      

      “Officers’ Certificate” means a
certificate signed by any two of the chief executive officer, the chief
operating officer, the chief financial officer, the chief accounting officer, a
director or the general counsel of the Company, or a certificate of the
Guarantor signed in the name of the Guarantor by the chairman of the Board of
Directors, the president or chief executive officer, any vice president, the
chief financial officer, the treasurer or any assistant treasurer or the
secretary or any assistant secretary, as the case may be.

      

      “Offshore Global Note” means a
Global Note representing Notes issued and sold pursuant to Regulation
S.

      

      “Opinion of Counsel” means a
written opinion signed by legal counsel, who may be an employee of or counsel to
the Guarantor, reasonably satisfactory to the Trustee.

      

      “Organizational Documents”
means, with respect to the Company, the Memorandum and Articles
of Association, by laws and any other documents governing the formation and
organization of the Company.

      

      “Original Notes” means the
Initial Notes.

      

      “Paying Agent” refers to the
Trustee, the Principal Paying Agent, the Luxembourg Paying Agent and such other
paying agents as the Company shall appoint.

      

      “Permitted Bank Debt” has the
meaning assigned to such term in Section 4.06.

      

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      

       

      “Permitted
Business” means any of the businesses in which the Guarantor and its
Subsidiaries are engaged on the Issue Date, and any business reasonably related,
incidental, complementary or ancillary thereto.

      

      “Permitted Debt” has the
meaning assigned to such term in Section 4.06.

      

      “Permitted Holders” means Cosan
S.A. Indústria e Comércio S.A. or any Affiliate thereof.

      

      “Permitted Liens”
means

      

      (1) any Lien
existing on the date of this Indenture, and any extension, renewal or
replacement thereof or of any Lien in clauses (2), (3) or (4) below; provided,
however, that the total amount of Debt so secured is not increased;

      

      (2) any Lien
on any property or assets (including Capital Stock of any person) securing Debt
incurred solely for purposes of financing the acquisition, construction or
improvement of such property or assets after the date of this Indenture;
provided that (a) the aggregate principal amount of Debt secured by the Liens
will not exceed (but may be less than) the cost (i.e., purchase price) of the
property or assets so acquired, constructed or improved and (b) the Lien is
incurred before, or within 365 days after the completion of, such acquisition,
construction or improvement and does not encumber any other property or assets
of the Guarantor or any Subsidiary; and provided, further, that to the extent
that the property or asset acquired is Capital Stock, the Lien also may encumber
other property or assets of the person so acquired;

      

      (3) any Lien
securing Debt for the purpose of financing all or part of cost of the
acquisition, construction or development of a project; provided that the Liens
in respect of such Debt are limited to assets (including Capital Stock of the
project entity) and/or revenues of such project; and provided, further, that the
Lien is incurred before, or within 365 days after the completion of, that
acquisition, construction or development and does not apply to any other
property or assets of the Guarantor or any Subsidiary;

      

      (4) any Lien
existing on any property or assets of any person before that person’s
acquisition (in whole or in part) by, merger into or consolidation with the
Guarantor or any Subsidiary after the date of this Indenture; provided that the
Lien is not created in contemplation of or in connection with such acquisition,
merger or consolidation;

      

      (5) any Lien
imposed by law that was incurred in the ordinary course of business, including,
without limitation, carriers’, warehousemen’s and mechanics’ liens and other
similar encumbrances arising in the ordinary course of business, in each case
for sums not yet due or being contested in good faith by appropriate
proceedings;

      

      
        
          
          

        

        
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      (6) any pledge or deposit made in connection with workers’ compensation,
unemployment insurance or other similar social security legislation, any deposit
to secure appeal bonds in proceedings being contested in good faith to which the
Guarantor or any Subsidiary is a party, good faith deposits in connection with
bids, tenders, contracts (other than for the payment of Debt) or leases to which
the Guarantor or any Subsidiary is a party or deposits for the payment of rent,
in each case made in the ordinary course of business;

      

      (7) any Lien
in favor of issuers of surety bonds or letters of credit issued pursuant to the
request of and for the account of the Guarantor or any Subsidiary in the
ordinary course of business;

      

      (8) any Lien
securing taxes, assessments and other governmental charges, the payment of which
are not yet due or are being contested in good faith by appropriate proceedings
and for which such reserves or other appropriate provisions, if any, have been
established as required by GAAP;

      

      (9) minor
defects, easements, rights-of-way, restrictions and other similar encumbrances
incurred in the ordinary course of business and encumbrances consisting of
zoning restrictions, licenses, restrictions on the use of property or assets or
minor imperfections in title that do not materially impair the value or use of
the property or assets affected thereby, and any leases and subleases of real
property that do not interfere with the ordinary conduct of the business of the
Guarantor or any Subsidiary, and which are made on customary and usual terms
applicable to similar properties;

      

      (10) any
rights of set-off of any person with respect to any deposit account of the
Guarantor or any Subsidiary arising in the ordinary course of
business;

      

      
        (11) any Liens
granted to secure borrowings from, directly or indirectly, (a) Banco
Nacional de Desenvolvimento Econômico e Social–BNDES, or any other Brazilian
governmental development bank or credit agency or (b) any international or
multilateral development bank or government-sponsored agency;

      

      

      (12) any Liens
on the inventory or receivables of the Guarantor or any Subsidiary securing the
obligations of such person under any lines of credit or working capital
facility; provided that the aggregate amount of receivables securing Debt shall
not exceed 80.0% of the Guarantor’s aggregate outstanding receivables from time
to time;

      

      (13) any Lien
securing Hedging Agreements so long as such Hedging Agreements are entered into
for bona fide, non-speculative purposes; and

      

      (14) in
addition to the foregoing Liens set forth in clauses (1) through (13) above,
Liens securing Debt of the Guarantor or any Subsidiary (including, without
limitation, guarantees of the Guarantor or any Subsidiary) which do not
in

      

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      aggregate principal amount, at any time of determination, exceed the
greater of U.S.$50.0 million or 10.0% of the Guarantor’s Consolidated Total
Assets.

      

      “Permitted Refinancing Debt”
has the meaning assigned to such term in Section 4.06.

      

      “Person” means an individual, a
corporation, a partnership, a limited liability company, an association, a trust
or any other entity, including a government or political subdivision or an
agency or instrumentality thereof.

      

      “principal” of any Debt means
the principal amount of such Debt, (or if such Debt was issued with original
issue discount, the face amount of such Debt less the remaining unamortized
portion of the original issue discount of such Debt), together with, unless the
context otherwise indicates, any premium then payable on such Debt.

      

      “Principal Paying Agent” means
The Bank of New York Mellon Trust (Japan), Ltd., and its successors or such
other principal paying agent as the Company shall appoint.

      

      “Productive Assets” means
assets (including capital stock or its substantial equivalent or other
Investments) that are used or usable by the Guarantor and its Subsidiaries in
Permitted Businesses (or in the case of capital stock or its substantial
equivalent or other Investments that represent direct, or indirect (via a
holding company), ownership or other interests held by the Guarantor or any
Subsidiary in entities engaged in Permitted Businesses).

      

      “Property” means (i) any land,
buildings, machinery and other improvements and equipment located therein, and
(ii) any intangible assets, including, without limitation, any brand names,
trademarks, copyrights and patents and similar rights and any income (licensing
or otherwise), proceeds of sale or other revenues therefrom.

      

      “Qualified Equity Interests”
means all Equity Interests of a Person other than Disqualified Equity
Interests.

      

      “Qualified Stock” means all
Capital Stock of a Person other than Disqualified Stock.

      

      “Rating Agency” means S&P,
Fitch or Moody’s; or if S&P, Fitch or Moody’s are not making rating of the
Notes publicly available, an internationally recognized U.S. rating agency or
agencies, as the case may be, selected by the Company, which will be substituted
for S&P, Fitch or Moody’s, as the case may be.

      

      “Rating Decline” means that at
any time within 90 days (which period shall be extended so long as the rating of
the Notes is under publicly announced

      

      
        
          
          

        

        
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      consideration for possible down grade by either Rating Agency) after
the date of public notice of a Change of Control, or of the Company’s intention
or that of any Person to effect a Change of Control, the then-applicable rating
of the Notes is decreased by either Rating Agency by one or more categories;
provided that any such Rating Decline is in whole or in part in connection with
a Change in Control; it being agreed that neither the Trustee nor any Agent
shall have any obligation to determine or monitor whether a Rating Decline has
occurred.

      

      “Redemption Date” means, when
used with respect to any Note to be redeemed pursuant to Section 3.02, the date
fixed for such redemption by or pursuant to this Indenture.

      

      “Redemption Price” means, when
used with respect to any Notes to be redeemed pursuant to Section 3.02 or
Section 3.03, the price at which it is to be redeemed pursuant to this
Indenture.

      

      “refinance” has the meaning
assigned to such term in Section 4.06.

      

      “Register” has the meaning
assigned to such term in Section 2.09.

      

      “Registrar” means a Person
engaged by the Company to maintain the Register, which shall initially be The
Bank of New York Mellon, and its successors.

      

      “Regular Record Date” for the
interest payable on any Interest Payment Date means February 1 or August 1
(whether or not a Business Day) next preceding such Interest Payment
Date.

      

      “Regulation S” means Regulation
S under the Securities Act.

      

      “Regulation S Certificate”
means a certificate substantially in the form of Exhibit E hereto.

      

      “Related Party Transaction” has
the meaning assigned to such term in Section 4.15.

      

      “Relevant Date” means, with
respect to any payment on a Note, whichever is the later of: (i) the date on
which such payment first becomes due; and (ii) if the full amount payable has
not been received by the Trustee or a Paying Agent on or prior to such due date,
the date on which notice is given to the Holders that the full amount has been
received by the Trustee.

      

      “Responsible Officer” means any
officer of the Trustee, in the case of the Trustee, or the Principal Paying
Agent, in the case of the Principal Paying Agent, in its corporate trust
department with direct responsibility for the administration of such role under
this Indenture.

      

      
        
          
          

        

        
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      “Restricted
Legend” means the legend set forth in Exhibit C.

      

      “Restricted Payment” has the
meaning assigned to such term in Section 4.07.

      

      “Reversion Date” has the
meaning assigned to such term in Section 4.22. 

       

      “Rule 144A” means Rule 144A
under the Securities Act.

      

      “Rule 144A Certificate” means
(i) a certificate substantially in the form of Exhibit F hereto or (ii) a
written certification addressed to the Company and the Trustee to the effect
that the Person making such certification (x) is acquiring such Note (or
beneficial interest) for its own account or one or more accounts with respect to
which it exercises sole investment discretion and that it and each such account
is a qualified institutional buyer within the meaning of Rule 144A, (y) is aware
that the transfer to it or exchange, as applicable, is being made in reliance
upon the exemption from the provisions of Section 5 of the Securities Act
provided by Rule 144A, and (z) acknowledges that it has received such
information regarding the Company as it has requested pursuant to Rule
144A(d)(4) or has determined not to request such information to the extent that
the Company is not then subject to Section 13 or 15(d) of the Exchange Act, or
is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange
Act.

      

      “S&P” means Standard &
Poor’s Ratings Group, a division of McGraw Hill, Inc. and its
successors.

      

      “Sale and Leaseback
Transaction” means, with respect to any Person, an arrangement whereby
such Person enters into a lease of property previously transferred by such
Person to the lessor.

      

      “Securities Act” means the U.S.
Securities Act of 1933, as amended.

      

      “Spot Rate” means, for any
currency, the spot rate at which that currency is offered for sale against U.S.
Dollars as published in The Wall Street Journal on the Business Day immediately
preceding the date of determination or, if that rate is not available in that
publication, as determined in any publicly available source of similar market
data.

      

      “Stated Maturity” means (i)
with respect to any Debt, the date specified as the fixed date on which the
final installment of principal of such Debt is due and payable or (ii) with
respect to any scheduled installment of principal of or interest on any Debt,
the date specified as the fixed date on which such installment is due and
payable as set forth in the documentation governing such Debt, not including any
contingent obligation to repay, redeem or repurchase prior to the regularly
scheduled date for payment.

      

      
        
          
          

        

        
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      “Subordinated
Debt” means any Debt of the Guarantor which is subordinated in right of
payment to the Notes or the Note Guarantee, as applicable, pursuant to a written
agreement to that effect.

      

      “Subsidiary” means with respect
to any Person, any corporation, association or other business entity of which
more than 50% of the outstanding Voting Stock is owned, directly or indirectly,
by such Person and one or more Subsidiaries of such Person (or a combination
thereof).

      

      “Substantially Wholly-Owned”
means, with respect to any Subsidiary, a Subsidiary at least 90% of the
outstanding Capital Stock of which (other than director’s or other similar
qualifying shares) is owned by the Guarantor or one or more Wholly Owned
Subsidiaries (or a combination thereof) of the Guarantor.

      

      “Suspension Period” has the
meaning assigned to such term in Section 4.22.

      

      “Transfer Agent” means The Bank
of New York Mellon, The Bank of New York Mellon (Luxembourg) S.A., and each of
their successors, or such other transfer agent as the Company shall
appoint.

      

      “Trust Indenture Act” means the
U.S. Trust Indenture Act of 1939, as amended.

      

      “Trustee” means the party named
as such in the first paragraph of this Indenture or any successor trustee under
this Indenture pursuant to Article 7.

      

      “U.S. Global Note” means a
Global Note that bears the Restricted Legend representing Notes issued and sold
pursuant to Rule 144A.

      

      “U.S. Government Obligations”
means obligations issued, directly and fully guaranteed or insured by the United
States of America or by any agent or instrumentality thereof, provided that the
full faith and credit of the United States of America is pledged in support
thereof.

      

      “Voting Stock” means, with
respect to any Person, Capital Stock of any class or kind ordinarily having the
power to vote for the election of directors, managers or other voting members of
the governing body of such Person.

      

      “Wholly Owned” means, with
respect to any Subsidiary, a Subsidiary all of the outstanding Capital Stock of
which (other than any director’s or other similar qualifying shares) is owned by
the Guarantor and one or more Wholly Owned Subsidiaries (or a combination
thereof).

      

      Section
1.02 Rules of
Construction. Unless the context otherwise requires or except as
otherwise expressly provided,

      

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

      

       

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

      

      (ii) an
accounting term not otherwise defined has the meaning assigned to it in
accordance with GAAP;

      

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

      

      (iv) all
references to “U.S. Dollars”, “U.S.$” and "$" shall mean the lawful currency of
the United States of America;

      

      (v) all
references to Sections or Articles or Exhibits refer to Sections or Articles or
Exhibits of or to this Indenture unless otherwise indicated;

      

      (vi)
references to agreements or instruments, or to statutes or regulations, are to
such agreements or instruments, or statutes or regulations, as amended from time
to time (or to successor statutes and regulations);

      

      (vii)
references to the Guarantor and its Subsidiaries on a consolidated basis shall
be deemed to include the Company; and

      

      (viii) in
the event that a transaction meets the criteria of more than one category of
permitted transactions or listed exceptions, the Company may classify such
transaction as it, in its sole discretion, determines.

      

      Section
1.03 Table of Contents;
Headings. The table of contents and headings of the Articles and Sections
of this Indenture have been inserted for convenience of reference only, are not
intended to be considered a part hereof and shall not modify or restrict any of
the terms or provisions hereof.

      

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

      

      Any
certificate or opinion of an Officer of the Company or the Guarantor may be
based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such Officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or
representations

      

      
        
          
          

        

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

      

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

      

      ARTICLE
2

      

      THE
NOTES

      

      Section
2.01    Form, Dating and Denominations;
Legends.  (a) The Notes
and the Trustee’s certificate of authentication shall be substantially in the
form attached as Exhibit A. The terms and provisions contained in the form of
the Notes annexed as Exhibit A constitute, and are hereby expressly made, a part
of this Indenture. The Notes may have notations, legends or endorsements
required by law, rules of or agreements with national securities exchanges to
which the Company is subject, or usage. Each Note will be dated the date of its
authentication. The Notes will be issuable in denominations of $100,000 in
principal amount and any multiple of $1,000 in excess thereof.

      

      (b) (i)
Except as otherwise provided in paragraph (c) below or Section 2.09(b)(iv), each
Initial Note or Additional Note will bear the Restricted Legend.

      

      (ii) Each
Global Note, whether or not an Initial Note or Additional Note, will bear the
DTC Legend or a similar legend of a Depositary other than DTC if DTC is not the
Depositary.

      

      (iii)
Initial Notes and Additional Notes offered and sold in reliance on Regulation S
will be issued as provided herein.

      

      (iv)
Initial Notes and Additional Notes offered and sold in reliance on any exception
under the Securities Act other than Regulation S and Rule 144A will be issued,
and upon the request of the Company to the Trustee in writing, Initial Notes
offered and sold in reliance on Rule 144A and/or Regulation S may be issued, in
the form of Certificated Notes.

      

      (c) If
the Company determines (upon the advice of counsel and such other certifications
and evidence as the Company may reasonably require) that a Note is eligible for
resale pursuant to Rule 144(k) under the Securities Act

      

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

       

      (or a successor provision) and that the Restricted Legend is no
longer necessary or appropriate in order to ensure that subsequent transfers of
the Note (or a beneficial interest therein) are effected in compliance with the
Securities Act, the Company may instruct the Trustee in writing to cancel the
Note and issue to the Holder thereof (or to its transferee) a new Note of like
tenor and amount, registered in the name of the Holder thereof (or its
transferee), that does not bear the Restricted Legend, and the Trustee will
comply with such instruction.

      

      (d) By
its acceptance of any Note bearing the Restricted Legend (or any beneficial
interest in such a Note), each Holder thereof and each owner of a beneficial
interest therein acknowledges the restrictions on transfer of such Note (and any
such beneficial interest) set forth in this Indenture and in the Restricted
Legend and agrees that it will transfer such Note (and any such beneficial
interest) only in accordance with this Indenture and such legend.

      

      Each
Global Note shall be dated the Issue Date. Each Certificated Note shall be dated
the date of its authentication.

      

      The Notes
shall be printed, lithographed or engraved or produced by any combination of
these methods or may be produced in any other manner permitted by the rules of
any stock exchange on which the Notes may be listed, if any, all as determined
by the Officer executing such Notes, as evidenced by their execution of such
Notes.

      

      Section
2.02    Execution and Authentication;
Additional Notes. (a) An
Officer of the Company shall execute the Notes for the Company by facsimile or
manual signature in the name and on behalf of the Company. If an Officer whose
signature is on a Note no longer holds that office at the time the Trustee
authenticates the Note, the Note shall be valid nevertheless.

      

      (b) A
Note shall not be valid until an authorized signatory of the Trustee or the
Authenticating Agent (manually) signs the certificate of authentication on the
Note, with the signature constituting conclusive evidence that the Note has been
authenticated under this Indenture.

      

      (c) At
any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Notes executed by the Company to the Trustee
or the Authenticating Agent for authentication. The Trustee or the
Authenticating Agent will authenticate and deliver:

      

      (i) Notes
for original issue in the aggregate principal amount not to exceed $350.0
million; and

      

      (ii)
Additional Notes from time to time for original issue in aggregate principal
amounts specified by the Company, which Additional Notes will be treated as a
single class with the Original Notes issued under this

      

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

      

       

      Indenture, including, without limitation, waivers, amendments,
redemptions and offers to purchase;

      

      after the
following conditions have been met:

      

      (A)
Receipt by the Trustee of an Officers’ Certificate specifying:

      

      (1) the
amount of Notes to be authenticated and the date on which the Notes are to be
authenticated;

      

      (2) whether
the Notes are to be Initial Notes or Additional
Notes;

      

      (3) in
the case of Additional Notes, that the issuance of such Notes does not
contravene any provision of ARTICLE 4;

      

      (4)
whether the Notes are to be issued as one or more Global Notes or Certificated
Notes; and

      

      (5) other
information the Company may determine to include or the Trustee may reasonably
request.

      

      Section
2.03 Registrar, Paying Agent
and Authenticating Agent; Paying Agent to Hold Money in
Trust.

      

      (a) The
Company may appoint one or more Registrars and one or more Transfer Agents or
Paying Agents, and the Trustee may appoint, with a copy of any such appointment
to the Company, an Authenticating Agent, in which case each reference in this
Indenture to the Trustee in respect of the obligations of the Trustee to be
performed by the Authenticating Agent will be deemed to be references to the
Authenticating Agent. The terms “Transfer Agent” and “Paying Agent” include any
additional Transfer Agent or Paying Agent, as the case may be. The term
“Registrar” includes any co-Registrar. The Company and the Trustee will enter
into an appropriate agreement with the Authenticating Agent implementing the
provisions of this Indenture relating to the obligations of the Trustee to be
performed by the Authenticating Agent and the related rights. The Registrar
shall provide to the Company and the Trustee, if the Trustee is not the
Registrar, a current copy of the Register from time to time upon written request
of the Company or the Trustee, as the case may be. The Company hereby appoints
upon the terms and subject to the conditions herein set forth (i) The Bank of
New York Mellon Trust (Japan), Ltd. as Principal Paying Agent, located and
domiciled in Japan, where Notes may be presented for payment, (ii) The Bank of
New York Mellon (Luxembourg) S.A., located in Luxembourg, as Luxembourg Paying
and Transfer Agent at any time that the Notes are listed on the Luxembourg Stock
Exchange, where Notes may be presented for payment, transfer or exchange, and
(iii) The Bank of New York Mellon, as Registrar, Paying Agent and
Transfer

      

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

       

      Agent. If, and for so long as, the Notes are listed on the
Luxembourg Stock Exchange and its rules so require, the Company will publish a
notice of any change of Paying Agent in the Luxemburger Wort or another
leading daily a newspaper having a general circulation in
Luxembourg.

      

      (b) The
Registrar shall keep a record of all the Notes and shall make such record
available during regular business hours for inspection upon the written request
of the Company provided a reasonable amount of time prior to such inspection.
Such books and records shall include notations as to whether such Notes have
been redeemed, or otherwise paid or cancelled, and, in the case of mutilated,
destroyed, defaced, stolen or lost Notes, whether such Notes have been replaced.
In the case of the replacement of any of the Notes, the Trustee shall keep a
record of the Note so replaced, and the Notes issued in replacement thereof. In
the case of the cancellation of any of the Notes, the Registrar shall keep a
record of the Note so cancelled and the date on which such Note was cancelled.
Each Transfer Agent shall notify the Registrar of any transfers or exchanges of
Notes effected by it. The Registrar shall not be required to register the
transfer of or exchange Certificated Notes for a period of 14 days preceding any
date of selection of Notes for redemption, or register the transfer of or
exchange any Certificated Notes previously called for redemption.

      

      (c) All
Notes surrendered for payment, redemption, registration of transfer or exchange
shall be cancelled by the Registrar, the relevant Transfer Agent or Paying Agent
or the Trustee, as the case may be. Each Registrar, Paying Agent and Transfer
Agent shall notify the Trustee of the surrender and cancellation of such Notes
and shall deliver such Notes to the Trustee. The Trustee may destroy or cause to
be destroyed all such Notes surrendered for payment, redemption, registration of
transfer or exchange and, if so destroyed, shall promptly deliver a certificate
of destruction to the Company.

      

      (d) The
Paying Agent shall comply with applicable backup withholding tax and information
reporting requirements under the U.S. Internal Revenue Code of 1986, as amended,
and the U.S. Treasury Regulations promulgated thereunder with respect to
payments made under the Notes (including, to the extent required, the collection
of Internal Revenue Service Forms W-8 and W-9 and the filing of U.S. Internal
Revenue Service Forms 1099 and 1096).

      

      (e) By
10:00 A.M. New York time, no later than one Business Day prior to each Payment
Date on any Note, the Company shall deposit with the Principal Paying Agent in
immediately available funds a sum in U.S. Dollars sufficient to pay such
principal and interest when so becoming due (including any Additional Amounts).
The Company shall request that the bank through which such payment is to be made
agree to supply to the Principal Paying Agent by 10:00 A.M. (New York time) two
Business Days prior to the due date from any such payment an irrevocable
confirmation (by tested telex) of its intention to

      

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

      

       

      make such payment. Each Paying Agent shall hold in trust for the
benefit of the Holders or the Trustee all money held by the Paying Agent for the
payment of principal of and interest on the Notes and will promptly notify the
Trustee in writing of any default by the Company in making any such payment. The
Company at any time may require a Paying Agent to pay all money held by it to
the Trustee and account for any funds disbursed, and the Trustee may at any time
during the continuance of any payment default, upon written request to a Paying
Agent, request the Paying Agent to pay all money held by it to the Trustee and
to account for any funds disbursed, whereupon the Paying Agent shall comply with
such request and shall have no further liability for the money so paid over to
the Trustee.

      

      Section
2.04    Replacement
Notes.  If a mutilated Note is surrendered
to the Trustee or if a Holder claims that its Note has been lost, destroyed
or wrongfully taken, the Company will issue and the Trustee will authenticate,
upon provision of evidence satisfactory to the Trustee that such Note was lost,
destroyed or wrongfully taken, a replacement Note of like tenor and principal
amount and bearing a number not contemporaneously outstanding. Every replacement
Note is an additional obligation of the Company and entitled to the benefits of
this Indenture. If required by the Trustee or the Company, an indemnity must be
furnished that is sufficient in the judgment of both the Trustee and the Company
to protect the Company and the Trustee from any loss they may suffer if a Note
is replaced. The Company may charge the Holder for the expenses of the Company
and the Trustee in replacing a Note. In case the mutilated, lost, destroyed or
wrongfully taken Note has become or is about to become due and payable, the
Company in its discretion may pay the Note instead of issuing a replacement
Note. Each Note authenticated and delivered in exchange for or in lieu of any
such mutilated, defaced, destroyed, stolen or lost Note shall carry rights to
accrued and unpaid interest and to interest to accrue equivalent to the rights
that were carried by such Note before such Note was mutilated, defaced,
destroyed, stolen or lost.

      

      Section
2.05    Outstanding
Notes.  (a)  Notes outstanding at any time are
all Notes that have been authenticated by the Trustee except for

      

      (i) Notes cancelled by the
Trustee or delivered to it for cancellation;

      

      (ii) any
Note which has been replaced pursuant to Section 2.04 unless and until the
Trustee and the Company receive proof satisfactory to them that the replaced
Note is held by a protected purchaser; and

      

      (iii) on
or after the maturity date or any redemption date or date for purchase of the
Notes pursuant to an Offer to Purchase, those Notes payable or to be redeemed or
purchased on that date for which the Trustee (or Paying Agent, other than the
Company or an Affiliate of the Company) holds money sufficient to pay all
amounts then due thereunder.

      

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

       

      (b) A Note does not cease to be outstanding because the Company or
one of its Affiliates holds the Note, provided that in determining
whether the Holders of the requisite principal amount of the outstanding Notes
have given or taken any request, demand, authorization, direction, notice,
consent, waiver or other action hereunder, Notes owned by the Company or any
Affiliate of the Company will be disregarded and deemed not to be outstanding
(it being understood that in determining whether the Trustee is protected in
relying upon any such request, demand, authorization, direction, notice,
consent, waiver or other action, only Notes in respect of which a Responsible
Officer of the Trustee has received written notice from the Company that such
Notes are so owned will be so disregarded). Notes so owned which have been
pledged in good faith may be regarded as outstanding if the pledgee establishes
to the satisfaction of the Trustee the pledgee’s right so to act with respect to
such Notes and that the pledgee is not the Company or any Affiliate of the
Company.

      

      Section
2.06 Temporary Notes.
Until definitive Notes are ready for delivery, the Company may prepare and the
Trustee will authenticate temporary Notes. Temporary Notes will be substantially
in the form of definitive Notes but may have insertions, substitutions,
omissions and other variations determined to be appropriate by the Officer
executing the temporary Notes, as evidenced by the execution of the temporary
Notes. If temporary Notes are issued, the Company will cause definitive Notes to
be prepared without unreasonable delay. After the preparation of definitive
Notes, the temporary Notes will be exchangeable for definitive Notes upon
surrender of the temporary Notes at the office or agency of the Company
designated for such purpose pursuant to Section 4.02, without charge to the
Holder. Upon surrender for cancellation of any temporary Notes the Company will
execute and the Trustee will authenticate and deliver in exchange therefor a
like principal amount of definitive Notes of authorized denominations. Until so
exchanged, the temporary Notes will be entitled to the same benefits under this
Indenture as definitive Notes.

      

      Section
2.07    Cancellation.  The
Company at any time may, but shall not
be obligated to, deliver to the Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Company may have acquired in any
manner whatsoever, and may deliver to the Trustee for cancellation any Notes
previously authenticated hereunder which the Company has not issued and sold.
Any Registrar, Transfer Agent or Paying Agent will forward to the Trustee any
Notes surrendered to it for transfer, exchange or payment. The Trustee will
cancel all Notes surrendered for transfer, exchange, payment or cancellation and
dispose of them in accordance with its normal procedures or the written
instructions of the Company. The Company may not issue new Notes to replace
Notes it has paid in full or delivered to the Trustee for
cancellation.

      

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

      

       

      Section 2.08 CUSIP
and ISIN Numbers. The Company in issuing the Notes may use “CUSIP” and
“ISIN” numbers, and the Trustee will use CUSIP numbers or ISIN numbers in
notices of redemption or exchange or in Offers to Purchase as a convenience to
Holders, the notice to state that no representation is made as to the
correctness of such numbers either as printed on the Notes or as contained in
any notice of redemption or exchange or Offer to Purchase. The Company will
promptly notify the Trustee in writing of any change in the CUSIP or ISIN
numbers.

      

      Section
2.09 Registration, Transfer
and Exchange. (a) The Notes will be issued in registered form only,
without coupons, and the Company shall cause the Registrar to maintain a
register (the “Register”) of the Notes, for
registering the record ownership of the Notes by the Holders and transfers and
exchanges of the Notes.

      

      (b)           (i)
Each Global Note will be registered in the name of the Depositary or its nominee
and, so long as DTC is serving as the Depositary thereof, will bear the DTC
Legend.

      

      (ii) Each
Global Note will be delivered to the Trustee as custodian for the DTC. Transfers
of a Global Note (but not a beneficial interest therein) will be limited to
transfers thereof in whole, but not in part, to the Depositary, its successors
or their respective nominees, except (1) as set forth in Section 2.09(b)(iv) and
(2) transfers of portions thereof in the form of Certificated Notes may be made
upon request of an Agent Member (for itself or on behalf of a beneficial owner)
by written notice given to the Trustee by or on behalf of the Depositary in
accordance with customary procedures of the Depositary and in compliance with
this Section and Section 2.10.

      

      (iii)
Agent Members will have no rights under this Indenture with respect to any
Global Note held on their behalf by the Depositary, and the Depositary or its
nominee, as the case may be, shall be treated by the Company, the Trustee and
any agent of the Company or the Trustee as the absolute owner and Holder of such
Global Note for all purposes whatsoever. Notwithstanding the foregoing, the
Depositary or its nominee may grant proxies and otherwise authorize any Person
(including any Agent Member and any Person that holds a beneficial interest in a
Global Note through an Agent Member) to take any action which a Holder is
entitled to take under this Indenture or the Notes, and nothing herein will
impair, as between the Depositary and its Agent Members, the operation of
customary practices governing the exercise of the rights of a holder of any
security.

      

      (iv) If
(x) the Depositary notifies the Company that it is unwilling or unable to
continue as Depositary for a Global Note and a successor depositary is not
appointed by the Company within 90 days of the notice or (y) an Event of Default
has occurred and is continuing and the Trustee has received a written request
therefor from the Depositary, the Trustee will promptly exchange

      

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

       

      each beneficial interest in the Global Note for one or more
Certificated Notes in authorized denominations having an equal aggregate
principal amount registered in the name of the owner of such beneficial
interest, as identified to the Trustee by the Depositary in writing, and
thereupon the Global Note will be deemed canceled. If such Note does not bear
the Restricted Legend, then the Certificated Notes issued in exchange therefor
will not bear the Restricted Legend. If such Note bears the Restricted Legend,
then the Certificated Notes issued in exchange therefor will bear the Restricted
Legend.

      

      (c) Each
Certificated Note will be registered in the name of the holder thereof or its
nominee.

      

      (d) A
Holder may transfer a Note (or a beneficial interest therein) to another Person
or exchange a Note (or a beneficial interest therein) for another Note or Notes
of any authorized denomination by presenting to the Trustee a written request
therefor stating the name of the proposed transferee or requesting such an
exchange, accompanied by any certification, opinion or other document required
by Section 2.10. The Registrar will promptly register any transfer or exchange
that meets the requirements of this Section by noting the same in the register
maintained by the Registrar for the purpose; provided that

      

      (x) no
transfer or exchange will be effective until it is registered in such Register,
and

      

      (y) the
Trustee will not be required (i) to issue or cause the registration of the
transfer of or exchange of any Note for a period of 14 days before a selection
of Notes to be redeemed or purchased pursuant to an Offer to Purchase, (ii) to
register the transfer of or exchange any Note so selected for redemption or
purchase in whole or in part, except, in the case of a partial redemption or
purchase, that portion of any Note not being redeemed or purchased, or (iii) if
a redemption or a purchase pursuant to an Offer to Purchase is to occur after a
Regular Record Date but on or before the corresponding Interest Payment Date, to
register the transfer of or exchange any Note on or after the Regular Record
Date and before the date of redemption or purchase. Prior to the registration of
any transfer, the Company, the Trustee and their agents will treat the Person in
whose name the Note is registered as the owner and Holder thereof for all
purposes (whether or not the Note is overdue), and will not be affected by
notice to the contrary.

      

      From time
to time the Company will execute and the Trustee will authenticate additional
Notes as necessary in order to permit the registration of a transfer or exchange
in accordance with this Section.

      

      No
service charge will be imposed in connection with any transfer or exchange of
any Note, but the Company may require payment of a sum sufficient to cover any
transfer tax or similar governmental charge payable in connection

      

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

       

      therewith (other than a transfer tax or other similar governmental
charge payable upon exchange pursuant to subsection (b)(iv)).

      

      (e) (i)
Global Note to Global
Note. If a beneficial interest in a Global Note is transferred or
exchanged for a beneficial interest in another Global Note, the Trustee will (x)
record a decrease in the principal amount of the Global Note being transferred
or exchanged equal to the principal amount of such transfer or exchange and (y)
record a like increase in the principal amount of the other Global Note. Any
beneficial interest in one Global Note that is transferred to a Person who takes
delivery in the form of an interest in another Global Note, or exchanged for an
interest in another Global Note, will, upon transfer or exchange, cease to be an
interest in such Global Note and become an interest in the other Global Note
and, accordingly, will thereafter be subject to all transfer and exchange
restrictions, if any, and other procedures applicable to beneficial interests in
such other Global Note for as long as it remains such an interest.

      

      (ii)
Global Note to Certificated
Note. If a beneficial interest in a Global Note is transferred or
exchanged for a Certificated Note, the Trustee will (x) record a decrease in the
principal amount of such Global Note equal to the principal amount of such
transfer or exchange and (y) deliver one or more new Certificated Notes in
authorized denominations having an equal aggregate principal amount to the
transferee (in the case of a transfer) or the owner of such beneficial interest
(in the case of an exchange), registered in the name provided in writing by the
Depositary of such transferee or owner, as applicable.

      

      (iii)
Certificated Note to Global
Note. If a Certificated Note is transferred or exchanged for a beneficial
interest in a Global Note, the Trustee will (x) cancel such Certificated Note,
(y) record an increase in the principal amount of such Global Note equal to the
principal amount of such transfer or exchange and credit such increase to the
account of the Agent Member at the Depositary as instructed in writing by the
Holder of the Certificated Note and (z) in the event that such transfer or
exchange involves less than the entire principal amount of the canceled
Certificated Note, deliver to the Holder thereof one or more new Certificated
Notes in authorized denominations having an aggregate principal amount equal to
the untransferred or unexchanged portion of the canceled Certificated Note,
registered in the name of the Holder thereof.

      

      (iv)
Certificated Note to
Certificated Note. If a Certificated Note is transferred or exchanged for
another Certificated Note, the Trustee will (x) cancel the Certificated Note
being transferred or exchanged, (y) deliver one or more new Certificated Notes
in authorized denominations having an aggregate principal amount equal to the
principal amount of such transfer or exchange to the transferee (in the case of
a transfer) or the Holder of the canceled Certificated Note (in the case of an
exchange), registered in the name of such transferee or Holder, as applicable,
and (z) if such transfer or exchange involves

      

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

      

       

      less than the entire principal amount of the canceled Certificated
Note, deliver to the Holder thereof one or more Certificated Notes in authorized
denominations having an aggregate principal amount equal to the untransferred or
unexchanged portion of the canceled Certificated Note, registered in the name of
the Holder thereof.

      

      Section
2.10 Restrictions on Transfer
and Exchange. (a) The transfer or exchange of any Note (or a beneficial
interest therein) may only be made in accordance with this Section and Section
2.09 and, in the case of a Global Note (or a beneficial interest therein), the
applicable rules and procedures of the Depositary. The Trustee shall refuse to
cause the registration of any requested transfer or exchange that does not
comply with the preceding sentence.

      

      (b)
Subject to paragraph (c), the transfer or exchange of any Note (or a beneficial
interest therein) of the type set forth in column A below for a Note (or a
beneficial interest therein) of the type set forth in column B below may only be
made in compliance with the certification requirements (if any) described in the
clause of this paragraph set forth opposite column C below.

      

      
        	
                A

              	
                B

              	
                C

              
	
                U.S.
      Global Note

              	
                U.S.
      Global Note

              	
                (1)

              
	
                U.S.
      Global Note

              	
                Offshore
      Global Note

              	
                (2)

              
	
                U.S.
      Global Note

              	
                Certificated
      Note

              	
                (3)

              
	
                Offshore
      Global Note

              	
                U.S.
      Global Note

              	
                (4)

              
	
                Offshore
      Global Note

              	
                Offshore
      Global Note

              	
                (1)

              
	
                Offshore
      Global Note

              	
                Certificated
      Note

              	
                (1)

              
	
                Certificated
      Note

              	
                U.S.
      Global Note

              	
                (4)

              
	
                Certificated
      Note

              	
                Offshore
      Global Note

              	
                (2)

              
	
                Certificated
      Note

              	
                Certificated
      Note

              	
                (3)

              

      

      

      
        (1)  No
certification is required.

      

      

      (2) The
Person requesting the transfer or exchange must deliver or cause to be delivered
to the Trustee a duly completed and executed Regulation S Certificate; provided that if the
requested transfer or exchange is made by the Holder of a Certificated Note that
does not bear the Restricted Legend, then no certification is
required.

      

      (3) The
Person requesting the transfer or exchange must deliver or cause to be delivered
to the Trustee (x) a duly completed and executed Rule 144A Certificate or (y) a
duly completed and executed Regulation S Certificate, or an Opinion of Counsel
and such other certifications and evidence as the Company may reasonably require
in order to determine that the proposed transfer or exchange is being made in
compliance with the Securities Act and any applicable securities laws of any
state of the United States; provided that if the
requested transfer or exchange is made by the Holder of a Certificated Note that
does not bear the Restricted Legend, then no certification is required. In the
event that (i) a

      

      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

       

      duly completed and executed Regulation S Certificate is delivered to
the Trustee or (ii) a Certificated Note that does not bear the Restricted Legend
is surrendered for transfer or exchange, upon transfer or exchange the Trustee
will deliver a Certificated Note that does not bear the Restricted
Legend.

      

      (4) The
Person requesting the transfer or exchange must deliver or cause to be delivered
to the Trustee a duly completed and executed Rule 144A Certificate.

      

      (c) No
certification is required in connection with any transfer or exchange of any
Note (or a beneficial interest therein) after such Note is eligible for resale
pursuant to Rule 144(k) under the Securities Act (or a successor provision);
provided that the
Company has provided the Trustee with an Officers’ Certificate to that effect,
and the Company may require from any Person requesting a transfer or exchange in
reliance upon this clause an Opinion of Counsel and any other reasonable
certifications and evidence in order to support such certificate. Any
Certificated Note delivered in reliance upon this paragraph will not bear the
Restricted Legend.

      

      (d) The
Trustee will retain copies of all certificates, opinions and other documents
received in connection with the transfer or exchange of a Note (or a beneficial
interest therein), and the Company will have the right to inspect and make
copies thereof at any reasonable time upon written notice within a reasonable
period of time to the Trustee.

      

      Section
2.11 Open Market
Purchases. The Company or any of its Affiliates may at any time purchase
Notes in the open market or otherwise at any agreed upon price.

      

      ARTICLE
3

      ADDITIONAL
AMOUNTS; REDEMPTION

      

      Section
3.01     Additional
Amounts.  (a)  All payments by the Company
in respect of the Notes or the Guarantor in respect of the Guarantee will be
made without withholding or deduction for or on account of any present or future
taxes, duties, assessments, or other governmental charges of whatever nature
imposed or levied by or on behalf of any jurisdiction in which the Company or
the Guarantor is organized or is a resident for tax purposes having power to tax
(a “Relevant
Jurisdiction”), unless the Company or the Guarantor are compelled by law
to deduct or withhold such taxes, duties, assessments, or governmental charges.
In such event, the Company or the Guarantor will make such deduction or
withholding, make payment of the amount so withheld to the appropriate
governmental authority and pay such additional amounts as may be necessary to
ensure that the net amounts receivable by Holders of Notes after such
withholding or deduction shall equal the respective amounts of principal,
interest, and premium, if any, which would have been receivable in respect of
the Notes in the absence of such withholding or deduction (“Additional
Amounts”).

      

      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

       

      No such Additional Amounts shall be payable:

      

      (i) to,
or to a third party on behalf of, a Holder who is liable for such taxes, duties,
assessments or governmental charges in respect of such note by reason of the
existence of any present or former connection between such Holder (or between a
fiduciary, settlor, beneficiary, member or shareholder of such Holder, if such
Holder is an estate, a trust, a partnership, a limited liability company or a
corporation) and the Relevant Jurisdiction, including, without limitation, such
Holder (or such fiduciary, settlor, beneficiary, member or shareholder) being or
having been a citizen or resident thereof or being or having been engaged in a
trade or business or present therein or having, or having had, a permanent
establishment therein, other than the mere holding of the Note or enforcement of
rights and the receipt of payments with respect to the Note;

      

      (ii) in
respect of Notes surrendered (if surrender is required) more than 30 days after
the Relevant Date except to the extent that the Holder of such Note would have
been entitled to such Additional Amounts, on surrender of such Note for payment
on the last day of such period of 30 days;

      

      (iii)
where such Additional Amount is imposed on a payment to an individual and is
required to be made pursuant to any law implementing or complying with, or
introduced in order to conform to, European Council Directive 2003/48/EC or any
other directive implementing the conclusions of the ECOFIN Council Meeting of
26-27 November 2000;

      

      (iv) to,
or to a third party on behalf of, a Holder who is liable for such taxes, duties,
assessments or other governmental charges by reason of such Holder's failure to
comply with any certification, identification or other reporting requirement
concerning the nationality, residence, identity or connection with the Relevant
Jurisdiction, if (1) compliance is required by the Relevant Jurisdiction, or any
political subdivision or authority thereof or therein having power to tax, as a
precondition to, exemption from, or reduction in the rate of, the tax,
assessment or other governmental charge and (2) the Company has given the
Holders at least 30 days' notice that Holders will be required to provide such
certification, identification or other requirement;

      

      (v) in
respect of any estate, inheritance, gift, sales, transfer, capital gains, excise
or personal property or similar tax, assessment or governmental
charge;

      

      (vi) in
respect of any tax, assessment or other governmental charge which is payable
other than by deduction or withholding from payments of principal of or interest
on the Note or by direct payment by the Company or the Guarantor in respect of
claims made against the Company or the Guarantor; or

      

      (vii)     in
respect of any combination of the above.

      

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

       

      (b) No Additional Amounts shall be paid with respect to any payment
on a Note to a Holder who is a fiduciary, a partnership, a limited liability
company or other than the sole beneficial owner of that payment to the extent
that payment would be required by the laws of the Relevant Jurisdiction to be
included in the income, for tax purposes, of a beneficiary or settlor with
respect to the fiduciary, a member of that partnership, an interest holder in a
limited liability company or a beneficial owner who would not have been entitled
to the Additional Amounts had that beneficiary, settlor, member or beneficial
owner been the Holder. The Notes are subject in all cases to any tax, fiscal or
other law or regulation or administrative or judicial interpretation. Except as
specifically provided above, neither the Company nor the Guarantor shall be
required to make a payment with respect to any tax, assessment or governmental
charge imposed by any government or a political subdivision or taxing authority
thereof or therein.

      

      (c) In
the event that Additional Amounts actually paid with respect to the Notes are
based on rates of deduction or withholding of withholding taxes in excess of the
appropriate rate applicable to the Holder of such Notes, and, as a result
thereof such Holder is entitled to make claim for a refund or credit of such
excess from the authority imposing such withholding tax, then such Holder shall,
by accepting such Notes, be deemed to have assigned and transferred all right,
title, and interest to any such claim for a refund or credit of such excess to
the Company.

      

      (d) Any
reference in this Indenture or the Notes to principal, interest or any other
amount payable in respect of the Notes by the Company or the Note Guarantee by
the Guarantor will be deemed also to refer to any Additional Amount, unless the
context requires otherwise, that may be payable with respect to that amount
under the obligations referred to in this Section. The foregoing obligation will
survive termination or discharge of this Indenture.

      

      Section
3.02    Optional
Redemption.

      

      (a) The
Company may, at its option, upon not less than 30 nor more than 60 day’s written
notice (prior to the redemption date) to the Holders (which notice shall be
irrevocable), redeem at any time all, but not part of, the Notes, at a
“Make-Whole” Redemption Price equal to the greater of:

      

      (1) 100%
of the principal amount of all the Notes, plus accrued interest and any
Additional Amounts payable with respect thereto, and

      

      (2) the
sum of the present values of the remaining scheduled payments of principal and
interest on the Notes from the redemption date to the Stated Maturity
discounted, in each case, to the redemption date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate plus 50 basis points; plus, any interest accrued but not paid and any
Additional Amounts, to the date of redemption (subject to the right of Holders
of

      

      
        
          
          

        

        
          34

          
            

          

        

        
          
          

        

      

       

      record on the relevant Record Date to receive interest due on the
relevant Interest Payment Date).

      

      (b) Any
notice to Holders of the Notes pursuant to Section 3.02(a) shall specify the
date of redemption, the interest to be paid on the date of redemption, and shall
be accompanied by an Officers’ Certificate of the Company as to the estimated
Make-Whole amount due in connection with such redemption (calculated as if the
date of such notice were the Redemption Date), setting forth the details for
such computation. Two Business Days prior to such redemption, the Company shall
deliver to the Trustee and each Holder a certificate executed by two of its
Officers specifying the calculation of the Make-Whole amount as of the date of
redemption. In the event the Company shall incorrectly compute the Make Whole
amount payable in connection with the Notes to be redeemed, the Holders shall
not be bound by such incorrect computation, but instead, shall be entitled to
receive an amount equal to the correct Make-Whole amount computed in compliance
with the terms of this Indenture.

      

      Section
3.03 Redemption for Taxation
Reasons. If as a result of any change in or amendment to the laws (or any
rules or regulations thereunder) of the Relevant Jurisdiction, or any amendment
to or change in an official interpretation, administration or application of
such laws, treaties, rules, or regulations (including a holding by a court of
competent jurisdiction), which change or amendment becomes effective or, in the
case of a change in official position, is announced on or after the issue date
of the Notes or on or after the date a successor assumes the obligations under
the Notes, the Company or the Guarantor have or will become obligated to pay
Additional Amounts in excess of the Additional Amounts the Company or the
Guarantor would be obligated to pay if payments were subject to withholding or
deduction at a rate of 15% or at a rate of 25% in case the Holder of the Notes
is resident in a tax haven jurisdiction, i.e., countries which do not impose any
income tax or which impose it at a maximum rate lower than 20% or where the laws
impose restrictions on the disclosure of ownership composition or securities
ownership) as a result of the taxes, duties, assessments and other governmental
charges described above (the “Minimum Withholding Level”), the
Company may, at its option, redeem all, but not less than all, of the Notes,
at a Redemption Price equal to 100% of their principal amount, together with
interest accrued to the date fixed for redemption (subject to the right of
Holders of record on the relevant Record Date to receive interest due on the
relevant Interest Payment Date), upon publication of irrevocable notice to
Holders not less than 30 days nor more than 60 days prior to the date fixed for
redemption. No notice of such redemption may be given earlier than 60 days prior
to the earliest date on which the Company would, but for such redemption, be
obligated to pay the Additional Amounts above the Minimum Withholding Level. The
Company shall not have the right to so redeem the Notes in the event it becomes
obliged to pay Additional Amounts which are less than the Additional Amounts
payable at the Minimum Withholding Level. Notwithstanding the foregoing, the
Company shall not have the right to so redeem the Notes unless: (i)

      

      
        
          
          

        

        
          35

          
            

          

        

        
          
          

        

      

       

      it has taken reasonable measures to avoid the obligation to pay
Additional Amounts; and (ii) it has complied with all applicable regulations to
legally effect such redemption.

       

      
        
          
            Section
3.04 Method, Effect and Notice of
Redemption.   The election of the Company to redeem the
Notes pursuant to Section 3.02 or 3.03 shall be evidenced by a Board Resolution.
In case of any redemption of Notes at the election of the Company, the Company
shall, at least 75 days prior to the Redemption Date fixed by the Company
(unless a shorter notice shall be satisfactory to the Trustee), notify the
Trustee in writing of such Redemption Date. In the event that the Company elects
to so redeem the Notes, it will deliver to the Trustee: (i) a certificate,
signed in the name of the Company by any two of its Officers or by its
attorney-in-fact in accordance with its bylaws, stating that the Company is
entitled to redeem the Notes pursuant to their terms and setting forth a
statement of facts showing that the condition or conditions precedent to the
right of the Company to so redeem have occurred or been satisfied; and (ii) an
Opinion of Counsel to the effect that the Company has or will become obligated
to pay Additional Amounts in excess of the Additional Amounts payable at the
Minimum Withholding Level as a result of the change or amendment, that the
Company cannot avoid payment of such excess Additional Amounts by taking
reasonable measures available to it and that all governmental approvals
necessary for the Company to effect the redemption have been obtained and are in
full force and effect.

          

        

      

      

      Section
3.05 Notice of Redemption by
the Company. In the case of redemption of Notes pursuant to Section 3.02
or 3.03, notice of redemption shall be mailed at least 30 but not more than 60
days before the Redemption Date to each Holder of any Note to be redeemed by
first-class mail at its registered address and such notice shall be irrevocable.
In addition, so long as the Notes continue to be listed on the Luxembourg Stock
Exchange and the rules of the Luxembourg Stock Exchange so require, notices
shall be published in English on the Luxembourg Stock Exchange website or in a
leading newspaper having general circulation in Luxembourg.

      

      In
addition to the requirements set forth in Section 3.04 with respect to a notice
of redemption, the notice shall state:

      

      
        (i)  the
Redemption Date;

      

      

      
        (ii)  the
Redemption Price;

      

      

      
        (iii)  the name
and address of the Paying Agents;

      

      

      
        
          (iv)
 that
Notes called for redemption must be surrendered to a Paying Agent to collect the
Redemption Price;

        

      

      

      
        
          
          

        

        
          36

          
            

          

        

        
          
          

        

      

       

      (v) that, unless the Company defaults in making such redemption payment
or the Paying Agent is prohibited from making such payment pursuant to the terms
of this Indenture, interest on Notes called for redemption ceases to accrue on
and after the Redemption Date;

      

      (vi) the
paragraph of the Notes pursuant to which the Notes called for redemption are
being redeemed; and

      

      
        (vii)  the CUSIP
or ISIN number, if any.

      

      

      At the
Company’s election and at its written request, the Trustee shall give the notice
of redemption in the Company’s name and at the Company’s expense; provided that
the Company shall deliver to the Trustee, at least 75 days prior to the
Redemption Date, an Officers’ Certificate requesting that the Trustee give such
notice and providing the form of such notice in such notice.

      

      Section
3.06 Deposit of Redemption
Price. By 10:00 A.M. New York City time, no later than one Business Day
prior to the Redemption Date, the Company shall deposit with the Principal
Paying Agent U.S. Dollars in immediately available funds sufficient to pay the
Redemption Price of and accrued interest on the Notes other than Notes that have
been delivered by the Company to the Trustee at least 15 days prior to the
Redemption Date for cancellation. The Company shall require the bank through
which such payment is to be made to supply to the Principal Paying Agent by
10:00 A.M. (New York time) two Business Days prior to the due date from any such
payment an irrevocable confirmation (by tested telex) of its intention to make
such payment.

      

      Section
3.07 Effect of Notice of
Redemption. Notice of redemption having been given as aforesaid, the
Notes shall, on the Redemption Date, become due and payable at the applicable
Redemption Price (together with accrued interest, if any, to the Redemption
Date), and from and after such date (except in the event of a default in the
payment of the Redemption Price and accrued interest) such Notes shall cease to
bear interest. Upon surrender of any such Note for redemption in accordance with
such notice, such Note 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 whose Payment Date is on or prior to the
Redemption Date shall be payable to the Holders of such Notes registered as such
at the close of business on the relevant Record Dates according to their
terms.

      

      If any
Note to be redeemed shall not be so paid upon surrender thereof in accordance
with the Company’s instructions for redemption, the principal shall, until paid,
bear interest from the Redemption Date at the rate borne by the Notes. Upon
surrender to the Paying Agent, such Notes shall be paid at the applicable
Redemption Price, plus accrued interest to the Redemption Date; provided,
however, that installments of interest payable on or prior to the Redemption
Date

      

      
        
          
          

        

        
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      shall be payable to the Holders of such Notes registered as such at
the close of business on the relevant Record Date according to their
terms.

      

      Section
3.08 Offer to Purchase.
An “Offer to Purchase”
means an offer by the Company or the Guarantor to purchase Notes as required by
this Indenture. An Offer to Purchase must be made by written offer (the “offer”)
sent to the Holders, at the address for each Holder appearing in the Register
maintained by the Registrar (and, if the Notes are then listed on the Luxembourg
Stock Exchange and its rules so require, the Company or the Guarantor, as
applicable, will publish a notice in a newspaper having a general circulation in
Luxembourg). The Company or the Guarantor, as applicable, will notify the
Trustee in writing at least 15 days (or such shorter period as is acceptable to
the Trustee) prior to sending the offer to Holders of its obligation to make an
Offer to Purchase, and the offer will be sent by the Company or the Guarantor,
as applicable or, at the Company’s or the Guarantor’s written request, by the
Trustee in the name and at the expense of the Company or the Guarantor, as
applicable.

      

      (b) The
offer must include or state the following as to the terms of the Offer to
Purchase:

      

      (i) the
provision of this Indenture pursuant to which the Offer to Purchase is being
made;

      

      (ii) the
aggregate principal amount of the outstanding Notes offered to be purchased by
the Company or the Guarantor pursuant to the Offer to Purchase (including, if
less than 100%, the manner by which such amount has been determined pursuant to
this Indenture) (the “purchase amount”);

      

      (iii) the
purchase price, including the portion thereof representing accrued
interest;

      

      (iv) an
expiration date (the “expiration date”) not less than 30 days or more than 60
days after the date of the offer, and a settlement date for purchase (the
“purchase date”) not more than five Business Days after the expiration
date;

      

      (v)
information concerning the business of the Guarantor and its Subsidiaries which
the Company or the Guarantor in good faith believes will enable the Holders to
make an informed decision with respect to the Offer to Purchase, at a minimum to
include:

      

      (A)      the
most recent annual and quarterly financial statements of the
Guarantor;

      

      (B) a
description of any material developments in the Guarantor’s business subsequent
to the date of the latest of the financial

      

      

      
        
          
          

        

        
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      statements (including a description of the events requiring the
Company to make the Offer to Purchase); and

      

      (C) if
applicable, appropriate pro forma financial information concerning the Offer to
Purchase and the events requiring the Company to make the Offer to
Purchase;

      

      (vi) a
Holder may tender all or any portion of its Notes, subject to the requirement
that any portion of a Note tendered must be in a multiple of $1,000 principal
amount and if such Holder tenders in part that portion not tendered is equal to
an authorized denomination;

      

      (vii) the
place or places where Notes are to be surrendered for tender pursuant to the
Offer to Purchase;

      

      (viii)
each Holder electing to tender a Note pursuant to the offer will be required to
surrender such Note at the place or places specified in the offer prior to the
close of business on the expiration date (such Note being, if the Company or the
Trustee so requires, duly endorsed or accompanied by a duly executed written
instrument of transfer);

      

      (ix)
interest on any Note not tendered, or tendered but not purchased by the Company
pursuant to the Offer to Purchase, will continue to accrue;

      

      (x) on
the purchase date the purchase price will become due and payable on each Note
accepted for purchase, and interest on Notes purchased will cease to accrue on
and after the purchase date;

      

      (xi)
Holders are entitled to withdraw Notes tendered by giving notice, which must be
received by the Company or the Trustee not later than the close of business on
the expiration date, setting forth the name of the Holder, the principal amount
of the tendered Notes, the certificate number of the tendered Notes and a
statement that the Holder is withdrawing all or a portion of the
tender;

      

      (xii) (x)
if Notes in an aggregate principal amount less than or equal to the purchase
amount are duly tendered and not withdrawn pursuant to the Offer to Purchase,
the Company or the Guarantor, as applicable, will purchase all such Notes, and
(y) if the Offer to Purchase is for less than all of the outstanding Notes and
Notes in an aggregate principal amount in excess of the purchase amount are
tendered and not withdrawn pursuant to the offer, the Company or the Guarantor,
as applicable, will purchase Notes having an aggregate principal amount equal to
the purchase amount on a pro rata basis, with adjustments so that if all of a
Holder’s Notes are not purchased by the Company or the Guarantor, as applicable,
only Notes with minimum denominations of $100,000 and in multiples of $1,000
principal amount in excess thereof will

      

      
        
          
          

        

        
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      remain unpurchased by the Company or the Guarantor, as applicable,
from each Holder;

      

      (xiii) if
any Note is purchased in part, new Notes equal in principal amount to the
unpurchased portion of the Note will be issued; and

      

      (xiv) if
any Note contains a CUSIP or ISIN number, no representation is being made as to
the correctness of the CUSIP or ISIN number either as printed on the Notes or as
contained in the offer and that the Holder should rely only on the other
identification numbers printed on the Notes.

      

      (c) Prior
to the purchase date, the Company or the Guarantor, as applicable, will accept
tendered Notes for purchase as required by the Offer to Purchase and deliver to
the Trustee all Notes so accepted, together with an Officers’ Certificate
specifying which Notes have been accepted for purchase. On the purchase date the
purchase price will become due and payable on each Note accepted for purchase,
and interest on Notes purchased will cease to accrue on and after the purchase
date. The Trustee will promptly return to Holders any Notes not accepted for
purchase and send to Holders new Notes equal in principal amount to any
unpurchased portion of any Notes accepted for purchase in part.

      

      (d) The
Company or the Guarantor, as applicable, will comply with Rule 14e-1 under the
Exchange Act and all other applicable laws in making any Offer to Purchase, and
the above procedures will be deemed modified as necessary to permit such
compliance. Further to the foregoing, to the extent that the provisions of any
securities laws or regulations conflict with this Section 3.08, the Company
shall comply with the applicable securities laws and regulations and shall not
be deemed to have breached its obligations under this Section 3.08 by virtue
thereof.

      

      (e) The
Company will timely repay Debt or obtain consents all as necessary under this
Indenture, or terminate, any agreements or instruments that would otherwise
prohibit an Offer to Purchase required to be made pursuant to this
Indenture.

      

      (f) Each
of the Company and the Guarantor will obtain all necessary consents and
regulatory approvals under the laws of the Relevant Jurisdiction prior to making
any Offer to Purchase.

      

      ARTICLE
4

      COVENANTS

      

      Section
4.01    Payment of Principal and Interest
under the Notes. (a) The
Company agrees to pay the principal of and interest (including, without
limitation, any Additional Amounts) on the Notes on the dates and in the manner
provided in the Notes and this Indenture. Not later than 10:00 A.M. (New York
City time) on the Business Day (solely in New York City) immediately prior
to

      

      
        
          
          

        

        
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      the due date of any principal of or interest on any Notes, or any
Redemption Price or purchase price of the Notes, the Company will deposit with
the Principal Paying Agent money in immediately available funds sufficient to
pay such amounts, provided that if the Company
or any Affiliate of the Company is acting as a Paying Agent, it will, on or
before each due date, segregate and hold in a separate trust fund for the
benefit of the Holders a sum of money sufficient to pay such amounts until paid
to such Holders or otherwise disposed of as provided in this Indenture. In each
case the Company will promptly notify the Trustee in writing of its compliance
with this paragraph.

      

      (b) An
installment of principal, interest or Additional Amounts will be considered paid
on the date due if the Trustee (or Paying Agent, other than the Company or any
Affiliate of the Company) holds on that date money designated for and sufficient
to pay such principal, interest or Additional Amounts. If the Company or any
Affiliate of the Company acts as a Paying Agent, an installment of principal,
interest or Additional Amounts will be considered paid on the due date only if
paid to the Holders.

      

      (c) The
Company agrees to pay interest on overdue principal, and to the extent lawful,
overdue installments of interest at the rate per annum specified in the Notes
(1% per annum in excess of the rate per annum borne by the Notes).

      

      (d)
Payments in respect of the Notes represented by the Global Notes are to be made
by wire transfer of immediately available funds to the accounts specified by the
Depositary, as the Holder of the Global Notes. With respect to Certificated
Notes all payments shall be payable at an office of one of the Paying
Agents.

      

      Section
4.02 Maintenance of Office or
Agency. The Company will maintain in the Borough of Manhattan, the City
of New York, and in each place of payment for the Notes an office or agency
where Notes may be surrendered for registration of transfer or exchange or for
presentation for payment and where notices and demands to or upon the Company in
respect of the Notes and this Indenture may be served. The Company hereby
initially designates the Corporate Trust Office of the Trustee as such office of
the Company. The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any
time the Company fails to maintain any such required office or agency or fails
to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served to the Trustee. At any time that the
Notes are listed on the Luxembourg Stock Exchange, the Company will maintain an
office or agent in Luxembourg to serve as Transfer and Paying Agent. The Company
initially designates The Bank of New York Mellon (Luxembourg) S.A. as the
Luxembourg Transfer Agent and Luxembourg Paying Agent.

      

      
        
          
          

        

        
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      The Company may also from time to time designate one or more other
offices or agencies where the Notes may be surrendered or presented for any of
such purposes and may from time to time rescind such designations. The Company
will give prompt written notice to the Trustee of any such designation or
rescission and of any change in the location of any such other office or
agency.

      

      Section
4.03 Maintenance of Corporate
Existence. The Guarantor shall and shall cause each of its Subsidiaries
to preserve and maintain in full force and effect its existence and the
existence of each Subsidiary in accordance with their respective organizational
documents, and the material rights, licenses and franchises of the Guarantor and
each Subsidiary, provided, that the Guarantor
is not required to preserve any such right, license or franchise, or the
existence of any Subsidiary, if the maintenance or preservation thereof is no
longer desirable in the conduct of the Guarantor and its Subsidiaries taken as a
whole; and provided,
further, that this Section does not prohibit any transaction otherwise
permitted by Section 4.14, Section 5.01 or Section 5.02.

      

      Section
4.04 Payment of Taxes and
other Claims. The Guarantor shall, and shall cause each of its
Subsidiaries to, pay or discharge, before the same become delinquent (i) all
material taxes, assessments and governmental charges levied or imposed upon the
Guarantor or any Subsidiary, its income or profits or property, or that may be
due in reason of its business and activities and (ii) all material lawful claims
for labor, materials and supplies that, if unpaid, might by law become a Lien
upon the property of the Guarantor or any Subsidiary, other than any such tax,
assessment, charge or claim the amount, applicability or validity of which is
being contested in good faith by appropriate proceedings and for which adequate
reserves have been established.

      

      Section
4.05 Maintenance of Properties
and Insurance. (a) The Guarantor will cause all properties used or useful
in the conduct of its business or the business of any of its Subsidiaries to be
maintained and kept in good condition, repair and working order as in the
judgment of the Guarantor may be necessary so that the business of the Guarantor
and its Subsidiaries may be properly and advantageously conducted at all times;
provided that nothing
in this Section prevents the Guarantor or any Subsidiary from discontinuing the
use, operation or maintenance of any of such properties or disposing of any of
them, if such discontinuance or disposal is, in the judgment of the Guarantor,
desirable in the conduct of the business of the Guarantor and its Subsidiaries
taken as a whole, and provided, further, that such discontinuation of operations
or suspension of maintenance shall not be materially disadvantageous to the
Holders of the Notes.

      

      (b) The
Company will provide or cause to be provided, for itself and its Subsidiaries,
insurance (including appropriate self-insurance) against loss or damage of the
kinds customarily insured against by Brazilian corporations similarly situated
and owning like properties with reputable insurers, in such amounts, with such
deductibles and by such methods as are customary for

      

      
        
          
          

        

        
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      Brazilian corporations similarly situated in the industry in which
the Company and its Subsidiaries are then conducting business.

      

      Section
4.06    Limitation on Debt and Disqualified
Stock.  (a)  The Guarantor:

      

      (i)  will not, and will not permit any of
its Subsidiaries to, Incur
any Debt; and

      

      (ii) will
not, and will not permit any Subsidiary to, Incur any Disqualified Stock (other
than Disqualified Stock of Subsidiaries held by the Guarantor or a Subsidiary,
so long as it is so held);

      

      provided
that the Guarantor or any of its Subsidiaries may Incur Debt and Disqualified
Stock if, on the date of the Incurrence, after giving effect to the Incurrence
and the receipt and the application of the proceeds therefrom, the Net Debt to
EBITDA Ratio shall not exceed 3.5 to 1.0.

      

      (b)
Notwithstanding the foregoing, the Guarantor, and to the extent provided below,
any Subsidiary may Incur the following (“Permitted Debt”):

      

      (i) Debt
of the Guarantor or a Subsidiary so long as such Debt continues to be owed to
the Guarantor or a Subsidiary and which, if the obligor is the Guarantor, is
subordinated in right of payment to the Notes; provided that any Debt owed to
the Guarantor pursuant to this clause will not be so subordinated;

      

      (ii) Debt
of the Company pursuant to the Notes (other than Additional Notes) and Debt of
the Guarantor pursuant to the Note Guarantee (including any Additional
Notes);

      

      (iii)
Debt (“Permitted Refinancing
Debt”) constituting an extension or renewal of, replacement of, or
substitution for, or issued in exchange for, or the net proceeds of which are
used to repay, redeem, repurchase, refinance or refund, including by way of
defeasance (all of the above, for purposes of this clause, “refinance”) then
outstanding Debt in an amount not to exceed the principal amount of the Debt so
refinanced, plus premiums, fees and expenses; provided that

      

      (A) in
case the Debt to be refinanced is subordinated in right of payment to the Notes,
the new Debt, by its terms or by the terms of any agreement or instrument
pursuant to which it is outstanding, is expressly made subordinate in right of
payment to the Notes at least to the extent that the Debt to be refinanced is
subordinated to the Notes,

      

      
        
          
          

        

        
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      (B) the new Debt does not have a Stated Maturity prior to the Stated
Maturity of the Debt to be refinanced, and the Average Life of the new Debt is
at least equal to the remaining Average Life of the Debt to be refinanced,
and

      

      (C) Debt
Incurred pursuant to clauses (i), (ii), (iv), (v), (viii), (ix), (x), (xi),
(xii) and (xiii) of Section 4.06 may not be refinanced pursuant to this
clause;

      

      (iv)
Hedging Agreements of the Guarantor or any Subsidiary entered into in the
ordinary course of business for the purpose of limiting risks associated with
the business of the Guarantor and its Subsidiaries and not for
speculation;

      

      (v) Debt
of the Guarantor or any Subsidiary with respect to letters of credit and
bankers’ acceptances issued in the ordinary course of business and not
supporting Debt, including letters of credit supporting performance, surety or
appeal bonds;

      

      (vi)
Acquired Debt, provided that after giving effect to the Incurrence thereof, the
Guarantor could Incur at least U.S.$1.00 of Debt under the Net Debt to EBITDA
Ratio test set forth in Section 4.06(a);

      

      (vii)
Debt of the Guarantor or any Subsidiary outstanding on the Issue
Date;

      

      (viii)
Debt of the Guarantor or any Subsidiary consisting of guarantees of Debt of
Cosan S.A. Indústria e Comércio pursuant to the Cosan IFC Loan (in an amount not
to exceed the aggregate outstanding amounts owed by Cosan S.A. Indústria e
Comércio, thereunder) and Debt of the Guarantor or any Subsidiary Incurred under
this Section 4.06;

      

      (ix) Debt
of the Guarantor or any Subsidiary arising from agreements providing for
indemnification, adjustment of purchase price or similar obligations, or
guarantees or letters of credit, surety bonds or performance bonds securing any
obligations of the Guarantor or any Subsidiary pursuant to such agreements, in
any case Incurred in connection with the disposition of any business, assets or
Subsidiary (other than guarantees of Debt Incurred by any Person acquiring all
or any portion of such business, assets or Subsidiary for the purpose of
financing such acquisition), so long as the amount does not exceed the gross
proceeds actually received by the Guarantor or any Subsidiary thereof in
connection with such disposition, provided that such Debt is not reflected on
the balance sheet of the Guarantor or any Subsidiary;

      

      (x) Debt
of the Guarantor or any Subsidiary arising from the honoring by a bank or other
financial institution of a check, draft or similar instrument drawn against
insufficient funds in the ordinary course of business, provided, however, that
such Debt is extinguished within five Business Days of its
Incurrence;

      

      
        
          
          

        

        
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      (xi) Debt of the Guarantor or any Subsidiary constituting letters of
credit issued in the ordinary course of business or reimbursement obligations in
respect thereof; provided that, upon the drawing upon such letters of credit,
such obligations are reimbursed in full within 30 days following such
drawing;

      

      (xii)
Debt of the Guarantor or any Subsidiary to the extent that the net proceeds
thereof are promptly deposited to defease or to satisfy and discharge the Notes
in accordance with this Indenture; and

      

      (xiii)
Debt of the Guarantor or any Subsidiary Incurred on or after the Issue Date not
otherwise permitted in an aggregate principal amount at any time outstanding not
to exceed U.S.$50.0 million (or the equivalent thereof at the time of the
determination).

      

      (c)
Notwithstanding anything to the contrary in this Section, the maximum amount of
Debt that the Guarantor and its Subsidiaries may Incur pursuant to this Section
shall not be deemed to be exceeded, with respect to any outstanding Debt, solely
as a result of fluctuations in the exchange rate of currencies.

      

      (d) For
purposes of determining compliance with this Section, in the event that any
proposed Debt meets the criteria of more than one of the categories of Permitted
Debt described in clauses (i) through (xiii) of Section 4.06(b), or is entitled
to be Incurred pursuant to Section 4.06(a), the Guarantor and its Subsidiaries
will be permitted to classify such item of Debt at the time of its Incurrence in
any manner that complies with this Section or to later reclassify all or a
portion of such item of Debt.

      

      (e) The
Guarantor may not Incur any Debt that is subordinate in right of payment to
other Debt of the Guarantor unless such Debt is also subordinate in right of
payment to the Notes or the relevant Note Guarantee on substantially identical
terms.

      

      Section
4.07 Limitation on Restricted
Payments. (a) The Guarantor will not, and will not permit any Subsidiary
to, directly or indirectly (the payments and other actions described in the
following clauses of this Section 4.07 being collectively “Restricted
Payments”):

      

      (i)
declare or pay any dividend or make any distribution on its Equity Interests
(other than dividends or distributions paid in the Guarantor’s Qualified Equity
Interests) held by Persons other than the Guarantor or any of its
Subsidiaries;

      

      (ii)
purchase, redeem or otherwise acquire or retire for value any Equity Interests
of the Guarantor held by Persons other than the Guarantor or any of its
Subsidiaries; or

      

      
        
          
          

        

        
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      (iii) repay, redeem, repurchase, defease or otherwise acquire or
retire for value, or make any payment on or with respect to, any Subordinated
Debt except a payment of interest or principal at Stated
Maturity;

      

      unless,
at the time of, and after giving effect to, the proposed Restricted
Payment:

      

      
        (A) no
Default has occurred and is continuing,

      

      

      (B) the
Guarantor could Incur at least U.S.$1.00 of Debt under the Net Debt to EBITDA
Ratio test set forth in Section 4.06(a), and

      

      (C) the
aggregate amount expended for all Restricted Payments made on or after the Issue
Date would not, subject to Section 4.07(d), exceed the sum of

      

      (1) 50%
of the aggregate amount of the Consolidated Net Income (or, if the Consolidated
Net Income is a loss, minus 100% of the amount of the loss) accrued on a
cumulative basis during the period, taken as one accounting period, beginning on
July 1, 2009 and ending on the last day of the Guarantor’s most recently
completed fiscal quarter for which financial statements have been provided (or
if not timely provided, required to be provided) pursuant to this Indenture,
plus

      

      (2)
subject to Section 4.07(c), the aggregate net cash proceeds received by the
Guarantor (other than from a Subsidiary) after the Issue Date from:

      

      (a) the
issuance and sale of its Qualified Equity Interests, including by way of
issuance of its Disqualified Equity Interests or Debt to the extent since
converted into Qualified Equity Interests of the Guarantor, or

      

      
        (b) as a
contribution to its common equity, plus

      

      

      
        (3) the cash
return, after the Issue Date, on any Investment made
after the Issue Date pursuant to Section 4.07(a), as a result of any sale for
cash, repayment, redemption, liquidating distribution or other cash realization
(not included in Consolidated Net Income), not to exceed the amount of such
Investment so made; plus

      

      

      (4)
U.S.$10.0 million (or the equivalent thereof at the time of
determination).

      

      The
amount expended in any Restricted Payment, if other than in cash, will be deemed
to be the fair market value of the relevant non-cash assets, as determined in
good faith by the Board of Directors, whose determination will be conclusive and
evidenced by a Board Resolution.

      

      
        
          
          

        

        
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      (b) Clauses (A) and (B) of Section 4.07(a) will not prohibit the
declaration and payment of mandatory dividends, in an amount equivalent to not
more than 25% of the Guarantor’s adjusted Net Income (as defined under Brazilian
corporate law and the Guarantor’s bylaws), provided that the payment of
such amounts is in compliance with the Brazilian corporate law and the
Guarantor’s bylaws and that the Guarantor’s Board of Directors, with the
approval of its fiscal council, if in existence at such time, has not reported
to the general shareholders’ meeting that the distribution would not be
advisable given the financial condition of the Guarantor or its
Subsidiary.

      

      (c) The foregoing will not
prohibit:

      

      (i) the
payment of any dividend after the date of declaration thereof if, at the date of
declaration, such payment would comply with Section 4.07(a);

      

      (ii)
dividends or distributions by a Subsidiary payable, on a pro rata basis or on a
basis more favorable to the Guarantor, to all holders of any class of Capital
Stock of such Subsidiary a majority of which is held, directly or indirectly
through Subsidiaries, by the Guarantor;

      

      (iii) the
repayment, redemption, repurchase, defeasance or other acquisition or retirement
for value of Subordinated Debt with the proceeds of, or in exchange for,
Permitted Refinancing Debt;

      

      (iv) the
purchase, redemption or other acquisition or retirement for value of Equity
Interests of the Guarantor in exchange for, or out of the proceeds of a
substantially concurrent offering of, Qualified Equity Interests of the
Guarantor or of a cash contribution to the common equity of the
Guarantor;

      

      (v) the
declaration and payment of any dividend or interest on outstanding capital
payable with respect to periods prior to July 1, 2009 up to a maximum of R$12.9
million; or

      

      (vi) the
repayment, redemption, repurchase, defeasance or other acquisition or retirement
of Subordinated Debt of the Guarantor in exchange for, or out of the proceeds
of, a substantially concurrent offering of, Qualified Equity Interests of the
Guarantor or of a cash contribution to the common equity of the
Guarantor;

      

      provided
that, in the case of clause (vi) no Default has occurred and is continuing or
would occur as a result thereof.

      

      (d)
Restricted Payments permitted pursuant to clause (ii), (iii), (iv), (v) or (vi)
of Section 4.07(c) will not be included in making the calculations under clause
(iii) of Section 4.07(a).

      

      
        
          
          

        

        
          47

          
            

          

        

        
          
          

        

      

      

       

      (e) Not later than the date of making any Restricted Payment relying
on clause (iii) of Section 4.07(a), the Company will deliver to the Trustee an
Officers’ Certificate stating that the Restricted Payment is permitted and
setting forth the basis upon which the calculations required by this Section
4.07 were made.

      

      Section
4.08 Limitation on Transfer of
the Company’s Voting Stock. The Guarantor shall
continue to own, directly or indirectly, a majority of the Voting Stock of the
Company.

      

      Section
4.09 Limitation on
Liens. The Guarantor will not, and will not permit any Subsidiary to,
directly or indirectly, incur or permit to exist any Lien of any nature
whatsoever on any of its properties or assets, whether owned at the Issue Date
or thereafter acquired, other than Permitted Liens, without effectively
providing that the Notes are secured equally and ratably with (or, if the
obligation to be secured by the Lien is subordinated in right of payment to the
Notes or any Note Guarantee, prior to) the obligations so secured for so long as
such obligations are so secured.

      

      Section
4.10    Limitation on Sale and Leaseback
Transactions. Guarantor
will not, and will not permit any Subsidiary to, enter into any Sale and
Leaseback Transaction with respect to any Property unless the Guarantor or such
Subsidiary would be entitled to:

      

      (a) Incur
Debt in an amount equal to the Attributable Debt with respect to such Sale and
Leaseback Transaction pursuant to Section 4.06; and

      

      (b)
create a Lien on such Property or asset securing such Attributable Debt without
equally and ratably securing the Notes pursuant to Section 4.09,

      

      in which
case, the corresponding Debt and Lien will be deemed incurred pursuant to those
provisions.

      

      Section
4.11 Limitation on Dividend
and other Payment Restrictions Affecting
Subsidiaries.

      

      (a)
Except as provided in Section 4.11(b), the Guarantor will not, and will not
permit any of its Subsidiaries to, create or otherwise cause or permit to exist
or become effective any encumbrance or restriction of any kind on the ability of
any Subsidiary to:

      

      (i) pay
dividends or make any other distributions on any Equity Interests of the
Subsidiary owned by the Guarantor or any other Subsidiary,

      

      
        
          
          

        

        
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      (ii) pay any Debt or other obligation owed to the Guarantor or any
other Subsidiary,

      

      (iii) make
loans or advances to the Guarantor or any other
Subsidiary, or

      

      (iv)
transfer any of its property or assets to the Guarantor or any other
Subsidiary.

      

      (b) The
provisions of Section 4.11(a) do not apply to any encumbrances or
restrictions:

      

      (i)
existing on the Issue Date as provided for in this Indenture or any other
agreements in effect on the Issue Date, and any extensions, renewals,
replacements or refinancings of any of the foregoing; provided that the
encumbrances and restrictions in the extension, renewal, replacement or
refinancing are, taken as a whole, no less favorable in any material respect to
the Holders than the encumbrances or restrictions being extended, renewed,
replaced or refinanced;

      

      
        (ii) existing
under or by reason of applicable law;

      

      

      
        (iii) existing  with
respect to any Person, or to the Property
of any Person, at the time the Person is acquired by the Guarantor or any
Subsidiary,

      

      

      which
encumbrances or restrictions: (A) are not applicable to any other Person or the
Property of any other Person; and (B) were not put in place in anticipation of
such event, and any extensions, renewals, replacements or refinancings of any of
the foregoing; provided the encumbrances and restrictions in the extension,
renewal, replacement or refinancing are, taken as a whole, no less favorable in
any material respect to the Holders than the encumbrances or restrictions being
extended, renewed, replaced or refinanced;

      

      (iv) of
the type described in Section 4.11(a)(iv) arising or agreed to in the ordinary
course of business (A) that restrict in a customary manner the subletting,
assignment or transfer of any Property that is subject to a lease or license or
(B) by virtue of any Lien on, or agreement to transfer, option or similar right
with respect to any Property of, the Guarantor or any Subsidiary;

      

      (v) with
respect to a Subsidiary and imposed pursuant to an agreement that has been
entered into for the sale or disposition of all or substantially all of the
Capital Stock of, or Property of, the Subsidiary that is permitted by Section
4.14;

      

      
        
          
          

        

        
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      (vi) with respect to a Subsidiary and imposed pursuant to a
customary provision in a joint venture or other similar agreement with respect
to such Subsidiary that was entered into in the ordinary course of
business;

      

      (vii)
imposed by the standard loan documentation in connection with loans from (a)
Banco Nacional de
Desenvolvimento Econômico e Social–BNDES, or any other Brazilian
governmental development bank or credit agency or (b) any
international or multilateral development bank or government- sponsored agency,
government-sponsored agency to any Subsidiary;

      

      (viii) required
pursuant to this Indenture.

      

      Section
4.12 Guarantees by Material
Subsidiaries. If the Guarantor or any of its Subsidiaries acquires or
creates a Material Subsidiary or any existing Person becomes a Material
Subsidiary after the date of this Indenture, the new Material Subsidiary must
unconditionally guarantee, on an unsecured basis, all of the obligations of the
Guarantor under the Notes up to an amount equal to the Guarantor’s beneficial
interest in such Material Subsidiary and, if such Material Subsidiary is also a
Substantially Wholly-Owned Subsidiary, an unconditional guarantee, on an
unsecured basis, for all of the obligations of the Guarantor under the Notes. If
any Material Subsidiary is acquired or created as a result of a contribution of
assets to the Guarantor or any of its Subsidiaries in connection with an
issuance of Equity Interests (or other capital increase), then notwithstanding
any other provision of this Indenture, all or any portion of the Capital Stock
of such Material Subsidiary (and/or its assets) can be sold, transferred or
otherwise disposed of by the Guarantor or any of its Subsidiaries in connection
with a cancellation of Equity Interests (or other capital reduction), and
consequently, such entity will no longer be required to guarantee the
Notes.

      

      Section
4.13    Repurchase of Notes Upon a Change of
Control. Not later
than 30 days following a Change of Control that results in a Rating
Decline,
the Company shall make an Offer to Purchase all outstanding Notes at a purchase
price equal to 101% of the principal amount plus accrued interest to the date of
purchase.

      

      Section
4.14 Limitation on Asset
Sales. (a) The Guarantor will not, and will not permit any Subsidiary to,
make any Asset Sale unless the following conditions are met:

      

      (i) The
Asset Sale is for fair market value, as determined in good faith by the Board of
Directors.

      

      (ii) At
least 75% of the consideration consists of cash or Cash Equivalents received at
closing. (For purposes of this clause (ii), the assumption by the purchasers of
Debt or other obligations (other than Subordinated Debt) of the Guarantor or a
Subsidiary pursuant to a customary novation agreement, and instruments or
securities received from the purchasers

      

      
        
          
          

        

        
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      that are promptly, but in any event within 90 days of the closing,
converted by the Guarantor to cash, to the extent of the cash actually so
received, shall be considered cash received at closing.)

      

      (iii)
Within 360 days after the receipt of any Net Cash Proceeds from an Asset Sale,
the Net Cash Proceeds may be used:

      

      (A) to
permanently repay Debt other than Subordinated Debt of the Guarantor or any
Subsidiary (and in the case of a revolving credit, permanently reduce the
commitment thereunder by such amount), in each case owing to a Person other than
the Guarantor or any Subsidiary,

      

      (B) to
acquire all or substantially all of the assets of a Permitted Business, or a
majority of the Voting Stock of another Person that thereupon becomes a
Subsidiary engaged in a Permitted Business, or to make capital expenditures or
otherwise acquire long-term assets that are to be used in a Permitted Business;
or

      

      (C) to
acquire Productive Assets for the Guarantor or any of its
Subsidiaries.

      

      (iv)
Notwithstanding clauses (i)-(iii) above, the Guarantor and its Subsidiaries will
be permitted to consummate an Asset Sale without complying with such clauses to
the extent:

      

      (A) at least
75% of the consideration for such Asset Sale constitutes Productive Assets,
cash, Cash Equivalents and/or Marketable Securities; and

      

      (B) the Asset
Sale is for fair market value, as determined in good faith by the Board of
Directors;

      

      provided
that any consideration not constituting Productive Assets received by the
Guarantor or any Subsidiary in connection with any Asset Sale permitted to be
consummated under this clause shall be applied (in the case of cash, Cash
Equivalents and Marketable Securities within 360 days after the receipt thereof)
in accordance with Section 4.14(iii) above.

      

      (v) The
Net Cash Proceeds of an Asset Sale not applied pursuant to Section 4.14(iii)
within 360 days of the Asset Sale constitute “Excess Proceeds.” Excess
Proceeds of less than U.S.$20.0 million (or the equivalent thereof at the time
of determination) will be carried forward and

      

      
        
          
          

        

        
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      accumulated. When accumulated Excess Proceeds equals or exceeds such
amount, the Guarantor must, within 30 days, make an Offer to Purchase Notes
having a principal amount equal to:

      

      
        (A) accumulated
Excess Proceeds, multiplied by

      

      

      (B) a
fraction (x) the numerator of which is equal to the outstanding principal amount
of the Notes and (y) the
denominator of which is equal to the outstanding principal amount of the Notes
and all pari passu Debt similarly required to be repaid, redeemed or tendered
for in connection with the Asset Sale, rounded down to the nearest
U.S.$1,000.

      

      The
purchase price for the Notes will be 100% of the principal amount plus accrued
interest to the date of purchase. If the Offer to Purchase is for less than all
of the outstanding Notes and Notes in an aggregate principal amount in excess of
the purchase amount are tendered and not withdrawn pursuant to the offer, the
Guarantor will purchase Notes having an aggregate principal amount equal to the
purchase amount on a pro rata basis, with adjustments so that only Notes in
multiples of U.S.$1,000 principal amount will be purchased, provided that after
a purchase from a Holder in part, such Holder shall hold U.S.$100,000 in
principal amount of Notes or a multiple of U.S.$1,000 in excess thereof. The
Guarantor shall obtain all necessary consents and approvals from the Central
Bank of Brazil for the remittance of funds outside Brazil prior to making any
Offer to Purchase. Any failure to obtain such consents and approvals will
constitute an Event of Default. Upon completion of the Offer to Purchase, Excess
Proceeds will be reset at zero.

       

      
        Section
4.15 Limitation
on Transactions with Shareholders and Affiliates.  (a)
The
Guarantor will not, and will not permit any Subsidiary to, directly or
indirectly, enter into, renew or extend any transaction or arrangement including
the purchase, sale, lease or exchange of property or assets, or the rendering of
any service with (x) any of its shareholders, or any Affiliate of any
shareholder, of 5% or more of any class of Capital Stock of the Guarantor or (y)
any Affiliate of the Guarantor or any Subsidiary (a “Related Party Transaction”), except upon
fair and reasonable terms no less favorable to the Guarantor or the
Subsidiary than could be obtained in a comparable arm’s-length transaction with
a Person that is not an Affiliate of the Guarantor.

      

      

      (b) In
any Related Party Transaction or series of Related Party Transactions with an
aggregate value in excess of U.S.$5.0 million (or the equivalent thereof at the
time of determination), the Guarantor must first deliver to the Trustee an
Officers’ Certificate to the effect that such transaction or series of related
transactions are on fair and reasonable terms no less favorable to the Guarantor
or such Subsidiary than could be obtained in a comparable arm's length
transaction and is otherwise compliant with the terms of this Indenture. Prior
to entering into

      

      
        
          
          

        

        
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      any Related Party Transaction or series of Related Party
Transactions with an aggregate value in excess of U.S.$15.0 million (or the
equivalent thereof at the time of determination), the Guarantor must in addition
obtain and deliver to the Trustee a favorable written opinion from an
independent nationally recognized Brazilian or internationally recognized
investment banking, auditing or consulting firm as to the fairness of the
transaction to the Guarantor and its Subsidiaries from a financial point of
view.

      

      (c) The foregoing
paragraphs of this Section 4.14 do not apply to

      

      (i) any
transaction between the Guarantor and any Subsidiary or between Subsidiaries and
the Guarantor;

      

      (ii) the
payment of reasonable and customary regular fees to directors of the Guarantor
who are not employees of the Guarantor;

      

      (iii) any
Restricted Payments described in Section 4.07(a)(i) if permitted by that
covenant;

      

      (iv) any
issuance or sale of Equity Interests (other than Disqualified
Stock);

      

      (v)
transactions or payments pursuant to any employee, officer or director
compensation or benefit plans, customary indemnifications or arrangements
entered into in the ordinary course of business;

      

      (vi)
transactions pursuant to agreements in effect on the Issue Date and described in
the Offering Memorandum, as amended, modified or replaced from time to time so
long as the amended, modified or new agreements, taken as a whole, are no less
favorable to the Guarantor and its Subsidiaries than those in effect on the date
of this Indenture;

      

      (vii) any
Sale Leaseback Transaction otherwise permitted under Section 4.10 if such
transaction is on market terms;

      

      (viii)  the
issuance of a guarantee by the Guarantor under the Cosan
IFC Loan;

      

      (ix) any
advance, loan or other extension of credit (or guarantee thereof) in connection
with the use of the proceeds of the Notes (including any Additional Notes) as
well as additional loans outstanding from the Guarantor or any of its
Subsidiaries to an Affiliate to the extent that any such advance, loan or other
extension of credit (i) has a Stated Maturity that is prior to the Stated
Maturity of the Notes and (ii) is on market terms; and

      

      (x) (A)
transactions with customers, clients, distributors, suppliers or purchasers or
sellers of goods or services, in each case in

      

      
        
          
          

        

        
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      the ordinary course of business and on market terms, or (B)
transactions with joint ventures or other similar arrangements entered into in
the ordinary course of business, on market terms and consistent with past
practice or industry norms.

      

      (d)
Notwithstanding any other provision hereof, the Guarantor or any of its
Subsidiaries will not maintain or make any loan to an Affiliate (other than to
the Guarantor or its Subsidiaries) except to the extent that (1) the aggregate
amount outstanding of any such loans do not exceed R$140.5 million (excluding
any loans with the use of proceeds of the Notes (and any Additional Notes)), and
(2) any loan has a Stated Maturity that is prior to the Stated Maturity of the
Notes and is on market terms.

      

      Section
4.16 Line of Business.
The Guarantor will not, and will not permit any of its Subsidiaries, to engage
in any business other than a Permitted Business, except to an extent that so
doing would not be material to the Guarantor and its Subsidiaries, taken as a
whole.

      

      Section
4.17    Financial
Reports.

      

      (a) The
Guarantor shall furnish to the Trustee in electronic format and to the
Luxembourg Paying Agent:

      

      (i) as
soon as available and in any event by no later than 120 days after the end of
each fiscal year of the Guarantor, annual audited consolidated financial
statements in English of the Guarantor prepared in accordance with GAAP and
accompanied by an opinion of internationally recognized independent public
accountants selected by the Guarantor, which opinion shall be based upon an
examination made in accordance with generally accepted auditing standards in
Brazil; and

      

      (ii) as
soon as available and in any event by no later than 60 days after the end of
each of the first three fiscal quarters of each fiscal year of the Guarantor,
quarterly unaudited consolidated financial statements in English of the
Guarantor prepared in accordance with GAAP accompanied by a “limited review”
(revisão limitada) report of internationally recognized independent public
accountants selected by the Guarantor which report shall be based upon an
examination made in accordance with the specific applicable rules issued by the
Instituto Brasileiro dos
Auditores Independentes – IBRACON (Brazilian Accountants Institute) and
the Conselho Federal de
Contabilidade (Federal Accounting Counsel).

      

      In
addition, the Company and the Guarantor will make the information and reports
available to securities analysts and prospective investors upon request. For so
long as any of the Notes are listed on the Luxembourg Stock Exchange and the
rules of such exchange require, copies of such information will also be
available during normal business hours at the office of The Bank of New York
Mellon (Luxembourg) S.A.

      

      
        
          
          

        

        
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      (b) For so long as the Notes are “restricted securities” within the
meaning of Rule 144A(a)(3) under the Securities Act, the Guarantor will furnish
upon request to any Holder of a Note, or to any prospective purchasers
designated by such Holder of Notes, financial and other information described in
paragraph (d)(4) of Rule 144A (as amended from time to time and including any
successor provision) with respect to the Company and the
Guarantor.

      

      (c)
Delivery of the above reports to the Trustee and the Luxembourg Paying Agent is
for informational purposes only and the Trustee’s and the Luxembourg Paying
Agent’s receipt of such reports shall not constitute constructive notice of any
information contained therein or determinable from information contained
therein, including the Company’s and/or the Guarantor’s compliance with any of
its covenants in this Indenture (as to which the Trustee is entitled to rely
exclusively on Officers’ Certificates).

      

      Section
4.18    Reports to
Trustee.

      

      (a)           The
Guarantor will deliver to the Trustee:

      

      (i)
within 120 days after the end of each fiscal year an Officers’ Certificate
stating that the Guarantor has fulfilled its obligations under this Indenture
or, if there has been a Default, specifying the Default and a description of the
event and what action that the Guarantor is taking or proposes to take with
respect thereto; and

      

      (ii) as
soon as possible and in any event within 30 days after it becomes aware or
should reasonably become aware of the occurrence of a Default, an Officers’
Certificate setting forth the details of the Default, and the action which the
Guarantor proposes to take with respect thereto.

      

      (b)          
The Company will provide prior written notice to the Trustee when any Notes are
listed on any Brazilian, U.S. or foreign national securities exchange and of any
delisting.

      

      Section
4.19    Ranking.

      

      (a) The
Notes will be unsecured and unsubordinated obligations of the Company and will
rank equally with any and all other existing and future unsecured and
unsubordinated obligations of the Company. The Notes (including any Additional
Notes) are the only indebtedness of the Company, and the Company will have no
Debt other than the Notes (including any Additional Notes), except for any
additional Debt incurred solely for the purpose of complying with its
obligations under the Notes.

      

      (b) The
Note Guarantee will be an unsecured, unsubordinated obligation of the Guarantor,
ranking equally with all of its other existing and future unsecured and
unsubordinated obligations. The Note Guarantee will

      

      
        
          
          

        

        
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      effectively rank junior to all secured debt of the Guarantor to the
extent of the value of the assets securing that debt.

      

      Section
4.20    Limitations and Restrictions on the
Company.

      

      (a) The
Company shall not engage in any business or enter into, or be a party to, any
transaction or agreement except for (i) the issuance, sale or redemption of the
Notes and activities incidentally related thereto; (ii) the entering into
affiliate loans, including import and export financing transactions, with
regards to proceeds from the Notes (including any Additional Notes); (iii) the
acquisition from Cosan Ltd., as sole Holder, of U.S.$175.0 million aggregate
principal amount of floating rate notes issued by the Guarantor due 2018; (iv)
the entering into Hedging Agreements not for speculation; and (v) as required by
law;

      

      (b) The
Company shall not acquire or own any Subsidiaries or other assets or properties,
except for (i) an interest in Hedging Agreements relating to its Debt and
instruments evidencing interests in the foregoing, (ii) cash, Cash Equivalents
or Marketable Securities, (iii) any assets related to the intercompany loans,
including import and export financing transactions; and (iv) the
Notes;

      

      (c) The
Company shall not Incur any additional Debt, except for (a) Additional Notes or
(b) any additional Debt (i) incurred solely for the purpose of complying with
its obligations under the Notes or (ii) in respect of Hedging Agreements
relating to its indebtedness;

      

      (d) The
Company shall not create, assume, incur or suffer to exist any Lien upon any
properties or assets whatsoever, except for any liens imposed by law, it being
understood, for the avoidance of doubt, that the Company may not create, assume,
incur or suffer to exist any Liens, including Liens which would otherwise
constitute Permitted Liens in the case of the Guarantor or any
Subsidiary;

      

      (e) The
Company shall not enter into any consolidation, merger, amalgamation, joint
venture, or other form of combination with any person, or selling, leasing,
conveying or otherwise disposing of any of its assets or receivables;
and

      

      (f) The
Company shall not amend, supplement, waive or otherwise modify certain
provisions of the Organizational Documents except in accordance with the
provisions of this Section 4.20(f). Any provision of any Organizational Document
may be amended, waived, supplemented, restated, discharged or terminated without
the consent of the Holders; provided that such amendment, waiver, supplement or
restatement does not result in a Default or Event of Default; and provided,
further, that the Trustee shall have received prior written notice thereof
together with copies of any documentation related thereto. Any amendment,
waiver, supplement or restatement of any Organizational

      

      
        
          
          

        

        
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      Document (including any exhibit thereto) that would result in a
Default or Event of Default shall require the written consent of at least a
majority in principal amount of the Notes then outstanding (including, without
limitation, consents obtained in connection with a purchase of, or tender offer
or exchange offer for, the Notes).

      

      Section
4.21    Paying Agent and Transfer
Agent.

      

      (a) The
Company agrees, for the benefit of the Holders from time to time of the Notes,
that, until all of the Notes are no longer outstanding or until moneys for the
payment of all of the principal of and interest on all Notes (and Additional
Amounts, if any) shall have been made available at an office of the Principal
Paying Agent, and shall have been returned to the Company as provided herein,
whichever occurs earlier, there shall at all times be a Principal Paying Agent
and Transfer Agent hereunder. The Principal Paying Agent and the Transfer Agent
shall have the powers and authority granted to and conferred upon them herein
and in the Notes.

      

      (b) The
Company hereby initially appoints the Paying Agents and Transfer Agent defined
in this Indenture as such. The Principal Paying Agent shall arrange with the
Paying Agents for the payment, from funds furnished by the Company to the
Principal Paying Agent pursuant to this Indenture, of the principal of and
interest on the Notes (and Additional Amounts, if any, with respect to the
Notes).

      

      Section
4.22    Covenant
Suspension.  From and during any time that:

      

      (a) the
Notes have an Investment Grade rating from any two Rating Agencies, and no
Default has occurred and is continuing, the Guarantor and its Subsidiaries will
not be subject to Sections 4.06, 4.07, 4.10, 4.11, 4.12, 4.14, 4.15 and 4.16
(collectively, the “Suspended Covenants”).

      

      In the
event that the Guarantor and its Subsidiaries are not subject to the Suspended
Covenants for any period of time as a result of the foregoing, and on any
subsequent date (the “Reversion
Date”) the Notes cease to have an Investment Grade Rating from any two
Rating agencies, then the Guarantor and its Subsidiaries will thereafter again
be subject to the Suspended Covenants. The period of time between the Suspension
Date and the Reversion Date is referred to as the “Suspension Period.”
Notwithstanding that the Suspended Covenants may be reinstated, no Default or
Event of Default will be deemed to have occurred as a result of a failure to
comply with any of the Suspended Covenants during the Suspension Period (or upon
termination of the Suspension Period or after that time based solely on events
that occurred during the Suspension Period).

      

      On the
Reversion Date, all Debt incurred during the Suspension Period will be
classified to have been incurred pursuant to Section 4.06(a) or clauses
(i)

      

      
        
          
          

        

        
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      through (xiv) of Section 4.06(b) (to the extent such Debt would be
permitted to be incurred thereunder as of the Reversion Date and after giving
effect to the Debt incurred prior to the Suspension Period and outstanding on
the Reversion Date). To the extent such Debt would not be permitted to be
incurred pursuant to Section 4.06, such Debt will be deemed to have been
outstanding on the Issue Date, so that it is classified as permitted under
Section 4.06(b)(vii). The Company or the Guarantor will give the Trustee prompt
written notification upon the occurrence of a covenant suspension or any
Reversion Date.

      

      ARTICLE 5

      CONSOLIDATION,
MERGER OR SALE OF ASSETS

      

      Section
5.01 Consolidation, Merger or
Sale of Assets by the Guarantor; No Lease of All or
Substantially All Assets.

      

      
        (a) The
Guarantor will not:

      

      

      
        (i) consolidate
with or merge with or into any Person;

      

      or

      

      (ii)
sell, convey, transfer, or otherwise dispose of all or substantially all of its
assets as an entirety or substantially an entirety, in one transaction or a
series of related transactions, to any Person; or

      

      (iii) permit
any Person to merge with or into the Guarantor;

      

      unless:

      

      (A) either
(x) the Guarantor is the continuing Person or (y) the resulting, surviving or
transferee Person is a corporation organized and validly existing under the laws
of the Federative Republic of Brazil or any political subdivision thereof or any
other country member of the Organization for Economic Co- operation and
Development (OECD) and expressly assumes by supplemental indenture all of the
obligations of the Guarantor under this Indenture and the Notes;

      

      (B) immediately
after giving effect to the transaction, no Default has occurred and is
continuing;

      

      (C) immediately
after giving effect to the transaction on a pro forma basis, the Guarantor or
the resulting, surviving or transferee Person has a Consolidated Net Worth
without taking into account any purchase accounting adjustments equal to or
greater than the Consolidated Net Worth of the Company immediately prior to the
transaction;

      

      
        
          
          

        

        
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      (D) immediately after giving effect to the transaction on a pro forma
basis, the Guarantor or the resulting surviving or transferee Person could Incur
at least $1.00 of Debt under the Net Debt to EBITDA Ratio test set forth in
clause (a) of Section 4.06; and

      

      (E) the
Guarantor or the resulting surviving or transferee Person delivers to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
the consolidation, merger or transfer and the supplemental indenture (if any)
comply with this Indenture;

      

      provided that clauses (B)
through (D) do not apply to the consolidation or merger of the Guarantor
with or into a Wholly-Owned Subsidiary or the consolidation or merger of a
Wholly-Owed Subsidiary with or into the Guarantor.

      

      (b) The
Guarantor shall not lease all or substantially all of its assets, whether in one
transaction or a series of transactions, to one or more other Persons, except to
the extent permitted under Section 4.10.

      

      (c) The
Guarantor shall not sell or otherwise transfer any Equity Interest in the
Company to any other Person other than a Subsidiary of the Guarantor unless the
Guarantor becomes the direct obligor under the Notes.

      

      (d) Upon
the consummation of any transaction effected in accordance with these
provisions, if the Guarantor is not the continuing Person, the resulting,
surviving or transferee Person will succeed to, and be substituted for, and may
exercise every right and power of, the Guarantor under this Indenture and the
Notes with the same effect as if such successor Person had been named as the
Guarantor in this Indenture. Upon such substitution, unless the successor is one
or more of the Company’s Subsidiaries, the Company will be released from its
obligations under this Indenture and the Notes.

      

      Section
5.02    Consolidation, Merger Or Sale Of
Assets By the Company.

      

      
        (a) The
Company will not:

      

      

      
        (i) consolidate
with or merge with or into any Person; or

      

      

      (ii)
sell, convey, transfer or dispose of, all or substantially all its assets as an
entirety or substantially as an entirety, in one transaction or a series of
related transactions, to any Person; or

      

      (iii) permit
any Person to merge with or into the Company.

      

      
        
          
          

        

        
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      ARTICLE 6 

      DEFAULT
AND REMEDIES

      

      Section
6.01    Events of
Default.  An “Event of Default” occurs
if

      

      (a) the
Company defaults in the payment of the principal or any related Additional
Amounts, if any, on any Note when the same becomes due and payable at maturity,
upon acceleration or redemption, or otherwise (other than pursuant to an Offer
to Purchase);

      

      (b) the
Company defaults in the payment of interest or any related Additional Amounts,
if any, on any Note when the same becomes due and payable, and the default
continues for a period of 30 days;

      

      (c) the
Company fails to make an Offer to Purchase and thereafter to accept and pay for
Notes tendered when and as required pursuant to the covenants described in
Section 4.13 or the Company or the Guarantor fails to comply with the covenants
described in Section 4.06, 4.07, 4.14 or Article 5;

      

      (d) any
of the Company or the Guarantor defaults in the performance of or breaches any
other covenants or agreements in this Indenture or under the Notes and the
default or breach continues for a period of 60 consecutive days after written
notice to the Company and/or the Guarantor by the Trustee or to the Company, the
Guarantor and the Trustee by the Holders of 25% or more in aggregate principal
amount of the Notes;

      

      (e) there
occurs with respect to any Debt of the Guarantor or any of its Subsidiaries
having an outstanding principal amount of $15.0 million (or the equivalent
thereof at the time of determination) or more in the aggregate for all such Debt
of all such Persons (i) an event of default that results in such Debt being due
and payable prior to its scheduled maturity or (ii) failure to make a principal
payment when due and such defaulted payment is not made, waived or extended
within the applicable grace period;

      

      (f) one
or more final and non-appealable judgments or orders for the payment of money
are rendered against the Company, the Guarantor or any of its Subsidiaries and
are not paid or discharged which causes the aggregate amount for all such final
and non-appealable judgments or orders outstanding and not paid or discharged
against all such Persons to exceed $15.0 million or the equivalent thereof at
the time of determination (in excess of amounts which the Guarantor’s insurance
carriers have agreed to pay under applicable policies or ExxonMobil or its
affiliates have agreed to pay under applicable indemnification agreements), and
there is a period of 60 consecutive days following entry of the final and
non-appealable judgment or order during which a stay of enforcement, by reason
of a pending appeal or otherwise, is not in effect;

      

      
        
          
          

        

        
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      (g) an involuntary case or other proceeding is commenced against the
Guarantor or any Subsidiary with respect to it or its debts under any
bankruptcy, insolvency or other similar law then in effect seeking the
appointment of a trustee, receiver, admistrador judicial,
liquidator, custodian or other similar official of it or any substantial part of
its Property, and such involuntary case or other proceeding remains undismissed
and unstayed for a period of 60 days; or a final order for relief is entered
against the Guarantor or any Subsidiary under the relevant bankruptcy laws as
now or hereafter in effect;

      

      (h) the
Guarantor or any of its Subsidiaries (i) commences a voluntary case or other
proceeding seeking liquidation, reorganization, recuperação judicial or
extrajudicial or other relief with respect to itself or its debts under any
applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or consents to the entry of an order for relief in an involuntary case
under any such law, (ii) consents to the appointment of or taking possession by
a receiver, administrador
judicial, liquidator, assignee, custodian, trustee, sequestrator or
similar official of the Guarantor or any of its Subsidiaries or for all or
substantially all of the Property of the Guarantor or any of its Subsidiaries or
(iii) effects any general assignment for the benefit of creditors (an event of
default specified in clause (g) or (h) a “bankruptcy
default”);

      

      (i) The
Note Guarantee ceases to be in full force and effect, other than in accordance
with the terms of this Indenture, or the Guarantor denies or disaffirms its
obligations under the Note Guarantee;

      

      (j) any
event occurs that under the laws of the Cayman Islands or Brazil or any
political subdivision thereof or any other country has substantially the same
effect as any of the events referred to in any of clause (g) or (h);
or

       

      (k) all
or substantially all of the undertaking, assets and revenues of the Guarantor or
any Subsidiary is condemned, seized or otherwise appropriated by any Person
acting under the authority of any national, regional or local government or the
Guarantor is prevented by any such Person from exercising normal control over
all or substantially all of the undertaking, assets and revenues of the
Guarantor or any Subsidiary.

      

      Section
6.02    Acceleration.

      

      (a) If an
Event of Default, other than a bankruptcy default with respect to the Company or
the Guarantor, occurs and is continuing under this Indenture, the Trustee or the
Holders of at least 25% in aggregate principal amount of the Notes then
outstanding, by written notice to the Company and to the Guarantor (and to the
Trustee if the notice is given by the Holders), may, and the Trustee at the
request of such Holders shall, declare the principal of and accrued interest on
the Notes to be immediately due and payable. Upon a declaration of acceleration,
such principal and interest will become immediately

      

      
        
          
          

        

        
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      due and payable. If a bankruptcy default occurs with respect to the
Company or the Guarantor, the unpaid principal of and accrued interest on the
Notes then outstanding will become immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder. In this case,
the Guarantor will comply with any and all then applicable regulations of the
Central Bank of Brazil for remittance of funds outside of
Brazil.

      

      (b) The
Holders of a majority in principal amount of the outstanding Notes by written
notice to the Company, the Guarantor and to the Trustee may waive all past
defaults and rescind and annul a declaration of acceleration and its
consequences if:

      

      (i) all
existing Events of Default, other than the nonpayment of the principal of,
premium, if any, and interest on the Notes that have become due solely by the
declaration of acceleration, have been cured or waived; and

      

      (ii) the
rescission would not conflict with any judgment or decree of a court of
competent jurisdiction.

      

      Section
6.03    Notices; Other
Remedies.

      

      (a) If
any Event of Default occurs and is continuing and is known to a Responsible
Officer of the Trustee, the Trustee will send notice of the Event of Default to
each Holder within 90 days after it occurs, unless the Event of Default has been
cured; provided that, except in the case of a default in the payment of the
principal of, or interest on (including any Additional Amounts) any Note, the
Trustee may withhold the notice if and so long as a trust committee of trust
officers of the Trustee in good faith determine that withholding the notice is
in the best interest of the Holders.

      

      (b)
Except as provided in Section 6.03(a), if an Event of Default occurs and is
continuing, the Trustee may pursue, in its own name or as trustee of an express
trust, any available remedy by proceeding at law or in equity to collect the
payment of principal of, and interest on (including any Additional Amounts) the
Notes or to enforce the performance of any provision of the Notes or this
Indenture. The Trustee may maintain a proceeding even if it does not possess any
of the Notes or does not produce any of them in the proceeding.

      

      Section
6.04 Waiver of Past
Defaults. Except as otherwise provided in Section 6.02, 6.07 or 9.02, the
Holders of a majority in principal amount of the outstanding Notes may, by
notice to the Trustee, waive an existing Default and its consequences. Upon such
waiver, the Default will cease to exist, and any Event of Default arising
therefrom will be deemed to have been cured, but no such waiver will extend to
any subsequent or other Default or impair any right consequent
thereon.

      

      
        
          
          

        

        
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      Section 6.05 Control by Majority. The
Holders of a majority in aggregate principal amount of the outstanding Notes may
direct in writing the time, method and place of conducting any proceeding for
any remedy available to the Trustee or exercising any trust or power conferred
on the Trustee. However, the Trustee may refuse to follow any direction that
conflicts with law or this Indenture, that may involve the Trustee in personal
liability, or that the Trustee determines in good faith may be unduly
prejudicial to the rights of Holders not joining in the giving of such
direction, and the Trustee may take any other action it deems proper that is not
inconsistent with any such direction received from Holders. Prior to taking any
action hereunder, the Trustee shall be entitled to indemnification reasonably
satisfactory to it against any costs, losses, liabilities and expenses caused by
taking or not taking such action.

      

      Section
6.06 Limitation on
Suits. A Holder may not institute any proceeding, judicial or otherwise,
with respect to this Indenture or the Notes, or for the appointment of a
receiver or trustee, or for any other remedy under this Indenture or the Notes,
unless:

      

      (i) the
Holder has previously given to the Trustee written notice of a continuing Event
of Default;

      

      (ii)
Holders of at least 25% in aggregate principal amount of outstanding Notes have
made written request to the Trustee to institute such proceedings in respect of
the Event of Default in its own name as Trustee under this
Indenture;

      

      (iii)
Holders have offered to the Trustee indemnity reasonably satisfactory to the
Trustee against any costs, liabilities or reasonable and documented expenses
(including, without limitation, the reasonable and documented fees and expenses
of its legal counsel) to be incurred in compliance with such
request;

      

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

      

      (v)
during such 60-day period, the Holders of a majority in aggregate principal
amount of the outstanding Notes have not given the Trustee a written direction
that is inconsistent with such written request.

      

      Section
6.07    Rights of Holders to Receive
Payment. Notwithstanding
anything to the contrary, the right of a Holder of a Note to receive
payment of principal of, or interest on (including Additional Amounts, if any)
its Note on or after the Stated Maturities thereof, or to bring suit for the
enforcement of any such payment on or after such respective dates, may not be
impaired or affected without the consent of that Holder.

      

      
        
          
          

        

        
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      Section 6.08 Collection Suit by Trustee.
If an Event of Default in payment of principal, or interest (including any
Additional Amounts) specified in clause (a) or (b) of Section 6.01 occurs and is
continuing, the Trustee may recover judgment in its own name and as trustee of
an express trust for the whole amount of principal and accrued interest
remaining unpaid, together with interest on overdue principal and, to the extent
lawful, overdue installments of interest, in each case at the rate specified in
the Notes, and such further amount as is sufficient to cover the costs and
expenses of collection, including the reasonable and documented compensation,
expenses, disbursements and advances of the Trustee, its agents and its legal
counsel and any other amounts due the Trustee hereunder.

      

      Section
6.09 Trustee May File Proofs
of Claim. The Trustee may file proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for compensation, expenses, disbursements and
advances of the Trustee, its agents and its counsel, and any other amounts due
to the Trustee hereunder) and the Holders allowed in any judicial proceedings
relating to the Company or the Guarantor or their respective creditors or
property, and is entitled and empowered to collect, receive and distribute any
money, securities or other property payable or deliverable upon conversion or
exchange of the Notes or upon any such claims. Any custodian, receiver, admistrador judicial,
assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee and, if the Trustee consents to the making of such
payments directly to the Holders, to pay to the Trustee any amount due to it for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agent and its counsel, and any other amounts due the Trustee
hereunder. Nothing in this Indenture will be deemed to empower the Trustee to
authorize or consent to, or accept or adopt on behalf of any Holder, any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder thereof, or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding.

      

      Section
6.10 Priorities. If the
Trustee collects any money pursuant to this Article, it shall pay out the money
in the following order:

      

      First:  to
the Trustee for all amounts due to it hereunder;

      

      Second:
to Holders for amounts then due and unpaid for principal of and interest on the
Notes, ratably, without preference or priority of any kind, according to the
amounts due and payable on the Notes for principal and interest;
and

      

      Third: to
the Company or, to the extent the Trustee collects any amounts from the
Guarantor, to the Guarantor or as a court of competent jurisdiction may
direct.

      

      
        
          
          

        

        
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      The Trustee, upon written notice to the Company, may fix a record
date and payment date for any payment to Holders pursuant to this Section
6.10.

      

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

      

      Section
6.12 Undertaking for
Costs. In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by
it as Trustee, a court may require any party litigant in such suit (other than
the Trustee) to file an undertaking to pay the costs of the suit, and the court
may assess reasonable costs, including reasonable attorneys fees, against any
party litigant (other than the Trustee) in the suit having due regard to the
merits and good faith of the claims or defenses made by the party litigant. This
Section 6.12 does not apply to a suit by a Holder to enforce payment of
principal of or interest on any Note on the respective due dates pursuant to
Section 6.12, or a suit by Holders of more than 10% in principal amount of the
outstanding Notes except for any proceeding brought before a Brazilian court,
which case the Holder may be required to post a bond to cover legal fees and
court expenses.

      

      Section
6.13 Rights and Remedies
Cumulative. No right or remedy conferred or reserved to the Trustee or to
the Holders under this Indenture is intended to be exclusive of any other right
or remedy, and all such rights and remedies are, to the extent permitted by law,
cumulative and in addition to every other right and remedy hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or exercise
of any right or remedy hereunder, or otherwise, will not prevent the concurrent
assertion or exercise of any other right or remedy.

      

      Section
6.14 Delay or Omission Not
Waiver. No delay or omission of the Trustee or of any Holder to exercise
any right or remedy accruing upon any Event of Default will impair any such
right or remedy or constitute a waiver of any such Event of Default or an
acquiescence therein. Every right and remedy given by this Article or by law to
the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may
be.

      

      Section
6.15 Waiver of Stay, Extension
or Usury Laws. The Company and the Guarantor 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

      

      
        
          
          

        

        
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      claim or take the benefit or advantage of, any stay or extension law
or any usury law or
other law that would prohibit or forgive the Company or the Guarantor from paying all or any
portion of the principal of, or interest on the Notes as contemplated herein,
wherever enacted, now or at any time hereafter in force, or that may affect the
covenants or the performance of this Indenture. Each of the Company and the
Guarantor hereby expressly waives, to the extent that it may lawfully do so, all
benefit or advantage of any such law and covenants that it will not hinder,
delay or impede the execution of any power herein granted to the Trustee, but
will suffer and permit the execution of every such power as though no such law
had been enacted.

      

      ARTICLE
7

      THE
TRUSTEE

      

      Section
7.01    General.

      

      (a) The
duties and responsibilities of the Trustee are as set forth herein. Whether or
not expressly so provided, every provision of this Indenture relating to the
conduct or affecting the liability of or affording protection to the Trustee is
subject to this Article.

      

      (b)
Except during the continuance of an Event of Default, the Trustee needs perform
only those duties that are specifically set forth in this Indenture and no
others, and no implied covenants or obligations will be read into this Indenture
against the Trustee. In case an Event of Default has occurred and is continuing,
the Trustee shall exercise those rights and powers vested in it by this
Indenture, and use the same degree of care and skill in their exercise, as a
prudent man would exercise or use under the circumstances in the conduct of his
own affairs.

      

      (c) No
provision of this Indenture shall be construed to relieve the Trustee from
liability for its own gross negligence, bad faith or willful
misconduct.

      

      Section
7.02    Certain Rights of
Trustee.

      

      (a) In
the absence of bad faith on its part, the Trustee may rely, and will be
protected in acting or refraining from acting, upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other paper or
document believed by it to be genuine and to have been signed or presented by
the proper Person. The Trustee need not investigate any fact or matter stated in
the document, but, in the case of any document which is specifically required to
be furnished to the Trustee pursuant to any provision hereof, the Trustee shall
examine the document to determine whether it conforms to the requirements of
this Indenture (but need not confirm or investigate the

      

      
        
          
          

        

        
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      accuracy of mathematical calculations or other facts stated
therein). The Trustee, in its discretion, may make further inquiry or
investigation into such facts or matters as it sees fit.

      

      (b)
Before the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel conforming to Section 11.03 and the Trustee
will not be liable for any action it takes or omits to take in good faith in
reliance on such certificate or opinion.

      

      (c) The
Trustee may act through its attorneys and agents and will not be responsible for
the misconduct or negligence of any agent appointed with due care.

      

      (d) The
Trustee will 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, unless such Holders have offered to the Trustee security, reasonably
satisfactory to it, or indemnity against the costs, expenses and liabilities
that might be incurred by it in compliance with such request or
direction.

      

      

      (e) The
Trustee will not be liable for any action it takes or omits to take in good
faith that it believes to be authorized or within its rights or powers or for
any action it takes or omits to take in accordance with the direction of the
Holders in accordance with Section 6.05 relating to the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this
Indenture.

      

      (f) The
Trustee may consult with counsel, and the written advice of such counsel or any
Opinion of Counsel will be full and complete authorization and protection in
respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon.

      

      (g) No
provision of this Indenture will require the Trustee to expend or risk its own
funds or otherwise incur any financial liability in the performance of its
duties hereunder, or in the exercise of its rights or powers, unless it receives
indemnity satisfactory to it against any loss, liability or expense. In no event
shall the Trustee be liable for special, indirect, punitive or consequential
loss or damage of any kind whatsoever (including, but not limited to, lost
profits), even if the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action.

      

      (h)
Notwithstanding any provision herein to the contrary, in no event shall the
Trustee be liable for any failure or delay in the performance of its obligations
under this Indenture arising out of or caused by forces beyond its control,
including, but not limited to, acts of God, flood, war (whether declared or
undeclared), terrorism, fire, riot, strikes or work stoppages for any reason,
embargo, government action, including any laws, ordinances, regulations or
the

      

      
        
          
          

        

        
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      like which restrict or prohibit the providing of the services
contemplated by this Indenture, inability to obtain material, equipment, or
communications or computer facilities, or the failure of equipment or
interruption of communications or computer facilities, it being understood that
the Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable
under the circumstances.

      

      (i) The
Trustee may at any time request that the Company and/or the Guarantor deliver an
Officers’ Certificate setting forth the specimen signatures and the names of
individuals and/or titles of Officers authorized at such time to take specified
actions pursuant to this Indenture, which Officers’ Certificate may be signed by
any Person authorized to sign an Officers’ Certificate, including any Person
specified as so authorized in any such certificate previously delivered and not
superseded.

      

      (j) The
Trustee may at any time request that the Company, the Guarantor and/or any
Holder provide the Trustee with appropriate W-9 forms for tax I.D., number
certifications, or W-8 forms for non-resident alien certifications.

      

      (k) The
rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and
shall be enforceable by, the Trustee in each of its capacities hereunder, and
each Agent.

      

      (l) None
of the Trustee or any Agent shall have any liability or responsibility with
respect to, or obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on exchange or transfer imposed under this
Indenture or under applicable law with respect to any exchange or transfer of
any interest in any Note (including any transfers between or among DTC
participants, members or beneficial owners in any Global Note) other than to
require delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by, the terms
of this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof, and as long as its actions were
not based on gross negligence or willful misconduct.

      

      (m) None
of the Trustee or any Agent shall have any liability or responsibility with
respect to, or obligation or duty to monitor, determine or inquire (i) as to the
Company or the Guarantor’s compliance with any covenant under this Indenture
(other than the covenant to make payment on the Notes) or (ii) as to whether or
not any Rating Agency has adjusted the rating of the Notes.

      

      Section
7.03 Individual Rights of
Trustee. The Trustee, in its individual or any other capacity, may become
the owner or pledgee of Notes and may otherwise deal with the Company or its
Affiliates with the same rights it would have if it were not the Trustee. Any
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      rights. However, the Trustee is subject to Trust Indenture Act
Sections 310(b) and 311. For purposes of Trust Indenture Act Section 311(b)(4)
and (6):

      

      (a)
“cash transaction” means
any transaction in which full payment for goods or securities sold is made
within seven days after delivery of the goods or securities in currency or in
checks or other orders drawn upon banks or bankers and payable upon demand;
and

      

      (b)
“self-liquidating paper”
means any draft, bill of exchange, acceptance or obligation which is made,
drawn, negotiated or incurred for the purpose of financing the purchase,
processing, manufacturing, shipment, storage or sale of goods, wares or
merchandise and which is secured by documents evidencing title to, possession
of, or a lien upon, the goods, wares or merchandise or the receivables or
proceeds arising from the sale of the goods, wares or merchandise previously
constituting the security, provided the security is received by the Trustee
simultaneously with the creation of the creditor relationship arising from the
making, drawing, negotiating or incurring of the draft, bill of exchange,
acceptance or obligation.

      

      Section
7.04 Trustee’s
Disclaimer. The Trustee (a) makes no representation as to the validity or
adequacy of this Indenture, any offering materials or the Notes; (b) is not
accountable for the Company’s use or application of the proceeds from the Notes;
and (c) is not responsible for any statement in the Notes other than its
certificate of authentication.

      

      Section
7.05 Notice of Default.
The Trustee is not to be charged with knowledge of any Default or Event of
Default or knowledge of any cure of any Default or Event of Default with respect
to the Notes unless either (i) a Responsible Officer of the Trustee or an
attorney or agent of the Trustee with direct responsibility for this Indenture,
had actual knowledge of such Default or Event of Default or (ii) written notice
of such Default or Event of Default has been given to a Responsible Officer of
the Trustee by the Company or any Holder. If any Default occurs and is
continuing and is known to a Responsible Officer of the Trustee, the Trustee
will send notice of the Default to each Holder within 90 days after it occurs,
unless the Default has been cured; provided that, except in the
case of a default in the payment of the principal of or interest on any Note,
the Trustee may withhold the notice if and so long as the board of directors,
the executive committee or a trust committee of trust officers of the Trustee in
good faith determines that withholding the notice is in the interest of the
Holders.

      

      Section
7.06    Compensation And
Indemnity.  (a)  Each of the Company
and the Guarantor will, jointly and severally, pay the Trustee compensation
as agreed upon in writing between the Company, the Guarantor and the Trustee for
the Trustee’s services. The compensation of the Trustee is not limited by any
law on compensation of a Trustee of an express trust. Each of the Company and
the Guarantor will, jointly and severally, will reimburse the Trustee upon
request for all reasonable and documented out-of-pocket expenses,

      

      
        
          
          

        

        
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      disbursements and advances incurred or made by the Trustee,
including the compensation and reasonable and documented expenses of the
Trustee’s agents and counsel.

      

      (b) Each
of the Company and the Guarantor will, jointly and severally, indemnify the
Trustee for, and hold it harmless against, any loss or liability or expense
(including, without limitation, the reasonable and documented fees and expenses
of its legal counsel) incurred by it without gross negligence, or bad faith or
willful misconduct on its part arising out of or in connection with the
acceptance or administration of this Indenture by it, the performance of its
duties under this Indenture and the Notes and the exercise of its rights
hereunder, including the costs and expenses (legal or otherwise) of defending
itself against any claim or liability and of complying with any process served
upon it or any of its officers in connection with the exercise or performance of
any of its powers, rights or duties under this Indenture and the
Notes.

      

      (c) To
secure the Company’s and Guarantor’s payment obligations in this Section, the
Trustee will have a lien prior to the Notes on all money or property held or
collected by the Trustee, in its capacity as Trustee, except money or property
held in trust to pay principal of, and interest (including Additional Amounts)
on particular Notes.

      

      (d) If
the Trustee incurs expenses or renders services in connection with an Event of
Default as specified herein, the expenses (including, without limitation, the
reasonable and documented charges and expenses of its legal counsel per
jurisdiction) and the compensation for the services are intended to constitute
expenses of administration under any applicable bankruptcy, reorganization,
insolvency or similar law now or hereafter in effect.

      

      (e) The
obligations of the Company to make any payment to the Trustee or an Agent in
respect of compensation, reimbursement, and/or indemnification shall be an
obligation guaranteed by the Guarantor under the Note Guarantee.

      

      (f) The
provisions of this Section 7.06 shall survive the payment of the Notes, the
resignation or removal of the Trustee and the termination of this
Indenture.

      

      Section
7.07 Replacement of
Trustee. (a) The Trustee may resign at any time by written notice to the
Company and the Guarantor.

      

      (b) The
Holders of a majority in principal amount of the outstanding Notes may remove
the Trustee by written notice to the Trustee.

      

      (c) If
the Trustee is no longer eligible under Section 7.09, any Holder may petition
any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

      

      
        
          
          

        

        
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      (d) The Company shall remove the Trustee if: (i) the Trustee is no
longer eligible under Section 7.09; (ii) the Trustee is adjudged a bankrupt or
an insolvent; (iii) a receiver or other public officer takes charge of the
Trustee or its property; or (iv) the Trustee becomes incapable of acting. In
addition, the Company may remove the Trustee at any time for any reason to the
extent the Company has given the Trustee at least 30 days’ written notice and as
long as no Default or Event of Default has occurred and is
continuing.

      

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

      

      (e) If
the Trustee has been removed by the Holders, Holders of a majority in principal
amount of the Notes may appoint a successor Trustee with the consent of the
Company. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists
in the office of Trustee for any reason, the Company will promptly appoint a
successor Trustee. If the successor Trustee does not deliver its written
acceptance within 60 days after the retiring Trustee resigns or is removed, the
retiring Trustee, the Company or the Holders of a majority in principal amount
of the outstanding Notes may appoint a successor Trustee or may petition any
court of competent jurisdiction for the appointment of a successor
Trustee.

      

      (f) Upon
delivery by the successor Trustee of a written acceptance of its appointment to
the retiring Trustee and to the Company, (i) the retiring Trustee will, upon
payment of its charges, transfer all property held by it as Trustee to the
successor Trustee, subject to the lien provided for in Section 7.06, (ii) the
resignation or removal of the retiring Trustee will become effective, and (iii)
the successor Trustee will have all the rights, powers and duties of the Trustee
under this Indenture. Upon request of any successor Trustee, the Company will
execute any and all instruments for fully vesting in and confirming to the
successor Trustee all such rights, powers and trusts. The Company will give
notice of any resignation and any removal of the Trustee and each appointment of
a successor Trustee to all Holders, and include in the notice the name of the
successor Trustee and the address of its Corporate Trust Office.

      

      (g)
Notwithstanding replacement of the Trustee pursuant to this Section, the
Company’s obligations under Section 7.06 will continue for the benefit of the
retiring Trustee.

      

      Section
7.08 Successor Trustee by
Merger. If the Trustee consolidates with, merges or converts into, or
transfers all or substantially all (including this transaction) of its corporate
trust business to, another corporation or national banking association, the
resulting, surviving or transferee corporation or national banking association
without any further act will be the successor Trustee with the same effect as if
the successor Trustee had been named as the Trustee in this
Indenture.

      

      
        
          
          

        

        
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      Section 7.09 Eligibility. This Indenture
must always have a Trustee that is eligible pursuant to the Trust Indenture Act
to act as such and has a combined capital and surplus of at least $25,000,000 as
set forth in its most recent published annual report of condition and its
Corporate Trust Office in The City of New York, New York.

      

      Section
7.10 Money Held in
Trust. The Trustee will not invest and will not be liable for interest
on, any money received by it except as it may agree with the Company. Money held
in trust by the Trustee need not be segregated from other funds except to the
extent required by law and except for money held in trust under ARTICLE
8.

      

      Section
7.11    Paying and Transfer
Agent.

      

      (a) Each
Agent accepts its respective obligations set forth herein and in the Notes upon
the terms and conditions hereof and thereof, including the following, to all of
which the Company agrees and to all of which the rights of the Holders from time
to time of the Notes shall be subject:

      

      (i) Each
of the Agents shall be entitled to the compensation to be agreed upon with the
Company and the Guarantor in writing for all services rendered by it, and the
Company and the Guarantor, jointly and severally, agree promptly to pay such
compensation and to reimburse each of the Agents for its reasonable and
documented out-of-pocket expenses (including reasonable and documented fees and
expenses of its counsel) incurred by it in connection with the services rendered
by it hereunder. The Company also agrees to indemnify each of the Agents for,
and to hold each of them harmless against, any loss, liability or expense
(including, without limitation, the reasonable and documented fees and expenses
of its legal counsel) incurred out of or in connection with its acting as Agent
of the Company hereunder, except to the extent such loss, liability or expense
results from such Agent’s own gross negligence, bad faith or willful misconduct.
The obligations of the Company under this subsection (i) shall survive the
payment of the Notes and the resignation or removal of any Agent and/or the
termination of this Indenture;

      

      (ii) In
acting under this Indenture and in connection with the Notes, the Agents are
each acting solely as agent of the Company and do not assume any obligation
towards or relationship of agency or trust for or with any of the Holders except
that all funds held by a Paying Agent for the payment of the principal of,
interest on (and Additional Amounts, if any, with respect to) the Notes, shall
be held in trust by it and applied as set forth herein and in the Notes, but
need not be segregated from other funds held by it, except as required by
law;

       

      (iii)
Each Agent may consult with counsel and any advice or written opinion of counsel
shall be full and complete authorization and

      

      
        
          
          

        

        
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      protection in respect of any action taken, suffered or omitted to be
taken by it hereunder in good faith and in accordance with such advice or
opinion;

      

      (iv) Each
Agent shall be protected and shall incur no liability for or in respect of any
action taken or omitted to be taken or thing suffered by it in reliance upon any
Note, notice, direction, consent, certificate, affidavit, statement or other
paper or document believed by it in good faith to be genuine and to have been
presented or signed by the proper party or parties;

      

      (v) Each
Agent may, in its individual capacity or any capacity, become the owner of, or
acquire any interest in, any Notes or other obligations of the Company and/or
the Guarantor with the same rights that it would have if it were not an Agent,
and may engage or be interested in any financial or other transaction with the
Company and may act on, or as depositary, trustee or agent for, any committee or
body of holders of Notes or other obligations of the Company as freely as if it
were not an Agent;

      

      (vi) No
Agent shall be under any liability for interest on any moneys or to invest any
moneys, received by it pursuant to any of the provisions of this Indenture or
the Notes or the Note Guarantee;

      

      (vii) The
recitals contained herein and in the Notes shall be taken as the statements of
the Company, and each Agent assumes no responsibility for the correctness of the
same. No Agent makes any representation as to the validity or sufficiency of
this Indenture, the Notes, the Note Guarantee or any offering materials. No
Agent shall be accountable for the use or application by the Company of any of
the Notes or the proceeds thereof;

      

      (viii)
Each Agent shall be obligated to perform such duties and only such duties as are
herein and in the Notes specifically set forth, and no implied duties or
obligations shall be read into this Indenture or the Notes or the Note Guarantee
against such Agent. No Agent shall be under any obligation to take any action
hereunder which may tend to involve it in any expense or liability, the payment
of which within a reasonable time is not, in its reasonable opinion, assured to
it; and

      

      (ix)
Unless otherwise specifically provided herein or in the Notes, any order,
certificate, notice, request, direction or other communication from the Company
or the Guarantor made or given under any provision of this Indenture or the Note
Guarantee shall be sufficient if signed by an authorized Officer or any duly
authorized attorney-in-fact.

      

      Anything
in this Section to the contrary notwithstanding, the agreements to hold sums in
trust as provided in this Section are subject to the provisions of Section
8.05.

      

      
        
          
          

        

        
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      (b) Any Agent may at any time resign by giving written notice of its
resignation mailed to the Company specifying the date on which its resignation
shall become effective; provided that such date shall be at least 60 days after
the date on which such notice is given unless the Company agrees to accept less
notice. Upon receiving such notice of resignation, the Company shall promptly
appoint a successor Agent, qualified as aforesaid, by written instrument in
duplicate signed on behalf of the Company, one copy of which shall be delivered
to the resigning Agent and one copy to the successor Agent. Such resignation
shall become effective upon the earlier of (i) the effective date of such
resignation or (ii) the acceptance of appointment by the successor Agent as
provided in Section 7.11(c). The Company may, at any time and for any reason,
and shall, upon any event set forth in the next succeeding sentence, remove an
Agent and appoint a successor Agent, qualified as aforesaid, by written
instrument in duplicate signed on behalf of the Company, one copy of which shall
be delivered to the Agent being removed and one copy to the successor Agent. An
Agent shall be removed as aforesaid if it shall become incapable of acting, or
shall be adjudged a bankrupt or insolvent, or a receiver of such Agent or of its
property shall be appointed, or any public officer shall take charge or control
of it or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation. Any removal of an Agent and any appointment of a
successor Agent shall become effective upon acceptance of appointment by the
successor Agent as provided in Section 7.11(c). Upon its resignation or removal,
the Agent shall be entitled to the payment by the Company of its compensation
for the services rendered hereunder and to the reimbursement of all reasonable
out-of-pocket expenses incurred in connection with the services rendered by it
hereunder (including, without limitation, the reasonable and documented fees and
expenses of its legal counsel).

      

      (c) Any
successor Agent appointed as provided in Section 7.11(b) shall execute and
deliver to its predecessor and to the Company an instrument accepting such
appointment hereunder, and thereupon such successor Agent, without any further
act, deed or conveyance, shall become vested with all the rights, powers, duties
and obligations of its predecessor hereunder, with like effect as if originally
named as Paying Agent or Transfer Agent hereunder, and such predecessor, upon
payment of its compensation and reasonable and documented out-of-pocket expenses
(including, without limitation, the reasonable and documented fees and expenses
of its legal counsel) then unpaid, shall pay over to such successor agent all
moneys or other property at the time held by it hereunder, if any.

      

      (d) Any
corporation or bank into which any Agent may be merged or converted, or with
which any Agent may be consolidated, or any corporation or bank resulting from
any merger, conversion or consolidation to which an Agent shall be a party, or
any corporation or bank succeeding to all or substantially all of the agency
business of the Agent (including this transaction) shall be the successor to
such Agent hereunder (provided that such corporation or

      

      
        
          
          

        

        
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      bank shall be qualified as aforesaid) without the execution or
filing of any paper or any further act on the part of any of the parties
hereto.

      

      (e) Each
of the Company and the Guarantor, jointly and severally, undertakes to indemnify
any Paying Agent against all losses, liabilities, including any and all tax
liabilities, which, for the avoidance of doubt, shall include both Brazilian and
Japanese taxes and associated penalties, costs, claims, actions, damages,
expenses or demands which any of them may incur or which may be made against any
of them as a result of or in connection with the appointment of or the exercise
of the powers and duties by the Paying Agent under this Indenture except as may
result from its own gross negligence or bad faith. The Paying Agent shall take
all reasonable measures to minimize any such tax liabilities, as instructed in
writing by the Company, the Guarantor, the Trustee or a Holder.

       

      (f) Each
of the Company and the Guarantor acknowledges that the Principal Paying Agent
makes no representations as to the interpretation or characterization of the
transactions herein undertaken for tax or any other purpose, in any
jurisdiction. Each of the Company and the Guarantor represents that it has fully
satisfied itself as to any tax impact of this Indenture before agreeing to the
terms herein, and is responsible for any and all federal, state, local, income,
franchise, withholding, value added, sales, use, transfer, stamp or other taxes
imposed by any jurisdiction in respect of this Indenture.

      

      (g) Each
of the Company and the Guarantor agrees to pay any and all stamp and other
documentary taxes or duties which may be payable in connection with the
execution, delivery, performance and enforcement of this Indenture by any Paying
Agent.

      

      (h) Each
payment in full of principal, redemption amount, Additional Amounts and/or
interest payable in respect of any Note made by or on behalf of the Company
and/or the Guarantor, as applicable, to or to the order of the Principal Paying
Agent in the manner specified herein on the date due shall be valid and
effective to satisfy and discharge the obligation of the Company and/or the
Company, as applicable, to make payment of principal, redemption amount,
Additional Amounts and/or interest payable under the Notes on such date,
provided, however, that the liability of the Principal Paying Agent hereunder
shall not exceed any amounts paid to it by the Company and/or the Guarantor, as
applicable, or held by it, on behalf of the Holders under this Indenture; and
provided further that, in the event that there is a default by the Principal
Paying Agent in any payment of principal, redemption amount, Additional Amounts
and/or interest in respect of any Note, the Company and/or the Guarantor, as
applicable, shall pay on demand such further amounts as will result in receipt
by the Holder of such amounts as would have been received by it had no such
default occurred.

      

      ARTICLE
8

       

      
        
          
          

        

        
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      DEFEASANCE
AND DISCHARGE

      

      Section
8.01 Discharge of Company’s
and Guarantor’ Obligations. (a) Subject to
paragraph (b), the Company’s obligations under the Notes and this
Indenture, and the Guarantor’s obligations under the Note Guarantee, will
terminate if:

      

      (i) all
Notes previously authenticated and delivered (other than (1) destroyed, lost or
stolen Notes that have been replaced or (2) Notes that are paid pursuant to
Section 4.01 or (3) Notes for whose payment money or U.S. Government Obligations
have been held in trust and then repaid to the Company pursuant to Section 8.05)
have been delivered to the Trustee for cancellation and the Company has paid all
sums payable by it hereunder; or

      

      (ii) (A) the
Company irrevocably deposits in trust with the
Trustee, as trust funds solely for the benefit of the Holders, money or
U.S.
Government Obligations in U.S. Dollars or a combination thereof sufficient, in
the opinion of a nationally recognized firm of independent public accountants
expressed in a written certificate delivered to the Trustee, without
consideration of any reinvestment, to pay principal of and interest on the Notes
to maturity or redemption, as the case may be, and to pay all other sums payable
by it hereunder;

      

      
        (B) no
Default has occurred and is continuing on the date of the deposit;

      

      

      (C) the
deposit will not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which the
Guarantor or the Company is a party or by which it is bound; and

      

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

      

      (b) After
satisfying the conditions in clause (a)(i), only the Company’s and the
Guarantor’s obligations under Section 7.06 and 7.11(a)(i) will survive. After
satisfying the conditions in clause (a)(ii), only the Company’s obligations in
ARTICLE 2 and Section 3.01,4.01, 4.02, 7.06, 7.07, 7.11(a)(i) 8.05 and 8.06 will
survive. In either case, the Trustee upon request will acknowledge in writing
the discharge of the Company’s and the Guarantor’s obligations under the Notes
and this Indenture other than the surviving obligations.

      

      Section
8.02 Legal Defeasance.
After the 123rd day following the deposit referred to in clause (i) below, each
of the Company and the Guarantor will be deemed to have paid and will be
discharged from its obligations in respect of the Notes and the Note Guarantee
and this Indenture, other than its obligations

      

      
        
          
          

        

        
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      in ARTICLE 2 and Section 3.01,4.01, 4.02, 7.06, 7.07, 7.11(a)(i),
8.05 and 8.06, provided
the following conditions have been satisfied:

      

      (i) The
Company or the Guarantor has irrevocably deposited in trust with the Trustee, as
trust funds solely for the benefit of the Holders, money or U.S. Government
Obligations or a combination thereof sufficient, in the opinion of an
internationally recognized firm of independent public accountants expressed in a
written certificate thereof delivered to the Trustee, without consideration of
any reinvestment, to pay principal of and interest on the Notes to maturity or
redemption, as the case may be, provided that any redemption
before maturity has been irrevocably provided for under arrangements
satisfactory to the Trustee.

      

      (ii) No
Default has occurred and is continuing on the date of the deposit or occurs at
any time during the 123-day period following the deposit.

      

      (iii) The
deposit will not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which the Company
or the Guarantor is a party or by which it is bound.

      

      (iv) The
Company or the Guarantor has delivered to the Trustee:

      

      (A) either
(x) a ruling received from the Internal Revenue Service to the effect that the
Holders will not recognize income, gain or loss for U.S. federal income tax
purposes as a result of the defeasance and will be subject to U.S. federal
income tax on the same amount and in the same manner and at the same times as
would otherwise have been the case or (y) an Opinion of Counsel, based on a
change in law after the date of this Indenture, to the same effect as the ruling
described in clause (x);

      

      (B) an
Opinion of Counsel to the effect that (i) the creation of the defeasance trust
does not violate the Investment Company Act of 1940, as amended, (ii) the
Holders have a valid first priority Note interest in the trust funds (subject to
customary exceptions), and (iii) after the passage of 123 days following the
deposit, the trust funds will not be subject to the effect of Section
547 of the
United States Bankruptcy Code or Section 15 of the New York Debtor and Creditor
Law; and

      

      (C) an
Opinion of Counsel from Brazil and any other jurisdiction in which the Company
or the Guarantor is conducting business in a manner which causes the Holders of
the Notes to be liable for taxes on payments under the Notes for which they
would not have been so liable but for such conduct of business in such other
jurisdiction, to the effect that the Holders will not recognize income, gain or
loss in the relevant jurisdiction as a result of such deposit and
the

      

      
        
          
          

        

        
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      defeasance and will be subject to taxes in the relevant jurisdiction
(including withholding taxes) (as applicable) on the same amount and in the same
manner and at the same times as would otherwise have been the case if such
deposit and defeasance had not occurred.

      

      (v) If
the Notes are listed on a U.S. national securities exchange, the Company or the
guarantor has delivered to the Trustee an Opinion of Counsel to the effect that
the deposit and defeasance will not cause the Notes to be delisted.

      

      (vi) The
Company or the Guarantor has delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, in each case stating that all conditions precedent
provided for herein relating to the defeasance have been complied
with.

      

      Prior to
the end of the 123-day period, none of the Company’s or the Guarantor’s
obligations under this Indenture will be discharged. Thereafter, the Trustee
upon written request will acknowledge in writing the discharge of the Company’s
and the Guarantor’s obligations under the Notes and this Indenture except for
the surviving obligations specified above.

      

      Section
8.03    Covenant
Defeasance.  After the 123rd day following
the deposit referred to in Section 8.01(a)(ii), the Company and the Guarantor’s
obligations set forth in Section 4.06 through 4.18, inclusive and clauses
(C) and (D) of Section 5.01(a)(iii), and the Guarantor’s obligations under the
Note Guarantee, will terminate, and clauses (c), (d), (e), (f) and (i) of
Section 6.01 will no longer constitute Events of Default, provided that the following
conditions have been satisfied:

      

      (i) Each
of the Company and the Guarantor has complied with clauses (i), (ii), (iii),
(iv)(B), (v) and (vi) of Section 8.02; and

      

      (ii) the
Company or the Guarantor has delivered to the Trustee an Opinion of Counsel to
the effect that the Holders will not recognize income, gain or loss for U.S.
federal income tax purposes as a result of the defeasance and will be subject to
U.S. federal income tax on the same amount and in the same manner and at the
same times as would otherwise have been the case.

      

      Except as
specifically stated above, none of the Company’s or the Guarantor’s obligations
under this Indenture will be discharged.

      

      Section
8.04 Application of Trust
Money. Subject to Section 8.05, the Trustee will hold in trust the money
or U.S. Government Obligations deposited with it pursuant to Section 8.01, 8.02
or 8.03, and apply the deposited money and the proceeds from deposited U.S.
Government Obligations to the payment of principal of and interest on the Notes
in accordance with the Notes

      

      
        
          
          

        

        
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      and this Indenture. Such money and U.S. Government Obligations need
not be segregated from other funds except to the extent required by
law.

      

      Section
8.05 Repayment to
Company. Subject to Section 7.06, 8.01, 8.02 and 8.03, the Trustee and
the Paying Agents will promptly pay to the Company upon written request any
excess money held by the Trustee and the Paying Agents at any time and thereupon
be relieved from all liability with respect to such money. The Trustee or such
Paying Agent will pay to the Company upon written request any money held for
payment with respect to the Notes that remains unclaimed for two years; provided that before making
such payment the Trustee or such Paying Agent may at the expense of the Company
publish once in a newspaper of general circulation in New York City, or send to
each Holder entitled to such money, notice that the money remains unclaimed and
that after a date specified in the notice (at least 30 days after the date of
the publication or notice) any remaining unclaimed balance of money will be
repaid to the Company. After payment to the Company, Holders entitled to such
money must look solely to the Company for payment, unless applicable law
designates another Person, and all liability of the Trustee and the Paying
Agents with respect to such money will cease.

      

      Section
8.06 Reinstatement. If
and for so long as the Trustee is unable to apply any money or U.S. Government
Obligations held in trust pursuant to Section 8.01, 8.02 or 8.03 by reason of
any legal proceeding or by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company’s and Guarantor’s obligations under this Indenture and
the Notes will be reinstated as though no such deposit in trust had been made.
If the Company or the Guarantor make any payment of principal of or interest on
any Notes because of the reinstatement of its obligations, they will be
subrogated to the rights of the Holders of such Notes to receive such payment
from the money or U.S. Government Obligations held in trust.

      

      ARTICLE
9

      AMENDMENTS,
SUPPLEMENTS AND WAIVERS

      

      Section
9.01    Amendments Without Consent of
Holders.  (a)  The Company,
the Guarantor and the Trustee may amend or supplement this Indenture or the
Notes without notice to or the consent of any Holder or other party
hereto:

      

      (i)
 to cure any ambiguity, defect or inconsistency in this Indenture or the
Notes;

      

      (ii)  to comply with Section 5.01 and
5.02;

      

      (iii) to
evidence and provide for the acceptance of an appointment hereunder by a
successor Trustee;

      

      
        
          
          

        

        
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      (iv) to provide for uncertificated Notes in addition to or in place
of Certificated Notes;

      

      (v) to
provide for any guarantee of the Notes, to secure the Notes or to confirm and
evidence the release, termination or discharge of any guarantee or Lien securing
the Notes when such release, termination or discharge is permitted by this
Indenture;

      

      (vi) to
provide for or confirm the issuance of Additional Notes;
or

      

      (vii) to
make any other change that does not materially, adversely affect the rights of
any Holder or to conform this Indenture to the description of the Notes in the
Offering Memorandum.

      

      The
Guarantor must consent to any amendment or supplement hereunder.

      

      Section
9.02    Amendments With Consent of
Holders.  (a)  Except as
otherwise provided in Section 6.02, 6.06 and 6.07 or Section 9.02(b), the
Company,
the Guarantor and the Trustee may amend this Indenture and the Notes with the
written consent of the Holders of a majority in principal amount of the
outstanding Notes, and the Holders of a majority in principal amount of the
outstanding Notes by written notice to the Trustee may waive future compliance
by the Company or the Guarantor with any provision of this Indenture or the
Notes.

      

      (b)
Notwithstanding the provisions of Section 9.02(a), without the consent of each
Holder affected, an amendment or waiver may not:

      

      (i)
reduce the principal amount of or change the Stated Maturity of any installment
of principal of any Note;

      

      (ii)
reduce the rate of or change the Stated Maturity of any interest payment on any
Note;

      

      (iii)
reduce the amount payable upon the redemption of any Note in respect of an
optional redemption, the times at which any Note may be redeemed or, once notice
of redemption has been given, the time at which the Note must thereupon be
redeemed;

      

      (iv)
after the time an Offer to Purchase is required to have been made, reduce the
purchase amount or purchase price, or extend the latest expiration date or
purchase date thereunder;

      

      (v) make
any Note payable in currency other than that stated in
the Note;

      

      
        
          
          

        

        
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      (vi) impair the right of any Holder to receive any principal payment
or interest payment on such Holder’s Notes, on or after the Stated Maturity
thereof, or to institute suit for the enforcement of any such
payment;

      

      (vii)
make any change in the percentage of the principal amount of the Notes required
for amendments or waivers;

      

      (viii)
modify or change any provision of this Indenture affecting the ranking of the
Notes or the Note Guarantee in a manner adverse to the Holders; or

      

      (ix) make
any change in the Note Guarantee that would adversely affect the
Holders.

      

      (c) It is
not necessary for Holders to approve the particular form of any proposed
amendment, supplement or waiver, but is sufficient if their consent approves the
substance thereof.

      

      (d) The
Trustee will notify in writing the Luxembourg Stock Exchange, the Luxembourg
Paying Agent and the Luxembourg Transfer Agent of any amendment regardless of
whether the Holders’ approval is required.

      

      (e) An
amendment, supplement or waiver under this Section will become effective on
receipt by the Trustee of written consents from the Holders of the requisite
percentage in principal amount of the outstanding Notes. After an amendment,
supplement or waiver under this Section becomes effective, the Company will send
to the Holders affected thereby a notice briefly describing the amendment,
supplement or their written waiver. The Company will send supplemental
indentures to Holders upon request. Any failure of the Company to send such
notice, or any defect therein, will not, however, in any way impair or affect
the validity of any such supplemental indenture or waiver.

      

      (f) The
Guarantor must consent to any amendment, supplement or waiver
hereunder.

      
 

      Section
9.03 Effect of Consent.
(a) After an amendment, supplement or waiver becomes effective, it will bind
every Holder unless it is of the type requiring the consent of each Holder
affected. If the amendment, supplement or waiver is of the type requiring the
consent of each Holder affected, the amendment, supplement or waiver will bind
each Holder that has consented to it and every subsequent Holder of a Note that
evidences the same debt as the Note of the consenting Holder.

      

      
        
          
          

        

        
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      (b) If an amendment, supplement or waiver changes the terms of a
Note, the Trustee may request the Holder to deliver it to the Trustee so that
the Trustee may place an appropriate notation of the changed terms on the Note
and return it to the Holder, or exchange it for a new Note that reflects the
changed terms. The Trustee may also place an appropriate notation on any Note
thereafter authenticated. However, the effectiveness of the amendment,
supplement or waiver is not affected by any failure to annotate or exchange
Notes in this fashion.

      

      Section
9.04    Trustee’s Rights and
Obligations.  The Trustee is entitled
to receive, and will be fully protected in relying upon, an Opinion of
Counsel
stating that the execution of any amendment, supplement or waiver is authorized
or permitted by this Indenture. If the Trustee has received such an Opinion of
Counsel, it shall sign the amendment, supplement or waiver so long as the same
does not adversely affect the rights of the Trustee. The Trustee may, but is not
obligated to, execute any amendment, supplement or waiver that affects the
Trustee’s own rights, duties or immunities under this Indenture.

      

      (a) Payments For Consents.
Neither the Guarantor nor any of its Subsidiaries or Affiliates may, directly or
indirectly, pay or cause to be paid any consideration, whether by way of
interest, fee or otherwise, to any Holder for or as an inducement to any
consent, waiver or amendment of any of the terms or provisions of this Indenture
or the Notes unless such consideration is offered to be paid or agreed to be
paid to all Holders that consent, waive or agree to amend such term or provision
within the time period set forth in the solicitation documents relating to the
consent, waiver or amendment.

      

      ARTICLE
10 

      GUARANTEE

      

      Section
10.01 The Note
Guarantee. Subject to the provisions of this Article, the Guarantor
hereby fully, irrevocably and unconditionally guarantees the full and punctual
payment (whether at Stated Maturity, upon redemption or repurchase, purchase
pursuant to an Offer to Purchase or by declaration of acceleration, or
otherwise) of the principal of, premium, if any, and interest on (including any
Additional Amounts) and all other amounts payable under, each Note, and the full
and punctual payment of all other amounts payable by the Company under this
Indenture. Upon failure by the Company to pay punctually any such amount, the
Guarantor shall forthwith on demand pay the amount not so paid at the place and
in the manner specified in this Indenture. Any obligation of the Company to make
a payment may be satisfied by causing the Guarantor to make such payment. The
Guarantor will comply with all then- applicable Brazilian Central Bank
regulations to legally effect any payments under the Note
Guarantee.

      

      Section
10.02 Guarantee
Unconditional. The obligations of the Guarantor hereunder are
unconditional and absolute and, without limiting the

      

      
        
          
          

        

        
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      generality of the foregoing, will not be released, discharged or
otherwise affected by:

      

      (i) any
extension, renewal, settlement, compromise, waiver or release in respect of any
obligation of the Company under this Indenture or any Note, by operation of law
or otherwise;

      

      (ii) any
modification or amendment of or supplement to this Indenture or any
Note;

      

      (iii) any
change in the corporate existence, structure or ownership of the Company, or any
insolvency, bankruptcy, reorganization or other similar proceeding affecting the
Company or its assets or any resulting release or discharge of any obligation of
the Company contained in this Indenture or any Note;

      

      (iv) the
existence of any claim, set-off or other rights which the Guarantor may have at
any time against the Company, the Trustee or any other Person, whether in
connection with this Indenture or any unrelated transactions; provided that nothing herein
prevents the assertion of any such claim by separate suit or compulsory
counterclaim;

      

      (v) any
invalidity or unenforceability relating to or against the Company for any reason
of this Indenture or any Note, or any provision of applicable law or regulation
purporting to prohibit the payment by the Company of the principal of or
interest on any Note or any other amount payable by the Company under this
Indenture; or

      

      (vi) any
other act or omission to act or delay of any kind by the Company, the Trustee or
any other Person or any other circumstance whatsoever which might, but for the
provisions of this paragraph, constitute a legal or equitable discharge of or
defense to the Guarantor’s obligations hereunder.

      

      Section
10.03 Discharge;
Reinstatement. The Guarantor’s obligations hereunder will remain in full
force and effect until the principal of, premium, if any, and interest
(including Additional Amounts, if any) on the Notes and all other amounts
payable by the Company under this Indenture have been paid in full. If at any
time any payment of the principal of, premium, if any, or interest (including
Additional Amounts, if any) on any Note or any other amount payable by the
Company under this Indenture is rescinded or must be otherwise restored or
returned upon the insolvency, bankruptcy or reorganization of the Company or
otherwise, the Guarantor’s obligations hereunder with respect to such payment
will be reinstated as though such payment had been due but not made at such
time.

      

      
        
          
          

        

        
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      Section 10.04 Waiver by the Guarantor. The
Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and
any notice not provided for herein, as well as any requirement that at any time
any action be taken by any Person against the Company or any other Person. The
Guarantor unconditionally and irrevocably waives any and all rights provided
under Articles 333, sole paragraph, 364, 366, 821, 829, 834, 835 and 837 through
839 of the Brazilian Civil Code and Article 595 of the Brazilian Civil Procedure
Code.

      

      Section
10.05 Subrogation. Upon
making any payment with respect to any obligation of the Company under this
Article, the Guarantor will be subrogated to the rights of the payee against the
Company with respect to such obligation.

      

      Section
10.06 Stay of
Acceleration. If acceleration of the time for payment of any amount
payable by the Company under this Indenture or the Notes is stayed upon the
insolvency, bankruptcy or reorganization of the Company, all such amounts
otherwise subject to acceleration under the terms of this Indenture are
nonetheless payable by the Guarantor hereunder forthwith on demand by the
Trustee or the Holders.

      

      Section
10.07  Limitation on
Amount of Guarantee. Notwithstanding
anything to the contrary in this Article, the Guarantor, and by its acceptance
of Notes, each Holder, hereby confirms that it is the intention of all such
parties that the Note Guarantee of the Guarantor not constitute a fraudulent
conveyance under applicable fraudulent conveyance provisions of the laws of
Brazil, the United States Bankruptcy Code or any comparable provision of state
law. To effectuate that intention, the Trustee, the Holders and the Guarantor
hereby irrevocably agree that the obligations of the Guarantor under the Note
Guarantee are limited to the maximum amount that would not render the
Guarantor’s obligations subject to avoidance under applicable fraudulent
conveyance provisions of the laws of Brazil, the United States Bankruptcy Code
or any comparable provision of state law.

      

      Section
10.08 Execution and Delivery
of Guarantee. The execution by the Guarantor of this Indenture (or a
supplemental indenture in the form of Exhibit B) evidences the Note Guarantee of
the Guarantor, whether or not the person signing as an officer of the Guarantor
still holds that office at the time of authentication of any Note. The delivery
of any Note by the Trustee after authentication constitutes due delivery of the
Note Guarantee set forth in this Indenture on behalf of the
Guarantor.

      

      Section
10.09 Release of
Guarantee. The Note Guarantee of the Guarantor will terminate
upon:

      

      (i) a
sale or other disposition (including by way of consolidation or merger) of the
Guarantor or the sale or disposition of all or

      

      
        
          
          

        

        
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      substantially all the assets of the Guarantor (other than to the
Company) otherwise permitted by this Indenture; or

      

      (ii) defeasance or discharge of the Notes,
as provided in ARTICLE
8.

      

      Upon
delivery by the Company to the Trustee of an Officers’ Certificate and an
Opinion of Counsel to the foregoing effect, the Trustee will execute any
documents reasonably requested by the Company in writing in order to evidence
the release of the Guarantor from its obligations under the Note
Guarantee.

      

      ARTICLE
11

      MISCELLANEOUS

      

      Section
11.01  Holder
Communications; Holder Actions.

      

      (a) The
rights of Holders to communicate with other Holders with respect to this
Indenture or the Notes are as provided by the Trust Indenture Act, and the
Company, the Guarantor and the Trustee shall comply with the requirements of
Trust Indenture Act Sections 312(a) and 312(b). Neither the Company, the
Guarantor nor the Trustee will be held accountable by reason of any disclosure
of information as to names and addresses of Holders made pursuant to the Trust
Indenture Act.

      

      (b) (i)
Any request, demand, authorization, direction, notice, consent to amendment,
supplement or waiver or other action provided by this Indenture to be given or
taken by a Holder (an “act”) may be evidenced by an
instrument signed by the Holder delivered to the Trustee. The fact and date of
the execution of the instrument, or the authority of the person executing it,
may be proved in any manner that the Trustee deems sufficient.

      

      (ii) The
Trustee may make reasonable rules for action by or at a meeting of Holders,
which will be binding on all the Holders.

      

      (c) Any
act by the Holder of any Note binds that Holder and every subsequent Holder of a
Note that evidences the same debt as the Note of the acting Holder, even if no
notation thereof appears on the Note. Subject to paragraph (c), a Holder may
revoke an act as to its Notes, but only if the Trustee receives the notice of
revocation before the date the amendment or waiver or other consequence of the
act becomes effective.

      

      (d) The
Company may, but is not obligated to, fix a record date for the purpose of
determining the Holders entitled to act with respect to any amendment or waiver
or in any other regard, except that during the continuance of an Event of
Default, only the Trustee may set a record date as to notices of default, any
declaration or acceleration or any other remedies or other consequences of the
Event of Default. If a record date is fixed, those Persons that

      

      
        
          
          

        

        
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      were Holders at such record date and only those Persons will be
entitled to act, or to revoke any previous act, whether or not those Persons
continue to be Holders after the record date.

      

      Section
11.02 Notices. (a) Any
notice or communication to the Company will be deemed given if in writing (b)
when delivered in person or (c) when delivered by an internationally recognized
overnight courier service, or (d) when sent by facsimile transmission, with
transmission confirmed. Notices or communications to the Guarantor will be
deemed given if given to the Company. Any notice to the Trustee will be
effective only upon receipt by a Responsible Officer. In each case the notice or
communication should be addressed as follows:

      

      if to the Company or the
Guarantor:

      

      c/o Cosan
S.A. Indústria e Comércio

      Av. Pres.
Juscelino Kubitschek, 1726 - 6o andar 

      04543-000
– São Paulo, SP

      Brasil

      Attention:
Marcelo Martins 

      Facsimile:
(55 11) 3897-9799

      

      With a
copy to:

      Davis
Polk & Wardwell LLP 

      450
Lexington Avenue 

      New York,
New York 10017 

      USA

      Attention:
Manuel Garciadiaz, Esq. 

      Facsimile:
(212) 450-4800

      

      if
to the Trustee:

      

      The Bank
of New York Mellon 

      101
Barclay Street – 4th Floor East 

      New York,
New York 10286 

      Attention:
Corporate Trust Services 

      Facsimile:
1-212-815-5603

      

      if
to the Principal Paying Agent:

      

      The Bank
of New York Mellon Trust (Japan), Ltd. 

      Fokoku
Seimei Building

      22 F
2-2-2, 

      Uchisaiwai-cho,
Chiyoda-ku 

      Tokyo
100-8580

      Japan

      Facsimile:  +81
3 4570 4822

      

      
        
          
          

        

        
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      if to the Luxembourg Paying Agent or the Luxembourg Transfer
Agent:

      

      The Bank
of New York Mellon (Luxembourg) S.A. 

      Aerogolf
Center

      1A
Hoehenhof 

      L-1736

      Senningerberg

      Luxembourg

      

      

      The
Company or the Trustee by notice to the other may designate additional or
different addresses for subsequent notices or communications.

      

      (e)
Except as otherwise expressly provided with respect to published notices, any
notice or communication to a Holder will be deemed given when mailed to the
Holder at its address as it appears on the Register by first class mail or, as
to any Global Note registered in the name of DTC or its nominee, as agreed by
the Company, the Trustee and DTC; provided, that, at any time
when the Notes are listed on the Luxembourg Stock Exchange and its rules so
require, the Company will publish any such notice of communication sent to the
Holders in a newspaper having a general circulation in Luxembourg. Copies of any
notice or communication to a Holder, if given by the Company, will be mailed to
the Trustee at the same time. Defect in mailing a notice or communication to any
particular Holder will not affect its sufficiency with respect to other
Holders.

      

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

      

      (g) In
respect of this Indenture, none of the Trustee nor any Agent shall have any duty
or obligation to verify or confirm that the Person sending instructions,
directions, reports, notices or other communications or information by
electronic transmission is, in fact, a Person authorized to give such
instructions, directions, reports, notices or other communications or
information on behalf of the party purporting to send such electronic
transmission; and none of the Trustee nor any Agent shall have any liability for
any losses, liabilities, costs or expenses incurred or sustained by any party as
a result of such reliance upon or compliance with such instructions, directions,
reports, notices or other communications or information, unless such reliance or
compliance was made with gross negligence or willful misconduct. Each other
party agrees to assume all risks arising out of the use of electronic methods to
submit instructions, directions, reports, notices or other communications or
information to the Trustee and/or any Agent, including without limitation the
risk of the Trustee and/or any Agent acting on unauthorized instructions,
notices, reports or other communications or information, to the extent such
action was not based on gross

      

      
        
          
          

        

        
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      negligence or willful misconduct, and the risk of interception and
misuse by third parties.

      

      Section
11.03  Certificate
and Opinion as to Conditions Precedent. Upon any
request or application by the Company to the Trustee to take any action under
this Indenture, the Company will furnish to the Trustee:

      

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

      

      (ii) an
Opinion of Counsel stating that all such conditions precedent have been complied
with.

      

      Section
11.04  Statements
Required in Certificate or Opinion. Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture must include:

      

      (i) a
statement that each person signing the certificate or opinion has read the
covenant or condition and the related definitions;

      

      (ii) a
brief statement as to the nature and scope of the examination or investigation
upon which the statement or opinion contained in the certificate or opinion is
based;

      

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

      

      (iv) a
statement as to whether or not, in the opinion of each such person, such
condition or covenant has been complied with, provided that an Opinion of
Counsel may rely on an Officers’ Certificate or certificates of public officials
with respect to matters of fact.

      

      Section
11.05 Payment Date Other Than
a Business Day. If any payment with respect to a payment of any principal
of, premium, if any, or interest on any Note (including any payment to be made
on any date fixed for redemption or purchase of any Note) is due on a day which
is not a Business Day, then the payment need not be made on such date, but may
be made on the next Business Day with the same force and effect as if made on
such date, and no interest will accrue for the intervening period.

      

      Section
11.06 Governing Law.
This Indenture, including any Note Guarantee, and the Notes shall be governed
by, and construed in accordance with, the laws of the State of New
York.

      

      
        
          
          

        

        
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      Section 11.07 Submission to Jurisdiction; Agent
for Service; Waiver of
Immunities.

      

      (a) Each
of the Company and the Guarantor agrees that any suit, action or proceeding
against any of them brought by any Holder or the Trustee arising out of or based
upon this Indenture, the Notes or the Guarantee may be instituted in any state
or Federal court in the Borough of Manhattan in The City of New York, New York,
and each waives any objection which it may now or hereafter have to the laying
of venue of any such proceeding, and irrevocably submits to the non-exclusive
jurisdiction of such courts in any suit, action or proceeding.

      

      (b) By
the execution and delivery of this Indenture or any amendment or supplement
hereto, each of the Company and the Guarantor (i) acknowledges that it hereby
designates and appoints National Corporate Research, Ltd. (“NCR”) located at 10
East 40th Street, 10th Floor, New York, New York 10016, as its authorized agent
upon which process may be served in any suit, action or proceeding with respect
to, arising out of, or relating to, the Notes, this Indenture or the Guarantee,
that may be instituted in any Federal or state court in the State of New York,
The City of New York, the Borough of Manhattan, or brought under Federal or
state securities laws or brought by the Trustee (whether in its individual
capacity or in its capacity as Trustee hereunder), and acknowledges that NCR has
accepted such designation, (ii) submits to the non-exclusive jurisdiction of any
such court in any such suit, action or proceeding, and (iii) agrees that service
of process upon NCR shall be deemed in every respect effective service of
process upon the Company or the Guarantor, as the case may be, in any such suit,
action or proceeding. The Company and the Guarantor further agree 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 NCR in full force and effect so long as this Indenture shall be in full force
and effect; provided that the Company and the Guarantor may and shall (to the
extent NCR ceases to be able to be served on the basis contemplated herein), by
written notice to the Trustee, designate such additional or alternative agents
for service of process under this Section 11.07 that (i) maintains an office
located in the Borough of Manhattan, The City of New York in the State of New
York, (ii) are either (x) counsel for the Company and the Guarantor or (y) a
corporate service company which acts as agent for service of process for other
Persons in the ordinary course of its business and (iii) agrees to act as agent
for service of process in accordance with this Section 11.07. Such notice shall
identify the name of such agent for process and the address of such agent for
process in the Borough of Manhattan, The City of New York, State of New York.
Upon the written request of any Holder, the Trustee shall deliver such
information to such Holder. Notwithstanding the foregoing, there shall, at all
times, be at least one agent for service of process for the Company and the
Guarantor appointed and acting in accordance with this Section
11.07.

      

      
        
          
          

        

        
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      (c) To the extent that the Company or the Guarantor 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 and the Guarantor hereby irrevocably waive such
immunity in respect of their obligations under this Indenture, the Notes and the
Guarantee, to the extent permitted by law.

      

      Section
11.08  Judgment
Currency.

      

      (a) U.S.
Dollars are the sole currency of account and payment for all sums due and
payable by the Company and the Guarantor under this Indenture, the Notes and the
Guarantee. If, for the purpose of obtaining judgment in any court, it is
necessary to convert a sum due hereunder in U.S. Dollars into another currency,
the Company and the Guarantor will agree, to the fullest extent that they may
legally and effectively do so, that the rate of exchange used shall be that at
which in accordance with normal banking procedures the Trustee determines a
Person could purchase U.S. Dollars with such other currency in New York, New
York, on the Business Day immediately preceding the day on which final judgment
is given.

      

      (b) The
obligation of each of the Company and the Guarantor in respect of any sum due to
any Holder or the Trustee in U.S. Dollars shall, to the extent permitted by
applicable law, notwithstanding any judgment in a currency other than U.S.
Dollars, be discharged only to the extent that on the Business Day following
receipt of any sum adjudged to be so due in the judgment currency such Holder or
Trustee may in accordance with normal banking procedures purchase U.S. Dollars
in the amount originally due to such Person with the judgment currency. If the
amount of U.S. Dollars so purchased is less than the sum originally due to such
Person, each of the Company and the Guarantor agrees, jointly and severally, as
a separate obligation and notwithstanding any such judgment, to indemnify such
Person against the resulting loss; and if the amount of U.S. Dollars so
purchased is greater than the sum originally due to such Person, such Person
will, by accepting a Note, be deemed to have agreed to repay such
excess.

      

      Section
11.09  No Adverse
Interpretation of Other Agreements. This
Indenture may not be used to interpret another indenture or loan or debt
agreement of the Company or any Subsidiary of the Company, and no such indenture
or loan or debt agreement may be used to interpret this Indenture.

      

      Section
11.10 Successors. All
agreements of the Company or the Guarantor in this Indenture and the Notes will
bind its successors. All agreements of the Trustee in this Indenture will bind
its successor.

      

      
        
          
          

        

        
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      Section 11.11 Duplicate Originals. The
parties may sign any number of copies of this Indenture. Each signed copy shall
be an original, but all of them together represent the same
agreement.

      

      Section
11.12 Separability. In
case any provision in this Indenture or in the Notes is invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby.

      

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

      

      Section
11.14 No Liability of
Directors, Officers, Employees, Incorporators, Members and
Stockholders. No director, officer, employee, incorporator, member or
stockholder of the Company or the Guarantor, as such, will have any liability
for any obligations of the Company or the Guarantor under the Notes, the Note
Guarantee or this Indenture or for any claim based on, in respect of, or by
reason of, such obligations. Each Holder of Notes by accepting a Note waives and
releases all such liability. The waiver and release are an integral part of the
consideration for issuance of the Notes execution and delivery of the Note
Guarantee.

      

      

      
        
          
          

        

        
          91

          
            

          

        

        
          
          

        

      

      
         

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

           

          
            	
                    CCL
      FINANCE LIMITED

                    
                      as
      Issuer

                    

                  	 
	 	 	 	 
	 	 	 	 
	By:	
                     /s/
      Rubens Ometto Silveira Mello

                  	 
	 	Name:
      	
                    Rubens
      Ometto Silveira Mello

                  	 
	 	Title:
      	Director	 

          

          

            
              	 	 	 	 
	By:	
                       /s/
      Marcelo Martins

                    	 
	 	Name:
      	
                      Marcelo
      Martins

                    	 
	 	Title:
      	Director	 

            

          

           

          
            
               

              
                	
                        
                          COSAN
      COMBUSTIVEIS E LUBRIFICANTES S.A.

                          
                            as
      Guarantor

                          

                        

                      	 
	 	 	 	 
	 	 	 	 
	By:	
                        
                           /s/
      Leonardo Gadotti Filho

                        

                      	 
	 	Name:
      	
                        
                          Leonardo
      Gadotti Filho

                        

                      	 
	 	Title:
      	Vice
      President	 

              

              

                
                  	 	 	 	 
	By:	
                           /s/
      Nadir D. Barsanulfo

                        	 
	 	Name:
      	
                          Nadir
      D. Barsanulfo

                        	 
	 	Title:
      	Officer	 

                

              

               

              
                
                  
                    
                       

                      
                        	
                                
                                  
                                    THE
      BANK OF NEW YORK MELLON

                                    as
      Trustee, Registrar, Paying Agent and Transfer
      Agent

                                  

                                

                              	 
	 	 	 	 
	 	 	 	 
	By:	
                                
                                  
                                     /s/
      John T. Needham, Jr.

                                  

                                

                              	 
	 	Name:
      	
                                
                                  
                                    John
      T. Needham, Jr.

                                  

                                

                              	 
	 	Title:
      	Vice
      President	 

                      

                       

                      
                        
                          
                          

                        

                        
                          92

                          
                            

                          

                        

                        
                          
                          

                        

                      

                    

                  

                

              

               

            

            
              
                
                  
                    
                      
                        	
                                
                                  THE BANK OF NEW YORK MELLON TRUST (JAPAN),
      LTD.

                                  as
      Principal Paying Agent

                                

                              	 
	 	 	 	 
	 	 	 	 
	By:	      
                                 /s/
      John T. Needham, Jr.

                              	 
	 	Name:
      	      
                                John
      T. Needham, Jr.

                              	 
	 	Title:
      	      
                                Attorney-in-fact

                              	 

                      

                    

                     

                  

                

              

            

          

          
             

            
              
                
                  
                    
                      
                        	
                                
                                  
                                    THE
      BANK OF NEW YORK MELLON (LUXEMBOURG) S.A.

                                    as
      Luxembourg Paying Agent and Luxembourg Transfer Agent

                                  

                                

                              	 
	 	 	 	 
	 	 	 	 
	By:	      
                                 /s/
      John T. Needham, Jr.

                              	 
	 	Name:
      	      
                                /s/
      John T. Needham, Jr.

                              	 
	 	Title:
      	      
                                Attorney-in-fact

                              	 

                      

                    

                     

                    
                      
                        
                        

                      

                      
                        93

                        
                          

                        

                      

                      
                        
                        

                      

                    

                  

                

              

            

          

           

          
            	 
      	
                    EXHIBIT
      A

                  
	
                    [FACE
      OF NOTE]

                  
	 
	
                    CCL
      FINANCE LIMITED

                  
	
                    9.50%
      Senior Note Due August 15, 2014

                  	 
      
	 
      	
                    Rule
      144A Global Note

                  
	 	 
	 
      	
                    CUSIP:  12503J
      AA3

                  
	 	 
	 
      	
                    ISIN:  KY12503JAA33

                  
	 	 
	 
      	
                    Regulation
      S Global Note

                  
	 	 
	 
      	
                    CUSIP:  G1986Q
      AA9

                  
	 	 
	 
      	
                    ISIN:
      KYG1986QAA91

                  
	 	 
	
                    No.
      [R-1 / S-1]

                  	
                    $[●]

                  

          

          

          CCL
FINANCE LIMITED, incorporated with limited liability in the Cayman Islands (the
“Company”, which term
includes any successor under the Indenture hereinafter referred to), for value
received, promises to pay to Cede & Co., or its registered assigns, the
principal sum of [●] million U.S. DOLLARS ($[●]) [or such other amount as
indicated on the Schedule of Exchange of Notes attached hereto] on August 15,
2014.

          

          Interest
Rate:   9.50% per annum.

          

          Interest
Payment Dates: February 15 and August 15 commencing on February 15,
2010.

          

          Regular
Record Dates:  February 1 and August 1.

          

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

          

          
            
              
              

            

            
              A-1

              
                

              

            

            
              
              

            

             

          

          IN WITNESS WHEREOF, the Company has caused this Note to be signed
manually or by facsimile by its duly authorized officers.

          
             

            
              
                	 	 	 	CCL FINANCE
      LIMITED	 
	 	 	 	 	 
	 	 	 	 	 	 	 
	Date:
      	 	 	By:	 	 
	 	 	 	 	Name:
      	 	 
	 	 	 	 	Title:
      	 	 

              

              
                 

                
                  
                    	 	 	 	 	 	 	 
	 	 	 	By:	 	 
	 	 	 	 	Name:
      	 	 
	 	 	 	 	Title:
      	 	 

                  

                   

                  
                    
                      
                      

                    

                    
                      A-2

                      
                        

                      

                    

                    
                      
                      

                    

                     

                  

                

              

            

          

          (Form of Trustee’s Certificate of Authentication)

          

          This is
one of the 9.50% Senior Notes Due August 15, 2014 described in the Indenture
referred to in this Note.

          

          
             

            
              
                	
                        
                          THE
      BANK OF NEW YORK MELLON,
as
      Trustee

                        

                      	 
	 	 	 	 
	 	 	 	 
	By:	
                         

                      	 
	 	Authorized
      Signatory	 

              

            

          

           

          
            
              
              

            

            
              A-3

              
                

              

            

            
              
              

            

          

          

          [FORM OF REVERSE SIDE OF NOTE]

          

          CCL
FINANCE LIMITED

          

          9.50%
Senior Note Due August 15, 2014

          

          1.          
  Principal and
Interest.

          

          The
Company promises to pay the principal of this Note on August 15, 2014.

          

          The
Company promises to pay interest on the principal amount of this Note on each
Interest Payment Date, as set forth on the face of this Note, at the rate of
9.50% per annum.

          

          Interest
will be payable semiannually (to the holders of record of the Notes at the close
of business on February 1 or August 1 immediately preceding the Interest Payment
Date) on each Interest Payment Date, commencing February 15, 2010.

          

          Interest
on this Note will accrue from the most recent date to which interest has been
paid on this Note (or, if there is no existing default in the payment of
interest and if this Note is authenticated between a regular record date and the
next Interest Payment Date, from such Interest Payment Date) or, if no interest
has been paid, from the Issue Date. Interest will be computed in the basis of a
360-day year of twelve 30-day months.

          

          The
Company will pay interest on overdue principal, premium, if any, and, to the
extent lawful, interest at a rate per annum that is 1% per annum in excess of
the rate per annum borne by this Note. Interest not paid when due and any
interest on principal, premium or interest not paid when due will be paid to the
Persons that are Holders on a special record date, which will be the 14th day
preceding the date fixed by the Company for the payment of such interest,
whether or not such day is a Business Day. At least 14 days before a special
record date, the Company will send to each Holder and to the Trustee a notice
that sets forth the special record date, the payment date and the amount of
interest to be paid.

          

          2.         
   Indentures; Note
Guarantee.

          

          This is
one of the Notes issued under an Indenture dated as of August 11, 2009 (as
amended from time to time, the “Indenture”), among the
Company, the Guarantor, and The Bank of New York Mellon, as Trustee, The Bank of
New York Mellon Trust (Japan), Ltd., as Principal Paying Agent and The Bank of
New York Mellon (Luxembourg) S.A., as Luxembourg Paying Agent and Luxembourg
Transfer Agent. Capitalized terms used herein are used as defined in
the

          

          
            
              
              

            

            
              A-4

              
                

              

            

            
              
              

            

          

          

          Indenture unless otherwise indicated. The terms of the Notes
include those stated in the Indenture, as may be amended from time to time. The
Notes are subject to all such terms, and Holders are referred to the Indenture
for a statement of all such terms. To the extent permitted by applicable law, in
the event of any inconsistency between the terms of this Note and the terms of
the Indenture, the terms of the Indenture will control.

          

          The Notes
are unsecured unsubordinated obligations of the Company. The Indenture limits
the original aggregate principal amount of the Notes to $350,000,000, but
Additional Notes may be issued pursuant to the Indenture, and the originally
issued Notes and all such Additional Notes vote together for all purposes as a
single class. This Note is fully, unconditionally and irrevocably guaranteed as
set forth in the Indenture.

          

          3.            
Redemption
and Repurchase; Discharge Prior to Redemption or Maturity.

          

          This Note
may be the subject of an Offer to Purchase, as further described in the
Indenture. There is no sinking fund or mandatory redemption applicable to this
Note.

          

          This Note
shall be redeemable at the option of the Company under certain circumstances
described in Section 3.02. This Note may be redeemable for tax reasons as
described in Section 3.03.

          

          Additional
Amounts will be paid in respect of any payments of interest or principal so that
the amount a holder receives after applicable withholding tax, will equal the
amount that the holder would have received if no withholding tax had been
applicable, to the extent described in Section 3.01.

          

          If the
Company deposits with the Trustee money or U.S. Government Obligations
sufficient to pay the then outstanding principal of, premium, if any, and
accrued interest on the Notes to redemption or maturity, the Company may in
certain circumstances be discharged from the Indenture and the Notes or may be
discharged from certain of its obligations under certain provisions of the
Indenture.

          

          4.            
Registered Form;
Denominations; Transfer; Exchange.

          

          The Notes
are in registered form without coupons in minimum denominations of $100,000
principal amount and any multiple of $1,000 in excess thereof. A Holder may
register the transfer or exchange of Notes in accordance with the Indenture. The
Trustee may require a Holder to furnish appropriate endorsements and transfer
documents and to pay any taxes and fees required by law or permitted by the
Indenture. Pursuant to the Indenture, there are certain periods during which the
Trustee will not be required to issue, register the transfer of or exchange any
Note or certain portions of a Note.

          

          
            
              
              

            

            
              A-5

              
                

              

            

            
              
              

            

             

          

          5.         
  Defaults and
Remedies.

          

          If an
Event of Default, as defined in the Indenture, occurs and is continuing, the
Trustee or the Holders of at least 25% in principal amount of the Notes may
declare all the Notes to be due and payable. If a bankruptcy default with
respect to the Guarantor or the Company occurs and is continuing, the Notes
automatically become due and payable. Holders may not enforce the Indenture or
the Notes except as provided in the Indenture. The Trustee may require indemnity
satisfactory to it before it enforces the Indenture or the Notes. Subject to
certain limitations, Holders of a majority in principal amount of the Notes then
outstanding may direct the Trustee in its exercise of remedies.

          

          6.        
    Amendment and
Waiver.

          

          Subject
to certain exceptions, the Indenture and the Notes may be amended, or default
may be waived, with the consent of the Holders of a majority in principal amount
of the outstanding Notes. Without notice to or the consent of any Holder, the
Company and the Trustee may amend or supplement the Indenture or the Notes to,
among other things, cure any ambiguity, defect or inconsistency if such
amendment or supplement does not adversely affect the interests of the Holders
in any material respect.

          

          7.          
  Authentication.

          

          This Note
is not valid until the Trustee (or Authenticating Agent) signs the certificate
of authentication on the other side of this Note.

          

          8.        
    Governing
Law.

          

          This Note
shall be governed by, and construed in accordance with, the laws of the State of
New York. Reference is hereby made to the further provisions of submission to
jurisdiction, agent for service, waiver of immunities and judgment currency set
forth in the Indenture, which will for all purposes have the same effect as if
set forth herein.

          

          9.         
   Abbreviations.

          

          Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN
COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (=
joint tenants with right of survivorship and not as tenants in common), CUST (=
Custodian) and U/G/M/A/ (= Uniform Gifts to Minors Act).

          

          The
Company will furnish a copy of the Indenture to any Holder upon written request
and without charge.

          

          
            
              
              

            

            
              A-6

              
                

              

            

            
              
              

            

             

          

          NOTATION OF GUARANTEE

          

          For value
received, the Guarantor (which term includes any successor Person under the
Indenture) has, jointly and severally, unconditionally guaranteed, to the extent
set forth in the Indenture and subject to the provisions in the Indenture dated
as of dated as of August 11, 2009 (as amended from time to time, the “Indenture”), among the
Company, the Guarantor, and The Bank of New York Mellon, as Trustee, The Bank of
New York Mellon Trust (Japan), Ltd., as Principal Paying Agent, The Bank of New
York Mellon (Luxembourg) S.A., as Luxembourg Paying and Transfer Agent, (a) the
due and punctual payment of the principal of, premium, if any, and interest and
any Additional Amounts on the Notes (as defined in the Indenture), whether at
maturity, by acceleration, redemption or otherwise, the due and punctual payment
of interest on overdue principal of and interest on the Notes, if any, if
lawful, and the due and punctual performance of all other obligations of the
Company to the Holders or the Trustee all in accordance with the terms of the
Indenture and (b) in case of any extension of time of payment or renewal of any
Notes or any of such other obligations, that the same will be promptly paid in
full when due or performed in accordance with the terms of the extension or
renewal, whether at Stated Maturity (as defined in the Indenture), by
acceleration or otherwise. The obligations of the Guarantor to the Holders of
Notes and to the Trustee pursuant to the Note Guarantee and the Indenture are
expressly set forth in Article 10 of the Indenture and reference is hereby made
to the Indenture for the precise terms of the Note Guarantee.

          

          
            
              
              

            

            
              A-7

              
                

              

            

            
              
              

            

             

          

          IN WITNESS WHEREOF, the Guarantor has caused the Guarantee to be
duly executed.

          
             

            
              	
                      
                        COSAN
      COMBUSTIVEIS E LUBRIFICANTES S.A.

                        as
      Guarantor

                      

                    	 
	 	 	 	 
	 	 	 	 
	By:	
                       

                    	 
	 	Name:
      	
                       

                    	 
	 	Title:
      	 	 

            

            

              
                	 	 	 	 
	By:	
                         

                      	 
	 	Name:
      	
                         

                      	 
	 	Title:
      	 	 

              

            

             

            
              
                
                

              

              
                A-8

                
                  

                

              

              
                
                

              

               

            

          

          [FORM OF
TRANSFER NOTICE]

          

          FOR VALUE
RECEIVED the undersigned registered holder hereby sell(s), assign(s) and
transfer(s) unto

          
Insert
Taxpayer Identification No.

          

          
            
              

            

             

            
              

            

          

          Please
print or typewrite name and address including zip code of assignee

          

          

          
            
              

            

          

          the
within Note and all rights thereunder, hereby irrevocably constituting and
appointing

          

          

          
            
              

            

          attorney
to transfer said Note on the books of the Company with full power of
substitution in the premises.

          

          
            
              
              

            

            
              A-9

              
                

              

            

            
              
              

            

          

          

          [THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES BEARING
A RESTRICTED LEGEND]

          

          In
connection with any transfer of this Note occurring prior to the date [which is
one year after the original issue date of the Notes,]1 [which
is on or prior to the 40th day after the Closing Date (as defined in the
Indenture governing the Notes),]2 , the
undersigned confirms that such transfer is made without utilizing any general
solicitation or general advertising and further as follows:

          

          Check
One

          

          o           
(1) This Note
is being transferred to a “qualified institutional buyer” in compliance with
Rule 144A under the U.S. Securities Act of 1933, as amended, and certification
in the form of Exhibit F to the Indenture is being furnished
herewith.

          

          o            (2) This Note
is being transferred to a Non-U.S. Person in compliance with the exemption from
registration under the U.S. Securities Act of 1933, as amended, provided by
Regulation S thereunder, and certification in the form of Exhibit E to the
Indenture is being furnished herewith.

          

          or

          

          o           
(3) This Note is being transferred other than in accordance with (1) or (2)
above and documents are being furnished which comply with the conditions of
transfer set forth in this Note and the Indenture.

          

          If none
of the foregoing boxes is checked, the Trustee is not obligated to register this
Note in the name of any Person other than the Holder hereof unless and until the
conditions to any such transfer of registration set forth herein and in the
Indenture have been satisfied.

           

          
             

            
              
                	 	 	 	 	 	 	 
	Date:
      	 
      	 	 	  	 
	 	 	 	 	Seller	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	By	 	 

              

              
                 

              

            

          

          
            
              

            

          

          1  Include
in Rule 144A Note.

          

          2  Include
in Regulation S Note.

          

          
            
              
              

            

            
              A-10

              
                

              

            

            
              
              

            

          

           

          
             

            
              	
                      NOTICE: The signature to this assignment must correspond with
      the name as written upon the face of the within-mentioned instrument in
      every particular, without alteration or any change
      whatsoever.

                    	 

            

             

          

          
            
              
              

            

            
              A-11

              
                

              

            

            
              
              

            

          

          

        

        
          

           

          
            	
                    Signature
      Guarantee:5
      

                  	 

          

           

          

          

          
            

              
                	 	 	 	 
	By:	
                         

                      	 
	 
      To
      be executed by an executive officer	 

              

            

             

             

             

             

             

            
 

          

          
            
              

            

          

          5Signatures must be guaranteed by an
“eligible guarantor
institution” meeting
the requirements of the Registrar, which
requirements include membership or participation in the Securities Transfer
Association Medallion Program (“STAMP”) or such other “signature guarantee
program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

          

          
            
              
              

            

            
              A-12

              
                

              

            

            
              
              

            

          

          

          OPTION OF
HOLDER TO ELECT PURCHASE

          

          If you
wish to have all f this Note purchased by the Company pursuant to
Section 4.14 or Section 4.13 of the Indenture, check the box: o

          

          If you
wish to have a portion of this Note purchased by the Company pursuant to Section
4.14 or Section 4.13 of the Indenture, state the amount (in original principal
amount) below:

          

          $_____________________.

          

          

          

          Date:____________

          

          Your
Signature:__________________________

          

          (Sign
exactly as your name appears on the other side of this Note)

          

          Signature
Guarantee:1_____________________________

          

          

          

          
            
              

            

          

          1Signatures must be guaranteed by an
“eligible guarantor
institution” meeting
the requirements of the Trustee, which
requirements include membership or participation in the Securities Transfer
Association Medallion Program (“STAMP”) or such other “signature guarantee
program” as may be
determined by the Trustee in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

          

          
            
              
              

            

            
              A-13

              
                

              

            

            
              
              

            

          

          

          SCHEDULE OF
TRANSFERS AND EXCHANGES OF NOTES1

          

          The
following transfers and exchanges of a part of this Global Note for Certificated
Notes or a part of another Global Note have been made:

           

          
            	
                    
                      Date
      of transfer or
Exchange

                  	 
      	
                    
                      
                        Amount
      of decrease
in principal
      amount
of this Global
      Note

                  	 
      	
                    Amount
      of increase

                    in
      principal amount

                    of
      this Global Note

                  	 	
                    Principal amount of

                    this Global Note

                    following such

                    decrease (or

                    increase)

                  	 	
                    Signature
      of

                    authorized
      officer of

                    Trustee

                  

          

           

           

           

           

           

           

           

           

           

           

           

           

            
              

            

          

          
            1For Global
Notes

          

           

          
            
              
              

            

            
              A-14

              
                

              

            

            
              
              

            

          

          

          EXHIBIT B

          

          

          

          SUPPLEMENTAL
INDENTURE

          

          

          dated as
of __________, ____

          

          among

          

          CCL
FINANCE LIMITED,

          as
Issuer

          

          the
[ADDITIONAL GUARANTOR(S)] Party Hereto

          

          THE BANK
OF NEW YORK MELLON,

          as
Trustee, Registrar, Paying Agent and Transfer Agent

          

          
             
THE BANK
OF NEW YORK MELLON TRUST (JAPAN), LTD.

            as
Principal Paying Agent

          

          

          and

          

          
            THE BANK
OF NEW YORK MELLON (LUXEMBOURG) S.A.

            as
Luxembourg Paying and Transfer Agent

             

          

          
            
              

            

          

          
9.50%

          Senior
Notes due

          August
15, 2014

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

             

          

          THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into as
of __________, ____, among CCL FINANCE LIMITED, a company
incorporated with limited liability in the Cayman Islands (the “Company”), [Additional
Guarantor(s)] (each an “Undersigned”), THE BANK OF NEW
YORK MELLON, a New York banking corporation, as Trustee, Registrar, Paying Agent
and Transfer Agent (the “Trustee”), THE BANK OF NEW
YORK MELLON TRUST (JAPAN), LTD., as Principal Paying Agent, and THE BANK OF NEW
YORK MELLON (LUXEMBOURG) S.A., as Luxembourg Paying and Transfer
Agent.

          

          RECITALS

          

          WHEREAS,
the Company, the Guarantor party thereto and the Trustee entered into the
Indenture, dated as of August 11, 2009 (the “Indenture”), relating to the
Company’s 9.50% Senior Notes due August 15, 2014 (the “Notes”);

          

          WHEREAS,
as a condition to the Trustee entering into the Indenture and the purchase of
the Notes by the Holders, the Company agreed pursuant to the Indenture to cause
any newly acquired or created Subsidiaries to provide Guarantee in certain
circumstances.

          

          AGREEMENT

          

          NOW,
THEREFORE, in consideration of the premises and mutual covenants herein
contained and intending to be legally bound, the parties to this Supplemental
Indenture hereby agree as follows:

          

          Section
1. Capitalized terms used herein and not otherwise defined herein are used as
defined in the Indenture.

          

          Section
2. Each Undersigned, by its execution of this Supplemental Indenture, agrees to
be a Guarantor under the Indenture and to be bound by the terms of the Indenture
applicable to Guarantors, including, but not limited to, ARTICLE 10 thereof.
[Specify % to be guaranteed, if less than 100%.]

          

          Section
3. This Supplemental Indenture shall be governed by, and construed in accordance
with, the laws of the State of New York.

          

          Section
4. This Supplemental Indenture may be signed in various counterparts which
together will constitute one and the same instrument.

          

          Section
5. This Supplemental Indenture is an amendment supplemental to the Indenture,
and the Indenture and this Supplemental Indenture will henceforth be read
together.

          

          
            
              
              

            

            
              B-1

              
                

              

            

            
              
              

            

          

           

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

          
             

            
              	
                      CCL
      FINANCE LIMITED

                      
                        as
      Issuer

                      

                    	 
	 	 	 	 
	 	 	 	 
	By:	
                       

                    	 
	 	Name:
      	
                       

                    	 
	 	Title:
      	 	 

            

            

              
                	 	 	 	 
	By:	
                         

                      	 
	 	Name:
      	
                         

                      	 
	 	Title:
      	 	 

              

            

             

            
              
                 

                
                  	
                          
                            
                              [ADDITIONAL
      GUARANTOR]

                            

                            
                              as
      Guarantor

                            

                          

                        	 
	 	 	 	 
	 	 	 	 
	By:	
                          
                             

                          

                        	 
	 	Name:
      	
                          
                             

                          

                        	 
	 	Title:
      	 	 

                

                

                  
                    	 	 	 	 
	By:	
                             

                          	 
	 	Name:
      	
                             

                          	 
	 	Title:
      	 	 

                  

                

                 

                
                  
                    
                      
                         

                        
                          	
                                  
                                    
                                      THE
      BANK OF NEW YORK MELLON

                                      as
      Trustee, Registrar, Paying Agent and Transfer
      Agent

                                    

                                  

                                	 
	 	 	 	 
	 	 	 	 
	By:	
                                  
                                     

                                  

                                	 
	 	Name:
      	
                                  
                                     

                                  

                                	 
	 	Title:
      	 	 

                        

                         

                        
                          
                            
                            

                          

                          
                            B-2

                            
                              

                            

                          

                          
                            
                            

                          

                        

                      

                    

                  

                

              

            

          

           

          
             

            
              
                
                  
                    
                      	
                              
                                
                                  
                                    THE
      BANK OF NEW YORK MELLON TRUST (JAPAN), LTD. 

                                      as
      Principal Paying Agent

                                    

                                  

                                

                              

                            	 
	 	 	 	 
	 	 	 	 
	By:	
                              
                                 

                              

                            	 
	 	Name:
      	
                              
                                 

                              

                            	 
	 	Title:
      	 	 

                    

                     

                    
                       

                      
                        
                          
                            
                              
                                	
                                        
                                          
                                            
                                              
                                                
                                                  THE
      BANK OF NEW YORK MELLON (LUXEMBOURG S.A. 

                                                    as
      Luxembourg Paying Agent and Transfer
      Agent

                                                  

                                                

                                              

                                            

                                          

                                        

                                      	 
	 	 	 	 
	 	 	 	 
	By:	
                                        
                                           

                                        

                                      	 
	 	Name:
      	
                                        
                                           

                                        

                                      	 
	 	Title:
      	 	 

                              

                               

                              
                                
                                  
                                  

                                

                                
                                  B-3

                                  
                                    

                                  

                                

                                
                                  
                                  

                                

                                 

                              

                          

                        

                      

                    

                  

                

              

            

          

          EXHIBIT C

          

          RESTRICTED
LEGEND

          

          [Include if Note
is a Rule 144A Global Note, or a Note issued in exchange therefor, as
required under the Indenture: THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER
SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS
NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY (I) TO THE COMPANY, (II) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (III) TO A QUALIFIED
INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (IV)
IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT, OR (V) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY
RULE 144A UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS NOTE,
REPRESENTS AND AGREES THAT IT SHALL NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF
THE RESALE RESTRICTIONS REFERRED TO ABOVE.

          

          THE
FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE ON SATISFACTION OF THE CONDITIONS
SPECIFIED IN THE INDENTURE REFERRED TO HEREIN. ]

          

          [Include if Note
is Regulation S Global Note, or a Note issued in exchange therefor, in
accordance with the Indenture: “THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER
SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT NEITHER
THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

          

          THE
FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE AFTER 40 DAYS BEGINNING ON AND
INCLUDING THE LATER OF (A) THE DATE ON WHICH THE NOTES ARE OFFERED TO PERSONS
OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT)
AND (B) THE ORIGINAL ISSUE DATE OF THIS NOTE.”]

          

          
            
              
              

            

            
              C-1

              
                

              

            

            
              
              

            

          

          

          EXHIBIT
D

          

          DTC
LEGEND

          

          UNLESS
THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK LIMITED PURPOSE TRUST COMPANY (“DTC”), TO THE ISSUER NAMED
HEREIN (THE “COMPANY”)
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

          

          TRANSFERS
OF THIS GLOBAL NOTE IN WHOLE SHALL BE LIMITED TO TRANSFERS TO A NOMINEE OF DTC
OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY AND
TRANSFERS OF THIS GLOBAL NOTE IN PART SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE AND REFERRED TO ON
THE REVERSE HEREOF.

           

          
            
              
              

            

            
              D-1

              
                

              

            

            
              
              

            

          

           

          EXHIBIT
E

          

          Regulation
S Certificate

          

          

          _________,
____

          

          

          The Bank
of New York Mellon

          101
Barclay Street 4E

          Corporate
Trust Services,

          New York,
New York, 10286

          

          Attention:
Corporate Trust Administration

          

          
            	
                  	
                    Re: 

                  	
                    CCL
      FINANCE LIMITED, as Issuer

                  

          

          9.50%
Senior Notes due August 15, 2014 (the “Notes”)

          Issued
under the Indenture (the “Indenture”) dated as
of

          August
11, 2009 relating to the
Notes                                    

          

          Ladies
and Gentlemen:

          

          Terms are
used in this Certificate as used in Regulation S (“Regulation S”) under the
Securities Act of 1933, as amended (the “Securities Act”), except as otherwise
stated herein.

          

          [CHECK
A OR B AS APPLICABLE.]

          

          
            	
                    o

                  	
                    A.  

                  	
                    This
      Certificate relates to our proposed transfer of $____ principal amount of
      Notes issued under the Indenture. We hereby certify as
      follows:

                  

          

          

          
            	
                  	
                    1.  

                  	
                    The
      offer and sale of the Notes was not and will not be made to a person in
      the United States (unless such person is excluded from the definition of
      “U.S. person” pursuant to Rule 902(k)(2)(vi) or the account held by it for
      which it is acting is excluded from the definition of “U.S. person”
      pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule
      902(h)(3)) and such offer and sale was not and will not be specifically
      targeted at an identifiable group of U.S. citizens
  abroad.

                  

          

          

          
            	
                  	
                    2.  

                  	
                    Unless
      the circumstances described in the parenthetical in paragraph 1 above are
      applicable, either (a) at the time
the

                  

          

          

          
            
              
              

            

            
              E-1

              
                

              

            

            
              
              

            

          

           

          buy order was originated, the buyer was outside the United States
or we and any person acting on our behalf reasonably believed that the buyer was
outside the United States or (b) the transaction was executed in, on or through
the facilities of a designated offshore securities market, and neither we nor
any person acting on our behalf knows that the transaction was pre-arranged with
a buyer in the United States;

          

          
            	
                  	
                    3.  

                  	
                    Neither
      we, any of our affiliates, nor any person acting on our or their behalf,
      has made any directed selling efforts in the United States with respect to
      the Notes;

                  

          

          

          
            	
                  	
                    4.  

                  	
                    The
      proposed transfer of Notes is not part of a plan or scheme to evade the
      registration requirements of the Securities Act;
  and

                  

          

          

          
            	
                  	
                    5.  

                  	
                    If
      we are an officer or director of the Company or an Initial Purchaser (as
      defined in the Indenture), we certify that the proposed transfer is being
      made in accordance with the provisions of Rule 904(b) of Regulation
      S.

                  

          

          

          
            	
                    o

                  	
                    B.  

                  	
                    This
      Certificate relates to our proposed exchange of $____ principal amount of
      Notes issued under the Indenture for an equal principal amount of Notes to
      be held by us. We hereby certify as
follows:

                  

          

          

          
            	
                  	
                    1.  

                  	
                    At
      the time the offer and sale of the Notes was made to us, either (i) we
      were not in the United States or (ii) we were excluded from the definition
      of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the account held by us
      for which we were acting was excluded from the definition of “U.S. person”
      pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule
      902(h)(3); and we were not a member of an identifiable group of U.S.
      citizens abroad;

                  

          

          

          
            	
                  	
                    2.  

                  	
                    Unless
      the circumstances described in paragraph 1(ii) above are applicable,
      either (a) at the time our buy order was originated, we were outside the
      United States or (b) the transaction was executed in, on or through the
      facilities of a designated offshore securities market, and we did not pre-
      arrange the transaction in the United States.;
  and

                  

          

          

          
            	
                  	
                    3.  

                  	
                    The
      proposed exchange of Notes is not part of a plan or scheme to evade the
      registration requirements of the Securities
Act.

                  

          

          

          
            
              
              

            

            
              E-2

              
                

              

            

            
              
              

            

          

           

          You and
the Company are entitled to rely upon this Certificate and are irrevocably
authorized to produce this Certificate or a copy hereof to any interested party
in any administrative or legal proceeding or official inquiry with respect to
the matters covered hereby.

           

          
            
               

              
                
                  
                    
                      
                        	
                                
                                  
                                    
                                      
                                        
                                          Very
      truly yours,

                                        

                                      

                                    

                                  

                                

                              	 
	 	 
	
                                [NAME
      OF SELLER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]

                              	 
	 	 	 	 
	 	 	 	 
	By:	
                                
                                   

                                

                              	 
	 	Name:
      	
                                
                                   

                                

                              	 
	 	Title:
      	 	 
	 	Address:
      	 	 

                      

                       

                    

                  

                

              

            

          

          Date:
_________________

          

          

          Signature
Guarantee:1_____________________________

          

          

          

          

          

          

          

          

          

          

          
            
              

            

          

          1 Signatures must be guaranteed by an
“eligible guarantor institution” meeting the requirements of the Trustee, which
requirements include membership or participation in the Securities Transfer
Association Medallion Program (“STAMP”) or such other “signature guarantee
program” as may be determined by the Trustee in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended.

          

          
            
              
              

            

            
              E-3

              
                

              

            

            
              
              

            

          

          

          EXHIBIT F

          

          Rule 144A
Certificate

          

          

          _________,
____

          

          

          The Bank
of New York Mellon 

          101
Barclay Street 4E 

          Corporate
Trust Services, 

          New York,
New York  10286

          

          

          
            
              	
                    	
                      Re:

                    	
                      CCL
      FINANCE LIMITED, as Issuer

                    

            

          

          9.50%
Senior Notes due August 15, 2014 (the

          “Notes”)
Issued under the Indenture (the “Indenture”)

          dated
as of August 11, 2009 relating to the
Notes           

          

          Ladies
and Gentlemen:

          

          TO BE
COMPLETED BY PURCHASER IF (1) ABOVE IS CHECKED.

          

          This
Certificate relates to:

          

          [CHECK
A OR B AS APPLICABLE.]

          

          
            	
                    o

                  	
                    A.  

                  	
                    Our
      proposed purchase of $____ principal amount of Notes issued under the
      Indenture.

                  

          

          

          
            	
                    o

                  	
                    B.  

                  	
                    Our
      proposed exchange of $____ principal amount of Notes issued under the
      Indenture for an equal principal amount of Notes to be held by
      us.

                  

          

          

          We and,
if applicable, each account for which we are acting in the aggregate owned and
invested more than $100,000,000 in securities of issuers that are not affiliated
with us (or such accounts, if applicable), as of _________, 200_, which is a
date on or since close of our most recent fiscal year. We and, if applicable,
each account for which we are acting, are a qualified institutional buyer within
the meaning of Rule 144A (“Rule 144A”) under the Securities Act of 1933, as
amended (the “Securities Act”). If we are acting on behalf of an account, we
exercise sole investment discretion with respect to such account. We are aware
that the transfer of Notes to us, or such exchange, as applicable, is being made
in reliance upon the exemption from the provisions of Section 5 of the
Securities Act provided by Rule 144A. Prior to the date of this Certificate we
have received such information regarding the Company as we have
requested

          

          
            
              
              

            

            
              F-1

              
                

              

            

            
              
              

            

          

           

          pursuant
to Rule 144A(d)(4) to the extent that the Company is not then subject to Section
13 or 15(d) of the Exchange Act, or is not exempt from reporting pursuant to
Rule 12g3-2(b) under the Exchange Act or have determined not to request such
information.

          

          You and
the Company are entitled to rely upon this Certificate and are irrevocably
authorized to produce this Certificate or a copy hereof to any interested party
in any administrative or legal proceeding or official inquiry with respect to
the matters covered hereby.

          

          
             

            
              
                
                  
                    
                      
                        
                          	
                                  
                                    
                                      
                                        
                                          
                                            Very
      truly yours,

                                          

                                        

                                      

                                    

                                  

                                	 
	 	 
	
                                  
                                    [NAME
      OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR
    EXCHANGES)]

                                  

                                	 
	 	 	 	 
	 	 	 	 
	By:	
                                  
                                     

                                  

                                	 
	 	Name:
      	
                                  
                                     

                                  

                                	 
	 	Title:
      	 	 
	 	Address:
      	 	 

                        

                         

                    

                  

                

              

            

            Date:
_________________

          
            Signature
Guarantee: 1_____________________________

          

          

          

          

           

          

          

          

          
            
              

            

          

          1 Signatures must be guaranteed by an
“eligible guarantor institution” meeting the requirements of the Trustee, which
requirements include membership or participation in the Securities Transfer
Association Medallion Program (“STAMP”) or such other “signature guarantee
program” as may be determined by the Trustee in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended.

           

          F-2

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