Document:

kl08083_ex4-1.htm

    
      

    

    Exhibit
      4.1

     

     

     

     

     

    GENCO
      SHIPPING & TRADING LIMITED

     

    ________________

    

    INDENTURE

    

    DATED
      AS
      OF [   ],
      200_

    

    ________________

    

    [   ]

    

    Trustee

    ________________

    

    

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    CROSS-REFERENCE
      TABLE*

     

    
      	
              Trust
                Indenture

              Act
                Section

            	 	
              Indenture
                Section

            
	 	 	 
	
              310(a)(1)

               

            	 	
              7.10

               

            
	
              (a)(2)

               

            	 	
              7.10

               

            
	
              (a)(3)

               

            	 	
              N.A.

               

            
	
              (a)(4)

               

            	 	
              N.A.

               

            
	
              (a)(5)

               

            	 	
              7.10

               

            
	
              (b)

               

            	 	
              7.10

               

            
	
              (c)

               

            	 	
              N.A.

               

            
	
              311(a)

               

            	 	
              7.11

               

            
	
              (b)

               

            	 	
              7.11

               

            
	
              (c)

               

            	 	
              N.A.

               

            
	
              312(a)

               

            	 	
              2.06

               

            
	
              (b)

               

            	 	
              11.03

               

            
	
              (c)

               

            	 	
              11.03

               

            
	
              313(a)

               

            	 	
              7.06

               

            
	
              (b)(2)

               

            	 	
              7.06;
                7.07

               

            
	
              (c)

               

            	 	
              7.06;
                11.02

               

            
	
              (d)

               

            	 	
              7.06

               

            
	
              314(a)

               

            	 	
              4.03;
                11.02

               

            
	
              (b)

               

            	 	
              N.A.

               

            
	
              (c)(1)

               

            	 	
              11.04

               

            
	
              (c)(2)

               

            	 	
              11.04

               

            
	
              (c)(3)

               

            	 	
              N.A.

               

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              Trust
                Indenture

              Act
                Section

            	 	
              Indenture
                Section

            

    

     

    
      	
              (d)

               

            	 	
              N.A.

               

            
	
              (e)

               

            	 	
              11.05

               

            
	
              (f)

               

            	 	
              N.A.

               

            
	
              315(a)

               

            	 	
              7.01

               

            
	
              (b)

               

            	 	
              7.05;
                11.02

               

            
	
              (c)

               

            	 	
              7.01

               

            
	
              (d)

               

            	 	
              7.01

               

            
	
              (e)

               

            	 	
              6.11

               

            
	
              316(a)
                (last sentence)

               

            	 	
              2.10

               

            
	
              (a)(1)(A)

               

            	 	
              6.05

               

            
	
              (a)(1)(B)

               

            	 	
              6.04

               

            
	
              (a)(2)

               

            	 	
              N.A.

               

            
	
              (b)

               

            	 	
              6.07

               

            
	
              (c)

               

            	 	
              2.13

               

            
	
              317(a)(1)

               

            	 	
              6.08

               

            
	
              (a)(2)

               

            	 	
              6.09

               

            
	
              (b)

               

            	 	
              2.05

               

            
	
              318(a)

               

            	 	
              11.01

               

            
	
              (b)

               

            	 	
              N.A.

               

            
	
              (c)

               

            	 	
              11.01

               

            

    

    N.A.
      means not applicable.

    

    
      	
              *

            	
              This
                Cross-Reference Table is not part of this
                Indenture.

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    TABLE
      OF CONTENTS

     

                                                                       Page

     

    
      	
              ARTICLE
                1.

            	
              DEFINITIONS
                AND INCORPORATION BY REFERENCE                                   1

            	 

    

    
      	 	
              Section
                1.01

            	
              Definitions                                                                1

            	 

    

    
      	 	
              Section
                1.02

            	
              Other
                Definitions                                                            
                6

            	 

    

    
      	 	
              Section
                1.03

            	
              Incorporation
                by Reference of Trust Indenture Act                                      6   

            	 

    

    
      	 	
              Section
                1.04

            	
              Rules
                of Construction                                                    7

            	 

    

     

    
      	
              ARTICLE
                2.

            	
              THE
                NOTES                                                              7       

            	 

    

    
      	 	
              Section
                2.01

            	
              Issuable
                in Series                                                         7

            	 

    

    
      	 	
              Section
                2.02

            	
              Establishment
                of Terms of Series of Notes                                        
                8

            	 

    

    
      	 	
              Section
                2.03

            	
              Execution
                and Authentication                                                 10

            	 

    

    
      	 	
              Section
                2.04

            	
              Registrar
                and Paying Agent                                                
10   

            	 

    

    
      	 	
              Section
                2.05

            	
              Paying
                Agent to Hold Money in Trust                                           11

            	 

    

    
      	 	
              Section
                2.06

            	
              Holder
                Lists                                                            
                11

            	 

    

    
      	 	
              Section
                2.07

            	
              Transfer
                and Exchange                                                     
                11

            	 

    

    
      	 	
              Section
                2.08

            	
              Replacement
                Notes                                                        12

            	 

    

    
      	 	
              Section
                2.09

            	
              Outstanding
                Notes                                                        12

            	 

    

    
      	 	
              Section
                2.10

            	
              Treasury
                Notes                                                      
12

            	 

    

    
      	 	
              Section
                2.11

            	
              Temporary
                Notes                                                       
13

            	 

    

    
      	 	
              Section
                2.12

            	
              Cancellation                                                            
                13

            	 

    

    
      	 	
              Section
                2.13

            	
              Defaulted
                Interest                                                       13

            	 

    

    
      	 	
              Section
                2.14

            	
              Global
                Notes                                                        13

            	 

    

    
      	 	
              Section
                2.15

            	
              CUSIP
                Number                                               
                14    

            	 

    

     

    
      	
              ARTICLE
                3.

            	
              REDEMPTION
                AND PREPAYMENT                                            
                15

            	 

    

    
      	 	
              Section
                3.01

            	
              Notice
                to Trustee                                                       15

            	 

    

    
      	 	
              Section
                3.02

            	
              Selection
                of Notes to Be Redeemed                                            15

            	 

    

    
      	 	
              Section
                3.03

            	
              Notice
                of Redemption                                                    15

            	 

    

    
      	 	
              Section
                3.04

            	
              Effect
                of Notice of Redemption                                               
                16 

            	 

    

    
      	 	
              Section
                3.05

            	
              Deposit
                of Redemption Price                                                16

            	 

    

    
      	 	
              Section
                3.06

            	
              Notes
                Redeemed in Part                                                    17

            	 

    

     

    
      	
              ARTICLE
                4.

            	
              COVENANTS                                                          17

            	 

    

    
      	 	
              Section
                4.01

            	
              Payment
                of Principal and Interest                                               
17

            	 

    

    
      	 	
              Section
                4.02

            	
              Maintenance
                of Office or Agency                                              
                17

            	 

    

    
      	 	
              Section
                4.03

            	
              Reports                                                            18

            	 

    

    
      	 	
              Section
                4.04

            	
              Compliance
                Certificate                                                   18

            	 

    

    
      	 	
              Section
                4.05

            	
              Taxes                                                                19

            	 

    

    
      	 	
              Section
                4.06

            	
              Stay,
                Extension and Usury Laws                                                 19

            	 

    

    
      	 	
              Section
                4.07

            	
              Corporate
                Existence                                                       19

            	 

    

     

    
      	
              ARTICLE
                5.

            	
              SUCCESSORS                                                         19

            	 

    

    
      	 	
              Section
                5.01

            	
              Merger,
                Consolidation or Sale of Assets                                          
19

            	 

    

     

    i
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              Section
                5.02

            	
              Successor
                Corporation Substituted                                            20

            	 

    

     

    
      	
              ARTICLE
                6.

            	
              DEFAULTS
                AND REMEDIES                                                 
                21

            	 

    

    
      	 	
              Section
                6.01

            	
              Events
                of Default                                                       
21

            	 

    

    
      	 	
              Section
                6.02

            	
              Acceleration                                                           
                22

            	 

    

    
      	 	
              Section
                6.03

            	
              Other
                Remedies                                                       22

            	 

    

    
      	 	
              Section
                6.04

            	
              Waiver
                of Past Defaults                                                   
23

            	 

    

    
      	 	
              Section
                6.05

            	
              Control
                by Majority                                                      
23

            	 

    

    
      	 	
              Section
                6.06

            	
              Limitation
                on Suits                                                        
                23

            	 

    

    
      	 	
              Section
                6.07

            	
              Rights
                of Holders of Notes to Receive Payment                                       24

            	 

    

    
      	 	
              Section
                6.08

            	
              Collection
                Suit by Trustee                                                   
24

            	 

    

    
      	 	
              Section
                6.09

            	
              Trustee
                May File Proofs of Claim                                               
24

            	 

    

    
      	 	
              Section
                6.10

            	
              Priorities                                                           25 

            	 

    

    
      	 	
              Section
                6.11

            	
              Undertaking
                for Costs                                                   25

            	 

    

     

    
      	
              ARTICLE
                7.

            	
              TRUSTEE                                                             25

            	 

    

    
      	 	
              Section
                7.01

            	
              Duties
                of Trustee                                                       
25

            	 

    

    
      	 	
              Section
                7.02

            	
              Rights
                of Trustee                                                       
26

            	 

    

    
      	 	
              Section
                7.03

            	
              Individual
                Rights of Trustee                                                
                27

            	 

    

    
      	 	
              Section
                7.04

            	
              Trustee’s
                Disclaimer                                                     
                28

            	 

    

    
      	 	
              Section
                7.05

            	
              Notice
                of Defaults                                                         
                28

            	 

    

    
      	 	
              Section
                7.06

            	
              Reports
                by Trustee to Holders of the Notes                                        
                28

            	 

    

    
      	 	
              Section
                7.07

            	
              Compensation
                and Indemnity                                                 
                28

            	 

    

    
      	 	
              Section
                7.08

            	
              Replacement
                of Trustee                                                   
29

            	 

    

    
      	 	
              Section
                7.09

            	
              Successor
                Trustee by Merger, Etc.                                             30

            	 

    

    
      	 	
              Section
                7.10

            	
              Eligibility;
                Disqualification                                                  
                30

            	 

    

    
      	 	
              Section
                7.11

            	
              Preferential
                Collection of Claims Against Company                                    
                31

            	 

    

    
      	 	
              Section
                7.12

            	
              Trustee’s
                Application for Instructions from the Company                                
                31

            	 

    

     

    
      	
              ARTICLE
                8.

            	
              LEGAL
                DEFEASANCE AND COVENANT DEFEASANCE                               31

            	 

    

    
      	 	
              Section
                8.01

            	
              Option
                to Effect Legal Defeasance or Covenant Defeasance                                
                31

            	 

    

    
      	 	
              Section
                8.02

            	
              Legal
                Defeasance and Discharge                                                31

            	 

    

    
      	 	
              Section
                8.03

            	
              Covenant
                Defeasance                                                       32

            	 

    

    
      	 	
              Section
                8.04

            	
              Conditions
                to Legal or Covenant Defeasance                                          32

            	 

    

    
      	 	
              Section
                8.05

            	
              Deposited
                Money and Government Securities to Be Held in Trust; Other Miscellaneous
                Provisions           33

            	 

    

    
      	 	
              Section
                8.06

            	
              Repayment
                to Company                                                       34 

            	 

    

    
      	 	
              Section
                8.07

            	
              Reinstatement                                                        34

            	 

    

     

    
      	
              ARTICLE
                9.

            	
              AMENDMENT,
                SUPPLEMENT AND WAIVER                                     35

            	 

    

    
      	 	
              Section
                9.01

            	
              Without
                Consent of Holders of Notes                                               35                      

            	 

    

    
      	 	
              Section
                9.02

            	
              With
                Consent of Holders of Notes                                                 36

            	 

    

    
      	 	
              Section
                9.03

            	
              Compliance
                with Trust Indenture Act                                                37

            	 

    

    
      	 	
              Section
                9.04

            	
              Revocation
                and Effect of Consents                                                37

            	 

    

    
      	 	
              Section
                9.05

            	
              Notation
                on or Exchange of Notes                                             37

            	 

    

    
      	 	
              Section
                9.06

            	
              Trustee
                Protected                                                          37

            	 

    

     

    ii
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              ARTICLE
                10.

            	
              SATISFACTION
                AND DISCHARGE                                                  
                37

            	 

    

    
      	 	
              Section
                10.01

            	
              Satisfaction
                and Discharge                                                    37

            	 

    

    
      	 	
              Section
                10.02

            	
              Application
                of Trust Money                                                    
                38

            	 

    

     

    
      	
              ARTICLE
                11.

            	
              MISCELLANEOUS                                                         39

            	 

    

    
      	 	
              Section
                11.01

            	
              Trust
                Indenture Act Controls                                                   39

            	 

    

    
      	 	
              Section
                11.02

            	
              Notices                                                                
                39

            	 

    

    
      	 	
              Section
                11.03

            	
              Communication
                by Holders of Notes with Other Holders of Notes                              
40

            	 

    

    
      	 	
              Section
                11.04

            	
              Certificate
                and Opinion as to Conditions Precedent                                       
40

            	 

    

    
      	 	
              Section
                11.05

            	
              Statements
                Required in Certificate                                                 
                40

            	 

    

    
      	 	
              Section
                11.06

            	
              Rules
                by Trustee and Agents                                                     
                40

            	 

    

    
      	 	
              Section
                11.07

            	
              Calculation
                of Foreign Currency Amounts                                           
41

            	 

    

    
      	 	
              Section
                11.08

            	
              No
                Personal Liability of Directors, Officers, Employees and Stockholders                         
                41

            	 

    

    
      	 	
              Section
                11.09

            	
              Governing
                Law                                                           41

            	 

    

    
      	 	
              Section
                11.10

            	
              No
                Adverse Interpretation of Other Agreements                                        
41

            	 

    

    
      	 	
              Section
                11.11

            	
              Successors                                                             
                41

            	 

    

    
      	 	
              Section
                11.12

            	
              Severability                                                             41

            	 

    

    
      	 	
              Section
                11.13

            	
              Counterpart
                Originals                                                       
41

            	 

    

    
      	 	
              Section
                11.14

            	
              Table
                of Contents, Headings, Etc.                                              
42

            	 

    

     

    
      	
              ARTICLE
                12.

            	
              SINKING
                FUNDS                                                          42

            	 

    

    
      	 	
              Section
                12.01

            	
              Applicability
                of Article                                                        
                42

            	 

    

    
      	 	
              Section
                12.02

            	
              Satisfaction
                of Sinking Fund Payments with Notes                                       
                42

            	 

    

    
      	 	
              Section
                12.03

            	
              Redemption
                of Notes for Sinking Fund                                            
                43

            	 

    

     

    
      	
              ARTICLE
                13.

            	
              GUARANTEES                                                             43

            	 

    

    
      	 	
              Section
                13.01

            	
              Guarantee                                                               43

            	 

    

     

     

    iii

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    INDENTURE
      dated as of [ ], 200_ between Genco Shipping & Trading Limited, a Marshall
      Islands corporation (the “Company”),
      the
      guarantors, if any, listed on the signature pages hereto (the “Guarantors”)
      and [
      ], as trustee (the “Trustee”).

     

    The
      Company and the Trustee agree as follows for the benefit of each other and
      for
      the equal and ratable benefit of the Holders of the Notes issued under this
      Indenture.

     

    ARTICLE
      1.

    DEFINITIONS
      AND INCORPORATION

    BY
      REFERENCE

     

    Section
      1.01 Definitions.

     

    “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 purposes of this definition, “control,” as used with respect to any
      Person, means the possession, directly or indirectly, of the power to direct
      or
      cause the direction of the management or policies of such Person, whether
      through the ownership of voting securities, by agreement or otherwise;
provided,
      that
      beneficial ownership of 10% or more of the Voting Stock of a Person shall be
      deemed to be in control. For purposes of this definition, the terms
“controlling,” “controlled by” and “under common control with” have correlative
      meanings.

     

    “Agent”
means
      any Registrar, Paying Agent or co-registrar.

     

    “Attributable
      Debt”
in
      respect of a sale and leaseback transaction means, at the time of determination,
      the present value of the obligation of the lessee for net rental payments during
      the remaining term of the lease included in such sale and leaseback transaction
      including any period for which such lease has been extended or may, at the
      option of the lessor, be extended. Such present value shall be calculated using
      a discount rate equal to the rate of interest implicit in such transaction,
      determined in accordance with GAAP.

     

    “Bankruptcy
      Law”
means
      Title 11, U.S. Code or any similar federal or state law for the relief of
      debtors.

     

    “Board
      of Directors” means:

     

    
      	 	
              (1)

            	
              with
                respect to a corporation, the board of directors of the corporation
                or any
                committee thereof duly authorized to act on behalf of such
                board;

            

    

     

    
      	 	
              (2)

            	
              with
                respect to a partnership, the Board of Directors of the general partner
                of
                the partnership;

            

    

     

    
      	 	
              (3)

            	
              with
                respect to a limited liability company, the managing member or members
                or
                any controlling committee of managing members or managers thereof;
                and

            

    

     

    
      	 	
              (4)

            	
              with
                respect to any other Person, the board or committee of such Person
                serving
                a similar function.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    “Business
      Day”
means
      any day other than a Legal Holiday.

     

    “Capital
      Lease Obligation”
      means,
      at the
      time any determination thereof is to be made, the amount of the liability in
      respect of a capital
      lease that would at that time be required to be capitalized on a balance sheet
      in accordance with GAAP.

     

    “Capital
      Stock”
      means:

     

    
      	 	
              (1)

            	
              in
                the case of a corporation, corporate
                stock;

            

    

     

    
      	 	
              (2)

            	
              in
                the case of an association or business entity, any and all shares,
                interests, participations, rights or other equivalents, however
                designated, of corporate stock;

            

    

     

    
      	 	
              (3)

            	
              in
                the case of a partnership or limited liability company, partnership
                or
                membership interests, whether general or limited;
                and

            

    

     

    
      	 	
              (4)

            	
              any
                other interest or participation that confers on a Person the right
                to
                receive a share of the profits and losses of, or distributions of
                assets
                of, the issuing Person.

            

    

     

    “Company”
means
      Genco Shipping & Trading Limited, a Marshall Islands corporation and any and
      all successors thereto.

     

    “Company
      Order”
means
      a
      written order signed in the name of the Company by the principal executive
      officer, the principal financial officer, the treasurer or the principal
      accounting officer of the Company.

     

    “Corporate
      Trust Office of the Trustee”
shall
      be at the address of the Trustee specified in Section 11.02 hereof or such
      other
      address as to which the Trustee may give notice to the Company.

     

    “Custodian”
means
      the Trustee, as custodian with respect to the Global Notes, or any successor
      entity thereto.

     

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

     

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

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    “Discount
      Note”
means
      any Note that provides for an amount less than the stated principal amount
      thereof to be due and payable upon declaration of acceleration of the maturity
      thereof pursuant to Section 6.02.

     

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

     

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

     

    “Equity
      Interests”
means
      Capital Stock and all warrants, options or other rights to acquire Capital
      Stock, but excluding any debt security that is convertible into, or exchangeable
      for, Capital Stock.

     

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

     

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

     

    “GAAP”
means
      generally accepted accounting principles set forth in the opinions and
      pronouncements of the Accounting Principles Board of the American Institute
      of
      Certified Public Accountants and statements and pronouncements of the Financial
      Accounting Standards Board and such other statements by such other entity as
      have been approved by a significant segment of the accounting profession, which
      are applicable as of the date of this Indenture.

     

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

     

    “Government
      Securities”
means
      direct obligations of, or obligations guaranteed by, the United States of
      America, and the payment for which the United States pledges its full faith
      and
      credit.

     

    “Guarantee”
means
      a
      guarantee, other than by endorsement of negotiable instruments for collection
      in
      the ordinary course of business, direct or indirect, in any manner including,
      without limitation, by way of a pledge of assets or through letters of credit
      or
      reimbursement agreements in respect thereof, of all or any part of any
      Indebtedness.

     

    “Guarantor”
means
      each of the parties identified pursuant to Section 2.2.

     

    “Hedging
      Obligations”
means,
      with respect to any specified Person, the obligations of such Person
      under:

     

    
      	 	
              (1)

            	
              interest
                rate swap agreements, interest rate cap agreements and interest rate
                collar agreements; and

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
 

    
      	 	
              (2)

            	
              other
                agreements or arrangements in respect of such Person’s exposure to
                fluctuations in commodity prices, currency exchange rates or interest
                rates and, in each case, not entered into for speculative
                purposes.

            

    

     

    “Holder”
means
      a
      Person in whose name a Note is registered.

     

    “Indebtedness”
means,
      with respect to any specified Person, any indebtedness of such Person, whether
      or not contingent:

     

    
      	 	
              (1)

            	
              in
                respect of borrowed money;

            

    

     

    
      	 	
              (2)

            	
              evidenced
                by bonds, notes, debentures or similar instruments or letters of
                credit,
                or reimbursement agreements in respect
                thereof;

            

    

     

    
      	 	
              (3)

            	
              in
                respect of banker’s acceptances;

            

    

     

    
      	 	
              (4)

            	
              representing
                Capital Lease Obligations;

            

    

     

    
      	 	
              (5)

            	
              representing
                the balance deferred and unpaid of the purchase price of any property,
                except any such balance that constitutes an accrued expense or trade
                payable; or

            

    

     

    
      	 	
              (6)

            	
              representing
                any Hedging Obligations,

            

    

     

    if
      and to
      the extent any of the preceding items, other than letters of credit and Hedging
      Obligations, would appear as a liability upon a balance sheet of the specified
      Person prepared in accordance with GAAP. In addition, the term “Indebtedness”
includes all Indebtedness of others secured by a Lien on any asset of the
      specified Person, whether or not such Indebtedness is assumed by the specified
      Person, and, to the extent not otherwise included, the Guarantee by the
      specified Person of any Indebtedness of any other Person or any liability of
      any
      person, whether or not contingent and whether or not it appears on the balance
      sheet of such Person.

     

    The
      amount of any Indebtedness outstanding as of any date shall be:

     

    
      	 	
              (1)

            	
              the
                accreted value of the Indebtedness, in the case of any Indebtedness
                that
                does not require the current payment of interest;
                and

            

    

     

    
      	 	
              (2)

            	
              principal
                amount of the Indebtedness, together with any interest on the Indebtedness
                that is more than 30 days past due, in the case of any other
                Indebtedness.

            

    

     

    “Indenture”
means
      this Indenture, as amended, supplemented or restated from time to time and
      shall
      include the form and terms of particular Series of Notes established as
      contemplated hereunder.

     

    “Legal
      Holiday”
means
      a
      Saturday, a Sunday or a day on which banking institutions in the City of New
      York, the city in which the principal office of the Trustee is located or at
      a
      place of payment are authorized by law, regulation or executive order to remain
      closed. If a payment

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    date
      is a
      Legal Holiday at a place of payment, payment may be made at that place on the
      next succeeding day that is not a Legal Holiday, and no interest shall accrue
      on
      such payment for the intervening period.

     

    “Lien”
means,
      with respect to any asset, any mortgage, lien, pledge, charge, security interest
      or encumbrance of any
      kind in
      respect of such asset, whether or not filed, recorded or otherwise perfected
      under applicable law, including any conditional sale or other title retention
      agreement or any lease in the nature thereof; provided
      that in
      no event shall an operating lease be deemed to constitute a Lien.

     

    “Notes”
means
      notes or other debt instruments of the Company of any Series issued under this
      Indenture.

     

    “Officer”
means,
      with respect to any Person, the Chairman of the Board, the Chief Executive
      Officer, the President, the Chief Operating Officer, the Chief Financial
      Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary
      or any Vice-President of such Person.

     

    “Officer’s
      Certificate”
means
      a
      certificate signed on behalf of the Company by an Officer of the Company that
      meets the requirements of Sections 11.04 and 11.05 hereof.

     

    “Opinion
      of Counsel”
means
      an opinion from legal counsel who is acceptable to the Trustee, that meets
      the
      requirements of Sections 11.04 and 11.05 hereof. The counsel may be an employee
      of or counsel to the Company, any Subsidiary of the Company or the
      Trustee.

     

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

     

    “Responsible
      Officer”
when
      used with respect to the Trustee, means any officer within the corporate trust
      department of the Trustee, including any vice president, assistant vice
      president, assistant secretary, assistant treasurer, trust officer or any other
      officer of the Trustee who customarily performs functions similar to those
      performed by the persons who at the time shall be such officers, respectively,
      or to whom any corporate trust matter is referred because of such person’s
      knowledge of and familiarity with the particular subject and who shall have
      direct responsibility for the administration of this Indenture.

     

    “SEC”
means
      the Securities and Exchange Commission.

     

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

     

    “Series”
or
      “Series
      of Notes”
means
      each series of debentures, notes or other debt instruments of the Company
      created pursuant to Sections 2.01 and 2.02 hereof.

     

    “Stated
      Maturity”
means,
      with respect to any installment of interest or principal on any series of
      Indebtedness, the date on which the payment of interest or principal was
      scheduled to be paid in the original documentation governing such Indebtedness,
      and shall not include any

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    contingent
      obligations to repay, redeem or repurchase any such interest or principal prior
      to the date originally scheduled for the payment thereof.

     

    “Subsidiary”
means,
      with respect to any specified Person:

     

    
      	 	
              (1)

            	
              any
                corporation, association or other business entity of which more than
                50%
                of the total voting power of shares of Capital Stock entitled, without
                regard to the occurrence of any contingency, to vote in the election
                of
                directors, managers or trustees thereof is at the time owned or
                controlled, directly or indirectly, by such Person;
                and

            

    

     

    
      	 	
              (2)

            	
              partnership
                (a) the sole general partner or the managing general partner of which
                is
                such Person or an entity described in clause (1) and related to such
                Person or (b) the only general partners of which are such Person
                or one or
                more entities described in clause (1) and related to such Person,
                or any
                combination thereof.

            

    

     

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

     

    “Trustee”
means
      the person named as the “Trustee” in the first paragraph of this instrument
      until a successor Trustee shall have become such pursuant to the applicable
      provisions of this Indenture, and thereafter “Trustee” shall mean each person
      who is then a Trustee hereunder, and if at any time there is more than one
      such
      person, “Trustee” as used with respect to the Notes of any Series shall mean the
      Trustee with respect to Notes of that Series.

     

    “Voting
      Stock”
of
      any
      Person as of any date means the Capital Stock of such Person that is at the
      time
      entitled to vote in the election of the Board of Directors of such
      Person.

     

    Section
      1.02 Other
      Definitions

     

    
      	
              Term

            	 	
              Defined
                in

              Section

            
	
              “Authentication
                Order”

            	 	
              2.03

            
	
              “Covenant
                Defeasance”

            	 	
              8.03

            
	
              “Event
                of Default”

            	 	
              6.01

            
	
              “Legal
                Defeasance”

            	 	
              8.02

            
	
              “Mandatory
                Sinking Fund Payment”

            	 	
              12.01

            
	
              “Optional
                Sinking Fund Payment”

            	 	
              12.01

            
	
              “Paying
                Agent”

            	 	
              2.04

            
	
              “Registrar”

            	 	
              2.04

            
	 	 	 

    

    Section
      1.03 Incorporation
      by Reference of Trust Indenture Act

     

    Whenever
      this Indenture refers to a provision of the TIA, the provision is incorporated
      by reference in and made a part of this Indenture.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    The
      following TIA terms used in this Indenture have the following
      meanings:

     

    “Commission”
means
      the SEC;

     

    “indenture
      securities”
means
      the Notes;

     

    “indenture
      security holder”
means
      a
      Holder of a Note;

     

    “indenture
      to be qualified”
means
      this Indenture;

     

    “indenture
      trustee”
or
      “institutional
      trustee”
means
      the Trustee; and

     

    “obligor”
on
      the
      indenture securities means the Company, and any successor obligor upon the
      Notes.

     

    All
      other
      terms used in this Indenture that are defined by the TIA, defined by TIA
      reference to another statute or defined by SEC rule under the TIA have the
      meanings so assigned to them.

     

    Section
      1.04 Rules
      of Construction.

     

    Unless
      the context otherwise requires:

     

    
      	 	
              (1)

            	
              a
                term has the meaning assigned to
                it;

            

    

     

    
      	 	
              (2)

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

            

    

     

    
      	 	
              (3)

            	
              “or”
                is not exclusive;

            

    

     

    
      	 	
              (4)

            	
              words
                in the singular include the plural, and in the plural include the
                singular;

            

    

     

    
      	 	
              (5)

            	
              apply
                to successive events and transactions;
                and

            

    

     

    
      	 	
              (6)

            	
              references
                to sections of or rules under the Securities Act shall be deemed
                to
                include substitute, replacement or successor sections or rules adopted
                by
                the SEC from time to time.

            

    

     

    ARTICLE
      2.

    THE
      NOTES

     

    Section
      2.01 Issuable
      in Series.
      The
      aggregate principal amount of Notes that may be authenticated and delivered
      under this Indenture is unlimited. The Notes may be issued in one or more
      Series. All Notes of a Series shall be identical except as may be set forth
      in a
      Board Resolution, a supplemental indenture or an Officer’s Certificate detailing
      the adoption of the terms thereof pursuant to the authority granted under a
      Board Resolution. In the case of Notes of a Series to be issued from time to
      time, the Board Resolution, Officer’s Certificate or supplemental indenture
      detailing the adoption of the terms thereof pursuant to authority granted under
      a Board Resolution may provide for the method by which specified terms (such
      as
      interest

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    rate,
      maturity date, record date or date from which interest shall accrue) are to
      be
      determined. Notes may differ between Series in respect of any matters,
provided
      that all
      Series of Notes shall be equally and ratably entitled to the benefits of the
      Indenture.

     

    Section
      2.02 Establishment
      of Terms of Series of Notes.

     

    At
      or
      prior to the issuance of any Notes within a Series, the following shall be
      established (as to the Series generally, in the case of Subsection 2.02(a)
      and
      either as to such Notes within the Series or as to the Series generally in
      the
      case of Subsections 2.02(b) through 2.02(v)) by or pursuant to a Board
      Resolution, and set forth or determined in the manner provided in a Board
      Resolution, supplemental indenture or an Officer’s Certificate pursuant to
      authority granted under a Board Resolution:

     

    (a) the
      title
      of the Series (which shall distinguish the Notes of that particular Series
      from
      the Notes of any other Series);

     

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

     

    (c) any
      limit
      upon the aggregate principal amount of the Notes of the Series which may be
      authenticated and delivered under this Indenture (except for Notes authenticated
      and delivered upon registration of transfer of, or in exchange for, or in lieu
      of, other Notes of the Series pursuant to Sections 2.07, 2.08, 2.11, 3.06 or
      9.05);

     

    (d) the
      date
      or dates on which the principal of the Notes of the Series is
      payable;

     

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

     

    (f) the
      place
      or places where the principal of and interest, if any, on the Notes of the
      Series shall be payable, where the Notes of such Series may be surrendered
      for
      registration of transfer or exchange and where notices and demands to or upon
      the Company in respect of the Notes of such Series and this Indenture may be
      served, and the method of such payment, if by wire transfer, mail or other
      means;

     

    (g) if
      applicable, the period or periods within which, the price or prices at which
      and
      the terms and conditions upon which the Notes of the Series may be redeemed,
      in
      whole or in part, at the option of the Company;

     

    (h) the
      obligation, if any, of the Company to redeem or purchase the Notes 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 Notes of the Series shall be
      redeemed or purchased, in whole or in part, pursuant to such
      obligation;

     

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

     

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

     

    (j) if
      other
      than denominations of $1,000 and any integral multiple thereof, the
      denominations in which the Notes of the Series shall be issuable;

     

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

     

    (l) if
      other
      than the principal amount thereof, the portion of the principal amount of the
      Notes of the Series that shall be payable upon declaration of acceleration
      of
      the maturity thereof pursuant to Section 6.02;

     

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

     

    (n) the
      designation of the currency, currencies or currency units in which payment
      of
      the principal of and interest, if any, on the Notes of the Series will be
      made;

     

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

     

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

     

    (q) the
      provisions, if any, relating to any security or guarantee provided for the
      Notes
      of the Series, and any subordination in right of payment, if any, of the Notes
      of the Series;

     

    (r) the
      provisions, if any, relating to any conversion or exchange right of the Notes
      of
      the Series;

     

    (s) any
      addition to or change in the Events of Default which applies to any Notes of
      the
      Series and any change in the right of the Trustee or the requisite Holders
      of
      such Notes to declare the principal amount thereof due and payable pursuant
      to
      Section 6.02;

     

    (t) any
      addition to or change in the covenants set forth in Articles 4 or 5 which
      applies to Notes of the Series;

     

    (u) any
      other
      terms of the Notes of the Series (which may modify or delete any provision
      of
      this Indenture insofar as it applies to such Series);

    (v)
      any
      depositories, authenticating agents, paying agents, registrars, calculation
      agents, exchange rate agents, conversion agents or other agents with respect
      to
      Notes of such Series if other than those appointed herein; and

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

     

    (w) the
      conditions, if any, under which a default under any mortgage, indenture or
      instrument under which there may be issued or by which there may be secured
      or
      evidenced any Indebtedness for money borrowed by the Company or any of its
      Subsidiaries (or the payment of which is guaranteed by the Company or any of
      its
      Subsidiaries) will constitute an Event of Default with respect to Notes of
      the
      Series.

     

    All
      Notes
      of any one Series need not be issued at the same time and may be issued from
      time to time, consistent with the terms of this Indenture, if so provided by
      or
      pursuant to the Board Resolution, supplemental indenture hereto or Officer’s
      Certificate referred to above, and the authorized principal amount of any Series
      may not be increased to provide for issuances of additional Notes of such
      Series, unless otherwise provided in such Board Resolution, supplemental
      indenture or Officer’s Certificate.

     

    Section
      2.03 Execution
      and Authentication.

     

    One
      Officer shall sign the Notes for the Company by manual or facsimile signature.
      If an Officer whose signature is on a Note no longer holds that office at the
      time such Note is authenticated, such Note shall nevertheless be
      valid.

     

    A
      Note
      shall not be valid until authenticated by the manual signature of the Trustee.
      The signature shall be conclusive evidence that the Note, as applicable, has
      been authenticated under this Indenture.

     

    The
      Trustee shall, upon a written order of the Company signed by one Officer (an
      “Authentication
      Order”),
      authenticate Notes for original issue in accordance with this
      Indenture.

     

    The
      Trustee may appoint an authenticating agent acceptable to the Company to
      authenticate Notes. An authenticating agent may authenticate Notes whenever
      the
      Trustee may do so. Each reference in this Indenture to authentication by the
      Trustee includes authentication by such agent. An authenticating agent has
      the
      same rights as an Agent to deal with Holders or an Affiliate of the
      Company.

     

    Section
      2.04 Registrar
      and Paying Agent.

     

    The
      Company shall maintain an office or agency where Notes may be presented for
      registration of transfer or for exchange (“Registrar”)
      and an
      office or agency where Notes may be presented for payment (“Paying
      Agent”).
      The
      Registrar shall keep a register with respect to each Series of the Notes and
      of
      their transfer and exchange. The Company may appoint one or more co-registrars
      and one or more additional paying agents. The term “Registrar” includes any
      co-registrar and the term “Paying Agent” includes any additional paying agent.
      The Company may change any Paying Agent or Registrar without notice to any
      Holder. The Company shall notify the Trustee in writing of the name and address
      of any Agent not a party to this Indenture. If the Company fails to appoint
      or
      maintain another entity as Registrar or Paying Agent, the

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    Trustee
      shall act as such. The Company or any of its Subsidiaries may act as Paying
      Agent or Registrar.

     

    The
      Company initially appoints the Trustee to act as the Registrar and Paying Agent
      and to act as Custodian with respect to the Global Notes.

     

    Section
      2.05 Paying
      Agent to Hold Money in Trust.

     

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

     

    Section
      2.06 Holder
      Lists.

     

    The
      Trustee shall preserve in as current a form as is reasonably practicable the
      most recent list available to it of the names and addresses of Holders of each
      Series of Notes and shall otherwise comply with TIA Section 312(a). If the
      Trustee is not the Registrar, the Company shall furnish to the Trustee, at
      least
      by the record date for the interest payable on any interest payment date and
      at
      such other times as the Trustee may request in writing, a list in such form
      and
      as of such date as the Trustee may reasonably require of the names and addresses
      of Holders of each Series of Notes and the Company shall otherwise comply with
      TIA Section 312(a).

     

    Section
      2.07 Transfer
      and Exchange.

     

    Where
      Notes of a Series are presented to the Registrar or a co-registrar with a
      request to register a transfer or to exchange them for an equal principal amount
      of Notes of the same Series, the Registrar shall register the transfer or make
      the exchange if its requirements for such transactions are met. To permit
      registrations of transfers and exchanges, the Trustee shall authenticate Notes
      at the Registrar’s request. No service charge shall be made for any registration
      of transfer or exchange (except as otherwise expressly permitted herein), but
      the Company may require payment of a sum sufficient to cover any transfer tax
      or
      similar governmental charge payable in connection therewith (other than any
      such
      transfer tax or similar governmental charge payable upon exchanges pursuant
      to
      Sections 2.11, 3.06 or 9.05).

     

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

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    redemption
      as a whole or the portion being redeemed of any such Notes selected, called
      or
      being called for redemption in part.

     

    Section
      2.08 Replacement
      Notes.

     

    If
      any
      mutilated Note is surrendered to the Trustee or the Company and the Trustee
      receives evidence to its satisfaction of the destruction, loss or theft of
      any
      Note, the Company shall issue and the Trustee, upon receipt of an Authentication
      Order, shall authenticate a replacement Note of the same Series if the Trustee’s
      requirements are met. If required by the Trustee or the Company, an indemnity
      bond must be supplied by the Holder that is sufficient in the judgment of the
      Trustee and the Company to protect the Company, the Trustee, any Agent and
      any
      authenticating agent from any loss that any of them may suffer if a Note is
      replaced. The Company may charge for its expenses in replacing a
      Note.

     

    Every
      replacement Note of any Series is an additional obligation of the Company and
      shall be entitled to all of the benefits of this Indenture equally and
      proportionately with all other Notes of that Series duly issued
      hereunder.

     

    Section
      2.09 Outstanding
      Notes.

     

    The
      Notes
      outstanding at any time are all the Notes authenticated by the Trustee except
      for those canceled by it, those delivered to it for cancellation, those
      reductions in the interest in a Global Note effected by the Trustee in
      accordance with the provisions hereof, and those described in this Section
      as
      not outstanding. Except as set forth in Section 2.10 hereof, a Note does not
      cease to be outstanding because the Company or an Affiliate of the Company
      holds
      the Note.

     

    If
      a Note
      is replaced pursuant to Section 2.08 hereof, it ceases to be outstanding unless
      the Trustee receives proof satisfactory to it that the replaced Note is held
      by
      a bona fide purchaser.

     

    If
      the
      principal amount of any Note is considered paid under Section 4.01 hereof,
      it
      ceases to be outstanding and interest on it ceases to accrue.

     

    If
      the
      Paying Agent (other than the Company, a Subsidiary or an Affiliate of any
      thereof) holds, on a redemption date or maturity date, money sufficient to
      pay
      Notes payable on that date, then on and after that date such Notes shall be
      deemed to be no longer outstanding and shall cease to accrue
      interest.

     

    Section
      2.10 Treasury
      Notes.

     

    In
      determining whether the Holders of the required principal amount of Notes of
      a
      Series have concurred in any direction, waiver or consent, Notes owned by the
      Company, or by any Person directly or indirectly controlling or controlled
      by or
      under direct or indirect common control with the Company, shall be considered
      as
      though not outstanding, except that for the purposes of determining whether
      the
      Trustee shall be protected in relying on any such direction, waiver or consent,
      only Notes of a Series that a Responsible Officer of the Trustee actually knows
      are so owned shall be so disregarded.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    Section
      2.11Temporary
      Notes.

     

    Until
      certificates representing Notes are ready for delivery, the Company may prepare
      and the Trustee, upon receipt of an Authentication Order, shall authenticate
      temporary Notes. Temporary Notes shall be substantially in the form of
      certificated Notes but may have variations that the Company considers
      appropriate for temporary Notes and as shall be reasonably acceptable to the
      Trustee. Without unreasonable delay, the Company shall prepare and the Trustee
      shall authenticate definitive Notes in exchange for temporary
      Notes.

     

    Holders
      of temporary Notes shall be entitled to all of the benefits of this
      Indenture.

     

    Section
      2.12 Cancellation.

     

    The
      Company at any time may deliver Notes to the Trustee for cancellation. The
      Registrar and Paying Agent shall forward to the Trustee any Notes surrendered
      to
      them for registration of transfer, exchange or payment. The Trustee and no
      one
      else shall cancel all Notes surrendered for registration of transfer, exchange,
      payment, replacement or cancellation and shall destroy canceled Notes (subject
      to the record retention requirement of the Exchange Act). The Company may not
      issue new Notes to replace Notes that it has paid or that have been delivered
      to
      the Trustee for cancellation.

     

    Section
      2.13 Defaulted
      Interest.

     

    If
      the
      Company defaults in a payment of interest on a Series of Notes, it shall pay
      the
      defaulted interest in any lawful manner plus,
      to the
      extent lawful, interest payable on the defaulted interest, to the Persons who
      are Holders of the Series on a subsequent special record date, in each case
      at
      the rate provided in the Notes and in Section 4.01 hereof. The Company shall
      notify the Trustee in writing of the amount of defaulted interest proposed
      to be
      paid on each Note and the date of the proposed payment. The Company shall fix
      or
      cause to be fixed each such special record date and payment date, provided
      that no
      such special record date shall be less than 10 days prior to the related payment
      date for such defaulted interest. At least 15 days before the special record
      date, the Company (or, upon the written request of the Company, the Trustee
      in
      the name and at the expense of the Company) shall mail or cause to be mailed
      to
      Holders of the Series a notice that states the special record date, the related
      payment date and the amount of such interest to be paid.

     

    Section
      2.14 Global
      Notes.

     

    (a) Terms
      of Notes.
      A Board
      Resolution, a supplemental indenture hereto or an Officer’s Certificate shall
      establish whether the Notes of a Series shall be issued in whole or in part
      in
      the form of one or more Global Notes and the Depositary for such Global Note
      or
      Notes.

     

    (b) Transfer
      and Exchange.
      Notwithstanding any provisions to the contrary contained in Section 2.07 hereof
      and in addition thereto, any Global Note shall be exchangeable pursuant to
      Section 2.07 of the Indenture for Notes registered in the names of Holders
      other
      than the Depositary for such Note or its nominee only if (i) such Depositary
      notifies the Company that it is unwilling or unable to continue as Depositary
      for such Global Note or if at any time such Depositary ceases to be a clearing
      agency registered under the Exchange Act, and, in either case,

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

     

    the
      Company fails to appoint a successor Depositary registered as a clearing agency
      under the Exchange Act within 90 days of such event, (ii) the Company executes
      and delivers to the Trustee an Officer’s Certificate to the effect that such
      Global Note shall be so exchangeable or (iii) an Event of Default with respect
      to the Notes represented by such Global Note shall have happened and be
      continuing. Any Global Note that is exchangeable pursuant to the preceding
      sentence shall be exchangeable for Notes registered in such names as the
      Depositary shall direct in writing in an aggregate principal amount equal to
      the
      principal amount of the Global Note with like tenor and terms.

     

    Except
      as
      provided in this Section 2.14(b), a Global Note may not be transferred except
      as
      a whole by the Depositary with respect to such Global Note to a nominee of
      such
      Depositary, by a nominee of such Depositary to such Depositary or another
      nominee of such Depositary or by the Depositary or any such nominee to a
      successor Depositary or a nominee of such a successor Depositary.

     

    (c) Legend.
      Any
      Global Note issued hereunder shall bear a legend in substantially the following
      form:

     

    “This
      Note is a Global Note within the meaning of the Indenture hereinafter referred
      to and is registered in the name of the Depositary or a nominee of the
      Depositary. This Note is exchangeable for Notes registered in the name of a
      person other than the Depositary or its nominee only in the limited
      circumstances described in the Indenture, and may not be transferred except
      as a
      whole by the Depositary to a nominee of the Depositary, by a nominee of the
      Depositary to the Depositary or another nominee of the Depositary or by the
      Depositary or any such nominee to a successor Depositary or a nominee of such
      a
      successor Depositary.”

     

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

     

    (e) Payments.
      Notwithstanding the other provisions of this Indenture, unless otherwise
      specified as contemplated by Section 2.02, payment of the principal of and
      interest, if any, on any Global Note shall be made to the Holder
      thereof.

     

    (f) Consents,
      Declaration and Directions.
      Except
      as provided in Section 2.14(e), the Company, the Trustee and any Agent shall
      treat a person as the Holder of such principal amount of outstanding Notes
      of
      such Series represented by a Global Note as shall be specified in a written
      statement of the Depositary with respect to such Global Note, for purposes
      of
      obtaining any consents, declarations, waivers or directions required to be
      given
      by the Holders pursuant to this Indenture.

     

    Section
      2.15 CUSIP
      Number.

     

    The
      Company in issuing the Notes may use “CUSIP” numbers (if then generally in use),
      and, if so, the Trustee shall use CUSIP numbers in notices of redemption as
      a
      convenience to Holders; provided
      that any
      such notice may state that no representation is made as to the correctness
      of
      such numbers either as printed on the Notes or as contained in any notice of
      a
      redemption and that reliance may be placed only on the other identification
      numbers printed on

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    the
      Notes, and any such redemption shall not be affected by any defect in or the
      omission of such numbers. The Company shall promptly notify the Trustee of
      any
      change in the CUSIP numbers.

     

    ARTICLE
      3.

    REDEMPTION
      AND PREPAYMENT

     

    Section
      3.01 Notice
      to Trustee.

     

    The
      Company may, with respect to any Series of Notes, reserve the right to redeem
      and pay the Series of Notes or may covenant to redeem and pay the Series of
      Notes or any part thereof prior to the Stated Maturity thereof at such time
      and
      on such terms as provided for in such Notes. If a Series of Notes is redeemable
      and the Company wants or is obligated to redeem prior to the Stated Maturity
      thereof all or part of the Series of Notes pursuant to the terms of such Notes,
      it shall notify the Trustee of the redemption date and the principal amount
      of
      Series of Notes to be redeemed. The Company shall give the notice at least
      45
      days but not more than 60 days before the redemption date (or such shorter
      notice as may be acceptable to the Trustee).

     

    Section
      3.02 Selection
      of Notes to Be Redeemed.

     

    If
      less
      than all of the Notes of a Series are to be redeemed or purchased in an offer
      to
      purchase at any time, the Trustee shall select the Notes of a Series to be
      redeemed or purchased among the Holders of such Notes (a) in compliance with
      the
      requirements of the principal national securities exchange, if any, on which
      such Notes are listed or, (b) if such Notes are not so listed, on a pro
      rata basis,
      by
      lot or in accordance with any other method the Trustee considers fair and
      appropriate. In the event of partial redemption or purchase by lot, the
      particular Notes to be redeemed shall be selected, unless otherwise provided
      herein, not less than 30 nor more than 60 days prior to the redemption date
      by
      the Trustee from the outstanding Notes of such Series not previously called
      for
      redemption or purchase. The Trustee may select for redemption or repurchase
      portions of the principal of Notes of such Series that have denominations larger
      than $1,000.

     

    The
      Trustee shall promptly notify the Company in writing of the Notes selected
      for
      redemption and, in the case of any Note selected for partial redemption, the
      principal amount thereof to be redeemed. Notes of a Series and portions of
      them
      selected shall be in amounts of $1,000 or whole multiples of $1,000 or, with
      respect to Notes of any Series issuable in other denominations pursuant to
      Section 2.02(j) hereof, the minimum principal denomination for each Series
      and
      integral multiples thereof. Except as provided in the preceding sentence,
      provisions of this Indenture that apply to Notes of a Series called for
      redemption or repurchase also apply to portions of Notes of a Series called
      for
      redemption or repurchase.

     

    Section
      3.03 Notice
      of Redemption.

     

    Unless
      otherwise indicated for a particular Series by Board Resolution, a supplemental
      indenture hereto or an Officer’s Certificate, at least 30 days but not more than
      60 days before a redemption date, the Company shall mail or cause to be mailed,
      by first class mail, a notice of redemption to each Holder whose Notes are
      to be
      redeemed at its registered address.

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

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

     

    
      	 	
              (1)

            	
              the
                redemption date;

            

    

     

    
      	 	
              (2)

            	
              the
                redemption price;

            

    

     

    
      	 	
              (3)

            	
              the
                name and address of the Paying
                Agent;

            

    

     

    
      	 	
              (4)

            	
              Notes
                of the Series called for redemption must be surrendered to the Paying
                Agent to collect the redemption
                price;

            

    

     

    
      	 	
              (5)

            	
              that,
                if applicable, interest on Notes of the Series called for redemption
                ceases to accrue on and after the redemption
                date;

            

    

     

    
      	 	
              (6)

            	
              the
                CUSIP number, if any;

            

    

     

    
      	 	
              (7)

            	
              that
                the redemption is for a sinking fund, if such is the case;
                and

            

    

     

    
      	 	
              (8)

            	
              any
                other information as may be required by the terms of the particular
                Series
                of the Notes or the Notes of a Series being
                redeemed.

            

    

     

    At
      the
      Company’s request, the Trustee shall give the notice of redemption in the
      Company’s name and at its expense, provided
      that the
      Company shall have delivered to the Trustee, at least 45 days prior to the
      redemption date (unless a shorter time period is acceptable to the Trustee),
      an
      Officer’s Certificate requesting that the Trustee give such notice and setting
      forth the information to be stated in such notice as provided in the preceding
      paragraph.

     

    Section
      3.04 Effect
      of Notice of Redemption.

     

    Once
      notice of redemption is mailed in accordance with Section 3.03 hereof, Notes
      called for redemption become irrevocably due and payable on the redemption
      date
      at the redemption price. A notice of redemption may not be
      conditional.

     

    Section
      3.05 Deposit
      of Redemption Price.

     

    On
      or
      before the redemption date, the Company shall deposit with the Trustee or with
      the Paying Agent money sufficient to pay the redemption price of and accrued
      interest on all Notes to be redeemed on that date. The Trustee or the Paying
      Agent shall promptly return to the Company any money deposited with the Trustee
      or the Paying Agent by the Company in excess of the amounts necessary to pay
      the
      redemption price of, and accrued interest on, all Notes to be
      redeemed.

     

    If
      the
      Company complies with the provisions of the preceding paragraph, on and after
      the redemption date, interest shall cease to accrue on the Notes or the portions
      of Notes called for redemption. If a Note is redeemed on or after an interest
      record date but on or prior to the related interest payment date, then any
      accrued and unpaid interest shall be paid to the Person in whose name such
      Note
      was registered at the close of business on such record date. If any Note called
      for redemption shall not be so paid upon surrender for redemption because of
      the
      failure of the Company
      to comply with the preceding paragraph, interest shall be paid on the unpaid
      principal, from the redemption date until such principal is paid, and to the
      extent lawful on any interest not

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

     

    paid
      on
      such unpaid principal, in each case at the rate provided in the Notes and in
      Section 4.01 hereof.

     

    Section
      3.06 Notes
      Redeemed in Part.

     

    Upon
      surrender of a Note that is redeemed in part, the Company shall issue and,
      upon
      the Company’s written request, the Trustee shall authenticate for the Holder, at
      the expense of the Company, a new Note equal in principal amount to the
      unredeemed portion of the Note surrendered.

     

    No
      Notes
      of $1,000 or less can be redeemed in part.

     

    ARTICLE
      4.

    COVENANTS

     

    Section
      4.01 Payment
      of Principal and Interest.

     

    The
      Company covenants and agrees for the benefit of the Holders of each Series
      of
      Notes that it will pay or cause to be paid the principal of, premium, if any,
      and interest on the Notes on the dates and in the manner provided in such Notes.
      Principal, premium, if any, and interest on any Series of Notes will be
      considered paid on the date due if the Paying Agent, if other than the Company
      or a Subsidiary thereof, holds on the due date money deposited by the Company
      in
      immediately available funds and designated for and sufficient to pay all
      principal, premium, if any, and interest then due.

     

    Section
      4.02 Maintenance
      of Office or Agency.

     

    The
      Company will maintain an office or agency (which may be an office of the Trustee
      or an affiliate of the Trustee, Registrar or co-registrar) where Notes may
      be
      surrendered for registration of transfer or for exchange and where notices
      and
      demands to or upon the Company in respect of the Notes and this Indenture may
      be
      served. The Company will give prompt written notice to the Trustee of the
      location, and any change in the location, of such office or agency. If at any
      time the Company 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 at the Corporate Trust Office of
      the
      Trustee.

     

    The
      Company may also from time to time designate one or more other offices or
      agencies where the Notes 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 will in any manner relieve the Company of its
      obligation to maintain an office or agency 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.

     

    With
      respect to each Series of Notes, the Company hereby designates the Corporate
      Trust Office of the Trustee as one such office or agency of the Company in
      accordance with Section 2.04 hereof.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    Section
      4.03 Reports.

     

    (a) Whether
      or not the Company is required by the SEC, so long as any Series of Notes are
      outstanding, the Company shall furnish to the Holders of such Notes, within
      the
      time periods (including any extensions thereof) specified in the SEC’s rules and
      regulations:

     

    
      	 	
              (1)

            	
              all
                quarterly and annual reports that would be required to be filed with
                the
                Commission on Forms 10-Q and 10-K if the Company were required to
                file
                such reports; and

            

    

     

    
      	 	
              (2)

            	
              all
                current reports that would be required to be filed with the SEC on
                Form
                8-K if the Company were required to file such
                reports.

            

    

     

    In
      addition, whether or not required by the rules and regulations of the SEC,
      the
      Company shall file a copy of all such information and reports referred to in
      clauses (1) and (2) above with the SEC for public availability within the time
      periods specified in the SEC’s rules and regulations, unless the SEC will not
      accept such a filing, and make such information available to securities analysts
      and prospective investors upon request. It is understood that the Company’s
      compliance with the above filing requirement with the SEC will satisfy the
      Company’s obligation to “furnish” the Holders of Notes with the information
      described in clauses (1) and (2) of this Section 4.03(a). The Company shall
      at
      all times comply with TIA Section 314(a). 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 Officer’s
      Certificates).

     

    (b) For
      so
      long as any Series of Notes remain outstanding, if at any time they are not
      required to file with the Commission the reports required by paragraphs (1)
      and
      (2) of this Section 4.03, the Company and any guarantors of such Notes will
      furnish to the Holders of such Notes and to securities analysts and prospective
      investors, upon their request, the information required to be delivered pursuant
      to Rule 144A(d)(4) under the Securities Act.

     

    Section
      4.04 Compliance
      Certificate.

     

    The
      Company and each guarantor of any Series of Notes (to the extent that such
      guarantor is so required under the TIA) shall deliver to the Trustee with
      respect to such Series, within 120 days after the end of each fiscal year,
      an
      Officer’s Certificate stating that a review of the activities of the Company and
      its Subsidiaries during the preceding fiscal year has been made under the
      supervision of the signing Officers with a view to determining whether the
      Company has kept, observed, performed and fulfilled its obligations under this
      Indenture, and further stating, as to each such Officer signing such
      certificate, that to the best of his or her knowledge the Company has kept,
      observed, performed and fulfilled each and every covenant contained in this
      Indenture and is not in default in the performance or observance of any of
      the
      terms, provisions and conditions of this Indenture (or, if a Default or Event
      of
      Default shall have occurred, describing all such Defaults or Events of Default
      of which he or she may have knowledge and what action the Company is taking
      or
      proposes to take with respect thereto) and

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    that
      to
      the best of his or her knowledge no event has occurred and remains in existence
      by reason of which payments on account of the principal of or interest, if
      any,
      on the Notes is prohibited or if such event has occurred, a description of
      the
      event and what action the Company is taking or proposes to take with respect
      thereto.

     

    Section
      4.05 Taxes.

     

    The
      Company shall pay, and shall cause each of its Subsidiaries to pay, prior to
      delinquency, all material taxes, assessments, and governmental levies except
      such as are contested in good faith and by appropriate proceedings or where
      the
      failure to effect such payment is not adverse in any material respect to the
      Holders of the Notes.

     

    Section
      4.06 Stay,
      Extension and Usury Laws.

     

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

     

    Section
      4.07 Corporate
      Existence.

     

    Subject
      to Articles 5 and 10 hereof, the Company shall do or cause to be done all things
      necessary to preserve and keep in full force and effect (i) its corporate
      existence, and the corporate, partnership or other existence of each of its
      material Subsidiaries, in accordance with the respective organizational
      documents (as the same may be amended from time to time) of the Company and
      any
      such Subsidiary and (ii) the rights (charter and statutory), licenses and
      franchises of the Company and its material Subsidiaries; provided,
      however,
      that
      the Company shall not be required to preserve any such right, license or
      franchise, or the corporate, partnership or other existence of any of its
      Subsidiaries, if the Board of Directors shall determine that the preservation
      thereof is no longer desirable in the conduct of the business of the Company
      and
      its Subsidiaries, taken as a whole, and that the loss thereof is not adverse
      in
      any material respect to the Holders of the Notes.

     

    ARTICLE
      5.

    SUCCESSORS

     

    Section
      5.01 Merger,
      Consolidation or Sale of Assets.

     

    The
      Company shall not, directly or indirectly: (1) consolidate or merge with or
      into
      another person, whether or not the Company is the surviving corporation, or
      (2)
      sell, assign, transfer, convey or otherwise dispose of all or substantially
      all
      of the properties or assets of the Company and its Subsidiaries, taken as a
      whole, in one or more related transactions, to another Person
      unless:

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    (i)
      either: (a) the Company is the surviving corporation; or (b) the Person formed
      by or surviving any such consolidation or merger, if other than the Company,
      or
      to which such sale, assignment, transfer, conveyance or other disposition shall
      have been made is a corporation organized or existing under the laws of the
      Republic of the Marshall Islands, the United States, any state of the United
      States or the District of Columbia;

     

    (ii) the
      Person formed by or surviving any such consolidation or merger, if other than
      the Company, or the Person to which such sale, assignment, transfer, conveyance
      or other disposition shall have been made assumes all the obligations of the
      Company under the Notes and this Indenture pursuant to a supplemental indenture
      (and other applicable documents), executed and delivered to the Trustee, in
      form
      reasonably satisfactory to the Trustee; 

     

    (iii) immediately
      after such transaction no Default or Event of Default exists; and

     

    (iv) the
      Company has delivered to the Trustee an Officer’s Certificate stating and an
      Opinion of Counsel stating in the opinion of such counsel that such transaction
      and, if applicable, the supplemental indenture required in connection with
      such
      transaction pursuant to Section 5.01(ii) complies with this Section 5.01 and
      that all conditions precedent herein provided for relating to such transaction
      have been complied with.

     

    The
      Company may not, directly or indirectly, lease all or substantially all of
      the
      properties or assets, in one or more related transactions, to any other Person.
      The provisions of this Section 5.01 shall not apply to (1) a merger of the
      Company with an Affiliate solely for the purpose of reincorporating the Company
      in another jurisdiction or forming a direct holding company of the Company
      or
      (2) to a sale, assignment, transfer, conveyance or other disposition of assets
      between or among the Company and its Subsidiaries.

     

    Section
      5.02 Successor
      Corporation Substituted.

     

    Upon
      any
      consolidation or merger, or any sale, assignment, transfer, lease, conveyance
      or
      other disposition of all or substantially all of the assets of the Company
      in
      accordance with Section 5.01 hereof, the successor person formed by such
      consolidation or into or with which the Company is merged or to which such
      sale,
      assignment, transfer, lease, conveyance or other disposition is made shall
      succeed to, and be substituted for (so that from and after the date of such
      consolidation, merger, sale, lease, conveyance or other disposition, the
      provisions of this Indenture referring to the “Company” shall refer instead to
      the successor corporation and not to the Company), and may exercise every right
      and power of the Company under this Indenture with the same effect as if such
      successor Person had been named as the Company herein; provided,
      however,
      that
      the predecessor Company shall not be relieved from the obligation to pay the
      principal of and interest on any Series of Notes except in the case of a sale
      of
      all of the Company’s assets that meets the requirements of Section 5.01
      hereof.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      6.

    DEFAULTS
      AND REMEDIES

     

    Section
      6.01 Events
      of Default.

     

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

     

    
      	 	
              (1)

            	
              default
                in the payment of any interest on any Note of that Series when it
                becomes
                due and payable, and continuance of such default for a period of
                30 days;
                or

            

    

     

    
      	 	
              (2)

            	
              default
                in payment when due of the principal of, or premium, if any, on any
                Note
                of that Series; or

            

    

     

    
      	 	
              (3)

            	
              default
                in the deposit of any sinking fund payment, when and as due in respect
                of
                any Note of that Series; or

            

    

     

    
      	 	
              (4)

            	
              default
                in the performance or breach of any covenant or warranty of the Company
                in
                this Indenture (other than a covenant or warranty that has been included
                in this Indenture solely for the benefit of Series of Notes other
                than
                that Series), which default continues uncured for a period of 30
                days
                after written notice given by the Trustees for Notes of that Series
                or
                Holders of not less than 25% in principal amount of the outstanding
                Notes
                of that Series; or 

            

    

     

    
      	 	
              (5)

            	
              default
                under a mortgage, indenture or instrument under such conditions as
                may be
                provided pursuant to Section
                2.02(w)
                in
                respect of Notes of that Series; or

            

    

     

    
      	 	
              (6)

            	
              one
                or more judgments for the payment of money in an aggregate amount
                in
                excess of $10.0 million (excluding therefrom any amount reasonably
                expected to be covered by insurance) shall be rendered against the
                Company
                any Subsidiary or any combination thereof and the same shall not
                have been
                paid, discharged or stayed for a period of 60 days after such judgment
                became final and nonappealable; or

            

    

     

    
      	 	
              (7)

            	
              the
                Company pursuant to or within the meaning of any Bankruptcy
                Law:

            

    

     

    (a)    commences
      a voluntary case,

     

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

     

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

     

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

     

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

     

     

     

    
      
        
        

      

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

     

    (a)   is
      for
      relief against the Company in an involuntary case,

     

    (b)   appoints
      a Custodian of the Company or for all or substantially all of its property,
      or

     

    (c)    orders
      the liquidation of the Company, and the order or decree remains unstayed and
      in
      effect for 60 days; or

     

    
      	 	
              (9) 
                

            	
              any
                other Event of Default provided with respect to Notes of that Series,
                which is specified in a Board Resolution, a supplemental indenture
                hereto
                or an Officer’s Certificate, in accordance with Section
                2.02.

            

    

     

    Section
      6.02 Acceleration.

     

    If
      an
      Event of Default with respect to Notes of any Series at the time outstanding
      occurs and is continuing (other than an Event of Default referred to in Sections
      6.01(7) or (8) hereof) then in every such case the Trustee or the Holders of
      not
      less than 25% in principal amount of the outstanding Notes of that Series may
      declare the principal amount (or, if any Notes of that Series are Discount
      Notes, such portion of the principal amount as may be specified in the terms
      of
      such Notes) of and accrued and unpaid interest, if any, on all of the Notes
      of
      that Series to be due and payable immediately, by a notice in writing to the
      Company (and to the Trustee if given by Holders), and upon any such declaration
      such principal amount (or specified amount) and accrued and unpaid interest,
      if
      any, shall become immediately due and payable. If an Event of Default specified
      in Sections 6.01(7) or (8) hereof shall occur, the principal amount (or
      specified amount) of and accrued and unpaid interest, if any, on all outstanding
      Notes shall ipso
      facto
      become
      and be immediately due and payable without any declaration or other act on
      the
      part of the Trustee or any Holder.

     

    At
      any
      time after such a declaration of acceleration with respect to any Series has
      been made, the Holders of a majority in principal amount of the outstanding
      Notes of that Series, by written notice to the Company and the Trustee, may
      rescind and annul such declaration and its consequences if the rescission would
      not conflict with any judgment or decree and if all existing Events of Default
      (except nonpayment of principal, interest or premium that has become due solely
      because of the acceleration) have been cured or waived.

     

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

     

    Section
      6.03 Other
      Remedies.

     

    If
      an
      Event of Default with respect to Notes of any Series at the time outstanding
      occurs and is continuing, the Trustee may pursue any available remedy to collect
      the payment of principal, premium, if any, and interest on such Notes or to
      enforce the performance of any provision of such Notes or this
      Indenture.

     

    
      
        
        

      

      
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    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. A delay or omission by the
      Trustee or any Holder of a Note in exercising any right or remedy accruing
      upon
      an Event of Default shall not impair the right or remedy or constitute a waiver
      of or acquiescence in the Event of Default. All remedies are cumulative to
      the
      extent permitted by law.

     

    Section
      6.04 Waiver
      of Past Defaults.

     

    The
      Holders of a majority in aggregate principal amount of the Notes of any Series
      then outstanding by notice to the Trustee may on behalf of the Holders of all
      of
      the Notes of such Series waive any existing Default or Event of Default and
      its
      consequences under this Indenture except a continuing Default or Event of
      Default in the payment of interest on, or the principal of, such Notes
      (including in connection with an offer to purchase); provided,
      however,
      that
      the Holders of a majority in aggregate principal amount of the then outstanding
      Notes of any Series may rescind an acceleration of such Notes and its
      consequences, including any related payment default that resulted from such
      acceleration. Upon any such waiver, such Default or Event of Default shall
      cease
      to exist, and any Event of Default arising therefrom shall be deemed to have
      been cured for every purpose of this Indenture; but no such waiver shall extend
      to any subsequent or other Default or Event of Default or impair any right
      consequent thereon.

     

    Section
      6.05 Control
      by Majority.

     

    Holders
      of a majority in principal amount of the then outstanding Notes of any Series
      may direct the time, method and place of conducting any proceeding for
      exercising any remedy available to the Trustee or exercising any trust or power
      conferred on it. However, the Trustee may refuse to follow any direction that
      conflicts with law or this Indenture that the Trustee determines may be unduly
      prejudicial to the rights of other Holders of Notes or that may involve the
      Trustee in personal liability.

     

    Section
      6.06 Limitation
      on Suits.

     

    A
      Holder
      of any Series of Notes may pursue a remedy with respect to this Indenture or
      the
      Notes only if:

     

    (a) such
      Holder has given to the Trustee written notice of a continuing Event of
      Default;

     

    (b) the
      Holders of at least 25% in principal amount of the then outstanding Notes of
      such Series make a written request to the Trustee to pursue the
      remedy;

     

    (c) such
      Holder of a Note of such Series or Holders of Notes of such Series offer and,
      if
      requested, provide to the Trustee indemnity satisfactory to the Trustee against
      any loss, liability or expense;

     

    (d) the
      Trustee does not comply with the request within 60 days after receipt of the
      request and the offer and, if requested, the provision of indemnity;
      and

     

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

     

    (e) during
      such 60-day period the Holders of a majority in principal amount of the then
      outstanding Notes of such Series do not give the Trustee a direction
      inconsistent with the request.

     

    A
      Holder
      of any Series of Notes may not use this Indenture to prejudice the rights of
      another Holder of such Series of Notes or to obtain a preference or priority
      over another Holder of Notes of such Series.

     

    Section
      6.07 Rights
      of Holders of Notes to Receive Payment.

     

    Notwithstanding
      any other provision of this Indenture, the right of any Holder of a Note to
      receive payment of principal, premium, if any, and interest on the Note, on
      or
      after the respective due dates expressed in the Note (including in connection
      with an offer to purchase), or to bring suit for the enforcement of any such
      payment on or after such respective dates, shall not be impaired or affected
      without the consent of such Holder.

     

    Section
      6.08 Collection
      Suit by Trustee.

     

    If
      an
      Event of Default specified in Sections 6.01(a) or (b) hereof occurs and is
      continuing, the Trustee is authorized to recover judgment in its own name and
      as
      Trustee of an express trust against the Company for the whole amount of
      principal of, premium, if any, and interest remaining unpaid on the Notes and
      interest on overdue principal and, to the extent lawful, interest and 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.

     

    Section
      6.09 Trustee
      May File Proofs of Claim.

     

    The
      Trustee for each Series of Notes is authorized to file such 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 the reasonable compensation,
      expenses, disbursements and advances of the Trustee, its agents and counsel)
      and
      the Holders of the Notes allowed in any judicial proceedings relative to the
      Company (or any other obligor upon the Notes), its creditors or its property
      and
      shall be entitled and empowered to collect, receive and distribute any money
      or
      other property payable or deliverable on any such claims and any custodian
      in
      any such judicial proceeding is hereby authorized by each Holder to make such
      payments to the Trustee, and in the event that the Trustee shall consent to
      the
      making of such payments directly to the Holders, to pay to the Trustee any
      amount due to it for the reasonable compensation, expenses, disbursements and
      advances of the Trustee, its agents and counsel, and any other amounts due
      the
      Trustee under Section 7.07 hereof. To the extent that the payment of any such
      compensation, expenses, disbursements and advances of the Trustee, its agents
      and counsel, and any other amounts due the Trustee under Section 7.07 hereof
      out
      of the estate in any such proceeding, shall be denied for any reason, payment
      of
      the same shall be secured by a Lien on, and shall be paid out of, any and all
      distributions, dividends, money, securities and other properties that the
      Holders may be entitled to receive in such proceeding whether in liquidation
      or
      under any plan of reorganization or arrangement or otherwise. Nothing herein
      contained shall be deemed to authorize the Trustee to authorize or consent
      to or
      accept or adopt on behalf of any Holder any

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    plan
      of
      reorganization, arrangement, adjustment or composition affecting the Notes
      or
      the rights of any Holder, 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 or property pursuant to this Article 6, it shall
      pay
      out the money in the following order:

     

    First:
      to the
      Trustee, its agents and attorneys for amounts due under Section 7.07 hereof,
      including payment of all compensation, expense and liabilities incurred, and
      all
      advances made, by the Trustee and the costs and expenses of
      collection;

     

    Second:
      to
      Holders of the Notes for amounts due and unpaid on the Notes for principal,
      premium, if any, and interest, ratably, without preference or priority of any
      kind, according to the amounts due and payable on the Notes for principal,
      premium, if any and interest, respectively; and

     

    Third:
      to the
      Company.

     

    The
      Trustee may fix a record date and payment date for any payment to Holders of
      Notes pursuant to this Section 6.10.

     

    Section
      6.11 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 a Trustee,
      a
      court in its discretion may require the filing by any party litigant in the
      suit
      of an undertaking to pay the costs of the suit, and the court in its discretion
      may assess reasonable costs, including reasonable attorneys’ fees and expenses,
      against any party litigant in the suit, having due regard to the merits and
      good
      faith of the claims or defenses made by the party litigant. This Section does
      not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to
      Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount
      of the then outstanding Notes of any Series.

     

    ARTICLE
      7.

    TRUSTEE

     

    Section
      7.01 Duties
      of Trustee.

     

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

     

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

     

    (i) the
      duties of the Trustee shall be determined solely by the express provisions
      of
      this Indenture and the Trustee need perform only those duties that are
      specifically

     

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    set
      forth
      in this Indenture and no others, and no implied covenants or obligations shall
      be read into this Indenture against the Trustee; and

     

    (ii) in
      the
      absence of bad faith on its part, the Trustee may conclusively rely, as to
      the
      truth of the statements and the correctness of the opinions expressed therein,
      upon certificates or opinions furnished to the Trustee and conforming to the
      requirements of this Indenture, but in the case of any such certificates of
      opinions which by any provision hereof are specifically required to be furnished
      to the Trustee, the Trustee shall be under a duty to examine the same to
      determine whether or not they conform to the requirements of this Indenture
      (but
      need not confirm or investigate the accuracy of mathematical calculations or
      other facts stated therein).

     

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

     

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

     

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

     

    (iii) the
      Trustee shall not be liable with respect to any action it takes or omits to
      take
      in good faith in accordance with a direction received by it pursuant to Section
      6.05 hereof.

     

    (d) Whether
      or not therein expressly so provided, every provision of this Indenture that
      in
      any way relates to the Trustee is subject to paragraphs (a), (b), (c), (e)
      and
      (f) of this Section and Section 7.02.

     

    (e) No
      provision of this Indenture shall require the Trustee to expend or risk its
      own
      funds or incur any liability. The Trustee shall be under no obligation to
      exercise any of its rights and powers under this Indenture at the request of
      any
      Holders, unless such Holder shall have offered to the Trustee security and
      indemnity satisfactory to it against any loss, liability or
      expense.

     

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

     

    Section
      7.02 Rights
      of Trustee.

     

    (a) The
      Trustee may conclusively rely upon any document believed by it to be genuine
      and
      to have been signed or presented by the proper Person. The Trustee need not
      investigate any fact or matter stated in the document.

     

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

     

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

     

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

     

    (c) The
      Trustee may act through its attorneys and agents and shall not be responsible
      for the misconduct or negligence of any agent appointed with due
      care.

     

    (d) The
      Trustee shall not be liable for any action it takes or omits to take in good
      faith that it believes to be authorized or within the rights or powers conferred
      upon it by this Indenture.

     

    (e) Unless
      otherwise specifically provided in this Indenture, any demand, request,
      direction or notice from the Company shall be sufficient if signed by an Officer
      of the Company issuing such demand, request or notice.

     

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

     

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

     

    (h) The
      Trustee shall not be deemed to have notice of any Default or Event of Default
      unless a Responsible Officer of the Trustee has actual knowledge thereof or
      unless written notice of any event which is in fact such a Default or Event
      of
      Default is received by the Trustee at the Corporate Trust Office of the Trustee,
      and such notice references the Notes and this Indenture.

     

    (i) 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
      to
      each agent, custodian and other Person employed to act hereunder.

     

    (j) The
      Trustee may request that the Company deliver an Officer’s Certificate setting
      forth the names of individuals and/or titles of officers authorized at such
      time
      to take specified actions pursuant to this Indenture, which Officer’s
      Certificate may be signed by any person authorized to sign an Officer’s
      Certificate, including any person as so authorized in any such certificate
      previously delivered and not superseded.

     

    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 any Affiliate of the Company
      with the same rights it would have if it were not Trustee. However, in the
      event
      the Trustee acquires any

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    conflicting
      interest it must eliminate such conflict within 90 days, apply to the SEC for
      permission to continue as Trustee or resign. Any Agent may exercise the same
      rights, with the same duties, as the Trustee under this Section 7.03. The
      Trustee is also subject to Sections 7.10 and 7.11 hereof.

     

    Section
      7.04 Trustee’s
      Disclaimer.

     

    The
      Trustee shall not be responsible for and makes no representation as to the
      validity or adequacy of this Indenture or the Notes, it shall not be accountable
      for the Company’s use of the proceeds from the Notes or any money paid to the
      Company or upon the Company’s direction under any provision of this Indenture,
      it shall not be responsible for the use or application of any money received
      by
      any Paying Agent other than the Trustee, and it shall not be responsible for
      any
      statement or recital herein or any statement in the Notes or any other document
      in connection with the sale of the Notes or pursuant to this Indenture other
      than its certificate of authentication.

     

    Section
      7.05 Notice
      of Defaults.

     

    If
      a
      Default or Event of Default occurs and is continuing and if it is actually
      known
      to a Responsible Officer of the Trustee, the Trustee shall mail to Holders
      of
      Notes a notice of the Default or Event of Default within 90 days after it
      occurs. Except in the case of a Default or Event of Default relating to the
      payment of principal of or interest on any Note, the Trustee may withhold the
      notice from Holders of the Notes if and so long as a Responsible Officer(s)
      in
      good faith determines that withholding the notice is in the interests of the
      Holders of the Notes.

     

    Section
      7.06 Reports
      by Trustee to Holders of the Notes.

     

    Within
      60
      days after each May 15 beginning with the May 15 following the first issuance
      of
      Notes under this Indenture, and for so long as Notes remain outstanding, the
      Trustee shall mail to the Holders of the Notes a brief report dated as of such
      reporting date that complies with TIA Section 313(a) (but if no event described
      in TIA Section 313(a) has occurred within the twelve months preceding the
      reporting date, no report need be transmitted). The Trustee also shall comply
      with TIA Section 313(b)(2). The Trustee shall also transmit by mail all reports
      as required by TIA Section 313(c).

     

    A
      copy of
      each report at the time of its mailing to the Holders of Notes shall be mailed
      to the Company and filed with the SEC and each stock exchange on which the
      Notes
      are listed in accordance with TIA Section 313(d). The Company shall promptly
      notify the Trustee when the Notes are listed on any stock exchange or delisted
      therefrom.

     

    Section
      7.07 Compensation
      and Indemnity.

     

    The
      Company shall pay to the Trustee from time to time such reasonable compensation
      as agreed upon in writing for its acceptance of this Indenture and services
      hereunder. The Trustee’s compensation shall not be limited by any law on
      compensation of a Trustee of an express trust. The Company shall reimburse
      the
      Trustee promptly upon request for all reasonable disbursements, advances and
      expenses incurred or made by it in addition to the compensation for its
      services, except to the extent any such expense, advance or disbursement may
      be
      attributable

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    to
      the
      Trustee’s negligence, willful misconduct or bad faith. Such expenses shall
      include the reasonable compensation, disbursements and expenses of the Trustee’s
      agents and counsel.

     

    The
      Company shall indemnify the Trustee against any and all losses, liabilities,
      claims, damages or expenses (including taxes other than taxes based upon the
      income of the Trustee) incurred by it arising out of or in connection with
      the
      acceptance or administration of its duties under this Indenture, including
      the
      costs and expenses of enforcing this Indenture against the Company (including
      this Section 7.07) and defending itself against any claim (whether asserted
      by
      the Company or any Holder or any other person) or liability in connection with
      the exercise or performance of any of its powers or duties hereunder, except
      to
      the extent any such loss, liability or expense may be attributable to its
      negligence, bad faith or willful misconduct. The Trustee shall notify the
      Company promptly of any claim for which it may seek indemnity. Failure by the
      Trustee to so notify the Company shall not relieve the Company of its
      obligations hereunder. The Company shall defend the claim and the Trustee shall
      cooperate in the defense. The Trustee may have separate counsel and the Company
      shall pay the reasonable fees and expenses of such counsel. The Company need
      not
      pay for any settlement made without its consent, which consent shall not be
      unreasonably withheld.

     

    The
      obligations of the Company under this Section 7.07 shall survive the
      satisfaction and discharge of this Indenture.

     

    To
      secure
      the Company’s payment obligations in this Section, the Trustee shall have a Lien
      prior to the Notes on all money or property held or collected by the Trustee,
      except that held in trust to pay principal and interest on particular Notes.
      Such Lien shall survive the satisfaction and discharge of this
      Indenture.

     

    When
      the
      Trustee incurs expenses or renders services after an Event of Default specified
      in Section 6.01(7) or (8) hereof occurs, the expenses and the compensation
      for
      the services (including the fees and expenses of its agents and counsel) are
      intended to constitute expenses of administration under any Bankruptcy
      Law.

     

    The
      Trustee shall comply with the provisions of TIA Section 313(b)(2) to the extent
      applicable.

     

    Section
      7.08 Replacement
      of Trustee.

     

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

     

    The
      Trustee may resign in writing at any time and be discharged from the trust
      hereby created by so notifying the Company. The Holders of Notes of a majority
      in principal amount of the then outstanding Notes of a given Series may remove
      the Trustee with respect to the Notes of such Series by so notifying the Trustee
      and the Company in writing. The Company may remove the Trustee if:

     

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

     

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

     

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

     

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

     

    (d)    the
      Trustee becomes incapable of acting.

     

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

     

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

     

    If
      the
      Trustee, after written request by any Holder of a Note of a given Series who
      has
      been a Holder of such Note for at least six months, fails to comply with Section
      7.10, such Holder of such Note may petition any court of competent jurisdiction
      for the removal of the Trustee and the appointment of a successor Trustee with
      respect to the Notes of such Series.

     

    A
      successor Trustee shall deliver a written acceptance of its appointment to
      the
      retiring Trustee and to the Company. Thereupon, the resignation or removal
      of
      the retiring Trustee shall become effective, and the successor Trustee shall
      have all the rights, powers and duties of the Trustee under this Indenture.
      The
      successor Trustee shall mail a notice of its succession to Holders of the Notes.
      The retiring Trustee shall promptly transfer all property held by it as Trustee
      to the successor Trustee, provided
      all sums
      owing to the Trustee (including its agents and/or counsel) hereunder have been
      paid and subject to the Lien provided for in Section 7.07 hereof.
      Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the
      Company’s obligations under Section 7.07 hereof shall continue for the benefit
      of the retiring Trustee.

     

    Section
      7.09 Successor
      Trustee by Merger, Etc.

     

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

     

    Section
      7.10 Eligibility;
      Disqualification.

     

    There
      shall at all times be a Trustee hereunder that is a corporation organized and
      doing business under the laws of the United States of America or of any state
      thereof that is authorized under such laws to exercise corporate Trustee power,
      that is subject to supervision or examination by federal or state authorities
      and that has a combined capital and surplus of at least $100 million as set
      forth in its most recent published annual report of condition.

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    This
      Indenture shall always have a Trustee who satisfies the requirements of TIA
      Section 310(a)(1), (2) and (5). The Trustee is subject to TIA Section
      310(b).

     

    Section
      7.11 Preferential
      Collection of Claims Against Company.

     

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

     

    Section
      7.12 Trustee’s
      Application for Instructions from the Company.

     

    Any
      application by the Trustee for written instructions from the Company may, at
      the
      option of the Trustee, set forth in writing any action proposed to be taken
      or
      omitted by the Trustee under this Indenture and the date on and/or after which
      such action shall be taken or such omission shall be effective. The Trustee
      shall not be liable for any action taken by, or omission of, the Trustee in
      accordance with a proposal included in such application on or after the date
      specified in such application (which date shall not be less than three Business
      Days after the date any officer of the Company actually receives such
      application, unless any such officer shall have consented in writing to any
      earlier date) unless prior to the taking of such action (or the effective date
      in the case of an omission), the Trustee shall have received written
      instructions in response to such application specifying the action to be taken
      or omitted.

     

    ARTICLE
      8.

    LEGAL
      DEFEASANCE AND COVENANT DEFEASANCE

     

    Section
      8.01 Option
      to Effect Legal Defeasance or Covenant Defeasance.

     

    The
      Company may, at the option of its Board of Directors evidenced by a resolution
      set forth in an Officer’s Certificate, at any time, elect to have either Section
      8.02 or 8.03 hereof be applied to any Series of outstanding Notes upon
      compliance with the conditions set forth below in this Article 8.

     

    Section
      8.02 Legal
      Defeasance and Discharge.

     

    Upon
      the
      Company’s exercise under Section 8.01 hereof of the option applicable to this
      Section 8.02, the Company and each of the guarantors, if any, shall, subject
      to
      the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed
      to have been discharged from their obligations with respect to all outstanding
      Notes of such Series (including the related guarantees, if any) on the date
      the
      conditions set forth below are satisfied (hereinafter, “Legal
      Defeasance”).
      For
      this purpose, Legal Defeasance means that the Company shall be deemed to have
      paid and discharged the entire Indebtedness represented by the outstanding
      Notes
      of such Series (including the related guarantees, if any), which shall
      thereafter be deemed to be “outstanding” only for the purposes of Section 8.05
      hereof and the other Sections of this Indenture referred to in (a) and (b)
      below, and to have satisfied all of their other obligations under such Notes,
      such guarantees, if any and this Indenture (and the Trustee, on demand of and
      at
      the expense of the Company, shall execute proper instruments acknowledging
      the
      same), except for the following provisions which shall survive until otherwise
      terminated or discharged hereunder: (a) the rights of Holders of outstanding
      Notes to receive solely from the trust fund described in Section
      8.05

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    hereof,
      and as more fully set forth in such Section, payments in respect of the
      principal of, interest and premium, if any, on such Notes when such payments
      are
      due, (b) the Company’s obligations with respect to the Notes under Article 2 and
      Section 4.01 hereof, (c) the rights, powers, trusts, duties and immunities
      of
      the Trustee hereunder and the Company’s obligations in connection therewith and
      (d) this Article 8. Subject to compliance with this Article 8, the Company
      may
      exercise its option under this Section 8.02 notwithstanding the prior exercise
      of its option under Section 8.03 hereof.

     

    Section
      8.03 Covenant
      Defeasance.

     

    Upon
      the
      Company’s exercise under Section 8.01 hereof of the option applicable to this
      Section 8.03, the Company and each of the guarantors, if any, will, subject
      to
      the satisfaction of the conditions set forth in Section 8.04 hereof, be released
      from their obligations under the covenants contained in Section 4.03, 4.04
      and
      4.05 with respect to the outstanding Notes of the applicable Series on and
      after
      the date the conditions set forth in Section 8.04 are satisfied (hereinafter,
      “Covenant
      Defeasance”),
      and
      the Notes shall thereafter be deemed not “outstanding” for the purposes of any
      direction, waiver, consent or declaration or act of Holders (and the
      consequences of any thereof) in connection with such covenants, but shall
      continue to be deemed “outstanding” for all other purposes hereunder (it being
      understood that such Notes shall not be deemed outstanding for accounting
      purposes). For this purpose, Covenant Defeasance means that, with respect to
      the
      outstanding Notes of such Series, the Company may omit to comply with and shall
      have no liability in respect of any term, condition or limitation set forth
      in
      any such covenant, whether directly or indirectly, by reason of any reference
      elsewhere herein to any such covenant or by reason of any reference in any
      such
      covenant to any other provision herein or in any other document and such
      omission to comply shall not constitute a Default or an Event of Default under
      Section 6.01 hereof, but, except as specified above, the remainder of this
      Indenture and such Notes shall be unaffected thereby. In addition, upon the
      Company’s exercise under Section 8.01 hereof of the option applicable to this
      Section 8.03, subject to the satisfaction of the conditions set forth in Section
      8.04 hereof, Sections 6.01(4) through 6.01(6) hereof shall not constitute Events
      of Default.

     

    Section
      8.04 Conditions
      to Legal or Covenant Defeasance.

     

    The
      following shall be the conditions to the application of either Sections 8.02
      or
      8.03 hereof to any outstanding Series of Notes:

     

    In
      order
      to exercise either Legal Defeasance or Covenant Defeasance:

     

    (a) the
      Company must irrevocably deposit with the Trustee, in trust, for the benefit
      of
      the Holders, cash in United States dollars, non-callable Government Securities,
      or a combination of cash in U.S. dollars and non-callable Government Securities
      in such amounts as will be sufficient, in the opinion of a nationally recognized
      firm of independent public accountants, to pay the principal of, interest and
      premium, if any, on the outstanding Notes of such Series on the stated maturity
      or on the applicable redemption date, as the case may be, and the Company must
      specify whether the Notes are being defeased to maturity or to a particular
      redemption date;

     

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

     

    (b) in
      the
      case of an election under Section 8.02 hereof with respect to any Series of
      Notes, the Company shall have delivered to the Trustee an Opinion of Counsel
      reasonably acceptable to the Trustee confirming that (A) the Company has
      received from, or there has been published by, the Internal Revenue Service
      a
      ruling or (B) since the date of this Indenture, there has been a change in
      the
      applicable U.S. federal income tax law, in either case to the effect that,
      and
      based thereon such Opinion of Counsel shall confirm that, the Holders of the
      outstanding Notes of such Series will not recognize income, gain or loss for
      U.S. federal income tax purposes as a result of such Legal Defeasance and will
      be subject to U.S. federal income tax on the same amounts, in the same manner
      and at the same times as would have been the case if such Legal Defeasance
      had
      not occurred;

     

    (c) in
      the
      case of an election under Section 8.03 hereof with respect to any Series of
      Notes, the Company shall have delivered to the Trustee an Opinion of Counsel
      reasonably acceptable to the Trustee confirming that the Holders of the
      outstanding Notes of such Series will not recognize income, gain or loss for
      U.S. federal income tax purposes as a result of such Covenant Defeasance and
      will be subject to U.S. federal income tax on the same amounts, in the same
      manner and at the same times as would have been the case if such Covenant
      Defeasance had not occurred;

     

    (d) no
      Default or Event of Default shall have occurred and be continuing on the date
      of
      such deposit, other than a Default or Event of Default resulting from the
      incurrence of Indebtedness all or a portion of the proceeds of which will be
      used to defease the Notes of any Series pursuant to this Article 8 concurrently
      with such incurrence, or insofar as Sections 6.01(7) or 6.01(8) hereof is
      concerned, at any time in the period ending on the 91st day after the date
      of
      deposit;

     

    (e) such
      Legal Defeasance or Covenant Defeasance shall not result in a breach or
      violation of, or constitute a default under, any material agreement or
      instrument, other than this Indenture, to which the Company or any of its
      Subsidiaries is a party or by which the Company or any of its Subsidiaries
      is
      bound;

     

    (f) the
      Company shall have delivered to the Trustee an Officer’s Certificate stating
      that the deposit was not made by the Company with the intent of preferring
      the
      Holders of the Notes over the other creditors of the Company with the intent
      of
      defeating, hindering, delaying or defrauding creditors of the Company or others;
      and

     

    (g) the
      Company shall have delivered to the Trustee an Officer’s Certificate and an
      Opinion of Counsel, each stating that all conditions precedent relating to
      the
      Legal Defeasance or the Covenant Defeasance have been complied
      with.

     

    Section
      8.05 Deposited
      Money and Government Securities to Be Held in Trust; Other Miscellaneous
      Provisions.

     

    Subject
      to Section 8.06 hereof, all money and non-callable Government Securities
      (including the proceeds thereof) deposited with the Trustee (or other qualifying
      trustee, collectively for purposes of this Section 8.05, the “Trustee”)
      pursuant to Section 8.04 hereof in respect of the outstanding Notes of any
      Series shall be held in trust and applied by the Trustee, in

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    accordance
      with the provisions of such Notes and this 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 Holders of such Notes of all sums
      due and to become due thereon in respect of principal, premium, if any, and
      interest, but such money need not be segregated from other funds except to
      the
      extent required by law.

     

    The
      Company shall pay and indemnify the Trustee against any tax, fee or other charge
      imposed on or assessed against the cash or non-callable Government Securities
      deposited pursuant to Section 8.04 hereof or the principal and interest received
      in respect thereof other than any such tax, fee or other charge which by law
      is
      for the account of the Holders of the outstanding Notes of the applicable
      Series.

     

    Anything
      in this Article 8 to the contrary notwithstanding, the Trustee shall deliver
      or
      pay to the Company from time to time upon the request of the Company any money
      or non-callable Government Securities held by it as provided in Section 8.04
      hereof which, in the opinion of a nationally recognized firm of independent
      public accountants expressed in a written certification thereof delivered to
      the
      Trustee (which may be the opinion delivered under Section 8.04(a) hereof),
      are
      in excess of the amount thereof that would then be required to be deposited
      to
      effect an equivalent Legal Defeasance or Covenant Defeasance.

     

    Section
      8.06 Repayment
      to Company.

     

    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, premium, if any, or interest on
      any
      Series of Notes and remaining unclaimed for two years after such principal,
      and
      premium, if any, or interest has become due and payable shall be paid to the
      Company on its request or (if then held by the Company) shall be discharged
      from
      such trust; and the Holder of such Note shall thereafter 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 reasonable expense of the Company cause to be published
      once, in the New
      York Times
      and the
Wall
      Street Journal
      (national edition), 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 notification or publication, any unclaimed balance of such money then
      remaining shall be repaid to the Company.

     

    Section
      8.07 Reinstatement.

     

    If
      the
      Trustee or Paying Agent is unable to apply any United States dollars or
      non-callable Government Securities in accordance with Section 8.02 or 8.03
      hereof, as the case may be, by reason of any order or judgment of any court
      or
      governmental authority enjoining, restraining or otherwise prohibiting such
      application, then the Company’s and any applicable guarantors’ obligations under
      this Indenture and the applicable Notes and the guarantees shall be revived
      and
      reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03
      hereof until such time as the Trustee or Paying Agent is permitted to apply
      all
      such money in accordance with Section 8.02 or 8.03 hereof, as the case may
      be;
provided,
      however,
      that,
      if the Company makes any payment of principal of, premium, if any, or interest
      on any Note following

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    the
      reinstatement of its obligations, the Company shall be subrogated to the rights
      of the Holders of such Notes to receive such payment from the money held by
      the
      Trustee or Paying Agent.

     

    ARTICLE
      9.

    AMENDMENT,
      SUPPLEMENT AND WAIVER

     

    Section
      9.01 Without
      Consent of Holders of Notes.

     

    Notwithstanding
      Section 9.02 of this Indenture, the Company and the Trustee may amend or
      supplement this Indenture or the Notes of one or more Series without the consent
      of any Holder of a Note:

     

    
      	 	
              (1)

            	
              to
                cure any ambiguity, defect or
                inconsistency;

            

    

     

    
      	 	
              (2)

            	
              to
                provide for uncertificated Notes in addition to or in place of
                certificated Notes;

            

    

     

    
      	 	
              (3)

            	
              to
                provide for the assumption of the Company’s obligations to the Holders of
                the Notes of a given Series by a successor to the Company pursuant
                to
                Article 5 hereof;

            

    

     

    
      	 	
              (4)

            	
              to
                make any change that would provide any additional rights or benefits
                to
                the Holders of Notes of a given Series or that does not adversely
                affect
                the legal rights hereunder of any Holder of a Note of such
                Series;

            

    

     

    
      	 	
              (5)

            	
              to
                comply with requirements of the SEC in order to effect or maintain
                the
                qualification of this Indenture under the
                TIA;

            

    

     

    
      	 	
              (6)

            	
              to
                provide for the issuance of and establish the form and terms and
                conditions of Notes of any Series as permitted by this Indenture;
                

            

    

     

    
      	 	
              (7)

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

            

    

     

    
      	 	
              (8)

            	
              to
                comply with the rules of any securities exchange or automated quotation
                system on which the Notes of such Series may be listed or
                traded.

            

    

     

    Upon
      the
      request of the Company accompanied by a resolution of its Board of Directors
      authorizing the execution of any such amended or supplemental indenture, and
      upon receipt by the Trustee of the documents described in Section 7.02 hereof,
      the Trustee will join with the Company in the execution of any amended or
      supplemental indenture authorized or permitted by the terms of this Indenture
      and to make any further appropriate agreements and stipulations that may be
      therein contained, but the Trustee will not be obligated to enter into such
      amended or supplemental indenture that affects its own rights, duties or
      immunities under this Indenture or otherwise.

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    Section
      9.02 With
      Consent of Holders of Notes.

     

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

     

    It
      shall
      not be necessary for the consent of the Holders of Notes under this Section
      9.02
      to approve the particular form of any proposed supplemental indenture or waiver,
      but it shall be sufficient if such consent approves the substance thereof.
      Upon
      the request of the Company accompanied by a resolution of its Board of Directors
      authorizing the execution of any such amended or supplemental indenture, and
      upon the filing with the Trustee of evidence satisfactory to the Trustee of
      the
      consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee
      of
      the documents described in Section 7.02 hereof, the Trustee will join with
      the
      Company in the execution of such amended or supplemental indenture unless such
      amended or supplemental indenture directly affects the Trustee’s own rights,
      duties or immunities under this Indenture or otherwise, in which case the
      Trustee may in its discretion, but will not be obligated to, enter into such
      amended or supplemental Indenture.

     

    After
      a
      supplemental indenture or waiver under this section becomes effective, the
      Company shall mail to the Holders of Notes affected thereby a notice briefly
      describing the supplemental indenture or waiver. Any failure by the Company
      to
      mail such notice, or any defect therein, shall not, however, in any way impair
      or affect the validity of any such supplemental indenture or waiver. However,
      without the consent of each Holder affected, an amendment or waiver under this
      Section 9.02 may not:

     

    (a) reduce
      the principal amount of Notes whose Holders must consent to an amendment or
      waiver;

     

    (b) reduce
      the principal of or change the fixed maturity of any Note or alter or waive
      any
      of the provisions with respect to the redemption of the Notes;

     

    (c) reduce
      the rate of or change the time for payment of interest, including default
      interest, on any Note;

     

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

     

     

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

     

     

    (e) make
      any
      Note payable in money other than that stated in the Notes;

     

    (f) make
      any
      change in the provisions of this Indenture relating to waivers of past Defaults
      or the rights of Holders of the Notes to receive payments of principal of or
      premium, interest, if any, on the Notes; or

     

    (g) make
      any
      change in the foregoing amendment and waiver provisions.

     

    Section
      9.03 Compliance
      with Trust Indenture Act.

     

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

     

    Section
      9.04 Revocation
      and Effect of Consents.

     

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

     

    Section
      9.05 Notation
      on or Exchange of Notes.

     

    The
      Trustee may place an appropriate notation about an amendment or waiver on any
      Note of any Series thereafter authenticated. The Company in exchange for Notes
      of that Series may issue and the Trustee shall authenticate upon request new
      Notes of that Series that reflect the amendment or waiver.

     

    Section
      9.06 Trustee
      Protected.

     

    In
      executing, or accepting the additional trusts created by, any supplemental
      indenture permitted by this Article 9 or the modifications thereby of the trusts
      created by this Indenture, the Trustee shall be entitled to receive, and
      (subject to Section 7.01) 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 Indenture. The Trustee shall sign all
      supplemental indentures, except that the Trustee need not sign any supplemental
      indenture that adversely affects its rights.

     

    ARTICLE
      10.

    SATISFACTION
      AND DISCHARGE

     

    Section
      10.01 Satisfaction
      and Discharge.

     

    This
      Indenture will be discharged and will cease to be of further effect as to a
      Series of Notes issued hereunder, when:

     

    
      	 	
              (1)

            	
              either:

            

    

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    (a) all
      such
      Notes that have been authenticated (except lost, stolen or destroyed Notes
      that
      have been replaced or paid and Notes for whose payment money has theretofore
      been deposited in trust and thereafter repaid to the Company) have been
      delivered to the Trustee for cancellation; or

     

    (b) all
      such
      Notes that have not been delivered to the Trustee for cancellation have become
      due and payable by reason of the mailing of a notice of redemption or otherwise
      or will become due and payable within one year and the Company has irrevocably
      deposited or caused to be deposited with the Trustee as trust funds in trust
      solely for the benefit of the Holders of such Notes, cash in U.S. dollars,
      non-callable Government Securities, or a combination of cash in U.S. dollars
      and
      non-callable Government Securities, in such amounts as will be sufficient
      without consideration of any reinvestment of interest, to pay and discharge
      the
      entire indebtedness on the Notes not delivered to the Trustee for cancellation
      for principal, premium, if any, and accrued interest to the date of maturity
      or
      redemption;

     

    
      	 	
              (2)

            	
              no
                Default or Event of Default has occurred and is continuing on the
                date of
                such deposit or will occur as a result of such deposit and such deposit
                will not result in a breach or violation of, or constitute a default
                under, any other instrument to which the Company or any guarantor,
                as
                applicable, is a party or by which the Company or any guarantor,
                as
                applicable, is bound;

            

    

     

    
      	 	
              (3)

            	
              the
                Company or any guarantor of such Notes has paid or caused to be paid
                all
                sums payable by it under this Indenture;
                and

            

    

     

    
      	 	
              (4)

            	
              the
                Company has delivered irrevocable instructions to the Trustee under
                this
                Indenture to apply the deposited money toward the payment of the
                Notes at
                maturity or the redemption date, as the case may
                be.

            

    

     

    In
      addition, the Company must deliver an Officer’s Certificate and an Opinion of
      Counsel to the Trustee stating that all conditions precedent to satisfaction
      and
      discharge have been satisfied.

     

    Section
      10.02 Application
      of Trust Money.

     

    Subject
      to the provisions of Section 8.06 hereof, all money deposited with a Trustee
      pursuant to Section 10.1 hereof shall be held in trust and applied by it, in
      accordance with the provisions of the Notes with respect to which such deposit
      was made and this Indenture, to the payment, either directly or through any
      Paying Agent (including the Company acting as its own Paying Agent) as such
      Trustee may determine, to the persons entitled thereto, of the principal (and
      premium, if any) and interest for whose payment such money has been deposited
      with such Trustee; but such money need not be segregated from other funds except
      to the extent required by law.

     

    If
      such
      Trustee or Paying Agent is unable to apply any money or Government Securities
      in
      accordance with Section 10.01 hereof 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 any applicable guarantor’s obligations under this Indenture and the
      applicable Notes shall be revived and reinstated as though no deposit had
      occurred pursuant to Section 10.01 hereof; provided
      that if
      the Company has made any payment

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

     

    of
      principal of, premium, if any, or interest on, any Notes because of the
      reinstatement of its obligations, the Company shall be subrogated to the rights
      of the Holders of such Notes to receive such payment from the money or
      Government Securities held by the Trustee or Paying Agent.

     

    ARTICLE
      11.

    MISCELLANEOUS

     

    Section
      11.01 Trust
      Indenture Act Controls.

     

    If
      any
      provision of this Indenture limits, qualifies or conflicts with the duties
      imposed by TIA Section 318(c), the imposed duties shall control.

     

    Section
      11.02 Notices.

     

    Any
      notice or communication by the Company or the Trustee to the others is duly
      given if in writing and delivered in Person or mailed by first class mail
      (registered or certified, return receipt requested), telecopier or overnight
      air
      courier guaranteeing next day delivery, to the others’ address.

     

    If
      to the
      Company:

    Genco
      Shipping & Trading Limited

    299
      Park
      Avenue, 20th Floor

    New
      York,
      New York 10171

    Facsimile:
      (646) 443-8551

    Attention:
      John C. Wobensmith

     

    If
      to the
      Trustee:

     

    [  ]

    Attention:
      [           
 ]

    Facsimile:
      [  ]

     

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

     

    All
      notices and communications (other than those sent to Holders) shall be deemed
      to
      have been duly given: at the time delivered by hand, if personally delivered;
      five Business Days after being deposited in the mail, postage prepaid, if
      mailed; when receipt acknowledged, if telecopied; and the next Business Day
      after timely delivery to the courier, if sent by overnight air courier
      guaranteeing next day delivery.

     

    Any
      notice or communication to a Holder shall be mailed by first class mail postage
      prepaid, certified or registered mail, return receipt requested, or by overnight
      air courier guaranteeing next day delivery to its address shown on the register
      kept by the Registrar. Any notice or communication shall also be so mailed
      to
      any Person described in TIA Section 313(c), to the extent required by the TIA.
      Failure to mail a notice or communication to a Holder or any defect in it shall
      not affect its sufficiency with respect to other Holders.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

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

     

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

     

    Section
      11.03 Communication
      by Holders of Notes with Other Holders of Notes.

     

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

     

    Section
      11.04 Certificate
      and Opinion as to Conditions Precedent.

     

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

     

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

     

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

     

    Section
      11.05 Statements
      Required in Certificate.

     

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

     

    (a) a
      statement that the Person signing such certificate or opinion has read such
      covenant or condition;

     

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

     

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

     

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

     

    Section
      11.06 Rules
      by Trustee and Agents.

     

    The
      Trustee may make reasonable rules for action by or at a meeting of Holders.
      The
      Registrar or Paying Agent may make reasonable rules and set reasonable
      requirements for its functions.

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

     

    Section
      11.07 Calculation
      of Foreign Currency Amounts.

     

    The
      calculation of the U.S. dollar equivalent amount for any amount denominated
      in a
      foreign currency shall be the noon buying rate in the City of New York as
      certified by the Federal Reserve Bank of New York on the date on which such
      determination is required to be made or, if such day is not a day on which
      such
      rate is published, the rate most recently published prior to such
      day.

     

    Section
      11.08 No
      Personal Liability of Directors, Officers, Employees and
      Stockholders.

     

    No
      past,
      present or future director, officer, employee, incorporator or stockholder
      of
      the Company, as such, shall have any liability for any obligations of the
      Company under the Notes, this Indenture or for any claim based on, in respect
      of, or by reason of, such obligations or their creation. Each Holder by
      accepting a Note waives and releases all such liability. The waiver and release
      are part of the consideration for issuance of the Notes. The waiver may not
      be
      effective to waive liabilities under the federal securities laws.

     

    Section
      11.09 Governing
      Law.

     

    THE
      INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE
      THIS
      INDENTURE, THE NOTES AND THE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE
      PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS
      OF
      ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

     

    Section
      11.10 No
      Adverse Interpretation of Other Agreements.

     

    This
      Indenture may not be used to interpret any other indenture, loan or debt
      agreement of the Company or its Subsidiaries or of any other Person. Any such
      indenture, loan or debt agreement may not be used to interpret this
      Indenture.

     

    Section
      11.11 Successors.

     

    All
      agreements of the Company in this Indenture and the Notes shall bind its
      successors. All agreements of the Trustee in this Indenture shall bind its
      successors.

     

    Section
      11.12 Severability.

     

    In
      case
      any provision in this Indenture or in the Notes 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
      11.13 Counterpart
      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.

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

     

    Section
      11.14 Table
      of Contents, Headings, Etc.

     

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

     

    ARTICLE
      12.

    SINKING
      FUNDS

     

    Section
      12.01 Applicability
      of Article.

     

    The
      provisions of this Article 12 shall be applicable to any sinking fund for the
      retirement of the Notes of a Series, except as otherwise permitted or required
      by any form of Notes of such Series issued pursuant to this
      Indenture.

     

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

     

    Section
      12.02 Satisfaction
      of Sinking Fund Payments with Notes.

     

    The
      Company may, in satisfaction of all or any part of any sinking fund payment
      with
      respect to the Notes of any Series to be made pursuant to the terms of such
      Notes (1) deliver outstanding Notes of such Series to which such sinking fund
      payment is applicable (other than any of such Notes previously called for
      mandatory sinking fund redemption) and (2) apply as credit Notes of such Series
      to which such sinking fund payment is applicable and which have been repurchased
      by the Company or redeemed either at the election of the Company pursuant to
      the
      terms of such Series of Notes (except pursuant to any mandatory sinking fund)
      or
      through the application of permitted optional sinking fund payments or other
      optional redemptions pursuant to the terms of such Notes, provided
      that
      such Notes have not been previously so credited. Such Notes shall be received
      by
      the Trustee, together with an Officer’s Certificate with respect thereto, not
      later than 15 days prior to the date on which the Trustee begins the process
      of
      selecting Notes for redemption, and shall be credited for such purpose by the
      Trustee at the price specified in such Notes for redemption through operation
      of
      the sinking fund and the amount of such sinking fund payment shall be reduced
      accordingly. If as a result of the delivery or credit of Notes in lieu of cash
      payments pursuant to this Section 12.02, the principal amount of Notes of such
      Series to be redeemed in order to exhaust the aforesaid cash payment shall
      be
      less than $100,000, the Trustee need not call Notes of such Series for
      redemption, except upon receipt of a Company Order that such action be taken,
      and such cash payment shall be held by the Trustee or a Paying Agent and applied
      to the next succeeding sinking fund payment, provided,
      however,
      that
      the Trustee or such Paying Agent shall from time to time upon receipt of a
      Company Order pay over and deliver to the Company any cash payment so being
      held
      by the Trustee or such Paying Agent upon delivery by the Company to the Trustee
      of Notes of that Series purchased by the Company

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

    
 

    having
      an
      unpaid principal amount equal to the cash payment required to be released to
      the
      Company.

     

    Section
      12.03 Redemption
      of Notes for Sinking Fund.

     

    Not
      less
      than 45 days (unless a shorter period is satisfactory to the Trustee) prior
      to
      each sinking fund payment date for any Series of Notes, the Company will deliver
      to the Trustee an Officer’s Certificate specifying the amount of the next
      ensuing mandatory sinking fund payment for that Series pursuant to the terms
      of
      that Series, the portion thereof, if any, which is to be satisfied by payment
      of
      cash and the portion thereof, if any, which is to be satisfied by delivering
      and
      crediting of Notes of that Series pursuant to Section 12.02 hereof, and the
      optional amount, if any, to be added in cash to the next ensuing mandatory
      sinking fund payment, and the Company shall thereupon be obligated to pay the
      amount therein specified. Not less than 15 days nor more than 45 days (unless
      otherwise indicated in the Board Resolution, Officer’s Certificate or
      supplemental indenture in respect of a particular Series of Notes) before each
      such sinking fund payment date the Trustee shall select the Notes to be redeemed
      upon such sinking fund payment date in the manner specified in Section 3.02
      hereof and cause notice of the redemption thereof to be given in the name of
      and
      at the expense of the Company in the manner provided in Section 3.03 hereof.
      Such notice having been duly given, the redemption of such Notes shall be made
      upon the terms and in the manner stated in Sections 3.04, 3.05 and 3.06
      hereof.

     

    ARTICLE
      13.

    GUARANTEES

     

    Section
      13.01 Guarantee.

     

    Securities
      of any Series may be guaranteed by one or more of the Guarantors. The terms
      and
      the form of any such Guarantee will be established in the manner contemplated
      by
      Section 2.02 hereof for those particular Notes, and pursuant to duly adopted
      resolutions of the board of directors (or similar governing body) or any
      authorized committee thereof of each such Guarantor.

     

    [Signatures
      on following page]

     

    
 

     

    43

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SIGNATURES

     

    Dated
      as
      of  [  ],
      200_

     

    GENCO
      SHIPPING & TRADING LIMITED

    

     

    By:__________________________________  

     

    Name:

     

    Title:

    

     

    [  ],
      as
      Trustee

     

    By:________________________________  

     

    Name:

     

    Title:SpectRx Inc - Exhibit 4.2 -  First Amendment to Amended and
Restated Loan Agreement

EXHIBIT 4.2

FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT

THIS FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT (this "Amendment") is made and entered into as of March 7, 2007 by SpectRx, Inc. (the "Company") in favor of the Noteholders and the Agent that are parties to that certain Amended and Restated Loan Agreement dated March 1, 2007 (the "Agreement").

RECITALS

A.        The Company, the Noteholders and the Agent are parties to the Agreement.

B.        Section 3.1 of the Agreement provides for a New Closing on the date hereof.

C.        The New Closing has taken place on the date hereof in accordance with Section 3.1 of the Agreement.

D.        Section 3.1 of the Agreement further provides that the Company shall amend Schedule 1 to the Agreement to include all Loans made as of the New Closing.

E.        The Company wishes to execute this Amendment in favor of the Noteholders and the Agent to amend Schedule 1 to the Agreement to reflect all Loans made as of the New Closing.

            NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Agent hereby agree as follows:

           1.Interpretation.  Unless otherwise specifically defined herein, each term used herein that is defined in the Agreement shall have the meaning assigned to such term in the Agreement.  Each reference to "hereof", "hereunder", "herein" and "hereby", and each other similar reference, and each reference to "this Agreement" and each other similar reference contained in the Agreement, shall from and after the date hereof refer to the Agreement as amended by this Amendment.

           2.Amendment re: Schedule 1.  Schedule 1 of the Agreement is hereby deleted in its entirety and replaced with Schedule 1 attached hereto.

           3.Effect of Amendment.  Except as amended hereby, the terms of the Agreement shall remain in full force and effect without change.

 

[Signatures appear on the next page]

 

 

[Signatures to First Amendment to Amended and Restated Loan Agreement]

               IN WITNESS WHEREOF, the undersigned, thereunto duly authorized, has executed this Amendment as of the date first set forth above.

		
 "Company"

	 	
SpectRx, Inc.

	 
	 	
By:
	
   /s/  Mark A. Samuels

	 	 	
Mark A. Samuels

	 	 	
Chief Executive Officer

	

 

EXHIBIT 4.2
Schedule 1

TO AMENDED AND RESTATED LOAN AGREEMENT DATED MARCH 1, 2007, AS AMENDED BY THIS AMENDMENT

 

SCHEDULE 1

Noteholders

	
Noteholder
	
Loan Principal Amount
	
Date of Loan
	
New Principal Amount
	
Warrant Shares

	 	 	 	 	 
	
Original Noteholders:
	 	 	 	 
	
Evan Fishel

3124 Fulton Street

San Francisco, CA   94118
	
$50,000

	
09/20/2006

	
$53,107
	
81,703

	
Kuekenhof Equity Fund, LLP

c/o Michael C. James

22 Church Street, Suite 5

Ramsey, NJ   07446
	
$100,000
	
09/22/2006
	
$106,137
	
163,288

	
Morgan Stanely DW, Inc. for

Christopher Jordan IRA

(Morgan Stanley DW, Inc.)

61 Laurelwood Drive

Colts Neck, NJ   07722

491 Harborside Financial Ctr., Plaza 3

Jersey City, NJ   07311

Attn:  IRA Non-Traditional Investments
	
$25,000

$15,000
	
10/12/2006

01/23/2007
	
$26,342

$15,213
	
40,527

23,404

	
Mark A. Samuels

4955 Avalon Ridge Parkway, Suite 300 Norcross, GA   30071
	
$33,334
	
06/28/2006
	
$36,479
	
56,122

	
Richard L. Fowler

4955 Avalon Ridge Parkway, Suite 300 Norcross, GA   30071
	
$33,333
	
06/28/2006
	
$36,478
	
56,120

	
William Arthur, III

2010 Tavistock Court

Alpharetta, GA   30022
	
$33,333
	
06/28/2006
	
$36,478
	
56,120

	 	 	 	 	 
	
GT Noteholders:
	 	 	 	 
	
Jamie Halegoua

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan
	
$100,000
	
02/02/2006
	
$110,740
	
170,369

	
Isaak & Audrey Halegoua, Jt. Tenants 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan
	
$200,000
	
02/02/2006
	
$221,479
	
340,738

	
Simon Halegoua 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan
	
$150,000
	
02/02/2006
	
$166,110
	
255,553

	
Germain Halegoua Annuity Trust

FBO Jamie Halegoua 6/16/95 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan
	
$100,000
	
02/02/2006
	
$110,740
	
170,369

	
Germain Halegoua Annuity Trust

FBO Jason Halegoua 6/16/95 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan
	
$50,000
	
02/02/2006
	
$55,370
	
85,184

	
Germain Halegoua Annuity Trust

FBO Rachel Halegoua 6/16/95 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan
	
$50,000
	
02/02/2006
	
$55,370
	
85,184

	
Germain Halegoua Annuity Trust

FBO Germaine Halegoua 6/16/95 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan
	
$50,000
	
02/02/2006
	
$55,370
	
85,184

	
Catherine Tinney Rome Profit Sharing 

c/o Murphy & Durieu

120 Broadway, 17th Floor

New York, NY 10271

Attn: Chris Jordan
	
$25,000
	
02/02/2006
	
$27,685
	
42,592

	
Bob Bowie

16 Kings Lane

St. Simons Island, GA   31522
	
$375,000
	
02/02/2006
	
$415,274
	
638,883

	
Susan M. Imhoff

Cottage 441, 55 Rutledge Land

Sea Island, GA   31561
	
$50,000
	
02/02/2006
	
$55,370
	
85,184

	
John E. Imhoff 

Cottage 441, 55 Rutledge Land

Sea Island, GA   31561
	
$100,000
	
02/02/2006
	
$110,740
	
170,369

	
John and Susan Imhoff, Joint Tenants

Cottage 441, 55 Rutledge Land

Sea Island, GA   31561
	
$225,000
	
02/02/2006
	
$249,164
	
383,330

 

	
Noteholder
	
Loan Principal Amount
	
Date of Loan
	
Warrant Shares

	
New Noteholders:
	 	 	 
	 	 	 	 
	
Evan Fishel

3124 Fulton Street

San Francisco, CA   94118
	
$75,000
	
03/01/2007
	
115,385

	
Kuekenhof Equity Fund, LLP

c/o Michael C. James

22 Church Street, Suite 5

Ramsey, NJ   07446
	
$400,000
	
03/01/2007
	
615,385

	
Opaline International, Inc

P. O. Box N-4837, 

Bayside Executive Park

West Bay St., Nassau, Bahamas
	
$300,000
	
03/01/2007
	
461,538

	
Walter J. Weadock

22 Deer Path Lane

Colts Neck, NJ   07722
	
$250,000
	
03/01/2007
	
384,615

	
Dayton Holdings International, Inc.

292 5th Avenue

New York, NY   10001-4513
	
$100,000
	
03/01/2007
	
153,846

	
Ronald W. Hart

4821 Crestwood Drive

Little Rock, AR   72207
	
$100,000
	
03/01/2007
	
153,846

	
Brian Smouha

97 West Eaton Place Mens

London, SWIXBLY, UK
	
$100,000
	
03/01/2007
	
153,846

	
Claude Mosseri-Marlio

c/o Credit Suisse

1-3 Rue De La Monnaie

CH-1211 Geneve 70, Switzerland
	
$99,975
	
03/01/2007
	
153,808

	
Andrew J. Lenza

83 Carriage Hill Drive

Colts Neck, NJ   07722
	
$50,000
	
03/01/2007
	
76,923

	
21st Century Digital Industries Fund LP

c/o Richard Stewart

960 Pines Lake Drive West

Wayne, NJ   07470
	
$50,000
	
03/01/2007
	
76,923

	
Jeffrey Belmont

39 Spruce Drive

E. Northport, NY   11731
	
$50,000
	
03/01/2007
	
76,923

	
Mildred S. Christian

6134 Mechanicsville Road

P.O. Box 56

Mechanicsville, PA  18934
	
$50,000
	
03/01/2007
	
76,923

	
Richard Smouha

13 Cmeuin De Concmes

Concmes, Geneve, Switzerland
	
$49,982.50
	
03/01/2007
	
76,896

	
Richard W. Enersen

131 Buckelew Street

Sausalito, CA 94965
	
$50,000
	
03/01/2007
	
76,923

	
Maryse Hops

201-710 Chilco Street

Vancouver, BC V6G 2P4
	
$25,000
	
03/01/2007
	
38,462

	
Lavorsia D. Jordan

6 Beaver Dam Road

Colts Neck, NJ   07722
	
$25,000
	
03/01/2007
	
38,462

	
Marshall Etra IRA

250 East 73rd Street, #4-G

New York, NY   10021-4311
	
$25,000
	
03/01/2007
	
38,462

	
David Naggar

780 Riverside Drive, Apt. 9-F

New York, NY   10026
	
$25,000
	
03/01/2007
	
38,462

	
Rhoda Intervivos Trust

Andrew Gluck, Trustee

284 Route 27B

Hudson, NY   12534
	
$25,000
	
03/01/2007
	
38,462

	
Andrew Gluck

284 Route 27B

Hudson, NY   12534
	
$25,000
	
03/01/2007
	
38,462

	
William Bryce Combs

1310 South Palmway

Lake Worth, FL   33460
	
$25,000
	
03/01/2007
	
38,462

	
Nangarhil, LLC

3 Nancy Place

Berkeley Heights, NJ 07922
	
$25,000
	
03/01/2007
	
38,462

	
Joseph L. Rosenstreich

3215 Clubhouse Road

Merrick, NY   11566-4812
	
$20,000
	
03/01/2007
	
30,769

	
Richard Steiner

1356 Dover Road

Salt Lake City, UT   84108
	
$20,000
	
03/01/2007
	
30,769

	
Gloria Mosseri

351 E. 84th Street, #22-E

New York, NY 10028
	
$10,000
	
03/01/2007
	
15,385

	
Jeffrey Mosseri

351 E. 84th Street, #22-E

New York, NY 10028
	
$10,000
	
03/01/2007
	
15,385

	
Daniela Laufer Trust

Jeffrey Mosseri, Trustee

351 E. 84th Street, #22-E

New York, NY 10028
	
$10,000
	
03/01/2007
	
15,385

	
Chestnut Ridge Partners, LP

50 Tice Boulevard

Woodcliff Lake, NJ 07677
	
$250,000
	
03/01/2007
	
384,615

	
The Arthur Kontos Foundation

Rive Unit 1703

Monmouth Beach, NJ 07750
	
$100,000
	
03/01/2007
	
153,846

	
Vivette Ancona

45 Sutton Place, South

New York, NY 10022
	
$5,000
	
03/01/2007
	
7,692

	
Lorianne O'Connor

128 Squire Hill Rd.

Montclair, NJ 07043
	
$25,000
	
03/01/2007
	
38,462

	
Murphy & Durieu, L.P.

120 Broadway

New York, NY 10005
	
$41,685.11
	
03/01/2007
	
64,131

	
Thomas E. Cain

98 El Freda Circle

Tempe, AZ   85283
	
$100,000
	
3/12/2007
	
153,846

	
Michael Maiello

140 Hockhockson Road

Colts Neck, NJ   07722
	
$25,000
	
3/12/2007
	
38,462

	
Opaline International, Inc.

Bayside Executive Park

West Bay Street

Nassau, Bahamas
	
$100,000
	
3/12/2007
	
153,846

	
Stacia J. Hachem

160 Fenmore Road

Mamaroneck, NY   10543
	
$25,000
	
3/12/2007
	
38,462

	
Saul Schwartzman

10 Mountainside Park Terrace

Montclair, NJ   07043
	
$25,000
	
3/12/2007
	
38,462

	
Kuekenhof Equity Fund, LLP

c/o Michael C. James

22 Church Street, Suite 5

Ramsey, NJ   07446
	
$100,000
	
3/12/2007
	
153,846

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