Document:

EXHIBIT 10.1

                  NARRATIVE SUMMARY OF BOARD ACTION ESTABLISHING
                  ----------------------------------------------
                          BASE SALAIRES FOR FISCAL 2007
                          -----------------------------

On August 15, 2006, the Board of Directors of American Consumers, Inc. (the
"Company"), acting upon the recommendation of the Board's Compensation
Committee, set the base salaries for the Company's executive officers for the
fiscal year ending in May 2007.  Such action included establishment of the
following base salaries for those executive officers who serve as directors of
the Company (Mr. Richardson also qualifies as a "named executive officer"
pursuant to Item 402(a)(3) of Securities and Exchange Commission Regulation
S-K):

<TABLE>
<CAPTION>
             NAME:                       TITLE:               ANNUAL BASE SALARY:
             ----                        -----                ------------------
<S>                         <C>                               <C>
     Michael A. Richardson  Chairman of the Board, President        $88,400
                            and Chief Executive Officer

     Paul R. Cook           Executive Vice President,                66,976
                            Treasurer and Chief Financial
                            Officer

     Virgil E. Bishop       Vice President                           66,976
</TABLE>

These base salaries remained unchanged from fiscal year 2006 levels.EXHIBIT 10.2

                  NARRATIVE SUMMARY OF BOARD ACTION ESTABLISHING
                  ----------------------------------------------
                         CASH BONUS PLAN FOR FISCAL 2007
                         -------------------------------

On August 15, 2006, the Board of Directors of American Consumers, Inc. (the
"Company"), acting upon the recommendation of the Board's Compensation
Committee, established the Cash Bonus Plan applicable to the Company's executive
officers with respect to Company performance during the fiscal year ending in
May 2007.  During fiscal 2007, the Company's executive officers will be eligible
to receive a discretionary cash bonus equal to a fixed percentage of the
Company's net income before taxes for such year.

Such action included establishment of the following potential bonus percentages
for those executive officers who serve as directors of the Company (Mr.
Richardson also qualifies as a "named executive officer" pursuant to Item
402(a)(3) of Securities and Exchange Commission Regulation S-K):

<TABLE>
<CAPTION>

             NAME:                        TITLE:                      POTENTIAL BONUS AS A
             ----                         -----                  PERCENTAGE OF PRE-TAX INCOME:
                                                                 ------------------------------
<S>                         <C>                                  <C>
     Michael A. Richardson  Chairman of the Board, President                   6%
                            and Chief Executive Officer

     Paul R. Cook           Executive Vice President, Treasurer                4%
                            and Chief Financial Officer

     Virgil E. Bishop       Vice President                                     3%
</TABLE>

These potential bonus percentages remained unchanged from fiscal year 2006
levels.  The amount of any bonus ultimately paid will be determined in the
discretion of the Compensation Committee.  No bonuses were paid for fiscal 2006
due to the Company's net loss for the year.EXHIBIT 10.3

                  NARRATIVE SUMMARY OF BOARD ACTION ESTABLISHING
                  ----------------------------------------------
                      DIRECTOR COMPENSATION FOR FISCAL 2007
                      -------------------------------------

On August 15, 2006, the Board of Directors of American Consumers, Inc. (the
"Company"), acting upon the recommendation of the Board's Compensation
Committee, voted to maintain the fees paid to all directors for service on the
Board during fiscal 2007 at the same level as in 2006.

Accordingly, during fiscal 2007, all Company directors will receive cash
payments of $300.00 per month for service as directors, plus reimbursement for
reasonable expenses incurred in attending meetings of the Board of Directors and
any Board committee on which a director serves.  Directors who are members of
the Audit Committee and the Compensation Committee of the Board of Directors do
not receive any additional compensation for such committee service.Execution
        Copy

       

    

     

    
      

      

    

     

    IP
      HOLDINGS LLC,

    as
      Issuer

    
 

    and

    
 

    WILMINGTON
      TRUST COMPANY,

    as
      Trustee

    

    
 

    FIFTH
      AMENDED AND RESTATED 

    INDENTURE

    

    

    Dated
      as
      of August 28, 2006

    

    

    
 

    $159,941,998

    IP
      HOLDINGS LLC ASSET-BACKED NOTES

    

    

    

    
      

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    
      	 	Page 
	 	 
	
              PRELIMINARY
                STATEMENT

            	 
	 	 
	
              GRANTING
                CLAUSES

            	 
	 	 
	
              ARTICLE
                I. DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

            	
              3

            
	 	 
	
              Section
                1.1. Definitions

            	
              3

            
	 	 
	
              Section
                1.2. Acts of Noteholders

            	
              4

            
	 	 
	
              Section
                1.3. Notices, etc. to Trustee, Issuer and IPHM

            	
              4

            
	 	 
	
              Section
                1.4. Notices to Noteholders; Waiver

            	
              5

            
	 	 
	
              Section
                1.5. Effect of Headings and Table of Contents

            	
              5

            
	 	 
	
              Section
                1.6. Successors and Assigns

            	
              5

            
	 	 
	
              Section
                1.7. Severability

            	
              6

            
	 	 
	
              Section
                1.8. Benefits of Indenture

            	
              6

            
	 	 
	
              Section
                1.9. Governing Law

            	
              6

            
	 	 
	
              Section
                1.10. Counterparts

            	
              6

            
	 	 
	
              Section
                1.11. Consents

            	
              6

            
	 	 
	
              Section
                1.12. Effective Date

            	
              6

            
	
              ARTICLE
                II. NOTE FORM

            	
              6

            
	 	 
	
              Section
                2.1. Form Generally

            	
              6

            
	 	 
	
              Section
                2.2. Form of Note

            	
              7

            
	
              ARTICLE
                III. THE NOTES

            	
              12

            
	 	 
	
              Section
                3.1. Designation of Notes; Certain Related Provisions

            	
              12

            
	 	 
	
              Section
                3.2. Denominations

            	
              12

            
	 	 
	
              Section
                3.3. Execution, Authentication, Delivery and Dating

            	
              12

            
	 	 
	
              Section
                3.4. Registration, Registration of Transfer and Exchange

            	
              13

            
	 	 
	
              Section
                3.5. Limitation on Transfer and Exchange

            	
              14

            
	 	 
	
              Section
                3.6. Mutilated, Destroyed, Lost or Stolen Notes

            	
              15

            
	 	 
	
              Section
                3.7. Payment of Principal and Interest

            	
              16

            
	 	 
	
              Section
                3.8. Persons Deemed Owners

            	
              16

            
	 	 
	
              Section
                3.9. Cancellation

            	
              16

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                IV. DELIVERY OF THE NOTES

            	
              17

            
	 	 
	
              ARTICLE
                V. SATISFACTION AND DISCHARGE

            	
              17

            
	 	 
	
              Section
                5.1. Satisfaction and Discharge of Indenture

            	
              17

            
	 	 
	
              Section
                5.2. Application of Trust Money

            	
              18

            
	 	 
	
              Section
                5.3. Discharge of Security Interest

            	
              18

            
	
              ARTICLE
                VI. EVENTS OF DEFAULT AND REMEDIES

            	
              19

            
	 	 
	
              Section
                6.1. Events of Default

            	
              19

            
	 	 
	
              Section
                6.2. Acceleration of Maturity, Rescission and Annulment

            	
              20

            
	 	 
	
              Section
                6.3. Remedies

            	
              21

            
	 	 
	
              Section
                6.4. Trustee May File Claim

            	
              22

            
	 	 
	
              Section
                6.5. Trustee May Enforce Claims Without Possession of
                Notes

            	
              23

            
	 	 
	
              Section
                6.6. Allocation of Money Collected

            	
              23

            
	 	 
	
              Section
                6.7. Limitation on Suits

            	
              24

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

            	
              25

            
	 	 
	
              Section
                6.9. Restoration of Rights and Remedies

            	
              25

            
	 	 
	
              Section
                6.10. Rights and Remedies Cumulative

            	
              25

            
	 	 
	
              Section
                6.11. Delay or Omission Not Waiver

            	
              26

            
	 	 
	
              Section
                6.12. Control by Noteholders

            	
              26

            
	 	 
	
              Section
                6.13. Waiver of Past Defaults

            	
              26

            
	 	 
	
              Section
                6.14. Undertaking for Costs

            	
              26

            
	 	 
	
              Section
                6.15. Waiver of Stay or Extension Laws

            	
              27

            
	 	 
	
              Section
                6.16. Sale of Collateral

            	
              27

            
	 	 
	
              Section
                6.17. Action on Notes

            	
              28

            
	
              ARTICLE
                VII. THE TRUSTEE; RESIGNATION OF TRUSTEE AND SUCCESSOR
                TRUSTEE

            	
              28

            
	 	 
	
              Section
                7.1. Certain Duties and Responsibilities of Trustee

            	
              28

            
	 	 
	
              Section
                7.2. Notice of Default, Cure or Waiver

            	
              30

            
	 	 
	
              Section
                7.3. Certain Rights of Trustee

            	
              30

            
	 	 
	
              Section
                7.4. Not Responsible for Recitals or Issuance of Notes

            	
              31

            
	 	 
	
              Section
                7.5. May Hold Notes

            	
              32

            
	 	 
	
              Section
                7.6. Money Held in Trust

            	
              32

            
	 	 
	
              Section
                7.7. Compensation and Reimbursement

            	
              32

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                7.8. Corporate Trustee Requirement Eligibility

            	
              33

            
	 	 
	
              Section
                7.9. Resignation and Removal; Appointment of Successor

            	
              33

            
	 	 
	
              Section
                7.10. Acceptance of Appointment by Successor

            	
              34

            
	 	 
	
              Section
                7.11. Merger, Conversion, Consolidation or Succession to Business
                of
                Trustee

            	
              34

            
	 	 
	
              Section
                7.12. Co-trustees and Separate Trustees

            	
              34

            
	 	 
	
              Section
                7.13. Rights of Trustee in Capacity of Payment Agent, Transfer Agent
                or
                Registrar

            	
              36

            
	
              ARTICLE
                VIII. CONSOLIDATION AND MERGER

            	
              36

            
	 	 
	
              ARTICLE
                IX. SUPPLEMENTAL INDENTURES

            	
              36

            
	 	 
	
              Section
                9.1. Supplemental Indentures Only with Consent of
                Noteholders

            	
              36

            
	 	 
	
              Section
                9.2. Execution of Supplemental Indentures

            	
              37

            
	 	 
	
              Section
                9.3. Effect of Supplemental Indentures

            	
              37

            
	 	 
	
              Section
                9.4. Reference in Notes to Supplemental Indenture

            	
              38

            
	 	 
	
              Section
                9.5. Solicitation of Holders of Notes

            	
              38

            
	
              ARTICLE
                X. REDEMPTION OF NOTES

            	
              38

            
	 	 
	
              Section
                10.1. Redemption at the Option of the Issuer

            	
              38

            
	 	 
	
              Section
                10.2. Notice of Redemption by the Issuer

            	
              40

            
	 	 
	
              Section
                10.3. Deposit of the Redemption Price

            	
              40

            
	 	 
	
              Section
                10.4. Notes Payable on Redemption Date; Less than All Notes to be
                Redeemed

            	
              41

            
	 	 
	
              Section
                10.5. Defeasance

            	
              41

            
	
              ARTICLE
                XI. REPRESENTATIONS, WARRANTIES AND COVENANTS

            	
              42

            
	 	 
	
              Section
                11.1. Payment of Principal and Interest

            	
              42

            
	 	 
	
              Section
                11.2. Maintenance of Office or Agency

            	
              42

            
	 	 
	
              Section
                11.3. Money for Note Payments to Be Held in Trust

            	
              42

            
	 	 
	
              Section
                11.4. Continued Existence; Observance of Organizational
                Documents

            	
              43

            
	 	 
	
              Section
                11.5. Protection of Collateral

            	
              43

            
	 	 
	
              Section
                11.6. Biennial Opinion as to Collateral

            	
              45

            
	 	 
	
              Section
                11.7. Negative Covenants

            	
              45

            
	 	 
	
              Section
                11.8. Statement as to Compliance

            	
              46

            
	 	 
	
              Section
                11.9. Inspection

            	
              47

            
	 	 
	
              Section
                11.10. Limited Purpose

            	
              47

            
	 	 
	
              Section
                11.11. Issuer Ownership

            	
              47

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                11.12. Enforcement of Transaction Documents

            	
              47

            
	 	 
	
              Section
                11.13. Representations and Warranties

            	
              47

            
	 	 
	
              Section
                11.14. Certain Covenants

            	
              51

            
	 	 
	
              Section
                11.15. Submission to Jurisdiction

            	
              52

            
	 	 
	
              Section
                11.16. Representations with Respect to Assets.

            	
              53

            
	 	 
	
              Section
                11.17. Survival of Indenture Representations and
                Warranties

            	
              56

            
	
              ARTICLE
                XII. ACCOUNTS, ACCOUNTINGS AND RELEASES

            	
              56

            
	 	 
	
              Section
                12.1. Collection of Money

            	
              56

            
	 	 
	
              Section
                12.2. Accounts

            	
              56

            
	 	 
	
              Section
                12.3. Release of Assets

            	
              60

            
	 	 
	
              Section
                12.4. Accounting by Trustee to Issuer and the Noteholders

            	
              61

            
	 	 
	
              Section
                12.5. Collateral

            	
              62

            
	 	 
	
              Section
                12.6. Opinion of Counsel

            	
              62

            
	
              ARTICLE
                XIII. APPLICATION OF MONIES

            	
              63

            
	 	 
	
              Section
                13.1. Disbursements of Monies out of Collection Account

            	
              63

            
	 	 
	
              Section
                13.2. Disbursement of Monies out of the Liquidity Reserve
                Account

            	
              65

            
	 	 
	
              Section
                13.3. Advertising Reserve Account

            	
              66

            
	 	 
	
              Section
                13.4. Disbursements of Monies out of the Lockbox Account

            	
              66

            
	 	 
	
              Section
                13.5. Disbursement of Monies out of the Renewal Reserve
                Account

            	
              66

            
	 	 
	
              Section
                13.6. Disbursement of Monies out of Prepaid Fee and Royalty
                Account

            	
              67

            
	 	 
	
              Section
                13.7. Eligible Investments

            	
              67

            
	
              ARTICLE
                XIV. COVENANTS OF IP HOLDINGS AND MANAGEMENT CORPORATION

            	
              68

            
	 	 
	
              Section
                14.1. Continued Existence; Organizational Documents

            	
              68

            
	 	 
	
              Section
                14.2. Negative Covenant

            	
              68

            
	 	 
	
              Section
                14.3. No Bankruptcy Petition.

            	
              68

            

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    

    
      	
              APPENDIX
                A

            	
              Standard
                Definitions

            
	 	 
	
              EXHIBIT
                A

            	
              Form
                of Assignment of Note

            
	 	 
	
              EXHIBIT
                B

            	
              Form
                of Servicer’s Report

            
	 	 
	
              EXHIBIT
                C

            	
              Form
                of Investment Letter

            
	 	 
	
              EXHIBIT
                D

            	
              Substitute
                Form W-9

            
	 	 
	
              EXHIBIT
                E

            	
              Assets

            
	 	 
	 	
              EXHIBIT
                E-1: Trademarks

            
	 	
              EXHIBIT
                E-1A: Registered Trademarks

            
	 	
              EXHIBIT
                E-1B: Unregistered Trademarks

            
	 	
              EXHIBIT
                E-1C: Additional Registrations and Pending Applications

            
	 	
              EXHIBIT
                E-2: Licenses

            
	 	
              EXHIBIT
                E-3: Copyrights

            
	 	
              EXHIBIT
                E-4: Patents

            
	 	
              EXHIBIT
                E-5: Pending Intent-to-Use Applications

            
	 	
              EXHIBIT
                E-6: Trademarks Subject to Litigation

            
	 	 
	
              EXHIBIT
                F

            	
              Claims

            

    

     

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    This
      FIFTH AMENDED AND RESTATED INDENTURE (as amended from time to time as permitted
      hereby, this “Indenture”)
      is
      dated as of August 28, 2006, is by and between IP HOLDINGS LLC, a Delaware
      limited liability company (together with its permitted successors and assigns,
      the “Issuer”),
      and
      WILMINGTON TRUST COMPANY, a Delaware banking corporation (together with its
      permitted successors and assigns, the “Trustee”)
      and
      amends and restates in its entirety the Fourth Amended and Restated Indenture,
      dated as of April 11, 2006, by and between the parties hereto, as amended by
      Amendment No. 1 to Fourth Amended and Restated Indenture, dated as of August
      14,
      2006, by and between the parties hereto (as so amended, the “Fourth
      Amended and Restated Indenture”),
      which
      amended and restated in its entirety the Third Amended and Restated Indenture,
      dated as of September 1, 2005 (the “Third
      Amended and Restated Indenture”),
      by
      and between the parties hereto, which amended and restated in its entirety
      the
      Second Amended and Restated Indenture, dated as of July 1, 2005 (the
“Second
      Amended and Restated Indenture”),
      by
      and between the parties hereto, which amended and restated in its entirety
      the
      Amended and Restated Indenture, dated as of April 1, 2004 (the “First
      Amended and Restated Indenture”),
      by
      and between the parties hereto, which amended and restated in its entirety,
      the
      Indenture, dated as of August 20, 2002 (the “Original
      Indenture”),
      by
      and between the parties hereto.

    

    PRELIMINARY
      STATEMENT

    

    The
      Issuer duly authorized the execution and delivery of the Original Indenture
      to
      provide for the issuance of a single class of 7.93% IP Holdings LLC Asset-Backed
      Notes (the “Original
      Notes”).

    

    The
      Issuer duly authorized the execution and delivery of the First Amended and
      Restated Indenture to provide for the issuance of a subordinate class of
      Floating Rate IP Holdings LLC Subordinate Asset-Backed Notes (the “Subordinate
      Notes”).

    

    The
      Issuer duly authorized the execution and delivery of the Second Amended and
      Restated Indenture to provide for the issuance of a single class of 8.45% IP
      Holdings LLC Asset-Backed Notes (the “July
      Notes”),
      and
      for the exchange of the Original Notes and the Subordinate Notes for the July
      Notes. 

    

    The
      Issuer duly authorized the execution and delivery of the Third Amended and
      Restated Indenture to provide for the issuance of a single class of IP Holdings
      LLC Asset-Backed Notes (the “September
      Notes”),
      and
      for the exchange of the July Notes for the September Notes.

    

    The
      Issuer duly authorized the execution and delivery of the Fourth Amended and
      Restated Indenture to provide for the issuance of a single class of IP Holdings
      LLC Asset-Backed Notes (the “April
      Notes”),
      and
      for the exchange of the September Notes for the April Notes.

    

    The
      Issuer now has duly authorized the execution and delivery of this Indenture
      to
      provide for the issuance of a single class of IP Holdings LLC Asset-Backed
      Notes
      (the “Notes”),
      and
      for the exchange of the April Notes for the Notes.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    All
      covenants and agreements made by the Issuer herein are for the benefit and
      security of the Noteholders. The Issuer is entering into this Indenture, and
      the
      Trustee is accepting the trust created hereby, for good and valuable
      consideration, the receipt and sufficiency of which is hereby
      acknowledged.

    

    GRANTING
      CLAUSES

    

    The
      Issuer hereby Grants to the Trustee for the exclusive benefit of the Holders
      of
      the Notes a Lien upon and a security interest in all of the Issuer’s right,
      title and interest, whether now owned or hereafter acquired, (but none of the
      obligations) in and to the following (collectively, the “Collateral”),
      subject, however, in each case, to any applicable Lien:

    

    (a) the
      Assets;

    

    (b) all
      cash,
      securities, instruments and other property held from time to time in the
      Collection Account, the Liquidity Reserve Account, the Revenue Reduction
      Account, the Prepaid Fee and Royalty Account and the Renewal Reserve Account
      or
      otherwise transferred to the Trustee hereunder (but excluding any amounts
      payable to or deposited in the Advertising Reserve Account);

    

    (c) the
      Contribution Agreement, the Joe Boxer Contribution Agreement, the Rampage
      Contribution Agreement, the Mudd Contribution Agreement, the London Fog
      Contribution Agreement, the Management Agreement, the Back-Up Management
      Agreement, the Servicing Agreement, the Mudd Guaranty and the Mudd Pledge
      Agreement, in each case as the same may be modified, amended, supplemented
      or
      restated from time to time;

    

    (d) all
      books
      and records concerning the foregoing property (including without limitation
      all
      tapes, disks and related items containing any such information);

    

    (e) all
      after
      acquired property of the Issuer; and

    

    (f) all
      proceeds of the foregoing of any nature whatsoever, including without limitation
      proceeds and the conversion, voluntary or involuntary, of any
      thereof.

    

    Such
      Grants are only made, however, in trust, solely to secure (i) the Notes equally
      and ratably, except as otherwise may be provided in this Indenture, without
      prejudice, priority or distinction among the Notes by reason of differences
      in
      time of authentication or delivery or otherwise, (ii) the payment of all other
      sums payable under this Indenture, and (iii) compliance with the provisions
      of
      this Indenture, all as provided in this Indenture. 

    

    It
      is
      expressly agreed that anything herein contained to the contrary notwithstanding,
      the Issuer shall not, other than as required by applicable law, be released
      from
      any of its obligations under any of the Collateral, and the Trustee and the
      Holders shall have no obligation or liability under any Collateral by reason
      of
      or arising out of the assignment hereunder, nor shall the Trustee or the Holders
      be required or obligated in any manner to perform or fulfill any obligations
      of
      the Issuer under or pursuant to any of the Collateral or such other documents
      or
      to make any payment, subject, however, to any applicable Liens, or to make
      any
      inquiry as to the nature or sufficiency of any payment received by them, or
      present or file any claim, or take any action to collect or enforce the payment
      of any amounts which may have been assigned to them or to which they may be
      entitled at any time or times.

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    The
      Issuer does hereby warrant and represent that (i) except for Liens
      described in Exhibit B to each of the Contribution Agreement, the Joe Boxer
      Contribution Agreement, the Rampage Contribution Agreement, the Mudd
      Contribution Agreement and the London Fog Contribution Agreement, it has not
      permitted and hereby covenants that it will not permit, the creation of any
      Lien
      other than the Lien of this Indenture with respect to any part of the
      Collateral, so long as this Indenture shall remain in effect, to anyone other
      than the Trustee, and (ii) the representations and warranties of the Issuer
      contained in this Indenture are true and correct.

    

    The
      Trustee acknowledges such Grant, accepts the trusts hereunder in accordance
      with
      the provisions of this Indenture and agrees to perform the duties herein
      required. So long as any Note remains Outstanding, the Trustee shall act for
      the
      benefit of the Noteholders as their interests may appear to the extent provided
      herein.

    

    The
      Trustee agrees to maintain in its possession each item of Collateral
      constituting a contract or chattel paper under the UCC delivered to it unless
      and until such item of Collateral is released from the lien hereof pursuant
      to
      Article V or Section 12.3 hereof.

    

    All
      things necessary to make this Indenture a valid agreement of the Issuer in
      accordance with its terms have been done. The Trustee hereby acknowledges
      receipt of the April Note in connection with the authentication and delivery
      of
      the Note.

     

    ARTICLE
      I.

    

    DEFINITIONS
      AND OTHER PROVISIONS OF GENERAL APPLICATION

    Section
      1.1 Definitions

    

    (a)
       Except
      as
      otherwise expressly provided herein or unless the context otherwise requires,
      the capitalized terms used in this Indenture shall have the respective meanings
      specified in the Fifth Amended and Restated Standard Definitions set forth
      as
Appendix
      A
      hereto,
      which is incorporated herein by reference. The definitions of such terms are
      equally applicable both to the singular and plural forms of such
      terms.

    

    (b) All
      references in this instrument to designated “Articles,” “Sections,”
“Subsections” and other subdivisions are to the designated Articles, Sections,
      Subsections and other subdivisions of this instrument as originally executed
      or
      if amended or supplemented, as so amended and supplemented. The words “herein,”
“hereof,” “hereunder” and other words of similar import refer to this Indenture
      as a whole and not to any particular Article, Section, Subsection or other
      subdivision.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    Section
      1.2 Acts
      of Noteholders

    

    (a) If,
      at
      any time, there is more than one Holder of the Notes, any request, demand,
      authorization, direction, notice, consent, waiver or other action provided
      by
      this Indenture to be given or taken by the Noteholders shall, unless otherwise
      expressly provided herein, be taken by the Holders of 51% of the aggregate
      Note
      Principal Balance of Notes Outstanding (the “Majority
      Holders”)
      and,
      whether to be taken by all or less than all of the Holders, may be embodied
      in
      and evidenced by one or more instruments of substantially similar tenor signed
      by such Noteholders in person or by an agent duly appointed in writing; and,
      except as herein otherwise expressly provided, such action shall become
      effective when such instrument or instruments are delivered to the Trustee,
      and,
      where it is herein expressly required, to the Issuer. Such instrument or
      instruments (and the action embodied therein and evidenced thereby) are herein
      sometimes referred to as the “Act”
of
      the
      Noteholders signing such instrument or instruments. Proof of execution of any
      such instrument or of a writing appointing any such agent shall be sufficient
      for any purpose of this Indenture and (subject to Section 7.1) conclusive in
      favor of the Trustee and the Issuer, if made in the manner provided in this
      Section 1.2.

    

    (b) The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved in any manner which the Trustee reasonably deems sufficient.

    

    (c) The
      ownership of Notes shall be proved by the Note Register.

    

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

     

    Section
      1.3. Notices,
      etc. to Trustee, Issuer
      and
      IPHM

    

    (a) Except
      as
      otherwise provided, any request, demand, authorization, direction, notice,
      consent, waiver or Act of Noteholders or other document provided or permitted
      by
      this Indenture to be made upon, given or furnished to, or filed
      with

    

    
      	 	
              (1)

            	
              the
                Trustee by any Noteholder, by the Issuer or by IPHM shall be sufficient
                for every purpose hereunder if made, given, furnished or filed in
                writing
                to or with the Trustee at its Corporate Trust Office;
                or

            

    

    

    
      	 	
              (2)

            	
              the
                Issuer or IPHM by the Trustee or by any Noteholder shall be sufficient
                for
                every purpose hereunder if in writing and mailed, registered mail
                return
                receipt requested or by overnight courier or hand delivery, to the
                Issuer
                addressed to it at 103 Foulk Road, Wilmington, Delaware 19803, and
                the
                Manager at the same address or at any other address previously furnished
                in writing to the Trustee by the
                Issuer.

            

    

    

    (b) Without
      duplication, a party to this Indenture sending or delivering a notice of any
      kind hereunder shall also provide a copy of the notice in any manner authorized
      herein to each Noteholder at the Noteholder’s address as it appears on the Note
      Register upon receiving such address from the Trustee or the Noteholder and,
      in
      any event, each such party shall also in similar fashion send a copy of such
      notice to PartnerRe New Solutions Inc., One Greenwich Plaza, Greenwich,
      Connecticut 06830-6352.

     

    Section
      1.4. Notices
      to Noteholders; Waiver

    

    Where
      this Indenture provides for notice to Noteholders of any event, such notice
      shall be sufficiently given (unless otherwise herein expressly provided) if
      in
      writing and mailed by registered mail return receipt requested or by overnight
      courier or hand delivery, to each Noteholder, at its address as it appears
      on
      the Note Register, not later than the latest date, and not earlier than the
      earliest date, prescribed for the giving of such notice. Any notice which is
      mailed in the manner herein provided shall be deemed effective upon receipt
      or
      refusal.

    

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

    

    In
      case,
      by reason of the suspension of regular mail service as a result of a strike,
      work stoppage or similar activity, it shall be impractical to mail notice of
      any
      event to the Noteholders when such notice is required to be given pursuant
      to
      any provision of this Indenture, then any manner of giving such notice as shall
      be reasonably satisfactory to the Trustee shall be deemed to be a sufficient
      giving of such notice.

     

    Section
      1.5. Effect
      of Headings and Table of Contents

    

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

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    Section
      1.6. Successors
      and Assigns

     

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

     

    Section
      1.7. 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
      1.8. Benefits
      of Indenture

    

    Nothing
      in this Indenture or in the Notes, expressed or implied, shall give to any
      Person, other than the parties hereto, and any of their successors hereunder
      and
      the Noteholders, any benefit or any legal or equitable right, remedy or claim
      under this Indenture.

     

    Section
      1.9. Governing
      Law

    

    This
      Indenture and each Note shall be construed in accordance with and governed
      by
      the laws of the State of New York applicable to agreements made and to be
      performed therein without giving effect to principles of conflicts of law other
      than Sections 5-1401 and 5-1402 of the General Obligations Law of the State
      of
      New York.

     

    Section
      1.10. Counterparts

    

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

     

    Section
      1.11 Consents

    

    Any
      consent of any of the parties hereto required pursuant to this Indenture shall
      not be unreasonably withheld or delayed.

     

    Section
      1.12. Effective
      Date

    

    This
      Indenture shall not be effective until the Closing Date of the
      Notes.

     

    ARTICLE
      II.

    

    NOTE
      FORM

    Section
      2.1. Form
      Generally

    

    The
      Notes
      and the certificate of authentication shall be in substantially the form set
      forth in Section 2.2 with such appropriate insertions, omissions, substitutions
      and other variations as are required or permitted by this Indenture, and may
      have such letters, numbers or other marks of identification and such legends
      or
      endorsements placed thereon, as may be required to comply with the rules of
      any
      securities exchange on which the Notes may be listed, or as may, consistently
      herewith, be determined by the officers executing such Notes, as evidenced
      by
      their execution of the Notes. Any portion of the text of any Note may be set
      forth on the reverse thereof, with an appropriate reference thereto on the
      face
      of the Note.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    Section
      2.2. Form
      of Note

    

    THIS
      NOTE
      HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS AND THE ISSUER HAS NOT
      BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE
“INVESTMENT COMPANY ACT”), AND THIS NOTE MAY NOT BE SOLD, OFFERED FOR SALE OR
      OTHERWISE TRANSFERRED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND
      APPLICABLE STATE SECURITIES LAWS EXCEPT IN A TRANSACTION THAT IS EXEMPTED UNDER
      THE SECURITIES ACT (INCLUDING A TRANSFER MADE PURSUANT TO RULE 144A UNDER THE
      SECURITIES ACT (“RULE 144A”)) AND APPLICABLE STATE SECURITIES LAWS.

    

    EACH
      HOLDER OF THIS NOTE MUST BE, AND BY VIRTUE OF HOLDING THIS NOTE SHALL BE DEEMED
      TO HAVE REPRESENTED THAT IT IS, AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN
      THE
      MEANING OF RULE 501(a)(1), (2), (3) AND (7) UNDER THE SECURITIES ACT AND THAT
      IT
      WAS NOT FORMED TO PURCHASE NOTES.

    

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE ON THE PAYMENT DATES AND IN THE AMOUNTS
      DESCRIBED HEREIN. ACCORDINGLY, THE OUTSTANDING NOTE PRINCIPAL BALANCE OF THIS
      NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF AND MAY
      BE
      ASCERTAINED ONLY BY OBTAINING A CONFIRMATION THEREOF FROM THE TRUSTEE NAMED
      HEREIN OR ITS SUCCESSOR.

    

    The
      Notes
      may not be acquired or transferred to an employee benefit plan subject to the
      Employee Retirement Income Security Act of 1974, as amended (“ERISA”), a plan
      described in Section 4975(e)(1) of the Code, or any entity deemed to hold plan
      assets of a benefit plan or plan unless the acquiror or the transferee
      represents that its acquisition and holding of the Notes will at all times
      be
      exempt from the prohibited transaction provisions of ERISA and Section 4975
      of
      the Code under PTE 84-14, PTE 90-1, PTE 91-38, PTE 95-60 or PTE 96-23 or a
      similar exemption.

    

    The
      Trustee and the Note Registrar shall not permit a transfer of a Note if such
      transfer would result in the Issuer having more than eight (8) registered
      Noteholders as shown in the Note Register or five (5) registered Noteholders
      excluding the initial Noteholder and its direct transferees. 

    

    The
      Holder of this Note is not a partnership, grantor trust or S corporation of
      which (i) substantially all of the value of the interest of a person owning
      an
      interest in such entity is attributable to the entity’s (direct or indirect)
      interest in the Note, and (ii) a principal purpose of the use of the tiered
      arrangement is to permit the Issuer to satisfy the 100-person limitation in
      paragraph (h)(1)(ii) of Section 1.7704-1 of the Treasury
      Regulations.

    

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    No.
      [___]                                                                                                                      
Initial
      Note Principal

    Balance
      of the 

    Notes:
      $[          ]

    

    Initial
      Note Principal

    Balance
      of this Note: 

    $[          ]

    

    IP
      HOLDINGS LLC 

    ASSET-BACKED
      NOTES

    

    ISSUE
      DATE: ________, 2006

    

    LEGAL
      MATURITY DATE: February 22, 2016

    

    IP
      HOLDINGS LLC, a limited liability company duly organized and existing under
      the
      laws of the State of Delaware (the “Issuer,” which term includes any successor
      entity under the Indenture referred to below), for value received, hereby
      promises to pay to [PAYEE], or registered assigns (the “Payee”), the principal
      sum of [        Dollars
      ($        )] payable on each Payment
      Date in distributions of principal and interest as set forth in the Indenture,
      but in no event less than the amounts set forth in the amortization schedule
      attached hereto on each Payment Date (which, in connection with an Unscheduled
      Amortization Events, shall be amended and restated by the Servicer such that
      the
      Notes will continue to amortize on a level debt service basis from the date
      of
      such Unscheduled Amortization Event to the Legal Maturity Date (with the
      concurrence of the Noteholders that the revised schedule has been properly
      determined)); provided,
      however,
      that
      the Issuer shall only be required to make the principal payment under the
      heading “Reserve Payments” on the amortization schedule attached hereto to the
      extent of funds on deposit in the Liquidity Reserve Account and in accordance
      with the provisions of Sections 13.1(a)(vi) and 13.2(b) of the Indenture. This
      Note shall be a limited obligation of the Issuer, payable solely from and to
      the
      extent of the Collateral subject to the Lien of the Indenture (defined below).
      This Note shall bear interest on the outstanding unpaid principal balance at
      a
      rate equal to the Note Interest Rate; provided,
      however,
      that
      interest on any amount of principal or interest that is not timely paid when
      due
      shall accrue interest until paid at a rate per annum equal to 2% per annum
      in
      excess of the Note Interest Rate then in effect to the extent allowed by law
      (the “Default Rate”); and, provided,
      further,
      that if
      a Default shall have occurred under, and as defined in, the Indenture, interest
      shall accrue from that time forward at the Default Rate, to the extent allowed
      by law, until such Default is cured. All unpaid principal of and accrued
      interest on the Notes shall be due and payable on February 22, 2016. The
      interest and principal so payable on any Payment Date shall, as provided in
      the
      Indenture, be paid to the Person in whose name this Note is registered in the
      Note Register on the Record Date for such Payment Date which shall be the close
      of business on the last day of the month prior to such Payment Date (whether
      or
      not a Business Day). All terms used in this Note which are defined in the
      Indenture shall have the meanings assigned to them in the Indenture. Certain
      provisions of the Indenture are described in this Note. 

    

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    The
      principal of and interest on this Note are payable solely by wire transfer
      to
      the Person whose name appears as the Registered Holder of this Note on the
      Note
      Register on the Record Date for the Payment Date, in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts.

    

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

    

    This
      Note
      is one of a duly authorized issue of Notes of the Issuer designated as its
      IP
      Holdings LLC Asset-Backed Notes (the “Notes”) issued under a Fifth Amended and
      Restated Indenture, dated as of August 28, 2006 (herein, called the
“Indenture”), by and between the Issuer and Wilmington Trust Company, as trustee
      (the “Trustee”), which term includes any successor Trustee under the Indenture,
      to which Indenture reference is hereby made for a statement of the respective
      rights thereunder of the Issuer, the Trustee and the Holders of the Notes,
      and
      the terms upon which the Notes are, and are to be, authenticated and delivered.
      This Note has been exchanged for the April Notes, which had an initial note
      principal balance of $135,564,529, which had been exchanged for the September
      Notes, which had an initial note principal balance of $103,000,000, which had
      been exchanged for the July Notes, which had an initial note principal balance
      of $63,000,000, which had been exchanged for the Original Notes and the
      Subordinate Notes, which had initial note principal balances of $20,000,000
      and
      $3,600,000, respectively.

    

    As
      provided in the Indenture, the Notes are secured by and payable solely from
      Assets conveyed to the Issuer by its present and former members, proceeds
      thereof and other amounts, if any, held by the Trustee as security for the
      Notes, (the “Collateral”) described in the Indenture. The Notes are equally and
      ratably secured by the Collateral pledged therefor to the extent provided by
      the
      Indenture.

    

    Unless
      earlier declared due and payable by reason of an Event of Default, the Notes
      are
      payable at the time and in the manner provided in the Indenture and are
      redeemable at the option of the Issuer before such time in whole or in part,
      on
      either a Payment Date or on the first Business Day of any calendar month if
      there is no Payment Date occurring in such calendar month. The Notes shall
      be
      redeemed at a Redemption Price equal to the Note Principal Balance or portion
      thereof to be redeemed, plus accrued interest thereon to the Redemption Date,
      plus the Redemption Premium in the amount established under the Indenture
      (unless the redemption is an Extraordinary Optional Redemption, a Liquidity
      Reserve Fund Redemption, in which case no Redemption Premium shall be payable
      or
      a redemption made pursuant to Section 10.1(b) of the Indenture, in which case
      the Redemption Price shall be calculated as set forth therein). If an Event
      of
      Default (as defined in the Indenture) shall occur and be continuing, the
      principal of all the Notes may become or be declared due and payable in the
      manner and with the effect provided in the Indenture.

    

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    The
      Issuer may remove all or a portion of the Assets relating to any or all Primary
      Marks from the Lien of the Indenture in accordance with Section 12.3 of the
      Indenture upon giving notice to the Trustee and delivering the Release Price
      of
      the Assets to be removed to the Trustee or making a Grant of Defeasance
      Securities. Any such election to remove Assets shall be deemed to be an exercise
      of the option to redeem Notes as provided in the Indenture.

    

    As
      provided in the Indenture and subject to certain limitations therein set forth,
      the transfer of this Note may be registered on the Note Register of the Issuer,
      upon surrender of this Note for registration of transfer at the office or agency
      of the Trustee in the United States of America, duly endorsed by, or accompanied
      by a written instrument of transfer in form and content satisfactory to the
      Issuer and the Trustee duly executed by, the Holder hereof or its attorney
      duly
      authorized in writing, and thereupon one or more new Notes, of authorized
      denominations and for the same aggregate Initial Note Principal Balance, shall
      be issued to the designated transferee or transferees.

    

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

    

    The
      Indenture permits, with certain exceptions as therein provided, the amendment
      thereof and the modification of the rights and obligations of the Issuer and
      the
      rights of the Holders of the Notes under the Indenture at any time by the Issuer
      subject to procedures and approvals set forth in the Indenture. The Indenture
      also contains provisions permitting the Noteholders to waive compliance by
      the
      Issuer with certain provisions of the Indenture and certain past defaults and
      their consequences under the Indenture. Any such consent or waiver shall be
      conclusive and binding upon the Noteholder and upon all future Holders of this
      Note and of any Note issued upon the registration of transfer hereof or in
      exchange therefor or in lieu hereof whether or not notation of such consent
      or
      waiver is made upon this Note.

    

    The
      Notes
      are issuable only in registered form without coupons in such authorized
      denominations as provided in Section 3.2 of the Indenture and subject to certain
      limitations therein set forth. The Notes are exchangeable for Notes of a like
      Initial Note Principal Balance of a different authorized denomination, as
      requested by the Holder surrendering same.

    

    This
      Note and the Indenture shall be governed by and construed in accordance with
      the
      laws of the State of New York without giving effect to principles of conflicts
      of law other than Section 5-1401 and 5-1402 of the General Obligations Law
      of
      the State of New York.

    

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

    

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
      or
      in facsimile, by its President or a Vice President.

    
      	 	 	 
	 	 	 
	 	IP
              HOLDINGS LLC
	 
 	 
 	 
 
	 	By:  	IP
              Holdings and Management Corporation,
              its Manager
	 	
            

      	 	 	 
	 	By:  	 
	 	
              
Name:
	 	Title: 

[FORM
      OF
      TRUSTEE’S CERTIFICATE OF AUTHENTICATION]

    

    This
      is
      one of the Notes referred to in the within mentioned Indenture.

    

    

    
      	Dated: 	 	 	 
	 	 	 	 
	[TRUSTEE],

              not
                in its individual capacity, but solely

              as
                Trustee  

            	 	 	 
	 	 	 	 
	 	 	 	 
	By
              	 	 	 
	
              
                

              

              Authorized
                Signatory

            	 	 	
            
	 	 	 	 

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    ARTICLE
      III. 

    

    THE
      NOTES

     

    Section
      3.1. Designation
      of Notes; Certain Related Provisions

    

    The
      Notes
      shall be designated generally as the “IP Holdings LLC Asset-Backed Notes” of the
      Issuer.

    

    The
      Notes
      and all accrued interest thereon shall be due and payable on the Legal Maturity
      Date to the extent not paid before such date.

    

    All
      calculations of interest on the Notes are to be determined as set forth in
      the
      definitions of the Candie’s/Joe Boxer Note Interest Rate, the Rampage Note
      Interest Rate, the Mudd Note Interest Rate and the London Fog Note Interest
      Rate. 

    

    The
      aggregate Initial Note Principal Balance of the Notes that may be authenticated
      and delivered hereunder is limited to $159,941,998, except for Notes issued
      and
      delivered upon registration of transfer of, or in exchange for, or in lieu
      of,
      other Notes, pursuant to Sections 3.4, 3.6 or 10.5 hereof. 

    

    The
      Notes
      are limited obligations of the Issuer, payable solely from and to the extent
      of
      the Collateral subject to the Lien of the Indenture.

     

    Section
      3.2 Denominations

    

    The
      Notes
      are available in a minimum denomination of $2,500,000 and integral multiples
      of
      $1,000 in excess thereof.

     

    Section
      3.3. Execution,
      Authentication, Delivery and Dating

    

    The
      April
      Notes are hereby exchanged for Notes issued pursuant to this Indenture. For
      the
      avoidance of doubt, the indebtedness evidenced by the April Notes remains
      outstanding and is consolidated with the indebtedness evidenced by the Notes
      issued hereunder.

    

    The
      Notes
      shall be executed on behalf of the Issuer by the President or one of its Vice
      Presidents which may be in facsimile form or otherwise reproduced thereon.
      The
      signature of any of these officers on the Notes may be manual or facsimile.
      The
      Notes may be printed, lithographed, typewritten, mimeographed or otherwise
      produced. The Notes need not be sealed.

    

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

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    At
      any
      time and from time to time after the execution and delivery of this Indenture,
      the Issuer may deliver Notes executed by the Issuer together with an Issuer
      Order authorizing authentication thereof to the Trustee for authentication;
      and
      the Trustee shall authenticate and deliver such Notes as provided in this
      Indenture, having an aggregate Initial Note Principal Balance not in excess
      of
      the amount stated in Section 3.1, and not otherwise.

    

    Each
      Note
      shall bear on its face the Issue Date and the Legal Maturity Date and be dated
      as of the date of its authentication.

    

    No
      Note
      shall be entitled to any benefit under this Indenture or be valid or obligatory
      for any purpose, unless there appears on such Note a certificate of
      authentication substantially in the form provided for herein, executed by the
      Trustee by the manual signature of one of its authorized officers, and such
      certificate upon any Note shall be conclusive evidence, and the only evidence,
      that such Note has been duly authenticated and delivered hereunder. Each Holder
      shall provide the Trustee for recordation in the Note Register its mailing
      address for notices under this Indenture.

     

    Section
      3.4. Registration,
      Registration of Transfer and Exchange

    

    The
      Trustee is hereby appointed as registrar of the Notes (the “Note
      Registrar”),
      as
      agent of the Issuer for transfer of the Notes (the “Transfer
      Agent”)
      and as
      the agent of the Issuer for the payment of the Notes (the “Paying
      Agent”)
      and
      the Trustee accepts such appointments. The Trustee in its capacity as the Note
      Registrar shall cause to be kept a register (the “Note
      Register”)
      in
      which, subject to such reasonable regulations as it may prescribe, the Trustee
      shall provide for the registration of Notes and the registration of transfers
      of
      Notes.

    

    Upon
      surrender for registration of transfer of any Note at the office or agency
      of
      the Trustee to be maintained as provided in Section 11.2, the Issuer shall
      execute, and the Trustee shall authenticate and deliver, in the name of the
      designated transferee or transferees, one or more new Notes of any authorized
      denominations and of a like principal amount.

    

    At
      the
      option of the Holder, Notes may be exchanged for other Notes of any authorized
      denominations and of a like principal amount, upon surrender of the Notes to
      be
      exchanged at such office or agency. Whenever any Notes are so surrendered for
      exchange, the Issuer shall execute, and the Trustee shall authenticate and
      deliver the Notes which the Noteholder making the exchange is entitled to
      receive.

    

    All
      Notes
      issued upon any registration of transfer or exchange of Notes shall be the
      valid
      obligations of the Issuer, evidencing the same debt, entitled to the same
      benefits and subject to all the terms and conditions of this Indenture, as
      the
      Notes surrendered upon such registration of such transfer or
      exchange.

    

    Every
      Note presented or surrendered for registration of transfer or exchange shall
      (if
      so required by the Issuer or the Trustee) be duly endorsed, or be accompanied
      by
      a written instrument of transfer in form and content satisfactory to the Issuer
      and the Trustee duly executed, by the Holder thereof or his attorney duly
      authorized in writing. The form of assignment set forth at Exhibit
      A
      hereof
      shall be deemed to be satisfactory for purposes of the last preceding sentence.
      Concurrently with any transfer, the transferring Holder shall provide the
      Trustee for recordation in the Note Register the mailing address of such
      transferee for service of any notices to be delivered pursuant to this Indenture
      and the payment of amounts due to such transferee.

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    No
      service charge shall be made to a Holder for any registration of transfer or
      exchange of Notes, but the Issuer or the Trustee may require payment of a sum
      sufficient to cover any expense, tax or other governmental charge that may
      be
      imposed in connection with any registration of transfer or exchange of Notes,
      other than exchanges pursuant to Section 10.5 not involving any registration
      of
      transfer.

    

    Prior
      to
      any sale or other disposition of any Note the Holder transferring such Note
      will, at its election, either endorse thereon the amount of principal paid
      thereon and the last date to which interest has been paid thereon or surrender
      such Note to the Trustee in exchange for a new Note or Notes pursuant to this
      Section.

     

    Section
      3.5. Limitation
      on Transfer and Exchange

    

    The
      Notes
      have not been registered or qualified under the Securities Act or the securities
      laws of any state. No transfer of any Note shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Securities Act
      and registration or qualification under applicable state securities laws or
      is
      exempt from such registration or qualification. In the event that a transfer
      is
      to be made in reliance upon an exemption from the Securities Act and applicable
      state securities laws, the Issuer shall require, in order to assure compliance
      with the Securities Act, that the prospective transferee certify to the Issuer
      and the Trustee in writing the facts surrounding the transfer in the form of
      the
      investment letter described in Exhibit
      C
      hereto
      or such other form as the Issuer may agree to accept, in its sole discretion
      (each such letter, an “Investment
      Letter”).
      Neither the Issuer nor the Trustee is obligated to register or qualify the
      Issuer or Notes (or any offering or sale thereof) under the Securities Act
      or
      any other securities law.

    

    While
      not
      conceding that the Issuer is an investment company within the meaning of the
      Investment Company Act, in no event shall the transfer of a Note be permitted
      if
      the transfer would cause the loss to the Issuer of a necessary exemption under
      the Investment Company Act of 1940, as amended. 

    

    The
      Notes
      may not be acquired or transferred to an employee benefit plan subject to the
      Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
      a
      plan described in Section 4975(e)(1) of the Code, or any entity deemed to hold
      plan assets of a benefit plan or plan unless the acquiror or the transferee
      represents that its acquisition and holding of the Notes will at all times
      be
      exempt from the prohibited transaction provisions of ERISA and Section 4975
      of
      the Code under PTE 84-14, PTE 90-1, PTE 91-38, PTE 95-60 or PTE 96-23 or a
      similar exemption.

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    The
      Trustee and the Note Registrar shall not permit a transfer of a Note if such
      transfer would result in the Issuer having more than eight (8) registered
      Noteholders as shown in the Note Register or five (5) registered Noteholders
      excluding the initial Noteholder and its direct transferees.

    

    Further,
      if its absence will be deemed adverse to the Issuer pursuant to an opinion
      of
      counsel to that effect, each purchaser of a Note other than the initial
      purchaser of the Notes will be required to represent that it is not a
      partnership, grantor trust or S corporation of which (i) substantially all
      of
      the value of the interest of a person owning an interest in such entity is
      attributable to the entity’s (direct or indirect) interest in a Note, and (ii) a
      principal purpose of the use of the tiered arrangement is to permit the Issuer
      to satisfy the 100-person limitation in paragraph (h)(1)(ii) of Section 1.7704-1
      of the Treasury Regulations.

    

    The
      Issuer and the Trustee shall have no liability to the Noteholders or otherwise
      arising from a transfer of any such Note in reliance upon the Investment Letter
      delivered in connection therewith.

     

    Section
      3.6. Mutilated,
      Destroyed, Lost or Stolen Notes

    

    If
      (i)
      any mutilated Note is surrendered to the Trustee, or the Trustee receives
      evidence to its satisfaction of the destruction, loss or theft of any Note,
      and
      (ii) there is delivered to the Trustee such security or indemnity as may be
      required by the Trustee to indemnify and hold the Issuer and the Trustee
      harmless (which in the case of any Holder that is, or is a subsidiary of, a
      bank
      or other institutional buyer with a net worth of at least $50,000,000, and
      whose
      claims paying ability or long-term debt is rated at least investment grade
      or
      better by a Rating Agency, need only be such bank’s or institutional buyer’s
      unsecured written promise of indemnity), then, in the absence of notice to
      the
      Issuer or the Note Registrar that such Note has been acquired by a bona fide
      purchaser, the Issuer shall execute and upon its request the Trustee shall
      authenticate and deliver, in exchange for or in lieu of any such mutilated,
      destroyed, lost or stolen Note, a new Note of the same tenor and principal
      amount, bearing a number not contemporaneously outstanding; provided,
      however,
      that if
      any such mutilated, destroyed, lost or stolen Note shall have become or shall
      be
      about to become due and payable the Issuer in its discretion may, instead of
      issuing a new Note, pay such Note.

    

    Upon
      the
      issuance of any new Note under this Section, the Issuer or the Trustee may
      require the payment of a sum sufficient to cover any tax or other governmental
      charge that may be imposed in relation thereto, but no service charge may be
      imposed in connection therewith.

    

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

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

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

     

    Section
      3.7. Payment
      of Principal and Interest

    

    The
      principal of and interest on the Notes are payable by wire transfer in
      immediately available funds to the account specified in directions delivered
      at
      least five (5) Business Days prior to such Payment Date by a Registered Holder
      to the Person whose name appears as the Registered Holder of such Note on the
      Record Date on the Note Register. Such payment shall be in such coin or currency
      of the United States of America as at the time of tender is legal tender for
      the
      payment of public and private debts. Payments pursuant to Section 13.1 shall
      be
      made to each Noteholder based on the Percentage Interests represented by Notes
      held by such Noteholder. Upon the final payment in full of any Note, the Holder
      shall promptly surrender such Note at the Corporate Trust Office of the Trustee.
      

    

    To
      prevent backup withholding on payments made with respect to the Notes, each
      Noteholder is required to provide the Trustee with (i) the Noteholder’s correct
      TIN by completing the form at Exhibit
      D
      (Substitute Form W-9), certifying that the TIN provided on the Substitute Form
      W-9 is correct (or that such Noteholder is awaiting a TIN) and that (A) such
      Noteholder is exempt from backup withholding, (B) the Noteholder has not been
      notified by the IRS that the Noteholder is subject to backup withholding as
      a
      result of failure to report all interest or dividends or (C) the IRS has
      notified the Noteholder that the Noteholder is no longer subject to backup
      withholding, or (ii) if applicable, an adequate basis for exemption. A Foreign
      Noteholder may qualify as an exempt recipient by submitting to the Trustee
      a
      properly completed IRS Form W-8BEN or W-8ECI, as applicable, signed under
      penalties of perjury, attesting to that Noteholder’s exempt status.

     

    Section
      3.8. Persons
      Deemed Owners

    

    Prior
      to
      due presentment for registration of transfer of any Note, the Issuer, the
      Trustee and any agent of the Issuer or the Trustee may treat the Person in
      whose
      name any Note is registered as the owner of such Note for the purpose of
      receiving payments of principal of and interest on such Note (subject to Section
      3.7) and for all other purposes whatsoever, whether or not such Note be overdue,
      and neither the Issuer, the Trustee nor any agent of the Issuer or the Trustee
      shall be affected by notice to the contrary. 

     

    Section
      3.9. Cancellation

    

    All
      Notes
      surrendered to the Trustee following payment or for registration of transfer
      or
      exchange (including Notes surrendered to any Person other than the Trustee
      which
      shall be delivered to the Trustee) shall be promptly canceled and destroyed
      by
      the Trustee in accordance with its customary procedures.

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    ARTICLE
      IV. 

    

    DELIVERY
      OF THE NOTES

    

    The
      Notes
      shall be executed by the Issuer and delivered to the Trustee for authentication
      and thereupon the same shall be authenticated and delivered by the Trustee
      upon
      Issuer Order, and upon delivery to the Trustee of the following:

    

    (a) a
      certificate, certified by the Issuer, authorizing the execution and delivery
      of
      this Indenture and the Notes;

    

    (b) either
      (i) a certificate or other official document evidencing the due authorization,
      approval or consent of any government body or bodies, at the time having
      jurisdiction in the premises, and that the authorization, approval or consent
      of
      no other governmental body is required for valid issuance of the Notes, or
      (ii)
      an Opinion of Counsel that no such authorization, approval or consent of any
      governmental body is required;

    

    (c) an
      Officer’s Certificate from the Issuer stating that the Issuer is not, as of the
      Issue Date, in Default under this Indenture and that the issuance of the Notes
      will not result in any breach of any of the terms, conditions or provisions
      of,
      or constitute a default under, the Issuer’s organizational documents or any
      indenture, mortgage, deed of trust or other agreement or instrument to which
      the
      Issuer is a party or by which it is bound, or any order of any court or
      administrative agency entered in any proceeding to which the Issuer is a party
      or by which it may be bound or to which it may be subject; and that all
      conditions precedent provided in this Indenture relating to the authentication
      and delivery of the Notes have been complied with; 

    

    (d) duly
      executed copies of all Transaction Documents; and

    

    (e) such
      other documents as the Trustee may reasonably require.

     

    ARTICLE
      V. 

    

    SATISFACTION
      AND DISCHARGE

     

    Section
      5.1. Satisfaction
      and Discharge of Indenture

    

    This
      Indenture shall cease to be of further effect (except as to any surviving rights
      of indemnification, payment of fees and registration of transfer and exchange
      or
      payment) with respect to the Notes and the Trustee, on demand of and at the
      expense of the Issuer, shall execute proper instruments acknowledging
      satisfaction and discharge of this Indenture with respect to the Notes and
      shall
      pay, assign, transfer and deliver to the Issuer upon Issuer Order all cash,
      securities and all other property held by it as part of the Collateral (except
      for amounts required to pay and discharge the entire indebtedness of the Notes),
      when

    

    
      	
            	(a)	
              either:

            

    

    

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

    
      	
            	
              (i)

            	
              all
                Notes theretofore authenticated and delivered (other than (i) Notes
                which have
                been destroyed, lost or stolen and which have been replaced or paid
                as
                provided in Section 3.6, and (ii) Notes for whose payment money has
                theretofore been deposited in trust or segregated and held in trust
                by the
                Issuer and thereafter repaid to the Issuer or discharged from such
                trust,
                as provided in Section 11.3) have been delivered to the Trustee for
                cancellation; or

            

    

    

    
      	 	
              (ii)

            	
              all
                Notes not theretofore delivered to the Trustee for cancellation have
                become due and payable and the Issuer has irrevocably deposited or
                caused
                to be deposited with the Trustee, in trust for the purpose, an amount
                sufficient to pay and discharge the entire indebtedness on such Notes
                together with all accrued interest thereon not theretofore delivered
                to
                the Trustee for cancellation;

            

    

    

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

            

    

    

    
      	
            	(c)	
              the
                Issuer has delivered to the Trustee an Officer’s Certificate stating that
                all conditions precedent herein provided for relating to the satisfaction
                and discharge of this Indenture with respect to the Notes have been
                complied with.

            

    

    

    Notwithstanding
      the satisfaction and discharge of this Indenture, the Issuer’s obligations in
      Sections 3.4, 3.6, 7.7, 11.2 and 11.3, the Trustee’s obligations hereunder and
      the Paying Agent’s obligations in Section 5.2 and the rights and immunities of
      the Trustee under this Indenture shall survive until the Notes are no longer
      Outstanding. Thereafter, the obligations of the Issuer in Section 7.7 and the
      Trustee in Section 5.2 and the rights and immunities of the Trustee under this
      Indenture shall survive the discharge of this Indenture or the earlier
      resignation or removal of the Trustee.

     

    Section
      5.2. Application
      of Trust Money

    

    All
      monies deposited with the Paying Agent pursuant to Section 12.1 shall be held
      in
      trust and applied by it, in accordance with the provisions of the Notes and
      this
      Indenture, to the payment, to the Persons entitled thereto, of the principal
      and
      interest for whose payment such money has been deposited with the Paying Agent
      and such money shall be segregated from all other funds as required herein
      or
      required by law.

     

    Section
      5.3. Discharge
      of Security Interest

    

    Upon
      satisfaction and discharge of the Indenture as specified in Section 5.1, the
      Trustee shall execute a release of the Collateral provided by and at the expense
      of the Issuer. Further, on demand of and at the expense of the Issuer and upon
      being supplied with instruments appropriate for the purpose, the Trustee shall
      execute and the Issuer shall file all documents (including without limitation
      UCC Form 3) necessary to discharge all liens, mortgages, chattel mortgages
      and
      other security interests filed with any governmental board or body with respect
      to the Collateral, and the Trustee shall otherwise cooperate in any way
      reasonably necessary to restore full unencumbered title in the Collateral to
      the
      Issuer or its designee.

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

    ARTICLE
      VI.

    

    EVENTS
      OF
      DEFAULT AND REMEDIES

    Section
      6.1. Events
      of Default

    

    “Event
      of Default”
      wherever used herein means any one of the following events (whatever the reason
      for such Event of Default and without regard to whether it shall be voluntary
      or
      involuntary or be effected by operation of law or pursuant to any judgment,
      decree or order of any court or any order, rule or regulation of any
      administrative or governmental body) and when used with respect to the Notes
      shall mean the same occurring at any time while there are Notes Outstanding
      (except that no event of default under the Management Agreement or the Back-Up
      Management Agreement shall, in and of itself, constitute an Event of
      Default):

    

    
      	 	
              (1)

            	
              the
                Issuer shall fail to comply with Section 11.7(iii)(a) of this
                Indenture or IPHM shall fail to comply with Section 14.2 of this
                Indenture;

            

    

    

    
      	 	
              (2)

            	
              failure
                by the Issuer to make payments of principal of and interest on the
                Notes
                as and when due pursuant to the terms and provisions of the Notes
                and this
                Indenture;

            

    

    

    
      	 	
              (3)

            	
              default
                in the performance by, or breach of any covenant of, the Issuer in
                any
                Transaction Document to which it is a party (not referenced in clause
                (1)
                or clause (2) above) and continuance of such default or breach for
                a
                period of thirty (30) days after the earlier of (A) the date on
                which an officer of the Managing Member of the Issuer first has actual,
                personal knowledge (or, in the exercise of reasonable care, should
                have
                known) of such default or breach and (B) the date on which written
                notice, specifying in reasonable detail, such default or breach and
                requiring it to be remedied and stating that such notice is a “Notice of
                Default” hereunder shall have been given to the
                Issuer;

            

    

    

    
      	 	
              (4)

            	
              a
                failure of any representation or warranty of the Issuer in this Indenture
                to be true and correct as and when made, which failure has a material
                adverse effect on the interests of the Noteholders and which, if
                susceptible of being cured, remains uncured after the earlier of
                (A) thirty (30) days after the date on which an officer of the
                Managing Member of the Issuer first has actual, personal knowledge
                (or, in
                the exercise of reasonable care, should have known) of such failure
                and
                (B) the date which is thirty (30) days after written notice,
                specifying in reasonable detail, such breach and requiring it to
                be
                remedied and stating that such notice is a “Notice of Default” hereunder
                shall have been given to the Issuer; provided,
                however,
                any such failure of a representation or warranty as to an Asset that
                is
                set forth in Section 11.16 hereof shall not result in an Event of
                Default unless the cure or payment of the Release Price for such
                Asset or
                acquisition and Grant of Defeasance Securities by the Issuer is required
                in accordance with Section 12.3 of this Indenture and is not achieved
                or paid as and when required;

            

    

     

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

    
 

    
      	 	
              (5)

            	
              the
                entry of a decree or order for relief by a court having jurisdiction
                in
                respect of the Issuer in an involuntary case under the federal bankruptcy
                laws, as now or hereafter in effect, or any other present or future
                federal or state bankruptcy, insolvency or similar law, or appointing
                a
                receiver, liquidator, assignee, trustee, custodian, sequestrator
                or other
                similar official of the Issuer or of any substantial part of its
                property,
                or ordering the winding up or liquidation of the affairs of the Issuer
                and
                the continuance of any such decree or order unstayed and in effect
                for a
                period of 90 consecutive days; 

            

    

    

    
      	 	
              (6)

            	
              the
                commencement by the Issuer of a voluntary case under the federal
                bankruptcy laws, as now or hereafter in effect, or any other present
                or
                future federal or state bankruptcy, insolvency or similar law, or
                the
                consent by the Issuer to the appointment of or taking possession
                by a
                receiver, liquidator, assignee, trustee, custodian, sequestrator
                or other
                similar official of the Issuer or any substantial part of its property
                or
                the making by the Issuer of an assignment for the benefit of creditors
                or
                the failure by the Issuer generally to pay its debts as such debts
                become
                due or the taking of partnership action by the Issuer in furtherance
                of
                any of the foregoing; or

            

    

    

    
      	 	
              (7)

            	
              any
                Note remains Outstanding on the first Payment Date following the
                Payment
                Date on which the DSCR is 1.0 or less (as set forth in the related
                Servicer Report).

            

    

     

    Section
      6.2. Acceleration
      of Maturity, Rescission and Annulment

    

    If
      an
      Event of Default of the kind specified in clauses (5), (6) and (7) of Section
      6.1 occurs, the unpaid principal amount of all of the Notes shall automatically
      become immediately due and payable without notice, presentment or demand of
      any
      kind. If an Event of Default (other than an Event of Default of the kind
      specified in clauses (5), (6) and (7) of Section 6.1) occurs and is continuing
      of which a Responsible Officer of the Trustee has actual knowledge, then, and
      in
      every such case the Trustee or Majority Holders pursuant to an Act may declare
      the principal of all of the Notes to be immediately due and payable, by a notice
      in writing to the Issuer (and to the Trustee if given by Noteholders) and upon
      any such declaration (in accordance with this sentence or the preceding
      sentence), the Notes shall become immediately due and payable together with
      accrued and unpaid interest and a Redemption Premium.

    

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

    At
      any
      time after such a declaration of acceleration has been made, but before any
      Sale
      of the Collateral has been made or a judgment or decree for payment of the
      money
      due has been obtained by the Trustee as hereinafter in this Article provided,
      the Majority Holders by an Act and evidenced by a written notice delivered
      to
      the Issuer and the Trustee, may rescind and annul such declaration and its
      consequence if: 

    

    (i)
       the
      Issuer has paid or deposited with the Trustee a sum sufficient to
      pay:

    

    
      	
            	(1)	
              all
                overdue installments of interest on all
                Notes;

            

    

    

    
      	 	
              (2)
                

            	
              the
                principal of any of the Notes which has become due other than by
                such
                declaration of acceleration and interest thereon at the Default Rate
                (to
                the extent permitted by applicable
                law);

            

    

    

    
      	
            	(3)	
              to
                the extent that payment of such interest is lawful, interest upon
                 overdue
                installments of interest on the Notes at the rate specified  therefor
                in the Notes;

            

    

    

    
      	
            	(4)	
              in
                connection with the preservation of the Collateral and  enforcement
                of its rights all sums paid or advanced by the  Noteholders
                hereunder and the reasonable compensation, expenses,  disbursements
                and advances of the Trustee, its agents and counsel;  and

            

    

    

    
      	
            	(5)	
              all
                Events of Default, other than the nonpayment of the principal of
                 the
                Notes which have become due solely by such acceleration,  have
                been cured or waived as provided in Section
                6.13.

            

    

    

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

    

    Subsequent
      to any such declaration of acceleration and so long as such declaration and
      its
      consequences have not been rescinded and annulled, prior to the exercise by
      the
      Trustee of the remedies set forth in Section 6.3 the Trustee shall give the
      Issuer and the Noteholders ten (10) days notice of its intention to take such
      actions.

     

    Section
      6.3. Remedies

    

    If
      an
      Event of Default shall have occurred and be continuing, the Trustee may, and
      by
      an Act of the Majority Holders and subject to Article VII herein pursuant to
      specific instruction shall, do one or more of the following:

    

    
      (a)institute
        Proceedings for the collection of all amounts then payable on the Notes or
        under
        this Indenture, whether by declaration or otherwise, enforce any judgment
        obtained, and collect from the Collateral securing the Notes (including any
        amounts in the Liquidity Reserve Account, the Renewal Reserve Account, the
        Defeasance Account and the Prepaid Fee and Royalty Account) the monies adjudged
        due;

    

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

     

    
      (b)
        sell
        the
        Collateral or any portion thereof or rights or interest therein, at one or
        more
        Sales called and conducted in any manner permitted by law;

       

      (c)
        institute
        Proceedings from time to time for the complete or partial foreclosure of
        this
        Indenture with respect to any portion of the Collateral securing the Notes;
        and

    

    

    
      (d)
        exercise
        any remedies of a secured party under the Uniform Commercial Code or other
        applicable law and take any other appropriate action to protect and enforce
        the
        rights and remedies of the Trustee or the Holders of the Notes
        hereunder;

    

    

    provided,
      however,
      that if
      there is more than one Holder of Outstanding Notes and if less than all of
      the
      Holders of Outstanding Notes have approved a Sale of the Collateral and if
      the
      proceeds of any such Sale will be less than the amount required to retire all
      of
      the Outstanding Notes in full, then, in any such event, the Trustee may not
      sell
      or otherwise liquidate any of the Collateral unless after consultation with
      an
      independent accounting firm or another Person approved by Act of the Majority
      Holders of national reputation in the field of appraisal of assets of the type
      constituting the Collateral, such Person provides the Trustee with a written
      report that the proceeds of such Sale reflect a reasonable approximation of
      the
      fair market value of the Collateral. The Trustee shall have no liability for
      any
      public Sale or private Sale conducted in reliance upon the advice, with respect
      to the commercial reasonableness of the sale, of a Person of national reputation
      in the field of appraisal. In the event that the Trustee does not sell or
      otherwise liquidate the Collateral, it shall continue to hold such Collateral
      and make distributions therefrom pursuant to Article XIII hereof. 

     

    Section
      6.4. Trustee
      May File Claim

    

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

    

    
      	 	
              (i)

            	
              to
                file and prove a claim for all amounts owing and unpaid in respect
                of the
                Notes and to file such other papers or documents and take such other
                action including participating as a member, voting or otherwise,
                in any
                committee of creditors appointed in the matter, as may be necessary
                or
                advisable in order to have the claims of the Trustee (including any
                claim
                for the reasonable compensation, expenses, disbursements and advances
                of
                the Trustee, its agents and counsel) and of the Noteholders allowed
                in
                such judicial Proceeding;

            

    

     

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ii)

            	
              to
                petition for lifting of the automatic stay and thereupon to foreclose
                upon
                the Collateral as elsewhere provided herein;
                and

            

    

    

    
      	 	
              (iii)

            	
              to
                collect and receive any monies or other property payable or deliverable
                on
                any such claims and to distribute the
                same;

            

    

    

    and
      any
      receiver, assignee, trustee, liquidator, or sequestrator (or other similar
      official) in any such judicial Proceeding is hereby authorized by each
      Noteholder 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
      Noteholders, 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
      7.7.

    

    Nothing
      herein contained shall be deemed to authorize the Trustee to authorize or
      consent to or accept or adopt on behalf of any Noteholder any plan of
      reorganization, arrangement, adjustment or composition affecting the Notes
      or
      the rights of any Holder thereof, or to authorize the Trustee to vote in respect
      of the claim of any Noteholder in any such Proceeding.

     

    Section
      6.5. Trustee
      May Enforce Claims Without Possession of Notes

    

    All
      rights of actions and claims under this Indenture or the Notes may be prosecuted
      and enforced by the Trustee without the possession of any of the Notes or the
      production thereof in any Proceeding relating thereto, and any such Proceedings
      instituted by the Trustee shall be brought in its own name as trustee of an
      express trust, and any recovery of judgment shall, after provision for the
      payment of the reasonable compensation, expenses, disbursements and advances
      of
      the Trustee, its agents and counsel, be for the benefit of the Holders of the
      Notes in respect of which such judgment has been recovered applied to payments
      on the Notes in the order set forth in Section 6.6.

     

    Section
      6.6. Allocation
      of Money Collected

    

    If
      the
      Notes have been declared due and payable following an Event of Default and
      such
      declaration and its consequences have not been rescinded and annulled, any
      money
      collected by the Trustee with respect to the Notes pursuant to this Article
      (and
      any funds then held or thereafter received by the Paying Agent) shall be applied
      in the following order, at the date or dates fixed by the Paying
      Agent:

    

    FIRST:
      To
      the payment of all amounts due the Trustee;

    

    SECOND:
      To the payment of all amounts due the Servicer under the Servicing Agreement,
      including all earned and due but unpaid Servicing Fees and Servicer
      Costs;

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

    THIRD:
      To
      the payment of all reasonable costs and expenses incurred by any Noteholder
      in
      connection with the enforcement of its rights hereunder or under the Notes,
      ratably, without preference or priority of any kind; 

    

    FOURTH:
      To the payment of accrued interest on and the Note Principal Balance of the
      Notes, including interest at the Default Rate (to the extent such interest
      has
      been collected by the Paying Agent or a sum sufficient therefor has been so
      collected and payment thereof is legally enforceable at the rate prescribed
      therefor in the Notes or in this Indenture) on overdue installments of principal
      and interest, ratably, without preference or priority of any kind, according
      to
      the amounts due and payable on the Notes;

    

    FIFTH:
      To
      the payment of all earned and due but unpaid fees and expenses of the Manager
      and the Back-Up Manager, if any;

    

    SIXTH:
      [Reserved]

    

    SEVENTH:
      To the payment of all earned and due but unpaid Structuring Fee
      amounts.

    

    EIGHTH:
      To the payment of any surplus to or at the written direction of the Issuer
      or
      any other person legally entitled thereto.

     

    Section
      6.7. Limitation
      on Suits

    

    No
      Holder
      shall have any right to institute any Proceeding, judicial or otherwise, with
      respect to this Indenture, or for the appointment of a receiver or trustee,
      or
      for any other remedy hereunder, unless:

    

    
      	 	
              (1)

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

            

    

    

    
      	 	
              (2)

            	
              the
                Holders of 25% or more of the aggregate Note Principal Balance of
                the
                Outstanding Notes shall have made written request to the Trustee
                to
                institute Proceedings in respect of such Event of Default in its
                own name
                as Trustee hereunder;

            

    

    

    
      	 	
              (3)

            	
              such
                Holder or Holders have offered to the Trustee indemnity satisfactory
                to it
                (which, in the case of a holder that is, or is a subsidiary of, a
                bank or
                other institutional buyer with a net worth of at least $50,000,000
                and
                whose claims paying ability or long-term debt is rated at least investment
                grade or better by a Rating Agency need only be such bank’s or
                institutional buyer’s unsecured written promise of indemnity) against the
                costs, expenses and liabilities to be incurred in compliance with
                such
                request;

            

    

     

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (4)

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

            

    

    

    
      	 	
              (5)

            	
              no
                direction inconsistent with such written request has been given to
                the
                Trustee during such 60 day period by the Majority
                Holders;

            

    

    

    it
      being
      understood and intended that no one or more Holders shall have any right in
      any
      manner whatever by virtue of, or by availing of, any provision of this Indenture
      to affect, disturb or prejudice the rights of any other Holders or to enforce
      any right under this Indenture, except in the manner herein
      provided.

     

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

    

    Notwithstanding
      any other provision in this Indenture, the Holder of any Note shall have the
      right, which is absolute and unconditional, to receive payment of the principal
      of and interest on such Note as such principal and interest becomes due and
      payable and to institute suit for the enforcement of any such payment, and
      such
      right shall not be impaired without the consent of such Holder; provided,
      however,
      that
      neither the Holder of any Note nor the Trustee shall, if requested by the
      Noteholders, petition or otherwise invoke the process of any court or government
      authority for the purpose of commencing or sustaining a case against the Issuer
      under any federal or state bankruptcy, insolvency or similar law or appointing
      a
      receiver, liquidator, assignee, trustee, custodian, sequestrator or other
      similar official of the Issuer or any substantial part of its property, or
      ordering the winding up or liquidation of the affairs of the
      Issuer.

     

    Section
      6.9. Restoration
      of Rights and Remedies

     

    If
      the
      Trustee or any Noteholder has instituted any Proceeding to enforce any right
      or
      remedy under this Indenture and such Proceeding has been discontinued or
      abandoned for any reason, or has been determined adversely to the Person who
      instituted the Proceeding, then and in every such case the Issuer, the Trustee
      and the Noteholders shall, subject to any determination in such Proceeding,
      be
      restored severally and respectively to their former positions hereunder, and
      thereafter all rights and remedies of the Trustee and the Noteholders shall
      continue as though no such Proceeding has been instituted.

     

    Section
      6.10. Rights
      and Remedies Cumulative

    

    No
      right
      or remedy herein conferred upon or reserved to the Trustee or to the Noteholders
      is intended to be exclusive of any other right or remedy, and every right and
      remedy shall, to the extent permitted by law, be cumulative and in addition
      to
      every other right and remedy given hereunder or now or hereafter existing at
      law
      or in equity or otherwise. The assertion or employment of any right or remedy
      hereunder, or otherwise, shall not prevent the concurrent assertion or
      employment of any other appropriate right or remedy.

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

    Section
      6.11. Delay
      or Omission Not Waiver

    

    No
      delay
      or omission of the Trustee or of any Noteholder to exercise any right or remedy
      accruing upon any Event of Default shall impair any such right or remedy or
      constitute a waiver of any such Event of Default or an acquiescence therein.
      Every right and remedy given by this Article or by law to the Trustee or to
      the
      Noteholders, or any of them, may be exercised from time to time, and as often
      as
      may be deemed expedient, by the Trustee or by the Noteholder or Noteholders,
      as
      the case may be.

     

    Section
      6.12. Control
      by Noteholders

     

    The
      Majority Holders shall have the right to direct the decision whether to conduct,
      and the time, method and place of conducting, any Proceeding for any remedy
      available to the Trustee with respect to the Notes or exercising any trust
      or
      power conferred on the Trustee with respect to the Notes; provided
      that:

    

    
      	 	
              (1)

            	
              such
                direction shall not be in conflict with any rule of law or with this
                Indenture; and

            

    

    

    
      	 	
              (2)

            	
              the
                Trustee may take any other action deemed proper by the Trustee which
                is
                not inconsistent with such direction; provided,
                however,
                that, subject to Section 7.1, the Trustee need not take any action
                which
                it determines might involve it in liability or be unjustly prejudicial
                to
                the Noteholders not consenting.

            

    

     

    Section
      6.13. Waiver
      of Past Defaults

    

    The
      Noteholders may waive any past Default with respect to the Notes hereunder
      and
      its consequences, except a Default

    

    
      	
            	(1)	
              described
                in Sections 6.1(5) and (6), or

            

    

    

    
      	 	
              (2)

            	
              in
                respect of a covenant or provision hereof which under Article IX
                cannot be
                modified or amended without the consent of the Holder of each Outstanding
                Note affected thereby.

            

    

    

    Upon
      any
      such waiver, such Default shall cease to exist, and any Event of Default arising
      therefrom shall be deemed to have been cured for every purpose of this
      Indenture. Upon receipt of notice of such waiver, the Trustee shall transmit
      by
      mail to the Issuer and the Servicer notice of such waiver specifying the date
      on
      which the Default was waived promptly after the occurrence of such
      waiver.

     

    Section
      6.14. Undertaking
      for Costs

    

    All
      parties to the Indenture and each Noteholder by its acceptance of a Note shall
      be deemed to have agreed that any court may in its discretion require, in any
      suit for the enforcement of any right or remedy under this Indenture, or in
      any
      suit against the Trustee for any action taken, suffered or omitted by it as
      Trustee, the filing by any party litigant in such suit of an undertaking to
      pay
      the costs of such suit, and that such court may in its discretion assess
      reasonable costs, including reasonable attorney’s fees against any party
      litigant in such suit, having due regard to the merits and good faith of the
      claims or defenses made by such party litigant; but the provisions of this
      Section 6.14 shall not apply to any suit instituted by the Trustee, to any
      suit
      instituted by any Noteholder, or the Majority Holders or to any suit instituted
      by any Noteholder for the enforcement of the payment of principal of or interest
      on any Notes on or after the Legal Maturity Date (or, in the case of redemption
      of Notes, on or after the applicable Redemption Date).

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

    Section
      6.15. Waiver
      of Stay or Extension Laws

    

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

     

    Section
      6.16. Sale
      of Collateral

    

    (a) The
      power
      to effect any sale (a “Sale”)
      of any
      portion of the Collateral pursuant to Section 6.3 shall not be exhausted by
      any
      one or more Sales as to any portion of the Collateral remaining unsold, but
      shall continue unimpaired until the entire Collateral securing the Notes shall
      have been sold or all amounts payable under this Indenture with respect thereto
      shall have been paid. Any Sale conducted hereunder shall be completed in
      accordance with the applicable terms and provisions of the New York State
      Uniform Commercial Code. The Trustee may from time to time postpone any Sale
      by
      public announcement made at the time and place of such Sale. It is hereby
      expressly agreed that the Trustee is not limited to any amount fixed by law
      as
      compensation for any Sale, so long as the same shall be reasonable.

    

    (b) Any
      Noteholder may bid for and acquire any portion of the Collateral securing the
      Notes in connection with any Sale thereof. In lieu of paying cash for the entire
      purchase price therefor, such Noteholder, after deducting the costs, charges
      and
      expenses (including reasonable attorney’s fees and expenses) incurred by the
      Trustee in connection with such Sale may make settlement for any portion of
      the
      purchase price remaining by crediting against amounts owing on the Notes held
      by
      it or other amounts owing to such Noteholder secured by this Indenture, the
      portion of the net proceeds of such Sale to which such Noteholder would be
      entitled hereunder.

    

    (c) The
      Issuer covenants and agrees that ten (10) Business Days prior notice of a Sale
      of the entirety of the Collateral by a public Sale is a commercially reasonable
      notice.

    

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

    (d) The
      Trustee shall execute and deliver an appropriate instrument of conveyance
      transferring its interest in any portion of the Collateral in connection with
      a
      Sale thereof, which Sale shall be at the expense of the Issuer. In addition,
      the
      Servicer is hereby irrevocably appointed the agent and attorney-in-fact of
      the
      Issuer to cause the transfer and conveyance of the Issuer’s interest in any
      portion of the Collateral in connection with a Sale thereof pursuant to the
      terms of this Indenture, and to take all action necessary to effect such Sale.
      No purchaser or transferee at such a sale shall be bound to ascertain the
      Servicer’s or the Trustee’s authority, inquire into the satisfaction of any
      conditions precedent or see to the application of any monies.

    

    (e) Any
      amounts received by the Noteholders in connection with a public or private
      sale
      pursuant this Section shall be deemed to be conclusive and binding upon the
      parties hereto and the Noteholders shall have no liability in respect
      hereto.

     

    Section
      6.17. Action
      on Notes

    

    The
      Noteholder’s right to seek and recover judgment on the Notes or under this
      Indenture shall not be affected by the seeking, obtaining or application of
      any
      other relief under or with respect to this Indenture. Neither the lien of this
      Indenture nor any rights or remedies of the Noteholders shall be impaired by
      the
      recovery of any judgment by the Noteholders against the Issuer or by the levy
      of
      any execution under such judgment upon any portion of the Collateral or upon
      any
      of the assets of the Issuer.

     

    ARTICLE
      VII.

    

    THE
      TRUSTEE; RESIGNATION OF TRUSTEE AND SUCCESSOR TRUSTEE

     

    Section
      7.1. Certain
      Duties and Responsibilities
      of
      Trustee

    

    (a) Except
      during the continuance of an Event of Default, the Trustee undertakes to perform
      such duties and only such duties as are specifically set forth in this
      Indenture, and no implied covenants or obligations shall be read into this
      Indenture against the Trustee.

    

    (b) In
      case
      an Event of Default has occurred and is continuing and is actually known to
      a
      Responsible Officer of the Trustee, 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 their exercise, as a prudent person would exercise or use
      under the circumstances in the conduct of his own affairs.

    

    (c) No
      provision of this Indenture shall be construed to relieve the Trustee from
      liability for its own negligent action, its own negligent failure to act, or
      its
      own willful misconduct, except that:

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (1)

            	
              this
                Subsection shall not be construed to limit the effect of Subsection
                (a) of
                this Section;

            

    

    

    
      	
            	(2)	
              the
                Trustee shall not be liable for any error of judgment made in good
                faith
                by a Responsible Officer, unless it shall be proved that the Trustee
                was
                negligent in  ascertaining
                the pertinent facts;

            

    

    

    
      	 	
              (3)

            	
              the
                Trustee shall not be liable with respect to any action taken or omitted
                to
                be taken by it in good faith in accordance with the direction of
                the
                Holders of a majority of aggregate Note Principal Balance of Outstanding
                Notes relating to the time, method and place of conducting any Proceeding
                for any remedy available to the Trustee, or exercising any trust
                or power
                conferred upon the Trustee, under this Indenture with respect to
                the
                Notes;

            

    

    

    
      	            	(4)	
              no
                provision of this Indenture shall require the Trustee to expend or
                risk
                its own funds  or
                otherwise incur any financial liability in the performance of any
                of its
                duties  hereunder,
                or in the exercise of any of its rights or powers, if it shall have
                 reasonable
                grounds for believing that repayment of such funds or indemnity
                satisfactory to it against such risk or liability is not reasonably
                assured to it (which, in the case of a Holder that is, or is a subsidiary
                of, a bank or other  institutional
                buyer with a net worth of at least $50,000,000 and whose long-term
                debt or
                claims paying ability is rated at least investment grade by a Rating
                Agency need only be such bank’s or institutional buyer’s unsecured written
                promise of indemnity), provided,
                that nothing herein contained shall excuse the Trustee for failure
                to
                perform its duties as Trustee under this
                Indenture;

            

    

    

    
      	 	
              (5)

            	
              the
                Trustee shall not be charged with knowledge of any default hereunder
                or
                unless one of its Responsible Officers has actual knowledge
                thereof;

            

    

    

    
      	 	
              (6)

            	
              the
                Trustee shall have no obligation to ascertain whether any payment
                of
                interest on an overdue installment of interest is legally enforceable;
                and

            

    

    

    
      	 	
              (7)

            	
              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 or 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.

            

    

     

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

    

    (d) Whether
      or not therein expressly so provided, every provision of this Indenture relating
      to the conduct or affecting the liability of or affording protection to the
      Trustee shall be subject to the provisions of this Section.

    

    (e) The
      Trustee is hereby authorized to execute the Servicing Agreement and the Security
      Agreements.

     

    Section
      7.2. Notice
      of Default, Cure or Waiver

    

    Promptly
      after the occurrence of any Default actually known to a Responsible Officer
      of
      Trustee, the Trustee shall transmit to all Holders, as their names and addresses
      appear on the Note Register, notice of such Default hereunder known to the
      Trustee.

     

    Section
      7.3. Certain
      Rights of Trustee

    

    Subject
      to Section 7.1:

    

    (a) the
      Trustee may conclusively rely and shall be fully protected in acting or
      refraining from acting upon any resolution, certificate, statement, instrument,
      opinion, report, notice, request, direction, consent, order, bond, note or
      other
      obligation, paper or document believed by it to be genuine and to have been
      signed or presented by the proper party or parties;

    

    (b) any
      request or direction of the Issuer mentioned herein shall be sufficiently
      evidenced by an Issuer Order;

    

    (c) 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, rely upon an Officers’
Certificate of the Issuer;

    

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

    

    (e) the
      Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it by this Indenture at the written request or direction of any of
      the
      Noteholders pursuant to this Indenture, unless such Noteholders shall have
      offered to the Trustee security or indemnity satisfactory to it (which, in
      the
      case of a holder that is, or is a subsidiary of, a bank or other institutional
      buyer with a net worth of at least $50,000,000 and whose claims paying ability
      or long-term debt is rated at least investment grade or better by a Rating
      Agency need only be such bank’s or institutional buyer’s unsecured written
      promise of indemnity) against the costs, expenses and liabilities which might
      be
      incurred by it in compliance with such request or direction;

    

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

    

    (f) the
      Trustee shall not be bound to make any investigation into the facts or matters
      stated in any resolution, certificate, statement, instrument, opinion, report,
      notice, request, direction, consent, order, bond, note or other paper or
      document, but the Trustee, in its discretion, may make such further inquiry
      or
      investigation into such facts or matters as it may see fit, and, if the Trustee
      shall determine to make such further inquiry or investigation, it shall be
      entitled to examine the books, records and premises of the Issuer, personally
      or
      by agent, attorney, custodian or nominee; and

    

    (g) the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents, attorneys, custodians or
      nominees and the Trustee shall not be responsible for any misconduct or
      negligence on the part of any agent, attorney, custodian or nominee appointed
      with due care by it hereunder.

    

    Except
      as
      otherwise agreed in writing, the Trustee shall not be responsible for the
      payment of any interest on amounts deposited with it hereunder.

     

    Section
      7.4. Not
      Responsible for Recitals or Issuance of Notes

    

    (a) The
      recitals contained herein and in the Notes, except the certificates of
      authentication on the Notes, shall be taken as the statements of the Issuer,
      and
      the Trustee assumes no responsibility for their correctness. The Trustee makes
      no representations as to the validity, adequacy or condition of the Collateral
      or any part thereof, or as to the title of the Issuer thereto or as to the
      security afforded thereby or hereby, or as to the validity or genuineness of
      any
      securities at any time pledged and deposited with the Trustee hereunder or
      as to
      the validity or sufficiency of this Indenture or of the Notes. The Trustee
      shall
      not be accountable for the use or application by the Issuer of the Notes or
      the
      proceeds thereof or of any money paid to the Issuer upon Issuer
      Order.

    

    (b) Except
      as
      otherwise expressly provided herein and without limiting the generality of
      the
      foregoing, the Trustee shall have no responsibility or liability for or with
      respect to the existence or validity of any Collateral or validity of the
      assignment of any portion of the Collateral to the Trustee or of any intervening
      assignment.

    

    (c) The
      Trustee shall not have any obligation or liability under any Collateral by
      reason of or arising out of this Indenture or the granting of a security
      interest in such Collateral hereunder or the receipt by the Trustee of any
      payment relating to any Collateral pursuant thereto, nor shall the Trustee
      be
      required or obligated in any manner to perform or fulfill any of the obligations
      of the Issuer under or pursuant to any Collateral, or to make any payment,
      or to
      make any inquiry as to the nature or the sufficiency of any payment received
      by
      it, or the sufficiency of any performance by any party, under any
      Collateral.

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

    Section
      7.5. May
      Hold Notes

    

    The
      Trustee, Note Registrar or any other agent of the Issuer, in its individual
      or
      any other capacity, may become the owner or pledgee of Notes and if operative,
      may otherwise deal with the Issuer with the same rights it would have if it
      were
      not Trustee, Note Registrar or such other agent.

     

    Section
      7.6. Money
      Held in Trust

    

    Money
      held by the Trustee in trust hereunder shall be segregated from other funds
      held
      by the Trustee. The Trustee shall be under no liability for interest on any
      money received by it hereunder except as otherwise agreed in writing with the
      Issuer.

     

    Section
      7.7. Compensation
      and Reimbursement

    

    The
      Issuer agrees:

    

    
      	 	
              (1)

            	
              to
                pay the Trustee in accordance with a separate fee agreement and such
                fees
                in accordance with Section 13.1 hereof, as reasonable compensation
                for all
                services rendered by it hereunder (which Trustee Fee shall not be
                limited
                by any provision of law in regard to the compensation of a trustee
                of an
                express trust);

            

    

    

    
      	 	
              (2)

            	
              except
                as otherwise expressly provided herein, to reimburse the Trustee
                upon its
                written request for all reasonable expenses, disbursements and advances
                incurred or made by the Trustee in accordance with any provision
                of this
                Indenture (including the reasonable compensation and the expenses
                and
                disbursements of the Trustee’s agents and counsel), except any such
                expense, disbursement or advance as may be attributable to its negligence
                or bad faith; and

            

    

    

    
      	 	
              (3)

            	
              to
                indemnify the Trustee its officers, directors, employees and agents
                for,
                and to hold them harmless against, any loss, liability, obligation,
                damage, penalty, tax, claim, action, investigation, proceeding, cost,
                disbursement or expense incurred without negligence or bad faith
                on their
                part, arising out of or in connection with the acceptance or
                administration of this trust and performance hereunder, including
                the
                reasonable costs and expenses of defending itself against any claim
                or
                liability in connection with the exercise or performance of any of
                its
                powers or duties hereunder.

            

    

    

    The
      provisions of this Section 7.7 shall survive any expiration or termination
      of
      this Indenture.

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

    

    Section
      7.8. Corporate
      Trustee Requirement Eligibility

    

    There
      shall at all times be a Trustee hereunder which shall (a) be a depository
      institution, banking corporation or trust company organized and doing business
      under the laws of the United States of America or of any state, authorized
      under
      such laws to exercise corporate trust powers and (b) meet the requirements
      of an
      Eligible Financial Institution. If at any time the Trustee shall cease to be
      eligible in accordance with the provisions of this Section, it shall resign
      immediately in the manner and with the effect hereinafter specified in this
      Article.

     

    Section
      7.9. Resignation
      and Removal; Appointment of Successor

    

    (a) No
      resignation or removal of the Trustee and no appointment of a successor Trustee
      pursuant to this Article shall become effective until the acceptance of
      appointment by the successor Trustee under Section 7.10.

    

    (b) The
      Trustee may resign at any time by giving written notice thereof to the Issuer
      and the Noteholders. If an instrument of acceptance by a successor Trustee
      shall
      not have been delivered to the Trustee within 30 days after the giving of such
      notice of resignation, the resigning Trustee may petition any court of competent
      jurisdiction for the appointment of a successor Trustee.

    

    (c) The
      Trustee may be removed at any time by Act of the Majority Holders, delivered
      to
      the Trustee and to the Issuer.

    

    (d) If
      at any
      time:

    

    
      	
            	(1)	
              the
                Trustee shall cease to be eligible under Section 7.8 and shall fail
                to
                resign after written request therefor by the Issuer or by the Majority
                Holders; or 

            

    

    

    
      	 	
              (2)

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

            

    

    

    then,
      in
      any such case, (i) the Issuer by a Board Resolution may remove the Trustee,
      or
      (ii) subject to Section 6.14, any Noteholder who has been a bona fide Holder
      of
      a Note for at least two months may, on behalf of himself and all others
      similarly situated, petition any court of competent jurisdiction for the removal
      of the Trustee and the appointment of a successor Trustee.

    

    (e) If
      the
      Trustee shall resign, be removed or become incapable of acting, or if a vacancy
      shall occur in the office of the Trustee for any cause, the Issuer, by a Board
      Resolution, shall promptly appoint a successor Trustee that meets the
      requirements set forth in Section 7.8 and is approved by an Act of the Majority
      Holders. If no successor Trustee shall have been so appointed by the Issuer
      within 30 days after such resignation or removal, any Noteholder who has been
      a
      bona fide Holder of Notes for at least two months may, on behalf of himself
      and
      all others similarly situated, petition any court of competent jurisdiction
      for
      the appointment of a successor Trustee.

    

    
      
        
        

      

      
        -32-

        
          

        

      

      
        
        

      

    

    (f) The
      Issuer shall give notice of each resignation and each removal of the Trustee
      and
      each appointment of a successor Trustee by mailing written notice of such event
      by first-class mail, postage prepaid, to the Holders of Notes as their names
      and
      addresses appear in the Note Register. Each notice shall include the name of
      the
      successor Trustee and the address of its corporate trust office.

     

    Section
      7.10. Acceptance
      of Appointment by Successor

    

    Every
      successor Trustee appointed hereunder shall execute, acknowledge and deliver
      to
      the Issuer and the retiring Trustee an instrument accepting such appointment,
      and thereupon the resignation or removal of the retiring Trustee shall become
      effective and such successor Trustee, without any further act, deed or
      conveyance, shall become vested with all the rights, powers, trusts and duties
      of the retiring Trustee; but, on request of the Issuer or the successor Trustee,
      such retiring Trustee shall, execute and deliver an instrument transferring
      to
      such successor Trustee all the rights, powers and trusts of the retiring
      Trustee, and shall duly assign, transfer and deliver to such successor Trustee
      all property and money held by such retiring Trustee hereunder. Upon request
      of
      any such successor Trustee, the Issuer shall execute any and all instruments
      for
      more fully and certainly vesting in and confirming to such successor Trustee
      all
      such rights, powers and trusts. The predecessor Trustee shall not be liable
      for
      the actions or the failure to act of any successor Trustee hereunder, but each
      retiring Trustee shall remain liable for its actions or failure to act during
      its tenure as Trustee hereunder.

    

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

     

    Section
      7.11. Merger,
      Conversion, Consolidation or Succession to Business of Trustee

    

    Any
      corporation into which the Trustee may be merged or converted or with which
      it
      may be consolidated, or any corporation resulting from any merger, conversion
      or
      consolidation to which the Trustee shall be a party, or any corporation
      succeeding to all or substantially all of the corporate trust business of the
      Trustee, shall be the successor of the Trustee hereunder, provided,
      such
      corporation shall be otherwise qualified and eligible under this Article,
      without the execution or filing of any paper or any further act on the part
      of
      any of the parties hereto.

     

    Section
      7.12. Co-trustees
      and Separate Trustees

    

    At
      any
      time or times, for the purpose of meeting the legal requirements of any
      jurisdiction in which any portion of the Collateral may at the time be located,
      the Issuer and the Trustee shall have power to appoint, and, upon the written
      request of the Trustee or of the Holders of Notes representing at least 25%
      of
      the aggregate Note Principal Balance of Outstanding Notes, the Issuer shall
      for
      such purpose join with the Trustee in the execution, delivery and performance
      of
      all instruments and agreements necessary or proper to appoint, one or more
      Persons approved by the Trustee either to act as co-trustee, jointly with the
      Trustee, of all or any part of such Collateral, or to act as separate trustee
      of
      any such property, in either case with such powers as may be provided in the
      instrument of appointment, and to vest in such Person or Persons in the capacity
      aforesaid, any property, title, right or power deemed necessary or desirable,
      subject to the other provisions of this Section. If the Issuer does not join
      in
      such appointment within 15 days after the receipt by it of a request to do
      so,
      or in case an Event of Default has occurred and is continuing, the Trustee
      alone
      shall have power to make such appointment. 

    

    
      
        
        

      

      
        -33-

        
          

        

      

      
        
        

      

    

    Should
      any written instrument from the Issuer be required by any co-trustee or separate
      trustee so appointed for more fully confirming to such co-trustee or separate
      trustee such property, title, right or power, any and all such instruments
      shall, on request, be executed, acknowledged and delivered by the
      Issuer.

    

    Every
      co-trustee or separate trustee shall, to the extent permitted by law, but to
      such extent only, be appointed subject to the following terms,
      namely:

    

    
      	 	
              (1)
                

            	
              The
                Notes shall be authenticated and delivered and all rights, powers,
                duties
                and obligations hereunder in respect of the custody of securities,
                cash
                and other personal property held by, or required to be deposited
                or
                pledged with, the Trustee hereunder, shall be exercised solely by
                the
                Trustee.

            

    

    

    
      	 	
              (2)
                

            	
              The
                rights, powers, duties and obligations hereby conferred or imposed
                upon
                the Trustee in respect of any property covered by such appointment
                shall
                be conferred or imposed upon and exercised or performed by the Trustee
                or
                by the Trustee and such co-trustee or separate trustee jointly, as
                shall
                be provided in the instrument appointing such co-trustee or separate
                trustee, except to the extent that under any law of any jurisdiction
                in
                which any particular act is to be performed, the Trustee shall be
                incompetent or unqualified to perform such act, in which event such
                rights, powers, duties and obligations shall be exercised and performed
                by
                such co-trustee or separate
                trustee.

            

    

    

    
      	 	
              (3)

            	
              The
                Trustee at any time, by an instrument in writing executed by it,
                with the
                concurrence of the Issuer evidenced by a Board Resolution, may accept
                the
                resignation of or remove any co-trustee or separate trustee appointed
                under this Section, and, in case an Event of Default has occurred
                and is
                continuing, the Trustee shall have power to accept the resignation
                of, or
                remove, any such co-trustee or separate trustee without the concurrence
                of
                the Issuer. Upon the written request of the Trustee, the Issuer shall
                join
                with the Trustee in the execution, delivery and performance of all
                instruments and agreements necessary or proper to effectuate such
                resignation or removal. A successor to any co-trustee or separate
                trustee
                that has so resigned or been removed may be appointed in the manner
                provided in this Section.

            

    

     

     

    
      
        
        

      

      
        -34-

        
          

        

      

      
        
        

      

    

    
 

    
      	 	
              (4)

            	
              No
                co-trustee or separate trustee hereunder shall be personally liable
                by
                reason of any act or omission of the Trustee or any other such trustee
                hereunder nor shall the Trustee be liable by reason of any act or
                omission
                of any co-trustee or separate trustee hereunder, so long as such
                co-trustee or separate trustee has been appointed by the Trustee
                with due
                care.

            

    

    

    
      	 	
              (5)

            	
              Any
                Act of Noteholders delivered to the Trustee shall be deemed to have
                been
                delivered to each such co-trustee and separate
                trustee.

            

    

     

    Section
      7.13. Rights
      of Trustee in Capacity of Payment Agent, Transfer Agent or
      Registrar

    

    In
      the
      event that the Trustee is also acting as Paying Agent or Transfer Agent or
      Registrar hereunder, the rights and protections afforded to the Trustee pursuant
      to this Article VII shall also be afforded to the Paying Agent, Transfer Agent
      and Registrar and to any successor serving in any such capacity.

     

    ARTICLE
      VIII.

    

    CONSOLIDATION
      AND MERGER

    

    The
      Issuer shall not consolidate or merge with or into any other Person or convey
      or
      transfer its properties and assets substantially as an entirety to any
      Person.

     

    ARTICLE
      IX. 

    

    SUPPLEMENTAL
      INDENTURES

     

    Section
      9.1. Supplemental
      Indentures Only with Consent of Noteholders

    

    With
      the
      written consent of the Noteholders by Act of the Noteholders delivered to the
      Issuer and the Trustee, the Issuer, when authorized by a Board Resolution,
      and
      the Trustee may enter into one or more supplemental indentures for the purpose
      of adding any provisions to, or changing in any manner or eliminating any of
      the
      provisions of, this Indenture or modifying in any manner the rights of the
      Holders of the Notes under this Indenture; provided,
      however,
      no such
      supplemental indenture shall, without the consent of all of the
      Noteholders:

     

    
      
        
        

      

      
        -35-

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (1)

            	
              reduce
                the Note Principal Balance of any Note or the Note Interest Rate
                thereon
                or change the amount or priority or time of any payment on any Note
                or any
                place of payment where, or the coin or currency in which, any Note
                or the
                interest thereon is payable, or impair the right to institute suit
                for the
                enforcement of any such payment; or

            

    

    

    
      	 	
              (2)

            	
              modify
                or release the Collateral in any material respect except as otherwise
                permitted herein; or

            

    

    

    
      	 	
              (3)

            	
              modify
                or alter the definition of the term “Outstanding”;
                or

            

    

    

    
      	 	
              (4)

            	
              modify
                or alter the provisions of the proviso to Section 6.3;
                or

            

    

    

    
      	 	
              (5)

            	
              modify
                any of the provisions of this Section 9.1, except to increase any
                such
                percentage or to provide that certain other provisions of this Indenture
                cannot be modified or waived without the consent of the Holder of
                each
                Outstanding Note; or

            

    

    

    
      	 	
              (6)

            	
              permit
                the creation of any Lien ranking prior to or on a parity with the
                Lien of
                this Indenture with respect to any part of the Collateral, or, except
                as
                permitted under this Indenture, terminate the Lien of this Indenture
                on
                any property at any time subject hereto or, except as permitted under
                this
                Indenture, deprive the Holder of any Note of the security afforded
                by the
                Lien of this Indenture.

            

    

    

    Promptly
      after the execution by the Issuer and the Trustee of any supplemental indenture
      pursuant to this Section, the Issuer shall, if requested by any Noteholder,
      mail
      to the each of the Holders of the Notes, a notice setting forth in general
      terms
      the substance of such supplemental indenture together with a copy of such
      supplemental indenture. Any failure of the Issuer to mail such notice and copy,
      or any defect therein, shall not, however, in any way impair or affect the
      validity of any such supplemental indenture.

     

    Section
      9.2. Execution
      of Supplemental Indentures

    

    In
      executing or accepting the additional trusts created by any supplemental
      indenture permitted by this Article or the modifications thereby of the trusts
      created by this Indenture, the Trustee shall be entitled to be supplied with,
      and prior to executing any supplemental indenture pursuant to Section 9.1,
      the
      Trustee shall require an Opinion of Counsel stating that the execution of such
      supplemental indenture is authorized or permitted by this Indenture. The Trustee
      may, but shall not be obligated to, enter into any such supplemental indenture
      which affects the Trustee’s own duties, immunities, rights or indemnities under
      this Indenture or otherwise.

     

    Section
      9.3. Effect
      of Supplemental Indentures

    

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

    
      
        
        

      

      
        -36-

        
          

        

      

      
        
        

      

    

    Section
      9.4. Reference
      in Notes to Supplemental Indenture

    

    Notes
      issued and delivered after the execution of any supplemental indenture pursuant
      to this Article may, and if required by the Issuer shall, bear a notation in
      form approved by the Trustee as to any matter provided for in such supplemental
      indenture. If the Issuer shall so determine, new Notes so modified as to
      conform, in the opinion of the Issuer, to any such supplemental indenture may
      be
      prepared and executed by the Issuer and authenticated and delivered by the
      Trustee in exchange for Outstanding Notes.

     

    Section
      9.5. Solicitation
      of Holders of Notes

    

    (a) Solicitation.
      The
      Issuer shall provide each Noteholder (irrespective of the amount of Notes then
      owned by it) with sufficient information, at least five (5) Business Days in
      advance of the date a decision is required, to enable such Holder to make an
      informed and considered decision with respect to any proposed amendment, waiver
      or consent in respect of any of the provisions hereof or of the Notes. The
      Issuer shall deliver to the Servicer executed or true and correct copies of
      each
      amendment, waiver or consent effected pursuant to the provisions of this
      Indenture and the Servicer shall deliver copies of the same to each Noteholder
      promptly following the date on which it is executed and delivered by the Issuer;
      provided,
      however,
      nothing
      in this Section 9.5(a) shall, in the absence of affirmative consent of a
      Noteholder, be construed as deemed consent.

    

    (b) Payment.
      The
      Issuer will not directly or indirectly pay or cause to be paid any remuneration,
      whether by way of supplemental or additional interest, fee or otherwise, or
      grant any security, to any Noteholder as consideration for or as an inducement
      to the entering into by any Noteholder of any waiver or amendment of any of
      the
      terms and provisions hereof or of the Notes unless such remuneration is
      concurrently paid, or security is concurrently granted, on the same terms,
      ratably to each Noteholder then Outstanding even if such Noteholder did not
      consent to such waiver or amendment.

     

    ARTICLE
      X. 

    

    REDEMPTION
      OF NOTES

     

    Section
      10.1. Redemption
      at the Option of the Issuer

    

    The
      Notes
      are redeemable (1) at the option of the Issuer in whole, or in part at only
      one
      time during the term hereof or (2) pursuant to the provisions of Section
      12.3(d), at the Redemption Price on any Redemption Date and such redemption,
      unless deemed exercised hereunder, shall be exercised by delivery of an Issuer
      Order to the Trustee; provided,
      that
      (i) no Event of Default has occurred and remains uncured and (ii) except in
      the
      case of an Extraordinary Optional Redemption, the Redemption Date must be the
      first available Redemption Date for which the Trustee can give a proper
      Redemption Notice after receipt of such Issuer Order by the Trustee;
provided,
      further,
      that
      any redemption in part pursuant to clause (1) above is in an amount equal to
      50%
      of the Note Principal Balance outstanding on the Redemption Date and shall
      be
      applied pro rata among each of the Candie’s/Joe Boxer Note Principal Balance,
      the Rampage Note Principal Balance, the Mudd Note Principal Balance and the
      London Fog Note Principal Balance of each Note; and provided,
      further,
      that
      any redemption pursuant to clause (2) above with respect to any Asset relating
      to (i) the Primary Mark CANDIES or JOE BOXER, (ii) the Primary Mark RAMPAGE,
      (iii) the Primary Mark MUDD or (iv) the Primary Mark LONDON FOG shall be
      applied in reduction of the Candie’s/Joe Boxer Note Principal Balance, the
      Rampage Note Principal Balance, the Mudd Note Principal Balance or the London
      Fog Note Principal Balance, respectively, of each Note. Note Principal Payments
      shall not constitute payments to redeem Notes and the reduction in the Note
      Principal Balance of any Note with any such payment shall not be a redemption
      of
      such Note within the meaning and for any purposes of this Indenture.

    
      
        
        

      

      
        -37-

        
          

        

      

      
        
        

      

    

    Section
      10.2. Mandatory
      Redemption

    

    (a) In
      the
      event that there is to be a payment of the Release Price for an Asset as
      described in Section 12.3(c) of this Indenture, upon such payment, the affected
      Asset shall be released from the Lien of this Indenture. The Release Price
      of
      the affected Asset shall be deposited in the Collection Account by the Trustee
      upon receipt and shall be applied to the redemption of Notes on the next ensuing
      Redemption Date for which a proper Redemption Notice can be given in a principal
      amount equal to the portion of such Release Price allocable to principal, which
      principal amount shall be applied to the reduction of the Candie’s/Joe Boxer
      Note Principal Balance, the Rampage Note Principal Balance, the Mudd Note
      Principal Balance or the London Fog Note Principal Balance of each Note,
      depending on whether the affected Asset relates to the (i) Primary Mark CANDIES
      or JOE BOXER, (ii) Primary Mark RAMPAGE, (iii) Primary Mark MUDD or
      (iv) Primary Mark LONDON FOG, respectively. Deposit of such Release Price
      in the Collection Account shall be deemed to be an exercise of the option to
      redeem Notes on such Redemption Date in such principal amount and at the
      Redemption Price.

    

    (b) In
      accordance with Section 13.2(b) of this Indenture, specified funds are to be
      withdrawn from the Liquidity Reserve Account and applied to the redemption
      of
      Notes. Such funds shall be set aside by the Trustee in the Collection Account
      and applied to the redemption of Notes on the next ensuing Redemption Date
      for
      which a proper Redemption Notice can be given in a principal amount equal,
      as
      nearly as practicable, to the amount of the funds available after withdrawing
      therefrom all funds needed to pay accrued interest on the Notes to be redeemed
      to the applicable Redemption Date plus the related Redemption Premium, if
      applicable. The Issuer shall be deemed to have elected any such
      redemption.

     

    
      
        
        

      

      
        -38-

        
          

        

      

      
        
        

      

    

    Section
      10.3 Notice
      of Redemption by the Issuer

    

    Notice
      of
      redemption pursuant to Section 10.1 or Section 10.2 if not waived in writing
      by
      a Noteholder delivered to the Trustee, shall be given by U.S. registered mail,
      return receipt requested, or by nationally recognized overnight private mail
      delivery service, postage prepaid, mailed not less than 30 days or more than
      60
      days prior to the applicable Redemption Date to each Holder of Notes whose
      Notes
      are to be redeemed, at its address in the Note Register. It shall be assumed
      for
      purposes of this Indenture that the Trustee can and will mail a notice of
      redemption 5 days after receipt of an Issuer Order to redeem Notes or a deemed
      election by the Issuer to redeem Notes.

     

    All
      notices of redemption shall state:

    

    
      	
            	(1)	
              the
                Redemption Date;

            

    

    

    
      	 	
              (2)

            	
              the
                principal amount of Notes to be redeemed and the allocation of such
                principal amount among the Candie’s/Joe Boxer Note Principal Balance, the
                Rampage Note Principal Balance, the Mudd Note Principal Balance and
                the
                London Fog Note Principal Balance;

            

    

    

    
      	 	
              (3)

            	
              a
                pro forma Redemption Price for each Note redeemed, calculated as
                of the
                date of the notice of redemption;

            

    

    

    
      	 	
              (4)

            	
              that
                on the Redemption Date, the Redemption Price shall become due and
                payable
                upon each Note called for redemption, and that interest thereon shall
                cease to accrue on such date; and

            

    

    

    
      	 	
              (5)

            	
              the
                place where such Notes to be redeemed are to be surrendered on or
                within
                30 days after the Redemption Date, which shall be the office or agency
                of
                the Issuer to be maintained as provided in Section
                11.2.

            

    

    

    Notice
      of
      redemption of Notes shall be given by the Issuer or, at the Issuer’s request, by
      the Trustee in the name and at the expense of the Issuer. Failure to give notice
      of redemption, or any defect therein, to any Holder of any Note selected for
      redemption shall not impair or affect the validity of the redemption of any
      other Note.

     

    Section
      10.4 Deposit
      of the Redemption Price

    

    On
      or
      before 1:00 P.M. (New York City time) on the Business Day immediately preceding
      any Redemption Date, the Issuer shall remit to the Trustee for deposit into
      the
      Collection Account an amount of monies sufficient to pay the Redemption Price
      of
      all Notes which are to be redeemed on such Redemption Date (less any portion
      of
      such payment set aside from monies in the Collection Account or the Liquidity
      Reserve Account
      for the
      Notes to be redeemed).

    
      
        
        

      

      
        -39-

        
          

        

      

      
        
        

      

    

    Section
      10.5 Notes
      Payable on Redemption Date;
      Less
      than All Notes to be Redeemed

    

    (a)
       Notice
      of
      redemption having been given as provided in Section 10.3, the Notes to be
      redeemed shall, on the applicable Redemption Date, become due and payable at
      the
      Redemption Price and on such Redemption Date such Notes shall cease to bear
      interest on the portion of the Notes actually redeemed. On the Redemption Date,
      the Holders of such Notes shall be paid the Redemption Price by the Trustee
      from
      funds available to the Trustee pursuant to Section 10.4, Section 13.2 or
      otherwise; provided,
      however,
      that
      installments of principal and interest which are due on or prior to the
      Redemption Date shall be payable to the Holders of such Notes registered as
      such
      on the relevant Record Dates according to their terms and the provisions of
      Section 3.7.

    

    (b)
       If
      a
      Holder of any Note called in whole or in part for redemption shall not be so
      paid due to a failure of the Trustee to remit funds timely deposited by the
      Issuer, the Issuer shall have no liability as a result of such failure and
      the
      principal amount thereof shall, until paid, continue to bear interest from
      the
      Redemption Date at the related Note Interest Rate until payment of principal
      is
      made. 

    

    (c)
       If
      less
      than the principal amount of all Notes Outstanding are to be redeemed on any
      Redemption Date, such Notes shall be redeemed pro rata from available funds
      as
      nearly as practicable in the judgment of the Trustee, observing in the process
      authorized denominations in accordance with Section 3.2 of this Indenture and
      shall be applied in installments of principal payable on the affected Note
      in
      the reverse order of maturity in accordance with the schedule attached to such
      Note. 

    

    (d)
       Installments
      of interest and principal due on or prior to a Redemption Date shall continue
      to
      be payable to the Holders of Notes called for redemption as of the relevant
      Record Dates according to their terms and the provisions of Section 3.7. Except
      as otherwise specifically provided herein, the election of the Issuer to redeem
      any Notes pursuant to this Section shall be evidenced by an Issuer Order
      directing the Trustee to make the payment of the Redemption Price on all of
      the
      Notes to be redeemed from monies deposited with the Trustee pursuant to Section
      10.4 or otherwise available to the Trustee in accordance with this Indenture
      for
      the purpose of redeeming Notes.

     

    Section
      10.6 Defeasance

    

    Notwithstanding
      anything in this Article X to the contrary, the Issuer may at its discretion
      (or
      at the sole discretion of the Noteholder if at any time the Redemption Premium
      is zero, the Issuer shall), instead of depositing the Redemption Price as
      otherwise required by this Article X, purchase Defeasance Securities with a
      principal balance and bearing an interest rate such that, as determined by
      the
      Servicer, such securities will be sufficient to provide principal and interest
      payments on each Payment Date (beginning on the immediately following Payment
      Date until the Legal Maturity Date) in an amount at least equal to the payments
      that would be required under the portion of the Notes that would have been
      redeemed had the Issuer not elected (or the Noteholder not required the Issuer)
      to purchase Defeasance Securities pursuant to this Section 10.6. Defeasance
      Securities shall be deposited into the Defeasance Account and shall be part
      of
      the Collateral without any further action by any party hereto. The Issuer and
      the Trustee shall direct that principal and interest payments received in
      respect of the Defeasance Securities be deposited directly into the Collection
      Account.

    
      
        
        

      

      
        -40-

        
          

        

      

      
        
        

      

    

    ARTICLE
      XI.

    

    REPRESENTATIONS,
      WARRANTIES AND COVENANTS

     

    Section
      11.1 Payment
      of Principal and Interest

    

    The
      Issuer shall duly and punctually pay the principal of and interest on the Notes,
      subject to and in accordance with the terms of the Notes and this
      Indenture.

     

    Section
      11.2 Maintenance
      of Office or Agency

    

    The
      Issuer shall maintain an office or agency within the United States of America
      where Notes may be presented or surrendered for payment, where Notes may be
      surrendered for registration of transfer or exchange and where notices in
      respect of the Notes and this Indenture may be served. The Issuer hereby
      initially appoints the Trustee its office or agency for each of said purposes.
      The Issuer shall give prompt written notice to the Trustee of the location,
      and
      of any change in the location, of any such office or agency. If at any time
      the
      Issuer shall fail to maintain any such office or agency or shall fail to furnish
      the Trustee with the address thereof, such presentations, surrenders or
      exchanges may be made or served at the Corporate Trust Office. As of the date
      hereof, on the Issue Date, and at all times since its formation, the chief
      executive office and place of business of the Issuer is and has been located
      at
      103 Foulk Road, Wilmington, Delaware 19803.

     

    Section
      11.3 Money
      for Note Payments to Be Held in Trust

    

    Subject
      to any applicable escheat law, any money deposited with the Trustee in trust
      for
      payment to the Noteholders on any Payment Date and remaining unclaimed for
      three
      years after such payment has become due and payable shall be paid to the Issuer
      upon a written request of the Issuer; and any Noteholder with a right to or
      interest in such money shall thereafter, as an unsecured general creditor,
      look
      only to the Issuer for payment thereof, and all liability of the Trustee with
      respect to such trust money, shall thereupon cease; provided,
      however,
      that
      the Trustee, before being required to make any such repayment, shall at the
      expense of the Issuer send by first class mail to each Noteholder with a right
      to or interest in monies due and payable but not claimed, at the last address
      as
      shown on the Note Register for such Noteholders, and cause to be published
      once,
      in a newspaper published in the English language, customarily published on
      each
      Business Day and of general circulation in the city in which the Trustee’s
      Office is located, notice that such money remains unclaimed and that, after
      a
      date specified therein, which shall not be less than 60 days from the date
      of
      such publication, any unclaimed balance of such money then remaining shall
      be
      repaid to the Issuer. The Trustee may also adopt and employ, at the expense
      of
      the Issuer, any other reasonable means of notification of such repayment
      (including, but not limited to, mailing notice of such repayment to each
      Noteholder whose right to or interest in monies due and payable but not claimed
      is determinable from the records of the Trustee, at the last address as shown
      on
      the Note Register for such Noteholder).

    
      
        
        

      

      
        -41-

        
          

        

      

      
        
        

      

    

    Section
      11.4. Continued
      Existence;
      Observance of Organizational Documents

    

    The
      Issuer shall keep in full effect its existence, rights and franchises as a
      limited liability company under the laws of the State of Delaware, shall operate
      in accordance with, and subject to the limitations set forth in, its
      Organizational Documents and shall obtain and preserve its qualification to
      do
      business as a foreign corporation in each jurisdiction in which the failure
      to
      be so qualified shall have a material adverse effect on the validity and
      enforceability of this Indenture or the Notes. 

     

    Section
      11.5. Protection
      of Collateral

    

    (a) The
      Issuer covenants to file or cause to be filed all UCC Financing Statements
      and
      any related forms necessary or desirable to be filed with respect to the
      Collateral in the United States Patent and Trademark Office within ten (10)
      Business Days of the applicable Closing Date and in the United States Copyright
      Office within thirty (30) days of the applicable Closing Date.

    

    (b) The
      Issuer shall from time to time execute and deliver to the Trustee, the Servicer
      and such other parties as the Issuer shall deem appropriate all such supplements
      and amendments hereto and all such financing statements, continuation
      statements, instruments of further assurance and other instruments, and shall
      take such other action as is necessary or advisable to:

    

    
      	 	
              (i)

            	
              ensure
                a first priority, perfected security interest in all or any portion
                of the
                Collateral;

            

    

    

    
      	 	
              (ii)

            	
              maintain
                or preserve the lien of this Indenture or carry out the purposes
                hereof;

            

    

    

    
      	 	
              (iii)

            	
              protect
                the validity of any Grant made by this
                Indenture;

            

    

    

    
      	
            	(iv)	
              enforce
                any of the Collateral or, where appropriate, any security interest
                in
                 the
                Collateral and the proceeds thereof;

            

    

    

    
      	
            	(v)	
              preserve
                and defend the Issuer’s title to the Collateral and the rights of the
                 Noteholders
                therein against the claims of all persons and parties subject
                to   the
                rights of licensees under the Licenses;
                or

            

    

    

    
      	
            	(vi)	
              record
                or register the Issuer’s ownership of all of the Trademarks of record
                 in
                the Territory;

            

    

     

    
      
        
        

      

      
        -42-

        
          

        

      

      
        
        

      

    

    but
      in
      the foregoing cases of items (i) through (v), only to the extent the same can
      be
      achieved by recordation or filing under the laws of the Covered Jurisdictions,
      and in the foregoing case of item  (vi), only to the extent the same can be
      achieved by recordation or filing under the laws of the Territory.

    

    (c) For
      avoidance of doubt, the Issuer agrees that:

    

    
      	
            	(i)	
              In
                the event that, on any Payment Date following any Closing Date, the
                DSCR
                is less than 1.6 to 1.0 (i.e., 160%), it shall, promptly, but in
                no event
                later than 180 days from such Payment Date, (i) cause the recordation
                of
                its title to the Primary Marks BONGO, JOE BOXER, RAMPAGE, MUDD and
                LONDON
                FOG, in all jurisdictions in which such title has not previously
                been
                recorded and (ii) file in all jurisdictions in which a filing can
                be made
                to perfect the lien of the Indenture on the Primary Marks BONGO,
                CANDIE’S,
                JOE BOXER, RAMPAGE, MUDD and LONDON FOG;

            

    

    

    
      	
            	(ii)	
              In
                the event that the aggregate Individual Asset Earned Income for Assets
                related to any one of the Primary Marks BONGO, JOE BOXER, RAMPAGE,
                MUDD
                or
                LONDON FOG in a single jurisdiction exceeds $10,000 in any single
                fiscal
                year of the Issuer, the Issuer shall, on or before the first Payment
                Date
                following such fiscal year, cause the recordation of its title to
                such
                Primary Mark in such jurisdiction unless such title has been previously
                been recorded therein; and

            

    

    

    
      	
            	(iii)	
              In
                the event that the aggregate Individual Asset Earned Income for Assets
                related to any of the Primary Marks BONGO, CANDIE’S, JOE BOXER RAMPAGE,
                MUDD or LONDON FOG (but, for the avoidance of doubt, not in the case
                where
                such income is taken in the aggregate for all Primary Marks) in a
                single
                jurisdiction exceeds $250,000 in any single fiscal year of the Issuer,
                the
                Issuer shall, on or before the first Payment Date following such
                fiscal
                year, cause a filing to be made in such jurisdiction, to the extent
                legally possible, to perfect the lien of the Indenture on such Primary
                Mark and, if it is customary practice in such jurisdiction, deliver
                to the
                Trustee and Noteholders a customary opinion of counsel in such
                jurisdiction confirming that such filing was sufficient to perfect
                such
                lien to the extent the same can be accomplished by
                filing.

            

    

    

    (d) At
      the
      Trustee’s reasonable request, the Issuer shall provide to the Trustee such
      evidence as to the Issuer’s ownership of Defeasance Securities and an Opinion of
      Counsel as the creation and perfection of the security interest of the Trustee
      in the Defeasance Securities.

    
      
        
        

      

      
        -43-

        
          

        

      

      
        
        

      

    

    Section
      11.6. Biennial
      Opinion as to Collateral

    

    On
      or
      before May 22nd
      in each
      second succeeding calendar year, commencing in 2008, the Issuer shall furnish
      to
      the Trustee, and to the Noteholders an Opinion of Counsel (which shall be
      independent counsel) either (i) stating that, in the opinion of such
      counsel, such action has been taken with respect to the recording, filing,
      re-recording and refiling of any requisite documents as is necessary to maintain
      the lien and security interest created by this Indenture and the perfection
      and
      priority thereof as the same originally existed under and in accordance with
      this Indenture and reciting the details of such action or (ii) stating that
      in
      the opinion of such counsel no such action is necessary to maintain such lien
      and security interest; but in each of the foregoing cases, only to the extent
      the same can be achieved under the law of the United States or any state within
      the United States or the law of Canada or (if and to the extent such opinions
      are customarily given in Material Jurisdictions other than the United States
      and
      Canada) any other Material Jurisdiction, as applicable. Such Opinion of Counsel
      shall also describe the recording, filing, re-recording and refiling of such
      requisite documents that shall, in the opinion of such counsel, be required
      to
      maintain the lien and security interest of this Indenture and the perfection
      and
      priority thereof until February 22, 2016 in the second succeeding calendar
      year,
      based upon the state of the law and facts in existence at the time of delivering
      the opinion.

    

    Section
      11.7. Negative
      Covenants

    

    The
      Issuer shall not:

    

    
      	 	
              (i)

            	
              sell,
                transfer, exchange or otherwise dispose of any of the Collateral
                (except
                as expressly permitted by the Management Agreement or this Indenture);
                or

            

    

    

    
      	 	
              (ii)

            	
              claim
                any credit on, or make any deduction from, the principal or interest
                payable in respect of the Notes by reason of the payment of any taxes
                levied or assessed upon any of the Collateral;
                or

            

    

    

    
      	 	
              (iii)

            	
              amend
                (a) either Section 7, Section 8(g) or Section 25 of its Limited
                Liability Company Agreement or (b) any Transaction Document without
                receiving approval thereof by Act of the Noteholders (which may not
                be
                unreasonably withheld); or

            

    

     

    
      
        
        

      

      
        -44-

        
          

        

      

      
        
        

      

    

    
      	
            	
              (iv)

            	
              (a)
                permit the validity or effectiveness of this Indenture to be impaired,
                or
                permit  this
                Indenture to be amended, hypothecated, subordinated, terminated or
                discharged, or permit any Person to be released from any covenants
                or
                obligations of this Indenture, except as may be expressly permitted
                hereby
                and thereby, (b) permit any lien, charge, security interest, mortgage
                or
                other encumbrances, other than the Lien of this Indenture and Licenses,
                to
                be created on or extended to or otherwise arise upon or burden the
                Collateral or any part thereof or any interest therein or the proceeds
                thereof or incur any indebtedness other than the Notes, or (c) permit
                this
                Indenture not to constitute a valid first priority security interest
                in
                the Collateral to the extent the same can be achieved by filing under
                the
                laws of the Covered Jurisdictions, as applicable;
                or

            

    

    

    
      	 	
              (v)

            	
              change
                the state of its organization without thirty days’ prior written notice to
                the Trustee, accompanied by such evidence of actions to be taken
                as shall
                be necessary to continue the perfection of the lien on the Collateral
                to
                the extent the same can be achieved by filing under the laws of the
                Covered Jurisdictions, as applicable;
                or

            

    

    

    
      	 	
              (vi)

            	
              (i) institute,
                or consent to the institution of, bankruptcy or insolvency proceedings
                in
                respect to the Issuer, or file a petition seeking or consenting to
                reorganization or relief under any applicable federal or state law
                relating to bankruptcy, or seek or consent to the appointment of
                a
                receiver, liquidator, assignee, trustee, sequestrator (or other similar
                official) of the Issuer or any substantial part of its assets, or
                make any
                assignment for the benefit of creditors, or admit in writing its
                inability
                to pay its debts generally as they become due, or take any corporate
                action in furtherance of any such action; or (ii) consolidate, merge,
                dissolve or liquidate, in whole or in part;
                or

            

    

    

    
      	 	
              (vii)

            	
              except
                for Indebtedness as may be expressly permitted under this Indenture,
                incur, assume or guaranty any Indebtedness except for such Indebtedness
                as
                has been approved by the Noteholders; or

            

    

    

    
      	 	
              (viii)

            	
              except
                as contemplated in the Management Agreement, enter into any material
                amendment or supplement to or modification of the Assets or grant
                any
                material waiver or consent under the Assets;
                or

            

    

    

    
      	 	
              (ix)

            	
              issue
                any bonds, notes or other obligations other than the
                Notes.

            

    

     

    Section
      11.8. Statement
      as to Compliance

    

    The
      Issuer shall deliver to the Trustee, the Noteholders and the Servicer, on or
      before each January 31 (commencing January 31, 2007), a written statement signed
      by the President or a Vice President and by the Treasurer or an Assistant
      Treasurer or the Secretary or an Assistant Secretary of the Issuer stating,
      as
      to each signer thereof, that

    
      
        
        

      

      
        -45-

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (1)
                

            	
              a
                review of the activities of the Issuer during the preceding calendar
                year
                (or such lesser period in the case of the first such statement) and
                of
                performance under this Indenture has been made under his supervision;
                and

            

    

    

    
      	 	
              (2)

            	
              the
                Issuer has fulfilled all its obligations in all material respects
                under
                this Indenture throughout such period, or, if there has been a default
                in
                the fulfillment of any such obligation, specifying each such Default
                known
                to him and the nature and status
                thereof.

            

    

     

    Section
      11.9. Inspection

    

    At
      any
      time and from time to time, the Issuer shall permit the Trustee, the Servicer
      and the Noteholders, or their respective agents or representatives, during
      regular business hours and without charge: (i) to examine and make copies of
      and
      abstracts from the books and records (financial and corporate) of the Issuer,
      and (ii) to visit the offices and properties of the Issuer for the purpose
      of
      reviewing and examining such books and records and discussing matters relating
      thereto and to the performance of the Issuer under this Indenture with any
      of
      the officers or employees of the Issuer having knowledge of such matters or
      with
      the Issuer’s outside auditors.

     

    Section
      11.10. Limited
      Purpose

    

    The
      Issuer shall not engage in any business other than the transactions permitted
      by
      its Organizational Documents.

     

    Section
      11.11. Issuer
      Ownership

    

    The
      Issuer agrees that its books and records will reflect its ownership of the
      Collateral, subject to the liens and security interests created by this
      Indenture.

     

    Section
      11.12. Enforcement
      of Transaction Documents 

    

    The
      Issuer shall take all actions necessary, and diligently pursue all remedies
      available to it, to enforce the obligations of each other party to a Transaction
      Document to secure its and the Noteholders’ rights thereunder, provided,
      that
      prior to taking any action in the name of the Noteholders, it shall receive
      the
      written consent of the Noteholders.

     

    Section
      11.13. Representations
      and Warranties

     

    The
      Issuer, as of the date hereof and as of each Closing Date, hereby represents
      and
      warrants the following: 

    
      
        
        

      

      
        -46-

        
          

        

      

      
        
        

      

    

    (a) Except
      for the interests created by Licenses, the Issuer is the owner of all of the
      Collateral free of liens and encumbrances, the Issuer has not assigned any
      interest or participation in any Collateral, and the Issuer has full right
      to
      Grant such Collateral to the Trustee for the benefit of the
      Noteholders.

    

    (b) The
      Issuer has Granted a security interest in all of its right, title, and interest
      in the Collateral to the Noteholders.

    

    (c) The
      Notes
      have not been registered under the Securities Act nor pursuant to the securities
      or blue sky laws of any State. 

    

    (d) The
      Trustee will, upon proper filing and/or recording of UCC financing statements,
      copyright documents and trademark documents, as applicable, in the Covered
      Jurisdictions by the Issuer or the Servicer on the Issuer’s behalf, have a
      perfected first priority security interest in each item of Collateral, free
      from
      any lien, security interest encumbrance or other right, title or interest of
      any
      Person, except for any Lien created by this Indenture and the Licenses, but
      in
      all cases only to the extent the same can be achieved by filing under the laws
      of the Covered Jurisdictions, as applicable.

    

    (e) The
      Issuer has its chief executive office at 103 Foulk Road, Wilmington, Delaware
      19803.

     

    (f) The
      Issuer, (i) is a limited liability company, duly organized, validly
      existing in good standing under the laws of Delaware; (ii) has requisite power
      and authority and all licenses and permits to own and operate its properties
      to
      carry on its business as now conducted, and to enter into and perform its
      obligations under each Transaction Document to which it is a party and the
      transactions contemplated thereby, including, the issuance and sale of the
      Notes
      and the performance of its obligations thereunder; and (iii) has been duly
      qualified and is authorized to do business and, if applicable, is in good
      standing as a foreign corporation (or is exempt from such requirements) and
      has
      obtained all necessary licenses and approvals in each jurisdiction where the
      failure to be so qualified would have a material adverse effect on its ability
      to conduct its business.

    

    (g) Each
      Transaction Document (other than the Notes) to which the Issuer is a party
      has
      been duly authorized and, when executed and delivered by the Issuer will
      constitute valid, binding and enforceable obligations of the Issuer in
      accordance with its terms, subject, as to the enforcement of remedies, to
      bankruptcy, insolvency, reorganization, moratorium and other similar laws
      affecting the enforceability of creditors’ rights generally applicable in the
      event of the bankruptcy, insolvency or reorganization of the Issuer and to
      general principles of equity.

    

    (h) No
      event
      has occurred and is continuing that constitutes a Default or an Event of Default
      under, and as defined in, this Indenture, the Servicing Agreement or any other
      Transaction Document. Neither the execution and delivery of any Transaction
      Document by the Issuer, the consummation of the transactions contemplated
      thereby nor the satisfaction of the terms and conditions of the Transaction
      Documents (i) conflicts with or results in any breach or violation of any
      provision of the Organizational Documents of the Issuer, or any law, rule,
      regulation, order, writ, judgment, injunction, decree, determination or award
      currently in effect having applicability to the Issuer, or any of its
      properties, including regulations issued by an administrative agency or other
      governmental authority having supervisory powers over the Issuer; or (ii)
      constitutes a default by the Issuer under or a breach
      of
      any provision of this Indenture or any contract, agreement, mortgage or other
      instrument to which it is a party or by which it or any of its properties are
      or
      may be bound or affected or (iii) results in the creation or imposition of
      any
      lien upon any of the properties or assets of the Issuer pursuant to the terms
      of
      any mortgage, deed of trust, contract, agreement, charter instrument, by-law
      or
      other instrument.

    
      
        
        

      

      
        -47-

        
          

        

      

      
        
        

      

    

    (i) The
      Notes
      have been duly and validly authorized by the Issuer and, when duly and validly
      executed in accordance with this Indenture, will be validly issued and
      outstanding and entitled to the benefits of this Indenture and will constitute
      valid and legally binding obligations of the Issuer, enforceable against the
      Issuer in accordance with their terms, subject, as to the enforcement of
      remedies, to bankruptcy, insolvency, reorganization, moratorium and other
      similar laws affecting the enforceability of creditors’ rights generally
      applicable in the event of the bankruptcy, insolvency or reorganization of
      the
      Issuer and to general principles of equity. 

    

    (j) The
      Issuer had at all relevant times and now has full power and authority to
      originate, own and, has full power and authority to Grant the Collateral, has
      duly authorized such Grant by all necessary action, and does not require any
      member approval, or approval or consent of any trustee or holders of any
      indebtedness or obligations of the Issuer other than such as have been
      obtained.

    

    (k) There
      is
      no pending action, suit, proceeding or investigation, including, but not limited
      to, any such proceeding or investigation resulting from the ownership or use
      of
      any of the Collateral, against or affecting the Issuer before any administrative
      agency, arbitrator or governmental body or, to the best knowledge of the Issuer,
      any threatened action or proceeding, including but not limited to any such
      proceeding or investigation resulting from the ownership or use of any of the
      Collateral, against or affecting the Issuer before any of the foregoing which,
      if decided adversely to the Issuer, would materially affect (i) the condition
      (financial or otherwise), business, properties, prospects, profits or operations
      of the Issuer, (ii) the ability of the Issuer to perform its obligations
      under, or the validity or enforceability of, any Transaction Document to which
      it is a party or (iii) the Noteholders’ ability to foreclose or otherwise
      enforce their interest in the Collateral as contemplated under this Indenture
      and the Servicing Agreement. This Issuer is not subject to any order of any
      court, governmental authority or agency or arbitration board of
      tribunal.

    

    (l) No
      consent, approval, authorization, order of, or filing, registration, application
      with any court or other governmental authority in respect of the Issuer is
      necessary or required under the law of the United States or any state within
      the
      United States (or other Covered Jurisdictions in the case of filings to perfect
      the Lien of the Indenture) in connection with the authorization, execution,
      delivery or performance by the Issuer of this Indenture or any other Transaction
      Document to which it is a party or any of the other documents or transactions
      contemplated thereby, including without limitation, the pledge of the Collateral
      to the Noteholders, the servicing of the Collateral, or the offer, issue, sale,
      delivery or performance of the Notes, other than that consent, approval,
      authorization, order, filing, registration or qualification which has been,
      or
      will be promptly, made or obtained in the United States (or the other Covered
      Jurisdictions in the case of filings to perfect the Lien of the Indenture);
      provided
      that no
      representation is made with respect to filings of qualifications under the
“Blue
      Sky” laws of the various states within the United States.

    
      
        
        

      

      
        -48-

        
          

        

      

      
        
        

      

    

    (m) None
      of
      the transactions contemplated herein (including, without limitation thereof,
      the
      use of the proceeds from the sale of the Notes) will result in a violation
      of
      Section 7 of the Securities Exchange Act, or any regulations thereto, including,
      without limitation, Regulations T, U and X of the Board of Governors of the
      Federal Reserve System, 12 C.F.R., Chapter II; provided
      that the
      Issuer is not responsible for any such violation that results from the status
      of
      a Noteholder. The Issuer does not own or intend to carry or purchase, and no
      proceeds from the sale of the Notes will be used by the Issuer to purchase,
      any
“margin stock” within the meaning of said Regulation U.

    

    (n) The
      representations and warranties of the Issuer in each of the Servicing Agreement,
      the Note Purchase Agreement, the 2005 Note Purchase Agreement, the 2005-B Note
      Purchase Agreement, the 2006 Note Purchase Agreement, the 2006-B Note Purchase
      Agreement, this Indenture and the other Transaction Documents to which it is
      a
      party are true and correct and are hereby incorporated by reference as if each
      such representation and warranty were specifically made herein.

    

    (o) The
      Issuer is not a party to any contract or agreement, or subject to any charter
      or
      other legal restriction, which materially and adversely affects its business
      as
      contemplated in the Transaction Documents. The Issuer has not agreed to cause
      or
      permit in the future (upon the happening of a contingency or otherwise) any
      of
      its properties or any of the Collateral, other than as otherwise set forth
      in
      this Indenture, whether now owned or hereafter acquired, to be subject to a
      lien
      not permitted by this Indenture.

    

    (p) For
      so
      long as any of the Notes are Outstanding and are “restricted securities” within
      the meaning of Rule 144(a)(3) under the Securities Act, the Issuer will cause
      to
      be provided to the Noteholders and any prospective purchaser of Notes designated
      by a Holder of such Notes, upon the request of such Holder or prospective
      purchaser, the information required to be provided to such Holder or prospective
      purchaser by Rule 144A(d)(4) under the Securities Act.

    

    (q) The
      Issuer does not intend to treat the Notes and related transactions as being
      a
“reportable transaction” (within the meaning of Treasury Regulation Section
      1.6011-4). In the event the Issuer determines to take any action inconsistent
      with such intention, it will promptly notify the Noteholders hereof. If the
      Issuer so notifies the Noteholders, the Issuer acknowledges that one or more
      of
      the Noteholders may treat its Notes as part of a transaction that is subject
      to
      Treasury Regulations 301.6112-1, and that such Noteholder or Noteholders, as
      applicable, will maintain the lists and other records required by such Treasury
      Regulation.

    
      
        
        

      

      
        -49-

        
          

        

      

      
        
        

      

    

    (r) The
      Issuer is not (i) a country, territory, organization, person or entity name
      on
      an OFAC list; (ii) a Person that resides or has a place of business in a country
      or territory named on such lists or which is designated as a Non-Cooperative
      Jurisdiction by the Financial Action Task Force on Money Laundering
      (“FATF”),
      or
      whose subscription funds are transferred from or through such a jurisdiction;
      (iii) a “Foreign Shell Lender” within the meaning of the USA PATRIOT Act, i.e.,
      a foreign bank that does not have a physical presence in any country and that
      is
      not affiliated with a bank that has a physical presence and an acceptable level
      of regulation and supervision; or (iv) a person or entity that resides in or
      is
      organized under the laws of a jurisdiction designated by the United States
      Secretary of Treasury under Section 311 or 312 of the USA PATRIOT Act as
      warranting special measures due to money laundering.

     

    Section
      11.14. Certain
      Covenants

    

    (a) The
      Issuer agrees that any Person, designated in writing by a Noteholder may, upon
      reasonable prior written notice, consult with proper officials of the Issuer
      and
      (subject to consent by the Servicer under the Servicing Agreement) the Servicer
      at such times during normal business hours and as often as such Person may
      reasonably request regarding the information required to be furnished pursuant
      to the Servicing Agreement or regarding the performance of the Issuer’s
      covenants and agreements contained in this Indenture or any of the Transaction
      Documents to which it is a party.

    

    (b) The
      Issuer will comply in all material respects with all requirements of law
      applicable to the Issuer relating to the performance of its obligations under
      this Indenture and the Notes.

    

    (c) The
      Issuer agrees to furnish the Noteholders copies of each of the Transaction
      Documents and any documents to be furnished pursuant to the terms of the
      Transaction Documents and such other information and documents relating to
      the
      Notes and the Collateral any Noteholder may reasonably request.

    

    (d) The
      Issuer will pay or cause to be paid all present and future recording and filing
      fees, and all legal, financial and miscellaneous out-of-pocket expenses and
      costs incurred by the Issuer in connection with the negotiation of and
      consummation of the transactions contemplated by this Indenture and the issuance
      and sale of the Notes. The Issuer further agrees that it will pay or cause
      to be
      paid, promptly upon demand,
      any
      reasonable out of pocket expense incurred by the Noteholders in connection
      with
      the making of amendment to, or the giving of any release, consent or waiver
      in
      respect of, this Indenture and any document executed pursuant hereto or thereto,
      whether or not consummated, including the reasonable fees and disbursements
      of
      counsel for the Noteholders in connection therewith. The obligations of the
      Issuer under the preceding sentences shall be subject to the priority of
      distributions set forth in Section 13.1 hereof and shall survive the termination
      of this Indenture, the transfer of any Note or portion thereof or interest
      therein by a Noteholder and the payment of any Note.

    

    (e) The
      Issuer will add to Schedule 1 to the Fifth Amended and Restated Standard
      Definitions, included herein as Appendix A, a description of and required
      information pertaining to: (i) each separate and identifiable Asset in which
      it
      has ownership rights but which was not listed thereon at a Closing Date (whether
      or not it was in existence on a Closing Date) promptly after the jurisdiction
      in
      which it generates income for the Issuer becomes a Material Jurisdiction and
      (ii) without duplication, each separate and identifiable Asset not listed
      on such Schedule 1 at a Closing Date promptly after the same is conveyed to
      the
      Issuer pursuant to Section 2.2(b) of the Contribution Agreement, the Joe Boxer
      Contribution Agreement, the Rampage Contribution Agreement, the Mudd
      Contribution Agreement or the London Fog Contribution
      Agreement.

    
      
        
        

      

      
        -50-

        
          

        

      

      
        
        

      

    

    (f) The
      Issuer will promptly following the conveyance of an Asset to the Issuer (or
      Release of an Asset) or upon the loss, sale or defeasance of an Asset from
      the
      Issuer, update the schedules and exhibits attached to the Transaction Documents,
      with copies to the Servicer, Trustee and Noteholders.

    

    (g) The
      Issuer will comply with, and obey the terms and provisions of, its
      Organizational Documents and will not take any action which it is prohibited
      from taking under its Organizational Documents.

    

    (h) The
      Issuer will maintain, or be a subject insured party under, insurance of the
      type
      that is customarily maintained by business entities of the same type and scale
      as the Issuer.

    

    (i) For
      so
      long as any of the Notes remain Outstanding, the Issuer will not (x) merge
      or
      consolidate with or into any other entity or engage in any other business
      combination with any other entity or (y) sell or transfer all or substantially
      all of its assets other than in conformity with the Transaction
      Documents.

    

    (j) The
      Issuer shall seek to enter into Licenses in the future that permit the Obligors
      thereunder to be audited with respect to performance under such
      Licenses.

    

    (k) The
      Issuer shall notify the Noteholders of any litigation in which the Issuer is
      a
      party, promptly upon the Issuer’s receipt of notice of the filing of such
      litigation, in writing by delivery by a reputable courier service or by
      registered mail (return receipt requested), all charges prepaid.

     

    Section
      11.15. Submission
      to Jurisdiction

    

    THE
      VENUE FOR ANY AMOUNT, SUIT OR PROCEEDING ARISING FROM OR BASED UPON THIS
      INDENTURE SHALL BE THE APPROPRIATE STATE AND FEDERAL COURTS LOCATED IN THE
      COUNTY OF NEW YORK IN THE STATE OF NEW YORK. ACCORDINGLY, THE ISSUER AGREES
      THAT
      ANY ACTION, SUIT OR PROCEEDING ARISING FROM OR BASED ON THIS INDENTURE SHALL
      BE
      COMMENCED IN AND DETERMINED BY THOSE APPROPRIATE STATE AND FEDERAL COURTS
      LOCATED IN THE COUNTY OF NEW YORK IN THE STATE OF NEW YORK; THE PARTIES HEREBY
      WAIVE ANY OBJECTION TO THE PROPRIETY OR CONVENIENCE OF VENUE IN SUCH COURTS
      OR
      TO THE JURISDICTION OF THE COURTS OVER EITHER PARTY AND AGREE THAT ANY JUDGMENT
      ENTERED THEREIN MAY BE ENFORCED WITH NO FURTHER DEFENSE OR OFFSET IN ANY
      JURISDICTION IN WHICH THE DEFENDANT IS A CITIZEN, RESIDES OR OWNS
      PROPERTY.

    
      
        
        

      

      
        -51-

        
          

        

      

      
        
        

      

    

    Section
      11.16. Representations
      with Respect to Assets. On
      and as
      of the date of this Indenture, and on and as of each date on which an Asset
      becomes subject to the Lien of this Indenture, the Issuer represents with
      respect to such Asset which the Issuer pledges to the Trustee hereunder,
      that:

    

    (a) Payments
      After a Closing Date.
      No
      monies or other contingent compensation shall be payable after a Closing Date
      to
      any person, firm or corporation with respect to any exploitation of the Assets
      which occurred prior to a Closing Date.

    

    (b) No
      Defaults.
      The
      execution and implementation of this Indenture shall not result in the breach
      of
      any conditions or constitute a default (with or without notice or the lapse
      of
      time, or both) under any license or agreement constituting a portion of the
      Assets pledged hereunder or to which any of the Assets pledged hereunder is
      subject. Neither the Issuer nor, to the Issuer’s knowledge, any person, firm or
      corporation associated with or deriving rights through or from the Issuer,
      is in
      breach or is in default of any applicable agreement constituting a portion
      of
      the Assets which the Issuer pledges to the Trustee or to which any of such
      Assets are subject on the date of execution of this Indenture.

    

    (c) Advances.
      No
      advances or other charges heretofore received by the Issuer in
      connection with the Assets which the Issuer pledges to the Trustee remain
      recoupable at any time from and after a Closing Date from any License Income
      earned at any time either before or after the date of this Indenture, except
      as
      listed on Exhibit
      C
      to each
      of the Contribution Agreement, the Joe Boxer Contribution Agreement, the Rampage
      Contribution Agreement, the Mudd Contribution Agreement and the London Fog
      Contribution Agreement. 

    

    (d)
       Non-Contravention.
      Neither
      the Issuer’s exercise of any of the rights, licenses, privileges and properties
      regarding the Assets pledged hereunder nor the Issuer’s right, title and
      interest in and to the Assets pledged hereunder will violate or infringe on
      any
      common law or statutory rights of any person, firm or corporation, except such
      violations or infringements outside the First Stage Covered Jurisdictions as
      would not have a material adverse effect on the business of the
      Issuer.

    

    (e) [RESERVED].
      

    

    (f) Exhibits
      and Schedules Accurate.
      All of
      the information set forth in the exhibits and schedules attached hereto and
      the
      Fifth Amended and Restated Standard Definitions is complete and accurate in
      all
      material respects. No information supplied in writing by, or on behalf of,
      the
      Issuer in
      connection with the transactions contemplated by this Indenture, in each case
      as
      of each Closing Date or on a future date on which an Asset becomes subject
      to
      the Lien of this Indenture, as the case may be, contains any untrue statement
      of
      a material fact or omits a material fact necessary to make the statements
      contained therein or herein, in light of the circumstances under which they
      were
      made, not misleading.

    

    
      
        
        

      

      
        -52-

        
          

        

      

      
        
        

      

    

    (g) Ownership
      of the Trademarks.

    

    
      	 	
              (i)

            	
              Exhibit
                E-1A
                contains a true and complete list of all registrations and pending
                applications for the Trademarks in the First Stage Territory owned
                by the
                Issuer, with the exception of intent-to-use applications filed within
                the
                United States, all of which registrations exist, are subsisting and
                are
                validly registered except as provided therein and all of which
                applications are validly pending. Exhibit
                E-1B
                contains a true and complete list of all registrations and pending
                applications in the Second Stage Territory. Exhibit
                E-1C
                contains a true and complete list of additional registrations and
                pending
                applications owned by Caruso and not in the First Stage Territory.
                All of
                the Trademarks set forth in Exhibit
                E-1A,
                except to the extent otherwise provided therein, are currently in
                use on
                the goods set forth in the registrations for Trademarks in the First
                Stage
                Covered Jurisdictions.

            

    

    

    
      	 	
              (ii)

            	
              Notwithstanding
                anything contained in Exhibit
                F,
                (i) the Issuer owns all right, title and interest in and to the Trademarks
                related to and including the Primary Marks CANDIE’S, BONGO, JOE BOXER,
                RAMPAGE, MUDD and LONDON FOG for use in the First Stage Territory;
                (ii)
                the Issuer has the full and exclusive right, subject to the related
                Licenses, to use and to license the use of the Trademarks related
                to and
                including the Primary Marks CANDIE’S, BONGO, JOE BOXER, RAMPAGE, MUDD and
                LONDON FOG in the First Stage Territory; and (iii) the consummation
                of the
                transactions contemplated by the Transaction Documents will not alter
                or
                impair any of the foregoing such rights. The use by the Issuer in
                the
                First Stage Territory of the Trademarks related to and including
                the
                Primary Marks CANDIE’S, BONGO, JOE BOXER, RAMPAGE, MUDD and LONDON FOG
                will not infringe on the rights of any Person, except such infringements
                outside the First Stage Covered Jurisdictions as would not have a
                material
                adverse effect on the business of the Issuer.

            

    

    

    
      	 	
              (iii)

            	
              Except
                as provided in Exhibit
                F,
                no claim has been asserted against the Issuer or any Affiliate thereof
                by
                any Person to the use of, and the Issuer has no knowledge of the
                use by
                any person (other than the licensees under the Licenses) of, any
                of the
                Trademarks related to and including the Primary Marks CANDIE’S, BONGO, JOE
                BOXER, RAMPAGE, MUDD and LONDON FOG in the First Stage Territory,
                and
                there is no valid basis for such claim with respect to the Trademarks
                or
                for any person (other than the licensees under the Licenses) to use
                any of
                the Trademarks related to and including the Primary Marks CANDIE’S, BONGO,
                JOE BOXER, RAMPAGE, MUDD and LONDON FOG in the First Stage Territory,
                except such claims or uses outside the First Stage Covered Jurisdictions
                as would not have a material adverse effect on the business of the
                Issuer.
                

            

    

     

    
      
        
        

      

      
        -53-

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (iv)

            	
              Each
                of the Trademarks related to and including the Primary Marks CANDIE’S,
                BONGO, JOE BOXER, RAMPAGE, MUDD and LONDON FOG is valid, subsisting
                and
                enforceable in the First Stage Territory, with the exception of such
                Trademarks the lack of enforceability of which outside the First
                Stage
                Covered Jurisdictions would not have a material adverse effect on
                the
                business of the Company. There is vested in the Issuer title to the
                Trademarks related to and including the Primary Marks CANDIE’S, BONGO, JOE
                BOXER, RAMPAGE, MUDD and LONDON FOG and related Trademarks for use
                in the
                First Stage Territory, free and clear of all Liens (other than such
                Liens
                with respect to the Licenses and such Liens as may arise from actions
                or
                inactions of the Issuer). 

            

    

    

    (h) Additional
      Representations with Respect to the Licenses. 

    

    
      	 	
              (i)

            	
              Exhibit
                E-2
                lists all licenses and other agreements relating to the use of any
                of the
                Trademarks, respectively, in the Territory. All of the Licenses are
                valid
                and in full force and effect, except as set forth in Exhibit
                E-2,
                there are no existing defaults (or events that, with notice or lapse
                of
                time or both, would constitute a default) by any party thereunder.
                No
                claim has been asserted by any Person challenging or questioning
                the
                validity or effectiveness of any of the Licenses and there is no
                valid
                basis for any such claim. The Issuer has not, other than pursuant
                to the
                Licenses, licensed or authorized any other Person to use the Primary
                Marks
                CANDIE’S, BONGO, JOE BOXER, RAMPAGE, MUDD or LONDON FOG, or any related
                Trademarks, respectively, in the First Stage Territory, or granted
                to any
                other Person any other right with respect thereto. Except for the
                Licenses, no agreement to which the Issuer is a party or by which
                its
                assets are bound restricts or in any way affects the Primary Marks
                CANDIE’S, BONGO, JOE BOXER, RAMPAGE, MUDD or LONDON FOG, or any related
                Trademarks, respectively, or the right to use thereof in the First
                Stage
                Territory. There is vested in the Issuer title to all of the Licenses
                free
                and clear of all Liens (other than such liens with respect to the
                Licenses
                and such Liens as may arise from actions or inactions of the
                Issuer).

            

    

    

    
      	 	
              (ii)

            	
              The
                Issuer has considered the activities of all of the licensees under
                the
                Licenses and has verified that the products manufactured, sold or
                offered
                for sale under the Trademarks by such licensees meet the quality
                control
                standards set forth in such Licenses and all other such standards
                promulgated by the Issuer.

            

    

     

    
      
        
        

      

      
        -54-

        
          

        

      

      
        
        

      

    

     

    
      	
            	(iii)	
              No
                License is a Defaulted Contract Asset.

            

    

    

    
      	 	
              (iv)

            	
              All
                required consents, assignment and/or assumption agreements or notices,
                if
                any, have been obtained or delivered in the manner required by each
                License. 

            

    

    

    
      	 	
              (v)

            	
              To
                the Issuer’s best knowledge, the Obligors under Canadian Licenses have not
                sold products bearing the trademarks covered by such Licenses in
                the
                United States.

            

    

     

    Section
      11.17. Survival
      of Indenture Representations and Warranties

    

    The
      Issuer hereby agrees that each representation and warranty made by it in the
      Original Indenture, the First Amended and Restated Indenture, the Second Amended
      and Restated Indenture, the Third Amended and Restated Indenture and the Fourth
      Amended and Restated Indenture shall survive notwithstanding the exchange and
      cancellation of the Original Notes and the Subordinate Notes and the issuance
      of
      the July Notes, the exchange and cancellation of the July Notes and the issuance
      of the September Notes, the exchange and cancellation of the September Notes
      and
      the issuance of the April Notes or the exchange and cancellation of the April
      Notes and the issuance of the Notes. Each of the representations and warranties
      of the Issuer in the Original Indenture, the First Amended and Restated
      Indenture, the Second Amended and Restated Indenture, the Third Amended and
      Restated Indenture and the Fourth Amended and Restated Indenture are true and
      correct as of the date thereof and are hereby incorporated by
      reference.

     

    ARTICLE
      XII. 

    

    ACCOUNTS,
      ACCOUNTINGS AND RELEASES

     

    Section
      12.1. Collection
      of Money

    

    Except
      as
      otherwise expressly provided herein, the Trustee shall be forwarded all money
      and other property payable to or receivable by the Issuer pursuant to the
      Collateral from the Servicer as provided in Section 2.2(c) of the Servicing
      Agreement and as otherwise provided in this Indenture. The Trustee shall hold
      all such money and property so received by it as part of the Collateral, shall
      deposit the same into the Collection Account, and shall apply it as provided
      in
      this Indenture.

    
      
        
        

      

      
        -55-

        
          

        

      

      
        
        

      

    

    Section
      12.2. Accounts

    

    (a)
       Liquidity
      Reserve Account.
      The
      Issuer shall establish with the Trustee and the Trustee shall maintain a
      segregated trust account (the “Liquidity
      Reserve Account”),
      which
      shall be in the name of the Trustee “as trustee on behalf of the Holders of the
      IP Holdings LLC Asset-Backed Notes,” and which shall be in an Eligible Financial
      Institution, for the receipt of funds deposited into the Liquidity Reserve
      Account. On or before the Closing Date for the Notes, the Issuer shall deposit
      or cause to be deposited into the Liquidity Reserve Account an amount equal
      to
      the Initial Liquidity Reserve Deposit Amount, such that the total amount on
      deposit therein shall equal $10,575,250. Thereafter, the Trustee shall deposit
      to the Liquidity Reserve Account the amounts referred to in Section 13.1(a)(ix).
      If the bank with which the Liquidity Reserve Account is held ceases to be an
      Eligible Financial Institution, the Trustee shall within five (5) days of
      obtaining actual knowledge of such cessation and the identity of the replacement
      Eligible Financial Institution selected by the Issuer, transfer the Liquidity
      Reserve Account to an account maintained with a replacement Eligible Financial
      Institution selected by the Issuer (unless an Event of Default shall have
      occurred and not been waived, in which case, such Eligible Financial Institution
      shall be selected by the Trustee). The Issuer shall promptly (within two
      Business Days) notify the Trustee of any such selection. Funds in the Liquidity
      Reserve Account shall not be commingled with any other monies. All payments
      to
      be made from time to time by the Trustee to the Noteholders out of funds in
      the
      Liquidity Reserve Account pursuant to this Indenture shall be made by the
      Trustee as Paying Agent. Funds on deposit in the Liquidity Reserve Account
      shall
      be invested in Eligible Investments at the written direction of the Issuer.
      On
      the day preceding each Payment Date, any interest or other earnings realized
      on
      funds on deposit in the Liquidity Reserve Account shall be transferred and
      credited to the Collection Account. The maximum permissible maturity or, if
      applicable, the latest redemption date of any Eligible Investments made with
      amounts on deposit in the Liquidity Reserve Account shall be not later than
      the
      Business Day preceding the next succeeding Payment Date or Redemption Date.
      All
      monies deposited from time to time in the Liquidity Reserve Account pursuant
      to
      this Indenture shall be held by the Trustee as part of the Collateral for the
      exclusive benefit of the Holders as herein provided. Monies in the Liquidity
      Reserve Account shall be subject to withdrawal pursuant to this Indenture,
      including Section 13.2 of this Indenture.

    

    (b) Collection
      Account.
      The
      Issuer shall establish with the Trustee and the Trustee shall maintain a
      segregated trust account (the “Collection
      Account”)
      which
      shall be in the name of the Trustee “as trustee on behalf of the Holders of the
      IP Holdings LLC Asset-Backed Notes,” and which shall be in an Eligible Financial
      Institution, for the receipt of, and there shall be deposited into the
      Collection Account, payments to be deposited therein as provided herein. If
      the
      bank with which the Collection Account is maintained ceases to be an Eligible
      Financial Institution, the Trustee shall transfer the Collection Account to
      an
      account maintained with an Eligible Financial Institution selected by the Issuer
      (unless an Event of Default shall have occurred and not been waived, in which
      case, such Eligible Financial Institution shall be selected by the Trustee).
      The
      Collection Account shall relate solely to the transactions contemplated in
      this
      Indenture, and funds in such account shall not be commingled with any other
      monies. All payments to be made from time to time by the Trustee to the
      Noteholders out of funds in the Collection Account pursuant to this Indenture
      shall be made by the Trustee as Paying Agent. Funds on deposit in the Collection
      Account shall be invested in Eligible Investments at the written direction
      of
      the Issuer. The maximum permissible maturity or, if applicable, the latest
      redemption date of any Eligible Investments made with amounts on deposit in
      the
      Collection Account shall be not later than the Business Day preceding the next
      succeeding Payment Date or a Redemption Date, as applicable. All monies
      deposited from time to time in the Collection Account pursuant to this Indenture
      shall be held by the Trustee as part of the related Collateral as herein
      provided. Monies in the Collection Account shall be subject to withdrawals
      pursuant to this Indenture, including Section 13.1 and Section 10.3 of this
      Indenture. The Paying Agent agrees to make withdrawals from the Collection
      Account upon direction from the Servicer as set forth in Section 2.2(d) of
      the
      Servicing Agreement.

    
      
        
        

      

      
        -56-

        
          

        

      

      
        
        

      

    

    (c) Lockbox
      Account
      The
      Trustee is hereby authorized to establish and maintain with an Eligible
      Financial Institution in Delaware, which may be the Wilmington Trust Company,
      in
      the name of the Trustee “as trustee for benefit of the Holders of the IP
      Holdings LLC Asset-Backed Notes”, from time to time, such sub-accounts,
      sub-ledger accounts and lockbox accounts (collectively, the “Lockbox
      Account”)
      as
      part of, for the purposes of administering the payments to, the Collection
      Account, remitted by the obligated parties under the Collateral. All of the
      Trustee’s rights, powers, immunities, indemnities and protections afforded
      herein shall also be afforded to it with respect to its administration of the
      Lockbox Account. The Eligible Financial Institution at which the Lockbox Account
      is established shall be under standing instructions from the Trustee to the
      effect that funds on deposit in the Lockbox Account if any, shall be deposited
      into the Collection Account pursuant to Section 13.4 of this
      Indenture.

    

    (d) Revenue
      Reduction Account.
      The
      Issuer shall establish with the Trustee and the Trustee shall maintain a
      segregated trust account (the “Revenue
      Reduction Account”)
      which
      shall be in the name of the Trustee “as trustee on behalf of the Holders of the
      IP Holdings LLC Asset-Backed Notes,” and which shall be in an Eligible Financial
      Institution. All payments relating to the Issuer Revenue Reduction Cure shall
      be
      deposited by the Issuer into the Revenue Reduction Account. If the bank with
      which the Revenue Reduction Account is held ceases to be an Eligible Financial
      Institution, the Trustee shall within five (5) days of obtaining actual
      knowledge of such cessation and the identity of the replacement Eligible
      Financial Institution selected by the Issuer, transfer the Revenue Reduction
      Account to an account maintained with a replacement Eligible Financial
      Institution selected by the Issuer (unless an Event of Default shall have
      occurred and not been waived, in which case, such Eligible Financial Institution
      shall be selected by the Trustee). The Issuer shall promptly (within two
      Business Days) notify the Trustee of any such selection. Funds in the Revenue
      Reduction Account shall not be commingled with any other monies. All moneys
      deposited from time to time in the Revenue Reduction Account pursuant to this
      Indenture shall be held by the Trustee as part of the related Collateral as
      herein provided. Any interest or other earnings realized on funds on deposit
      in
      the Revenue Reduction Account shall be transferred and credited to the
      Collection Account within one Business Day of receipt by the Trustee.
      Investments on deposit in the Revenue Reduction Account, which were specifically
      intended by the Issuer to be liquidated in order to effect an Issuer Revenue
      Reduction Cure, shall be liquidated and transferred pursuant to a direction
      of
      the Servicer by the Trustee to the Collection Account on each Payment Date
      as
      may be necessary to pay the Issuer’s obligations in connection with an Issuer
      Revenue Reduction.

    
      
        
        

      

      
        -57-

        
          

        

      

      
        
        

      

    

    (e) Renewal
      Reserve Account.
      The
      Issuer shall establish with the Trustee and the Trustee shall maintain a
      segregated trust account (the “Renewal
      Reserve Account”),
      which
      shall be in the name of the Trustee “as trustee on behalf of the Holders of the
      IP Holdings LLC Asset-Backed Notes,” and which shall be in an Eligible Financial
      Institution, for the receipt of funds deposited into the Renewal Reserve
      Account. The Trustee shall deposit to the Renewal Reserve Account the amounts
      referred to in Section 13.1(a)(xi). If the bank with which the Renewal Reserve
      Account is held ceases to be an Eligible Financial Institution, the Trustee
      shall within five (5) days of obtaining actual knowledge of such cessation
      and
      the identity of the replacement Eligible Financial Institution selected by
      the
      Issuer, transfer the Renewal Reserve Account to an account maintained with
      a
      replacement Eligible Financial Institution selected by the Issuer (unless an
      Event of Default shall have occurred and not been waived, in which case, such
      Eligible Financial Institution shall be selected by the Trustee). The Issuer
      shall promptly (within two Business Days) notify the Trustee of any such
      selection. Funds in the Renewal Reserve Account shall not be commingled with
      any
      other monies. All payments to be made from time to time by the Trustee to the
      Noteholders out of funds in the Renewal Reserve Account pursuant to this
      Indenture shall be made by the Trustee as Paying Agent. Funds on deposit in
      the
      Renewal Reserve Account shall be invested in Eligible Investments at the written
      direction of the Issuer. On the day preceding each Payment Date, any interest
      or
      other earnings realized on funds on deposit in the Renewal Reserve Account
      shall
      be transferred and credited to the Collection Account. The maximum permissible
      maturity or, if applicable, the latest redemption date of any Eligible
      Investments made with amounts on deposit in the Renewal Reserve Account shall
      be
      not later than the Business Day preceding the next succeeding Payment Date
      or
      Redemption Date. All monies deposited from time to time in the Renewal Reserve
      Account pursuant to this Indenture shall be held by the Trustee as part of
      the
      Collateral for the exclusive benefit of the Holders as herein provided. Monies
      in the Renewal Reserve Account shall be subject to withdrawal pursuant to this
      Indenture.

    

    (f) Prepaid
      Fee and Royalty Account.
      The
      Issuer shall establish with the Trustee and the Trustee shall maintain a
      segregated trust account (the “Prepaid
      Fee and Royalty Account”),
      which
      shall be in the name of the Trustee “as trustee on behalf of the Holders of the
      IP Holdings LLC Asset-Backed Notes,” and which shall be in an Eligible Financial
      Institution, for the receipt of funds deposited into the Prepaid Fee and Royalty
      Account. The Trustee shall deposit to the Prepaid Fee and Royalty Account the
      amounts referred to in Section 13.1(a). If the bank with which the Prepaid
      Fee
      and Royalty Account is held ceases to be an Eligible Financial Institution,
      the
      Trustee shall within five (5) days of obtaining actual knowledge of such
      cessation and the identity of the replacement Eligible Financial Institution
      selected by the Issuer, transfer the Prepaid Fee and Royalty Account to an
      account maintained with a replacement Eligible Financial Institution selected
      by
      the Issuer (unless an Event of Default shall have occurred and not been waived,
      in which case, such Eligible Financial Institution shall be selected by the
      Trustee). The Issuer shall promptly (within two Business Days) notify the
      Trustee of any such selection. Funds in the Prepaid Fee and Royalty Account
      shall not be commingled with any other monies. All payments to be made from
      time
      to time by the Trustee to the Noteholders out of funds in the Prepaid Fee and
      Royalty Account pursuant to this Indenture shall be made by the Trustee as
      Paying Agent. Funds on deposit in the Prepaid Fee and Royalty Account shall
      be
      invested in Eligible Investments at the written direction of the Issuer. On
      the
      day preceding each Payment Date, any interest or other earnings realized on
      funds on deposit in the Prepaid Fee and Royalty Account shall be transferred
      and
      credited to the Collection Account. The maximum permissible maturity or, if
      applicable, the latest redemption date of any Eligible Investments made with
      amounts on deposit in the Prepaid Fee and Royalty Account shall be not later
      than the Business Day preceding the next succeeding Payment Date or Redemption
      Date. All monies deposited from time to time in the Prepaid Fee and Royalty
      Account pursuant to this Indenture shall be held by the Trustee as part of
      the
      Collateral for the exclusive benefit of the Holders as herein provided. Monies
      in the Prepaid Fee and Royalty Account shall be subject to withdrawal pursuant
      to this Indenture. 

    

    (g) Defeasance
      Account.
      The
      Issuer shall establish with the Trustee and the Trustee shall maintain a
      segregated trust account (the “Defeasance
      Account”),
      which
      shall be in the name of the Trustee “as trustee on behalf of the Holders of the
      IP Holdings LLC Asset-Backed Notes,” and which shall be in an Eligible Financial
      Institution, for the deposit of Defeasance Securities and the receipt of funds
      therefrom. All payments relating Defeasance Securities shall be deposited by
      the
      Issuer into the Defeasance Account. If the bank with which the Defeasance
      Account is held ceases to be an Eligible Financial Institution, the Trustee
      shall within five (5) days of obtaining actual knowledge of such cessation
      and
      the identity of the replacement Eligible Financial Institution selected by
      the
      Issuer, transfer the Defeasance Account to an account maintained with a
      replacement Eligible Financial Institution selected by the Issuer (unless an
      Event of Default shall have occurred and not been waived, in which case, such
      Eligible Financial Institution shall be selected by the Trustee). The Issuer
      shall promptly (within two (2) Business Days) notify the Trustee of any such
      selection. Funds in the Defeasance Account shall not be commingled with any
      other monies. All payments to be made from time to time by the Trustee to the
      Noteholders out of funds in the Defeasance Account pursuant to this Indenture
      shall be made by the Trustee as Paying Agent. Funds on deposit in the Defeasance
      Account shall be invested in Eligible Investments at the written direction
      of
      the Issuer. On the day preceding each Payment Date, any payments of interest
      and
      principal received in respect of Defeasance Securities shall be transferred
      and
      credited to the Collection Account. All monies deposited from time to time
      in
      the Defeasance Account pursuant to this Indenture shall be held by the Trustee
      as part of the Collateral for the exclusive benefit of the Holders as herein
      provided. All monies deposited from to time in the Defeasance Account shall
      be
      subject to withdrawal pursuant to Section 13.7 of this Indenture.

    

    Section
      12.3. Release
      of Assets

    

    (a) If
      at any
      time the Issuer, the Servicer or any Noteholder has actual knowledge (or if
      the
      Trustee has received notice) that a Release Event with respect to any particular
      Asset has occurred, the party discovering such event shall notify the other
      parties.

    

    (b) Upon
      receipt of notification or upon actual knowledge of a Release Event described
      in
      clause (a) of this Section 12.3, and if the Asset DSCR Test is not
      met, the Issuer shall exercise commercially reasonable efforts to eliminate
      or
      otherwise cure such Release Event.

    
      
        
        

      

      
        -58-

        
          

        

      

      
        
        

      

    

    (c) If
      the
      Issuer fails or is unable to eliminate or cure the Release Event within 60
      days
      of actual knowledge thereof, then the Issuer shall either (i) pay the Release
      Price of the affected Asset on the Business Day next preceding the Redemption
      Date next following the expiration of such 60 day period or (ii) acquire and
      Grant Defeasance Securities with a principal balance and bearing an interest
      rate such that, as determined by the Servicer, such securities will be
      sufficient to provide principal and interest payments on each Payment Date
      (beginning on the immediately following Payment Date until the Legal Maturity
      Date) in an amount at least equal to the payments that would be required under
      the portion of the Notes that would have been redeemed if the Issuer had elected
      to pay the Release Price. Upon payment of the Release Price of such Asset (as
      determined by the Servicer, which shall also be the Redemption Price of the
      Notes) to the Collection Account, the Asset shall be released from the Lien
      of
      this Indenture. The Release Price for the release of the affected Asset shall
      be
      deposited in the Collection Account and shall be applied to the redemption
      of
      Notes on such Redemption Date in accordance with Section 10.1(a) of this
      Indenture. The Issuer’s obligation to pay any Release Price shall be limited to
      funds available therefor under the Contribution Agreement, the Joe Boxer
      Contribution Agreement, the Rampage Contribution Agreement, the Mudd
      Contribution Agreement or the London Fog Contribution Agreement, as applicable,
      or this Indenture. Any Defeasance Securities shall be deposited to the
      Defeasance Account and shall be part of the Collateral without any further
      action by any party hereto. The Issuer and the Trustee hereby direct that all
      principal and interest payments received in respect of the Defeasance Securities
      be deposited directly into the Collection Account.

    

    (d) The
      Issuer, may, with the prior written consent of the Noteholders, such consent
      to
      be given in the Noteholders’ sole discretion, obtain a release of Asset(s) from
      the Lien of this Indenture by providing at least 45 days’ prior written notice
      (the “Issuer’s
      Notice”)
      to the
      Trustee and the Noteholders setting forth (i) the Asset(s) to be released,
      (ii)
      the Redemption Date on which such Asset(s) will be released and (iii) an
      estimate of the Release Price to be deposited on the Redemption Date specified
      in such notice. Upon payment to the Collection Account of the Release Price
      of
      such Asset(s) (which shall also be the Redemption Price for the Notes) or the
      Grant of Defeasance Securities, the Asset(s) specified in the Issuer’s Notice
      shall be released from the Lien of this Indenture. The Release Price for the
      release of such Asset(s) shall be applied to the redemption of Notes on such
      Redemption Date in accordance with Section 10.1(a) of this Indenture.

     

    Section
      12.4. Accounting
      by Trustee to Issuer and the Noteholders

    

    Within
      five (5) Business Days following each Payment Date and Redemption Date, the
      Trustee shall render to the Issuer and the Servicer an accounting (the
“Trustee
      Report”),
      certified by an authorized officer of the Trustee, of:

    

    
      	 	
              (i)

            	
              the
                aggregate funds deposited in the Collection Account, the Liquidity
                Reserve
                Account, the Revenue Reduction Account, the Renewal Reserve Account
                and
                the Prepaid Fee and Royalty Account subsequent to the immediately
                preceding Payment Date or Redemption Date, as
                applicable;

            

    

     

    
      
        
        

      

      
        -59-

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ii)

            	
              the
                amount of principal (the total amount of principal and each amount
                allocable to the Candie’s/Joe Boxer Principal Component, the Rampage
                Principal Component, the Mudd Principal Component and the London
                Fog
                Principal Component) and the amount of interest paid to the Holders
                of the
                Notes;

            

    

    

    
      	 	
              (iii)

            	
              any
                funds remaining in the Collection Account, the Liquidity Reserve
                Account,
                the Revenue Reduction Account, the Renewal Reserve Account and the
                Prepaid
                Fee and Royalty Account after payments of interest and principal
                as set
                forth pursuant to clause (ii) above;
                and

            

    

    

    
      	 	
              (iv)

            	
              any
                discrepancy between the aggregate amount of principal remaining on
                the
                Notes after giving effect to the principal payment on the Notes on
                such
                Payment Date and the aggregate amount of principal remaining on the
                Notes
                as set forth on the Servicer’s
                Report.

            

    

     

    Section
      12.5. Collateral

    

    (a) The
      Trustee may, and when required by the provisions of Articles V, X and XII of
      this Indenture or otherwise hereunder shall, execute instruments to release
      property from the Lien of this Indenture, or convey the Trustee’s interest in
      the same, in a manner and under circumstances which are not in violation of
      the
      provisions of this Indenture. No party relying upon an instrument executed
      by
      the Trustee as provided in this Article XII shall be bound to ascertain the
      Trustee’s authority, inquire into the satisfaction of any conditions precedent
      or see to the application of any monies.

    

    (b) At
      the
      written request and expense of the Issuer and upon being supplied by the Issuer
      with appropriate forms therefor, the Trustee shall, at such time as there are
      no
      Notes Outstanding and all amounts due under this Indenture have been paid and
      the Lien of the Indenture has been discharged in accordance with Section 5.1
      hereof, release the Collateral from the Lien of this Indenture and promptly
      deliver all Collateral held by it to the Issuer.

     

    Section
      12.6. Opinion
      of Counsel

    

    The
      Trustee shall be entitled to receive at least ten (10) days’ notice of any
      action to be taken pursuant to Section 12.5(a), accompanied by copies of any
      instruments involved, and the Servicer and the Noteholders shall also be
      entitled to receive, upon request, an Opinion of Counsel, in form and substance
      satisfactory to the Trustee, outlining the steps required to complete such
      action and stating that such action is permitted hereunder. The Trustee shall
      be
      entitled to rely conclusively on any such Opinion of Counsel as to the opinions
      expressed therein.

    
      
        
        

      

      
        -60-

        
          

        

      

      
        
        

      

    

    ARTICLE
      XIII.

    

    APPLICATION
      OF MONIES

     

    Section
      13.1. Disbursements
      of Monies out of Collection Account

    

    (a) On
      each
      Payment Date, the Trustee, shall, first, upon direction of the Manager withdraw
      funds from the Collection Account and transfer such funds to the Advertising
      Reserve Account in accordance with Section 13.3 hereof, shall, second, in
      accordance with the Servicer’s Report, withdraw any Nonrecurring Fees or Prepaid
      Royalty Amounts from the Collection Account and transfer the same to the Prepaid
      Fee and Royalty Account, and shall, third, pursuant to the Servicer’s Report,
      withdraw funds from the Collection Account, and pay the following amounts from
      such funds in the following order of priority in all cases to the extent of
      the
      remaining Available Funds (except in the case of 13.1(a)(xi) which shall be
      paid
      exclusively from funds deposited in the Collection Account from the Renewal
      Reserve Account pursuant to Section 13.5 hereof) in the Collection Account
      on
      such Payment Date:

    

    
      	 	
              (i)

            	
              to
                the Trustee, the Trustee Fee and all Trustee Costs up to $1,000 (the
                “Capped Trustee Costs”);

            

    

    

    
      	 	
              (ii)

            	
              to
                the Back-Up Manager, if then engaged, (A) the Back-Up Management
                Fee and,
                to the extent not previously distributed, the Back-Up Management
                Fee due
                on each prior Payment Date and (B) the Back-Up Manager Costs up to
                $1,000
                (the “Capped Back-Up Manager Costs”) and, to the extent not previously
                distributed, the amount of Back-Up Manager Costs outstanding on each
                prior
                Payment Date;

            

    

    

    
      	 	
              (iii)

            	
              to
                the Manager, (A) the Management Fee and, to the extent not previously
                distributed, the Management Fee due on each prior Payment Date and
                (B) the Manager Costs up to $1,000 (the “Capped Manager Costs”) and,
                to the extent not previously distributed, the Manager Costs outstanding
                on
                each prior Payment Date;

            

    

    

    
      	 	
              (iv)

            	
              to
                the Servicer, (A) the Servicing Fee and to the extent not previously
                distributed, the Servicing Fee due on each prior Payment Date and
                (B) to
                the Servicer, the Servicer Costs up to $1,000 (the “Capped Services
                Costs”) and to the extent not previously distributed, the amount of
                Servicer Costs outstanding on each prior Payment Date;
                

            

    

    

    
      	 	
              (v)

            	
              to
                the Noteholders, interest accrued on the Notes for the related Interest
                Period plus any accrued interest thereon remaining unpaid from any
                previous Interest Period, and interest on such overdue interest to
                the
                date such payment is made, at the Note Interest Rate, but only to
                the
                extent that payment of such interest on interest shall be legally
                enforceable;

            

    

     

    
      
        
        

      

      
        -61-

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (vi)

            	
              (A)
                prior to the Payment Date occurring in August 2012, to the Noteholders,
                the amount referred to in clause (i) of the definition of the term
“Note
                Principal Payment” for such Payment Date in reduction of the Note
                Principal Balance of the Notes and (B) on and after the Payment Date
                occurring in August 2012 after giving effect to payments in respect
                of
                principal from the Liquidity Reserve Account pursuant to Section
                13.2(b),
                all Available Funds until the Note Principal Balance of the Notes
                is
                reduced to zero;

            

    

    

    
      	 	
              (vii)

            	
              to
                the Manager for application in accordance with Licenses all Advertising
                Royalties received and on deposit in the Collection
                Account;

            

    

    

    
      	 	
              (viii)

            	
              to
                the Trustee, the Back-Up Manager, the Manager and the Servicer, in
                that
                order of priority, the positive difference, if any, for such Payment
                Date,
                between the Trustee Costs and the Capped Trustee Costs, the Back-Up
                Manager Costs and the Capped Back-Up Manager Costs, the Manager Costs
                and
                the Capped Manager Costs and the Servicer Costs and the Capped Servicer
                Costs, respectively;

            

    

    

    
      	 	
              (ix)

            	
              to
                the Liquidity Reserve Account, the Liquidity Reserve Deposit Amount,
                if
                any;

            

    

    

    
      	 	
              (x)

            	
              upon
                the occurrence of the Renewal Trigger Event until the earliest to
                occur of
                (A) the date the Renewal Trigger Event has been cured and is no longer
                continuing, (B) the receipt by the Trustee and the Noteholders of
                a
                Non-Cure Notice or (C) the expiration of the Renewal Cure Period,
                to the
                Renewal Reserve Account, the Renewal Reserve Deposit
                Amount;

            

    

    

    
      	 	
              (xi)

            	
              if
                amounts on deposit in the Renewal Reserve Account are withdrawn therefrom
                in accordance with the provisions of Section 13.5(a), such amounts
                shall
                be applied in reduction of the Candie’s/Joe Boxer Note Principal
                Balance;

            

    

    

    
      	
            	(xii)	
              on
                each Payment Date after the Payment Date disbursement made pursuant
                to
                clause (xi) above, and prior to the date the Noteholders deliver
                a written
                notice to the Trustee stating that the Issuer has cured the Renewal
                Trigger Event, an amount equal to the applicable Quarterly Reserve
                Cap
                 Amount
                shall be applied to reduce the Candie’s/Joe Boxer Note Principal Balance
                of the Notes; provided,
                however,
                that the sum of the amounts disbursed pursuant to clause (xi) above
                and
                this clause (xii) shall not exceed $26,250,000;

            

    

    

    
      	 	
              (xiii)

            	
              [Reserved]

            

    

    

    
      	 	
              (xiv)

            	
              to
                the Structuring Agent, the Structuring Fee;
                and

            

    

    

    
      	 	
              (xv)

            	
              to
                the Issuer or such party as the Issuer may direct, all remaining
                Available
                Funds.

            

    

    

    
      
        
        

      

      
        -62-

        
          

        

      

      
        
        

      

    

    (b) The
      foregoing provisions of this Section 13.1 notwithstanding, any monies deposited
      in the Collection Account for purposes of redeeming Notes pursuant to Article
      X
      shall, subject to Section 11.3, remain in the Collection Account until paid
      for
      the purpose of such redemption.

     

    Section
      13.2. Disbursement
      of Monies out of the Liquidity Reserve Account 

    

    
      	
            	(a)	
              (i) In
                the event that on any Payment Date Available Funds in the Collection
                Account are not sufficient to make the payments specified in clauses
                (i)
                through (vi) of Section 13.1(a), the Paying Agent, shall, on such
                Payment
                Date, (x) withdraw funds from the Liquidity Reserve Account, to the
                extent
                funds are available therein and (y) apply the funds so withdrawn
                to such
                payments due on such Payment Date pursuant to and in the order of
                clauses
                (i) through (vi) of Section
                13.1(a).

            

    

     

    (ii) On
      each
      Payment Date on which the Notes are being amortized in connection with Section
      13.1(a)(xi) or (xii), the Trustee shall withdraw the Liquidity Reserve
      Withdrawal Amount from the Liquidity Reserve Account and deposit such amount
      into the Collection Account.

    

    (iii) In
      connection with a Management Transition, the Trustee shall withdraw amounts
      from
      the Liquidity Reserve Account to pay related Management Transition Expenses
      up
      to but not in excess of the Management Transition Expense Cap Amount. The
      Trustee shall thereupon disburse such amounts in payment of such Management
      Transition Expenses in accordance with a written direction of the Issuer that
      is
      approved in writing by an Act of Noteholders.

    

    (b) On
      the
      Payment Date on or after which (i) the amount on deposit in the Liquidity
      Reserve Account, together with all other funds available to the Trustee is
      equal
      to or greater than the sum of (x) the Redemption Price of all Notes
      Outstanding on the next Redemption Date for which a proper Redemption Notice
      can
      be given plus (y) all other obligations of the Company under this Indenture
      that will be due and owing from such Payment Date through such Redemption Date,
      and (ii) all payments to be made on such date pursuant to Section 13.1(a) hereof
      have been paid or funds for their payment have been reserved and are on deposit
      with the Trustee, the Trustee shall, on such date, withdraw funds from the
      Liquidity Reserve Account and transfer them to the Collection Account to redeem
      all of the Notes then Outstanding pursuant to Section 10.2(b) of this Indenture.
      If all of the Notes have not been redeemed pursuant to the immediately preceding
      sentence on or prior to the Payment Date occurring in August 2012, the Trustee
      shall, on such date, withdraw funds on deposit in the Liquidity Reserve Account
      and transfer them to the Collection Account to be allocated to the payment
      of
      the Note Principal Balance in accordance with Section
      13.2(a)(vi).

    
      
        
        

      

      
        -63-

        
          

        

      

      
        
        

      

    

    (c) At
      such
      time as no Notes remain Outstanding and the Lien of this Indenture has been
      discharged in accordance with Section 5.1 hereof, upon the request of the
      Issuer, the Trustee shall withdraw from the Liquidity Reserve Account any excess
      funds remaining after payment of all other amounts required under this Indenture
      and remit any such excess to or at the direction of the Issuer. 

     

    Section
      13.3. Advertising
      Reserve Account 

     

    (a) Prior
      to
      any other disbursements from the Collection Account, the Trustee shall withdraw
      from the Collection Account and set aside in a separate trust account which
      the
      Issuer hereby establishes with the Trustee, the “Advertising Reserve Account,”
the advertising and marketing expenses for advertising contributions collected
      from the Issuer’s Licensees that, pursuant to the provisions of the applicable
      contract, require mandatory expense of their advertising contribution (the
      “Advertising
      Cost Reimbursement”).
      Any
      such deposit shall be based upon a written instruction from the Manager and
      confirmed by the Servicer in the Servicer Report. Amounts on deposit in the
      Advertising Reserve Account shall be paid out by the Trustee on each Payment
      Date as directed by the Manager in a writing that also certifies that all such
      amounts paid out to the Manager on the immediately preceding Payment Date have
      been fully applied as required.

     

    (b) At
      such
      time as no Notes remain Outstanding and the Lien of this Indenture has been
      discharged in accordance with Section 5.1 hereof, upon the request of the
      Issuer, the Trustee shall withdraw from the Advertising Reserve Account any
      excess funds remaining after payment of all other amounts required under this
      Indenture and remit any such excess to or at the direction of the Issuer.

     

    Section
      13.4. Disbursements
      of Monies out of the Lockbox Account

    

    Collateral
      funds on deposit in the Lockbox Account which are collected funds at the end
      of
      each Business Day shall be swept to and deposited in the Collection Account
      at
      such time.

     

    Section
      13.5. Disbursement
      of Monies out of the Renewal Reserve Account

     

    (a) Upon
      the
      earlier to occur of (i) receipt by the Trustee and the Noteholders of a Non-Cure
      Notice from the Issuer or (ii) the failure of the Issuer to have cured the
      Renewal Trigger Event on or before the expiration of the Renewal Cure Period,
      then all amounts on deposit in the Renewal Reserve Account shall be withdrawn
      therefrom and deposited into the Collection Account for application in
      accordance with Section 13.1(a)(xi).

    

    (b) If
      the
      Issuer cures the Renewal Trigger Event, upon receipt by the Trustee of written
      notice from the Noteholders stating that such cure has been effected, provided
      no Event of Default shall have occurred and has not been waived, the Trustee
      shall withdraw funds on deposit in the Renewal Reserve Account and deposit
      the
      same in the Collection Account.

    
      
        
        

      

      
        -64-

        
          

        

      

      
        
        

      

    

    Section
      13.6. Disbursement
      of Monies out of Prepaid Fee and Royalty Account

    

    (a) On
      each
      Payment Date, the Trustee, shall (x) withdraw any Nonrecurring Release Amounts
      and the Prepaid Release Amounts from the Prepaid Fee and Royalty Account, as
      set
      forth in the Servicer’s report, to the extent funds are available therein, and
      (y) deposit such funds in the Collection Account for application to payments
      due
      on such Payment Date in accordance with Section 13.1(a).

    

    (b) At
      such
      time as no Notes remain Outstanding, all amounts due under this Indenture have
      been paid and the Lien of this Indenture has been discharged in accordance
      with
      Section 5.1 hereof, upon the request of the Issuer, the Trustee shall
      withdraw from the Prepaid Fee and Royalty Account any excess funds remaining
      after payment of all other amounts required under this Indenture and remit
      any
      such excess to or at the direction of the Issuer. 

    

    Section
      13.7 Disbursement
      of Monies out of the Defeasance Account

    

    If
      an
      Event of Default has occurred and the Notes are accelerated in accordance with
      Section 6.2 (but before any Sale of the Collateral has been made or a judgment
      or decree for the money has been obtained by the Trustee), the Trustee shall,
      on
      such date, withdraw all assets on deposit in the Defeasance Account and transfer
      them to the Collection Account and distribute all such assets in accordance
      with
      Section 6.6 in satisfaction of all Outstanding amounts due on the Notes.

     

    Section
      13.8. Eligible
      Investments

    

    Upon
      an
      Issuer Order, the Trustee shall invest the funds in the Collection Account,
      the
      Lockbox Account, the Revenue Reduction Account, the Liquidity Reserve Account,
      the Renewal Reserve Account and the Prepaid Fee and Royalty Account and in
      Eligible Investments; provided,
      however,
      that,
      unless the Issuer and the Trustee shall receive an opinion of counsel selected
      by the Issuer to the effect that the limitation is not necessary for the Issuer
      to avoid registration under the Investment Company Act, at no time may the
      Issuer allow the total aggregate principal amount of the Tested Securities
      to
      exceed the Investment Company Act Limit. In the event, at the close of each
      Business Day, the Trustee has not received an Issuer Order, or is not in
      possession of a standing Issuer Order, the Trustee may invest such funds in
      the
      type of Eligible Investment specified in clause (i) or clause (v) of
      the definition of Eligible Investments. No Eligible Investment shall mature
      later than the Business Day preceding the next following Payment
      Date.

    

    Any
      income or other realized gain from Eligible Investments in the Collection
      Account, the Liquidity Reserve Account, the Revenue Reduction Account, the
      Renewal Reserve Account or the Prepaid Fee and Royalty Account shall be
      transferred and credited to the Collection Account. The Trustee shall not be
      liable for any loss incurred on any funds invested in Eligible Investments
      pursuant to the provisions of this Section 13.8.

    
      
        
        

      

      
        -65-

        
          

        

      

      
        
        

      

    

    The
      Trustee shall have no liability in respect of losses incurred as a result of
      the
      liquidation of any Eligible Investment prior to its stated maturity or the
      failure of the Issuer to provide timely written investment
      direction.

    

    ARTICLE
      XIV.

    

    COVENANTS
      OF IP HOLDINGS AND MANAGEMENT CORPORATION

     

    Section
      14.1. Continued
      Existence; Organizational Documents

    

    IP
      Holdings and Management Corporation (“IPHM”) shall keep in full effect its
      existence, rights and franchises as a special purpose corporation under the
      laws
      of the State of Delaware, shall operate in accordance with, and subject to
      the
      limitations set forth in, its Organizational Documents and shall obtain and
      preserve its qualification to do business as a foreign corporation in each
      jurisdiction in which the failure to be so qualified shall have a material
      adverse effect on IPHM.

     

    Section
      14.2. Negative
      Covenant

    

    IPHM
      shall not amend its Organizational Documents without receiving approval thereof
      by Act of the Noteholders (which may not be unreasonably withheld).

     

    Section
      14.3. No
      Bankruptcy Petition. 

    

    The
      Trustee and the Noteholders by entering into this Agreement covenants and agrees
      that, prior to the date which is one year and one day after the payment in
      full
      of the Notes, it will not institute against, or join any other Person in
      instituting, against IPHM, any bankruptcy, reorganization, arrangement,
      insolvency or liquidation proceedings, or other proceedings under any federal
      or
      state bankruptcy or similar law.

    
      
        
        

      

      
        -66-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Issuer and Trustee have caused this Indenture to be duly
      executed by their respective officers thereunto duly authorized and their
      respective seals, duly attested, to be hereunto affixed, all as of the day
      and
      year first above written.

    

    
      	 	 	 
	 	IP
              HOLDINGS LLC,
              as Issuer
	 	 
	 	
              By:
                IP Holdings and Management Corporation, as
                Manager

            
	 
 	 
 	 
 
	 	By:  	/s/ Michael
              G. Morgan
	 	
              
Name:
              Michael G. Morgan
	 	Title:
              Secretary 

      

      
        	 	 	 
	 	WILMINGTON
                TRUST
                COMPANY, not in its individual capacity, but solely as
                Trustee
	 
 	 
 	 
 
	 	By:  	/s/ Michale
                C. Harra
	 	
                
Name:
                Michale C. Harra
	 	Title:
                Financial Services Officer 

[FIFTH AMENDED AND RESTATED INDENTURE]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, IP Holdings and Management Corporation hereby joined this
      Indenture but solely for purposes of Article XIV of this Indenture in
      consideration of the benefit to be derived by the Issuer and therefore IP
      Holdings and Management Corporation, which is the Manager of the Issuer, from
      this Indenture and the issuance and sale of the Notes.

    

    
      	 	 	 
	 	IP
              HOLDINGS AND
              MANAGEMENT CORPORATION
	 
 	 
 	 
 
	 	By:  	/s/ Michael
              G. Morgan
	 	
              
Name:
              Michael G. Morgan
	 	Title:
              Secretary

    

     

     

     

    [FIFTH
      AMENDED AND RESTATED INDENTURE]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    List
      of Omitted Appendices and Exhibits

    

    APPENDIX
      A - Standard Definitions

    

    EXHIBIT
      A
      - Form of Assignment of Note

    

    EXHIBIT
      B
      - Form of Servicer’s Report

    

    EXHIBIT
      C
      - Form of Investment Letter

    

    EXHIBIT
      D
      - Substitute Form W-9

    

    EXHIBIT
      E
      - Assets

    
      	
               

            	
               

            
	
               

            	
              EXHIBIT
                E-1: Trademarks

            
	 	 
	
               

            	
              EXHIBIT
                E-1A: Registered Trademarks

            
	 	 
	
               

            	
              EXHIBIT
                E-1B: Unregistered Trademarks

            
	 	 
	
               

            	
              EXHIBIT
                E-1C: Additional Registrations and Pending Applications

            
	 	 
	
               

            	
              EXHIBIT
                E-2: Licenses

            
	 	 
	
               

            	
              EXHIBIT
                E-3: Copyrights

            
	 	 
	
               

            	
              EXHIBIT
                E-4: Patents

            
	 	 
	
               

            	
              EXHIBIT
                E-5: Pending Intent-to-Use Applications

            
	 	 
	
               

            	
              EXHIBIT
                E-6: Trademarks Subject to
                Litigation

            

    

    

    EXHIBIT
      F
      - Claims

    
      
        
        

      

      
        
          F-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]