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THE INTERPUBLIC GROUP OF COMPANIES, INC.

and

SUNTRUST BANK

Trustee  

Senior Debt Indenture

Dated as of November 12, 2004  

  

 
 

TABLE OF CONTENTS    
    

	 
	 	 
	 	Page

	Article 1

Definitions and Other Provisions of General Application
	

Section 1.01.	
 	

Definitions	
 	

2
	Section 1.02.	 	Compliance Certificates and Opinions	 	9
	Section 1.03.	 	Form of Documents Delivered to Trustee	 	10
	Section 1.04.	 	Acts of Holders	 	10
	Section 1.05.	 	Notices, Etc., to Trustee and Company	 	12
	Section 1.06.	 	Notice to Holders; Waiver	 	12
	Section 1.07.	 	Conflict with Trust Indenture Act	 	12
	Section 1.08.	 	Effect of Headings and Table of Contents	 	12
	Section 1.09.	 	Successors and Assigns	 	12
	Section 1.10.	 	Separability Clause	 	13
	Section 1.11.	 	Benefits of Indenture	 	13
	Section 1.12.	 	Governing Law	 	13
	Section 1.13.	 	Legal Holidays	 	13
	Section 1.14.	 	No Recourse Against Others	 	13
	Section 1.15.	 	Judgment Currency	 	13
	Section 1.16.	 	Counterparts	 	14
	Section 1.17.	 	Waiver of Jury Trial	 	14
	

Article 2

Security Forms
	

Section 2.01.	
 	

Forms Generally	
 	

14
	Section 2.02.	 	Form of Face of Security	 	14
	Section 2.03.	 	Form of Reverse of Security	 	16
	Section 2.04.	 	Form of Trustee's Certificate of Authentication	 	20
	Section 2.05.	 	Securities in Global Form	 	20
	Section 2.06.	 	Form of Legend for the Securities in Global Form	 	21
	

Article 3

The Securities
	

Section 3.01.	
 	

Amount Unlimited; Issuable in Series	
 	

22
	Section 3.02.	 	Denominations	 	24
	Section 3.03.	 	Execution, Authentication, Delivery and Dating	 	24
	Section 3.04.	 	Temporary Securities	 	25
	Section 3.05.	 	Registration, Registration of Transfer and Exchange	 	26
	Section 3.06.	 	Mutilated, Destroyed, Lost and Stolen Securities	 	28
	 	 	 	 	 

i

 

	Section 3.07.	 	Payment of Interest; Interest Rights Preserved	 	29
	Section 3.08.	 	Persons Deemed Owners	 	29
	Section 3.09.	 	Cancellation	 	30
	Section 3.10.	 	Computation of Interest	 	30
	Section 3.11.	 	CUSIP Number	 	30
	Section 3.12.	 	Wire Transfers	 	30
	Section 3.13.	 	Original Issue Discount	 	30
	

Article 4

Satisfaction and Discharge
	

Section 4.01.	
 	

Satisfaction and Discharge of Indenture	
 	

31
	Section 4.02.	 	Application of Trust Money	 	31
	

Article 5

Remedies
	

Section 5.01.	
 	

Events of Default	
 	

32
	Section 5.02.	 	Acceleration of Maturity; Rescission and Annulment	 	33
	Section 5.03.	 	Collection of Indebtedness and Suits for Enforcement by Trustee	 	34
	Section 5.04.	 	Trustee May File Proofs of Claim	 	35
	Section 5.05.	 	Trustee May Enforce Claims Without Possession of Securities	 	35
	Section 5.06.	 	Application of Money Collected	 	35
	Section 5.07.	 	Limitation on Suits	 	36
	Section 5.08.	 	Unconditional Right of Holders to Receive Principal, Premium and Interest	 	36
	Section 5.09.	 	Restoration of Rights and Remedies	 	36
	Section 5.10.	 	Rights and Remedies Cumulative	 	36
	Section 5.11.	 	Delay or Omission Not Waiver	 	37
	Section 5.12.	 	Control by Holders	 	37
	Section 5.13.	 	Waiver of Past Defaults	 	37
	Section 5.14.	 	Undertaking for Costs	 	37
	

Article 6

The Trustee
	

Section 6.01.	
 	

Certain Duties and Responsibilities of the Trustee	
 	

38
	Section 6.02.	 	Notice of Defaults	 	38
	Section 6.03.	 	Certain Rights of Trustee	 	38
	Section 6.04.	 	Not Responsible for Recitals or Issuance of Securities	 	39
	Section 6.05.	 	May Hold Securities	 	39
	Section 6.06.	 	Money Held in Trust	 	40
	Section 6.07.	 	Compensation and Reimbursement	 	40
	 	 	 	 	 

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	Section 6.08.	 	Disqualification; Conflicting Interests	 	40
	Section 6.09.	 	Corporate Trustee Required; Eligibility	 	40
	Section 6.10.	 	Resignation and Removal; Appointment of Successor	 	40
	Section 6.11.	 	Acceptance of Appointment by Successor	 	42
	Section 6.12.	 	Merger, Conversion, Consolidation or Succession to Business	 	43
	Section 6.13.	 	Preferential Collection of Claims Against Company	 	43
	Section 6.14.	 	Appointment of Authenticating Agent	 	43
	Section 6.15.	 	Compliance with Tax Laws	 	44
	

Article 7

Holders' Lists and Reports by Trustee and Company
	

Section 7.01.	
 	

Company to Furnish Trustee Names and Addresses of Holders	
 	

45
	Section 7.02.	 	Preservation of Information; Communications to Holders	 	45
	Section 7.03.	 	Reports by Trustee	 	46
	Section 7.04.	 	Reports by Company	 	46
	

Article 8

Consolidation, Merger, Lease, Sale or Transfer
	

Section 8.01.	
 	

When Company May Merge, Etc.	
 	

47
	Section 8.02.	 	Opinion of Counsel	 	47
	Section 8.03.	 	Successor Corporation Substituted	 	47
	

Article 9

Supplemental Indentures
	

Section 9.01.	
 	

Supplemental Indentures without Consent of Holders	
 	

47
	Section 9.02.	 	Supplemental Indentures with Consent of Holders	 	48
	Section 9.03.	 	Execution of Supplemental Indentures	 	49
	Section 9.04.	 	Effect of Supplemental Indentures	 	49
	Section 9.05.	 	Conformity with Trust Indenture Act	 	49
	Section 9.06.	 	Reference in Securities to Supplemental Indentures	 	49
	

Article 10

Covenants
	

Section 10.01.	
 	

Payments of Securities	
 	

50
	Section 10.02.	 	Maintenance of Office or Agency	 	50
	Section 10.03.	 	Corporate Existence	 	50
	Section 10.04.	 	Payment of Taxes and Other Claims	 	50
	Section 10.05.	 	Maintenance of Properties	 	51
	Section 10.06.	 	Compliance Certificates	 	51
	 	 	 	 	 

iii

 

	Section 10.07.	 	Waiver of Stay, Extension or Usury Laws	 	51
	Section 10.08.	 	Money for Securities Payments to be Held in Trust	 	51
	Section 10.09.	 	Limitations on Liens	 	52
	Section 10.10.	 	Limitations on Sale and Lease-back Transactions	 	53
	Section 10.11.	 	Waiver of Certain Covenants	 	53
	

Article 11

Redemption of Securities
	

Section 11.01.	
 	

Applicability of Article	
 	

54
	Section 11.02.	 	Election to Redeem; Notice to Trustee	 	54
	Section 11.03.	 	Selection by Trustee of Securities to be Redeemed	 	54
	Section 11.04.	 	Notice of Redemption	 	54
	Section 11.05.	 	Deposit of Redemption Price	 	55
	Section 11.06.	 	Securities Payable on Redemption Date	 	55
	Section 11.07.	 	Securities Redeemed in Part	 	55
	

Article 12

Sinking Funds
	

Section 12.01.	
 	

Applicability of Article	
 	

55
	Section 12.02.	 	Satisfaction of Sinking Fund Payments with Securities	 	56
	Section 12.03.	 	Redemption of Securities for Sinking Fund	 	56
	

Article 13

Defeasance and Covenant Defeasance
	

Section 13.01.	
 	

Applicability of Article; Company's Option to Effect Defeasance or Covenant Defeasance	
 	

56
	Section 13.02.	 	Defeasance and Discharge	 	56
	Section 13.03.	 	Covenant Defeasance	 	57
	Section 13.04.	 	Conditions to Defeasance or Covenant Defeasance	 	57
	Section 13.05.	 	Deposited Money and Government Obligations to be Held in Trust	 	58
	Section 13.06.	 	Reinstatement	 	59

iv

  

 
 

THE INTERPUBLIC GROUP OF COMPANIES, INC.    
    

        Reconciliation and tie between Trust Indenture Act of 1939

and Indenture, dated as of November 12, 2004 

	Trust Indenture Act Section
 
	 	Indenture Section

	§ 310(a)(1)       	 	6.09
	          (a)(2)       	 	6.09
	          (a)(3)       	 	Not Applicable
	          (a)(4)       	 	Not Applicable
	          (b)            	 	6.08, 6.10
	§ 311(a)            	 	6.13
	          (b)            	 	6.13
	          (b)(2)       	 	6.13
	§ 312(a)            	 	7.01, 7.02(a)
	          (b)            	 	7.02(b)
	          (c)            	 	7.02(c)
	§ 313(a)            	 	7.03(a)
	          (b)            	 	7.03(a)
	          (c)            	 	7.03(a), 7.03(b)
	          (d)            	 	7.03(b)
	§ 314(a)            	 	7.04, 10.06
	          (b)            	 	Not Applicable
	          (c)(1)       	 	1.02
	          (c)(2)       	 	1.02
	          (c)(3)       	 	Not Applicable
	          (d)            	 	Not Applicable
	          (e)            	 	1.02
	§ 315(a)            	 	6.01(a)
	          (b)            	 	6.02, 7.03(a)
	          (c)            	 	6.01(b)
	          (d)            	 	6.01(c), 6.07
	          (d)(1)       	 	6.01(a), 6.01(c)
	          (d)(2)       	 	6.01(c)
	          (d)(3)       	 	6.01(c)
	          (e)            	 	5.14, 6.10(d)
	§ 316(a)(1)(A)	 	5.12
	          (a)(1)(B)	 	5.02, 5.13
	          (a)(2)       	 	Not Applicable
	          (b)            	 	5.08
	          (c)            	 	1.04(e)
	§ 317(a)(1)       	 	5.03
	          (a)(2)       	 	5.04
	          (b)            	 	10.08
	§ 318(a)            	 	1.07

1

  

        INDENTURE, dated as of November [•], 2004, between THE INTERPUBLIC GROUP OF COMPANIES, INC., a Delaware corporation (herein called the  "Company"), and SUNTRUST BANK, a Georgia banking corporation, as Trustee (herein called the "Trustee"). 

 
 

RECITALS OF THE COMPANY    
    

        The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its senior unsecured debentures,
notes or other evidences of indebtedness (herein called the "Securities"), to be issued in one or more series as in this Indenture provided. 

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

 NOW, THEREFORE, THIS INDENTURE WITNESSETH:  

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

 
 

ARTICLE 1
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

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

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

        (2)   all
other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, or defined by Commission rule and not otherwise
defined herein, have the meanings assigned to them therein; 

        (3)   all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP; 

        (4)   the
word "including" (and with correlative meaning "include") means
including, without limiting the generality of, any description preceding such term; and 

        (5)   the
words "herein," "hereof" and "hereunder" and other words of similar
import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 

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

        "Affiliate" of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, "control" when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms  "controlling" and "controlled" have meanings correlative to the foregoing. 

        "Attributable Debt," when used in connection with a Sale and Lease-Back Transaction means, at the time of determination, the
lesser of (a) the fair market value of the property involved (as determined in good faith by the Company's Board of Directors), (b) the present value of the total net amount of rent
required to be paid under the lease during the remaining term thereof (including any renewal term or period for which such lease has been extended) computed by discounting from the respective due
dates to such date such total net amount of rent at the rate of interest set forth or 

2

 

implicit
in the terms of such lease or (c) if the obligation with respect to the Sale and Lease-Back Transaction constitutes an obligation that is required to be classified and
accounted for as a capitalized lease for financial reporting purposes in accordance with generally accepted accounting principles, the amount equal to the capitalized amount of such obligation
determined in accordance with generally accepted accounting principles and included in the financial statements of the lessee. For purposes of the foregoing definition, rent shall not include amounts
required to be paid by the lessee, whether or not designated as rent or additional rent, on account of or contingent upon maintenance and repairs, insurance, taxes, assessments, water rates and
similar charges. In the case of any lease that is terminable by the lessee upon the payment of a penalty, such net amount shall be the lesser of the net amount determined assuming termination upon the
first date such lease may be terminated (in which case the net amount shall also include the amount of the penalty, but no rent shall be considered as required to be paid under such lease subsequent
to the first date upon which it may be so terminated) or the net amount determined assuming no such termination. 

        "Authenticating Agent" means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate Securities. 

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

        "Board of Directors" means the board of directors of the Company; provided,  however, that when the context refers to
actions or resolutions of the Board of Directors, then the term "Board of
Directors" shall also mean any duly authorized committee of the Board of Directors of the Company authorized to act with respect to any particular matter to exercise the power
of the Board of Directors of the Company. 

        "Board Resolution" means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly
adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

        "Business Day," when used with respect to any Place of Payment or any other particular location referred to in this Indenture or in the
Securities of any series, means each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment are authorized or obligated by law or regulation to close. 

        "Capital Stock" means, with respect to any Person, any and all shares, interests, participations, warrants, rights, options or other
equivalents (however designated) of capital stock or any other equity interest of such Person, including each class of common stock and preferred stock. 

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

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

        "Company Request" or "Company Order" means a written request or order signed in the name
of the Company by any two Officers, at least one of whom must be its Chairman of the Board, its President and Chief Executive Officer, its Chief Financial Officer, its Chief Accounting Officer, its
Treasurer, an Assistant Treasurer or its Controller, and delivered to the Trustee. 

        "Consolidated Net Worth" means, at any date of determination, (a) total assets of the Company and its Subsidiaries (including,
without limitation, all items that are treated as intangible in accordance with GAAP) at such date less (b) total liabilities of the Company and its Subsidiaries (including, 

3

 

without
limitation, all deferred taxes) at such date, in each case determined on a consolidated basis and in accordance with GAAP for such period;  provided, however, that the term "Consolidated Net Worth" shall not give effect to any cumulative
translation adjustments (whether positive or negative) at any such date. 

        "Corporate Trust Office" means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered, which office at the date hereof is located at 25 Park Place, 24th Floor, Atlanta, Georgia 30303-2900; Attn: Corporate Trust Division. 

        "covenant defeasance" has the meaning specified in Section 13.03. 

        "currency unit" or "currency units" shall mean any composite currency. 

        "Custodian" means any receiver, custodian, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law. 

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

        "Defaulted Interest" has the meaning specified in Section 3.07. 

        "defeasance" has the meaning specified in Section 13.02. 

        "Depositary" means, with respect to the Securities of any series issuable or issued in whole or in part in the form of one or more global
Securities, the Person designated as Depositary by the Company pursuant to Section 3.01, which must be a clearing agency registered under the Exchange Act, until a successor Depositary shall
have become such pursuant to the applicable provisions of this Indenture, and thereafter "Depositary" shall mean or include each Person who is then a Depositary hereunder, and if at any time there is
more than one such Person, "Depositary" shall mean the Depositary with respect to the Securities of that series. 

        "dollars" and "$" means lawful money of the United States of America. 

        "Event of Default" has the meaning specified in Section 5.01. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated
thereunder. 

        "GAAP" means such accounting principles as are generally accepted in the United States of America on the date or time of any computation
required hereunder. 

        "Holder" or "Securityholder" means a Person in whose name a Security is registered in the
Security Register. 

        "Indebtedness" means, with respect to any Person (without duplication for indebtedness or other obligations of such Person), any
indebtedness of such Person for money borrowed, whether incurred, assumed or guaranteed, and including obligations under capitalized leases. 

        "Indenture" means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of particular series of Securities established as contemplated hereunder. 

        "interest," when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means
interest payable after Maturity. 

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

        "Judgment Currency" has the meaning specified in Section 1.15. 

4

 

        "L/C Cash Deposit Account" means an interest bearing cash deposit account to be established and maintained by Citibank N.A., as agent for
the lenders under the 3-Year Credit Agreement, dated May 10, 2004, entered into by and among the Company and a syndicate of banks, over which the agent shall have sole dominion and control,
upon terms as may be satisfactory to the agent. 

        "lien" and "liens" have the meaning specified in Section 10.09. 

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

        "New York Banking Day" has the meaning specified in Section 1.15. 

        "NYSE" means the New York Stock Exchange, Inc. 

        "Officer" means the Chairman of the Board, the President and Chief Executive Officer, any Vice President, the Chief Financial Officer, the
Chief Accounting Officer, the Treasurer, any Assistant Treasurer, the Controller, any Assistant Controller, the Secretary or any Assistant Secretary of the Company. 

        "Officers' Certificate" means a certificate signed by any two Officers of the Company, at least one of whom must be its Chairman of the
Board, its President and Chief Executive Officer, its Chief Financial Officer, its Chief Accounting Officer, its Treasurer or its Controller, and delivered to the Trustee. 

        "Opinion of Counsel" means a written opinion of counsel, who may be an employee of or counsel for the Company, and who shall be reasonably
acceptable to the Trustee. 

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

        "Outstanding," when used with respect to Securities or Securities of any series, means, as of the date of determination, all such
Securities theretofore authenticated and delivered under this Indenture, except: 

	(i)
	Securities
theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

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

	(iii)
	Securities
which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this
Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose
hands such Securities are valid obligations of the Company; and

	(iv)
	Securities
which have been defeased pursuant to Section 13.02; 

provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, or whether sufficient funds are available for redemption or for any other purpose
and for the purpose of making the calculations required by Section 313 of the Trust Indenture Act, (a) the principal amount of any Original Issue Discount Security that shall be deemed
to be 

5

 

Outstanding
for such purposes shall be that portion of the principal amount thereof that could be declared to be due and payable upon the occurrence of an Event of Default and the continuation thereof
pursuant to the terms of such Original Issue Discount Security as of the date of such determination, (b) the principal amount of a Security denominated in one or more foreign currencies or
currency units shall be the dollar equivalent, determined in the manner provided as contemplated by Section 3.01 on the date of original issuance of such Security, of the principal amount (or,
in the case of an Original Issue Discount Security, the dollar equivalent on the date of original issuance of such Security of the amount determined as provided in (a) above) of such Security,
and (c) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible
Officer of the Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee's right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the
Company or of such other obligor. 

        "Paying Agent" means any Person authorized by the Company to pay the principal of, premium, if any, or interest on any Securities on
behalf of the Company. The Company may act as Paying Agent with respect to any Securities issued hereunder. 

        "Permitted Liens" means (a) liens (including liens arising from sale and lease-back transactions) on property or assets
acquired or held by the Company or a Restricted Subsidiary incurred to secure the payment of all or any part of the purchase price thereof or to secure any Indebtedness incurred prior to, at the time
of, or within 180 days after the acquisition for the purpose of financing all or any part of the purchase price thereof, or liens (including liens arising from sale and lease-back
transactions) on property or assets existing at the time of acquisition thereof by the Company or a Restricted Subsidiary, other than liens created in contemplation of such acquisition that were not
incurred for the purpose of financing all or any part of the purchase price thereof, provided, however,
that the lien does not extend to or cover any property or assets of any character other than the property or assets being acquired; (b) liens on property or assets of a Person, other than the
Company or a Restricted Subsidiary, existing at the time of acquisition of such property and assets by the Company or a Restricted Subsidiary, provided,
that the liens were not created in contemplation of such acquisition and do not extend to any property or assets of any character other than the property or assets being acquired; (c) liens
affecting property or assets of a person, other than the Company or any Restricted Subsidiaries, existing at the time the person merges into or consolidates with the Company or a Restricted Subsidiary
or becomes a Restricted Subsidiary or at the time of sale, lease or other disposition of the property or assets as an entirety or substantially as an entirety to the Company or a Restricted
Subsidiary, provided, however, that the liens were not created in contemplation of the merger,
consolidation or acquisition and do not extend to any property or assets other than those of the person so merged into or consolidated with, or acquired by, the Company or such Restricted Subsidiary;
(d) liens securing Indebtedness owing by a Restricted Subsidiary of the Company to the Company or to a Restricted Subsidiary of the Company; (e) liens existing on the date of initial
issuance of the Securities of such series; (f) liens in favor of the United States of America or any State, territory or possession thereof (or the District of Columbia), or any department,
agency, instrumentality or political subdivision of the United States of America or any state, territory or possession thereof (or the District of Columbia), to secure partial, progress, advance or
other payments; (g) liens on any property to secure all or part of the cost of alteration, repair or improvement thereon or Indebtedness incurred to provide funds for such purpose in a
principal amount not exceeding the cost of such improvements or construction; (h) purchase money liens on personal property; (i) liens created in connection with capitalized lease
obligations, but only to the extent that such liens encumber property financed by such capital lease obligation and the principal component of such capitalized lease 

6

 

obligation
is not increased; (j) liens on property arising in connection with a securities repurchase transaction; (k) liens (including judgment liens) arising in connection with legal
proceedings, taxes, fees, assessments or other governmental charges, so long as such proceedings, taxes, fees, assessments or other governmental charges are being contested in good faith and, in the
case of judgment liens, execution thereon is stayed and for which any reserves required in accordance with generally accepted accounting principles have been established; (l) carriers',
warehousemen's, mechanics', landlords', materialmens', repairmens' or other similar liens arising in the ordinary course of business which are not overdue for a period of more than 90 days or
are being contested in good faith by appropriate proceedings diligently pursued, provided, however, that
(i) any proceedings commenced for the enforcement of such liens shall have been stayed or suspended within 30 days of the commencement thereof and (ii) provision for the payment
of such liens has been made on the books of the Company to the extent required by generally accepted accounting principles; (m) easements, rights-of-way, zoning
restrictions and other similar encumbrances incurred in the ordinary course of business which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the
value of the property subject thereto or interfere with the ordinary conduct of the business of the Company or any Restricted Subsidiary; (n) pledges or deposits to secure obligations under
workers' compensation laws or other similar legislation (other than in respect of employee benefit plans subject to the Employee Retirement Security Act of 1974, as
amended) or to secure public or statutory obligations; (o) liens securing the performance of, or payment in respect of, bids, tenders, government contracts (other than for the repayment of
borrowed money), surety and appeal bonds and other obligations of a similar nature incurred in the ordinary course of business; (p) any interest or title of a lessor or sublessor and any
restriction or encumbrance to which the interest or title of such lessor or sublessor may be subject that is incurred in the ordinary course of business; (q) any extension, renewal, refinancing
or replacement (or successive extensions, renewals or replacements), in whole or in part, of any lien referred to in the foregoing clauses (a) to (q), inclusive,  provided, however, that any lien permitted by any of the foregoing clauses (a) through
(q) shall not extend to or cover any property of the Company or such Restricted Subsidiary, as the case may be, other than the property specified in such clauses and improvements thereto;
(r) any contractual right of set-off or any contractual right to charge or contractual security interest in or lien on the accounts of the Company or a Restricted Subsidiary to
effect the payment of amounts to such depositary institution whether or not due and payable in respect of any Indebtedness or financing arrangement and any other lien arising solely by virtue of any
statutory or common law provision relating to banker's liens, rights of set-off or similar rights; (s) liens arising in the ordinary course of banking transactions and securing
Indebtedness in an aggregate amount of not more than $15,000,000 that matures not more than one year after the date on which it is originally incurred; (t) any Liens on assets of Subsidiaries
organized outside of the United States in favor of lenders under short-term working capital lines of credit entered into in the ordinary course of business; and (u) any Lien arising
out of the L/C Cash Deposit Account. 

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

        "Place of Payment," when used with respect to the Securities of any series, means the place or places where the principal of (and premium,
if any) and interest on the Securities of that series are payable as specified as contemplated by Section 3.01. 

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

7

 

        "Redemption Date," when used with respect to any Security of any series to be redeemed, means the date fixed for such redemption by or
pursuant to this Indenture. 

8

  

        "Redemption Price," when used with respect to any Security of any series to be redeemed, means the price at which it is to be redeemed
pursuant to this Indenture. 

        "Registered Security" means any Security issued hereunder and registered in the Security Register. 

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

        "Required Currency" has the meaning specified in Section 1.15. 

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

        "Restricted Subsidiary" means any Subsidiary, including its Subsidiaries, which meets any of the following conditions: (a) the
Company's and its other Subsidiaries' investments in and advances to the Subsidiary exceed ten percent of the total assets of the Company and its Subsidiaries consolidated as of the end of the most
recently completed fiscal year (for a proposed business combination to be accounted for as a pooling of interests, this condition is also met when the number of shares of common stock exchanged or to
be exchanged by the Company exceeds ten percent of the total number of shares of its common stock outstanding at the date the combination is initiated); or (b) the Company's and its other
Subsidiaries' proportionate share of the total assets (after intercompany eliminations) of the Subsidiary exceeds ten percent of the total assets of the Company and its subsidiaries consolidated as of
the end of the most recently completed fiscal year; or (c) the Company's and its other Subsidiaries' equity in the income from continuing operations before income taxes, extraordinary items and
cumulative effect of a change in accounting principle of the Subsidiary exceeds ten percent of such income of the Company and its subsidiaries consolidated for the most recently completed fiscal year. 

        "Sale and Lease-Back Transaction" means any arrangement with any Person providing for the leasing by the Company or any
Restricted Subsidiary of any assets, which assets have been or
are to be sold or transferred by the Company or such Restricted Subsidiary to such Person, other than (a) any such transaction involving a lease for a term of not more than three years,
(b) any such transaction between the Company and a Restricted Subsidiary or between Restricted Subsidiaries, or (c) any such transaction executed by the time of or within one year after
the latest of the acquisition, the completion of construction or improvement or the commencement of commercial operation of such assets. 

        "Securities" has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and
delivered under this Indenture. 

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

        "Special Record Date" for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07. 

        "Stated Maturity," when used with respect to any Security or any installment of principal thereof or interest thereon, means the date
specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

8

 

        "Subsidiary" means, with respect to any Person, any corporation, partnership, joint venture, limited or unlimited liability company, trust
or estate of which (or in which) more than fifty percent of: 

        (a)   the
issued and outstanding shares of capital stock having ordinary voting power to elect directors of such corporation (irrespective of whether at the time shares of
capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency); 

        (b)   the
interest in the capital or profits of such limited or unlimited liability company, partnership or joint venture; or 

        (c)   the
beneficial interest in such trust or estate is at the time, directly or indirectly, owned by such Person, by such Person and one or more of its other Subsidiaries or
by one or more of such Person's other Subsidiaries. 

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

        "Trust Indenture Act" means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this Indenture was executed;  provided, however, that in the event that such Act is amended after such date, "Trust Indenture Act"
means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 

        "U.S. Government Obligations" means securities which are (i) direct obligations of the United States of America for the payment of
which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely
payment of which is unconditionally guaranteed by the full faith and credit of the United States of America which, in either case, are not callable or redeemable at the option of the issuer thereof or
otherwise subject to prepayment, and shall also include a depository receipt issued by a New York Clearing House bank or trust company as custodian with respect to any such U.S. Government Obligation,
or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt,  provided that (except as required
by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount held by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by
such depository receipt. 

        "Vice President," when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or
a word or words added before or after the title "vice president." 

        SECTION
1.02.    Compliance Certificates and Opinions.    Upon any application or request by the Company to the
Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers' Certificate stating that all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with,
except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular
application or request, no additional certificate or opinion need be furnished. 

9

 

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

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

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

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

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

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

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

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

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

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

10

 

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

        (c)   The
ownership of Registered Securities shall be proved by the Security Register. 

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

        (e)   If
the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or
pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but
the Company shall have no obligation to do so, provided that the Company may not set a record date for, and the provisions of this
paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the immediately following paragraph. If such a record date is fixed,
such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such
record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have authorized or agreed or consented to such request,
demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date;  provided that no such authorization,
agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective
pursuant to the provisions of this Indenture not later than six months after the record date. 

        (f)    The
Trustee shall set a record date, which shall not be more than 15 days prior to the date of commencement of solicitation of such action contemplated by this
section 1.04(f), for the purpose of determining the Holders of Securities of any series entitled to join in the giving or making of (i) any Notice of Default, (ii) any declaration
of acceleration referred to in Section 5.02, (iii) any direction referred to in Section 5.12, (iv) any request to institute proceedings referred to in
Section 5.07(2), or (v) any waiver of past defaults pursuant to Section 5.13, in each case with respect to Securities of such series. If such a record date is fixed pursuant to
this paragraph, the relevant action may be taken or given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be holders of
Securities of a series for the purpose of determining whether Holders of the requisite proportion of Outstanding Securities of such series have authorized or agreed or consented to such action, and
for that purpose the Outstanding Securities of such series shall be computed as of such record date; provided that no such action by Holders on such
record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. Nothing in this paragraph shall be
construed to prevent the Trustee from setting a new record date for any action for which a record date has been set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be canceled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite
principal amount of Outstanding Securities 

11

 

of
the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company's expense, shall cause notice of such record date
and the proposed action by Holders to be given to the Company in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.06. 

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

        (a)   the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at 25
Park Place, 24th Floor, Atlanta, Georgia 30303-2900, Attn: Corporate Trust Division or 

        (b)   the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to the Company addressed to it at The Interpublic Group of Companies, Inc., 1114 Avenue of the Americas, New York, New York 10036, Attention: Secretary, or at any
other address previously furnished in writing to the Trustee by the Company. 

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

        In
case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made
with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

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

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

        SECTION
1.07.    Conflict with Trust Indenture Act.    If any provision hereof limits, qualifies or conflicts with
another provision hereof which is required to be included or deemed included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. If any
provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, such provision of the Trust Indenture Act shall be deemed to apply to
this Indenture as so modified or shall be excluded, as the case may be. 

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

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

12

 

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

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

        SECTION
1.12.    Governing Law.    This Indenture and the Securities shall be governed by and construed in accordance
with the laws (other than the choice of law provisions) of the State of New York. 

        SECTION
1.13.    Legal Holidays.    In any case where any Interest Payment Date, Redemption Date, sinking fund payment
date, Stated Maturity or Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities other than a
provision in the Securities of any series which specifically states that such provision shall apply in lieu of this Section) payment of interest or principal (and premium, if any) need not be made at
such Place of Payment on such date, but may be made on the next succeeding Business Day or on such other day as may be set out in the Officers' Certificate pursuant to Section 3.01 at such
Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date, sinking fund payment date, Stated Maturity or Maturity, as the case may be,  provided that no
interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date, sinking fund
payment date, Stated Maturity or Maturity, as the case may be, if payment is made on such next succeeding Business Day or other day set out in such Officers' Certificate. 

        SECTION
1.14.    No Recourse Against Others.    A director, officer, employee or stockholder, as such, of the Company
shall not have any liability for any obligations of the Company under the Securities or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each
Securityholder, by accepting a Security, waives and releases all such liability. Such waivers and releases are part of the consideration for the issuance of the Securities. 

        SECTION
1.15.    Judgment Currency.    The Company agrees, to the fullest extent that it may effectively do so under
applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of, or premium or interest, if any, on the
Securities of any series (the "Required Currency") into a currency in which a judgment will be rendered (the "Judgment
Currency"), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in the City of New York the Required
Currency with the Judgment Currency on the New York Banking Day preceding that on which a final unappealable judgment is given and (b) its obligations under this Indenture to make payments in
the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any
currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to
be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by
which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum
due under this Indenture. For purposes of the foregoing, "New York Banking Day" means any day except a Saturday, Sunday or a legal holiday in the City
of New York or a day on which banking institutions in the City of New York are authorized or required by law or executive order to close. 

13

 

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

        SECTION
1.17.    Waiver of Jury Trial.    Each of the Company and the Trustee hereby irrevocably waives, to the
fullest extent permitted by applicable law, any and all rights to trial by jury in any legal proceeding arising out of or relating to the Indenture, the Securities or the transactions contemplated
hereby. 

 
 

ARTICLE 2
SECURITY FORMS    

        SECTION 2.01.    Forms Generally.    The Securities of each series shall be in substantially
the form set forth in this Article, or in such other form as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the Officers executing such Securities,
as evidenced by their execution of the Securities. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action
shall be certified by the Secretary or an
Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.03 for the authentication and delivery of such
Securities. 

        The
definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing such
Securities, as evidenced by their execution of such Securities. 

        SECTION
2.02.    Form of Face of Security. 

        [If the Security is an Original Issue Discount Security, insert—FOR PURPOSES OF SECTION 1272 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), THE AMOUNT OF ORIGINAL ISSUE DISCOUNT (AS DEFINED IN SECTION 1273(a)(1) OF THE CODE AND TREASURY
REGULATION SECTION 1.1273-1(a)) WITH RESPECT TO THIS SECURITY IS            , THE ISSUE DATE (AS DEFINED IN SECTION 1275(a)(2) OF THE CODE AND TREASURY REGULATION SECTION
1.1273-2(a)(2)) OF THIS SECURITY IS            , THE ISSUE PRICE (AS DEFINED IN SECTION 1273(b) OF THE CODE AND TREASURY REGULATION 1.1273-2(a)) OF THIS SECURITY IS
            AND THE YIELD TO MATURITY (AS DEFINED IN TREASURY REGULATION SECTION 1.1272-1(b)) OF THIS SECURITY
IS            —or insert other legend required by the
Internal Revenue Code and the regulations thereunder.] 

14

  

 
 

THE INTERPUBLIC GROUP OF COMPANIES, INC.    
    

.............................................  

	 	 	CUSIP
No.                               
	No.                               	 	[$]
                               

        The
Interpublic Group of Companies, Inc., a corporation duly organized and existing under the laws of Delaware (herein called the "Company,"  which term includes any successor corporation under the
Indenture hereinafter referred to), for value received, hereby promises to pay to                    , or registered
assigns, the principal sum of                    [Dollars] on

                    [if the Security is to bear interest prior to Maturity, insert—and to pay
interest thereon from              
or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually
on                        and                 
       in each year [if other
than semi-annual payments, insert frequency of payments and payment dates], commencing                        , at [if the
Security is to bear interest at a fixed rate,
insert—the rate of            % per annum], [if the Security is to bear interest at a variable or floating rate and if determined with reference to an index,
refer to description of index below] until the principal hereof is paid or made available for payment [if applicable
insert—, and (to the extent that the payment of such interest shall be legally enforceable) at the rate of            % per annum on any overdue principal and
premium and on any overdue installment of interest]. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be
paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the
                        or                 
       (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or
be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture]. 

        [If
the Securities are floating or adjustable rate securities with respect to which the principal of or any premium or interest may be determined with reference to an index,
insert the text of the floating or adjustable rate provision.] 

        [If the Security is not to bear interest prior to Maturity, insert—The principal of this Security shall not bear
interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal of this Security shall bear interest at
the rate of            % per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the date of such default in payment to the date
payment
of such principal has been made or duly provided for. Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal that is not so paid on demand shall bear
interest at the rate of            % per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the date of such demand for payment to
the
date payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.] 

        Payment
of the principal of (and premium, if any) and [if applicable, insert—any such] interest on
this Security will be made at the office or agency of the Company maintained for that purpose
in                        

15

 

,
in dollars [if applicable, insert—; provided,  however, that at the option of the Company, payment of
interest may be made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register]. 

        [If
applicable, insert—So long as all of the Securities of this series are represented by Securities in global form, the principal of, premium, if any, and
interest, if any, on this global Security shall be paid in same day funds to the Depositary, or to such name or entity as is requested by an authorized representative of the Depositary. If at any time
the Securities of this series are no longer represented by global Securities and are issued in definitive certificated form, then the principal of, premium, if any, and interest, if any, on each
certificated Security at Maturity shall be paid in same day funds to the Holder upon surrender of such certificated Security at the Corporate Trust Office of the Trustee, or at such other place or
places as may be designated in or pursuant to the
Indenture, provided that such certificated Security is surrendered to the Trustee, or at such other place or places as may be designated in or pursuant
to the Indenture, provided that such certificated Security is surrendered to the Trustee, acting as Paying Agent, in time for the Paying Agent to make
such payments in such funds in accordance with its normal procedures. Payments of interest with respect to such certificated Securities other than at Maturity may, at the option of the Company, be
made by check mailed to the address of the Person entitled thereto as it appears on the Security Register on the relevant Regular or Special Record Date or by wire transfer in same day funds to such
account as may have been appropriately designated to the Paying Agent by such Person in writing not later than such relevant Regular or Special Record Date.] 

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

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

        IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal. 

THE
INTERPUBLIC GROUP OF

COMPANIES, INC. 

	

 	
 	

By:	

	

Attest:	

	
 	

[SEAL]

2003

        SECTION
2.03.    Form of Reverse of Security. 

        This
Security is one of a duly authorized issue of securities of the Company (herein called the "Securities"), issued and to be issued in
one or more series under an Indenture, dated as of                        , 2003 (herein called the "Indenture"), between the Company and SunTrust Bank, as
Trustee (herein called the "Trustee," which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of
the terms upon which the Securities are, and are to 

16

 

be,
authenticated and delivered. This Security is one of the series designated on the face hereof [, limited in aggregate principal amount to
$                        ]. 

        [If applicable, insert—The Securities of this series are subject to redemption upon not less than 30 nor more than
60 days' notice by first class mail, [if applicable, insert—(1)
on                        in any year commencing with the year
                        and ending with the
year                        through operation of the sinking fund for this series at a Redemption Price equal to 100% of the
principal amount, and (2)] at any
time [on or after                        ,            ], as a whole or
in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the
principal amount): 

        If
redeemed [on or before                        ,            %, and if
redeemed] during the 12-month period beginning                        of the years
indicated, 

	Year
	 	Redemption

Price
	 	Year
	 	Redemption

Price

	

 	
 	

 	
 	

 	
 	

 
	

 	
 	

 	
 	

 	
 	

 

and
thereafter at a Redemption Price equal to            % of the principal amount, together in the case of any such redemption [if applicable,
insert—(whether through operation of the sinking fund or otherwise)] with accrued and unpaid interest to the Redemption Date, but interest installments
whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the
relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

        [If applicable, insert—The Securities of this series are subject to redemption upon not less than 30 nor more than
60 days' notice by first class mail, (1) on                        in any year commencing with the
year                        and ending with the
year                        through operation of the sinking
fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below, and (2) at
any time [on or after                        ], as a whole or in part, at the election of the Company, at the Redemption Prices
for redemption otherwise than through operation of the
sinking fund (expressed as percentages of the principal amount) set forth in the table below: 

        If
redeemed during a 12-month period beginning                        of the years indicated, 

	Redemption Price

for Redemption

Through Operation

of the

Sinking Fund
	 	Redemption Price

for Redemption

Otherwise Than

Through Operation

of the

Sinking Fund
	 	Year

	

 	
 	

 	
 	

 
	 	 	 	 	 

and
thereafter at a Redemption Price equal to            % of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise) with
accrued and unpaid interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or
more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

17

 

        [Notwithstanding
the foregoing, the Company may not, prior to                        , redeem any Securities of this series as contemplated by
[clause (2)
of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the
Company (calculated in accordance with generally accepted financial practice) of less than            % per annum.] 

        [The
sinking fund for this series provides for the redemption on                        in each year beginning with the
year            and ending with the year            
of [not less than] $                        [("mandatory sinking fund") and not
more than $                        ]
aggregate principal amount of Securities of this series.] [Securities of this series acquired or redeemed by the Company otherwise than through
[mandatory] sinking fund payments may be credited against subsequent [mandatory] sinking fund payments otherwise required to be made—in the
inverse order in which they become due.] 

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

        [If the Security is not an Original Issue Discount Security, insert—If any Event of Default with respect to
Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the
Indenture.] 

        [If the Security is an Original Issue Discount Security, insert—If an Event of Default with respect to Securities
of this series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such
amount shall be equal—insert formula for determining the amount. Upon payment (i) of the amount of principal so declared due and
payable and (ii) of interest on any overdue principal and overdue interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company's
obligations in respect of the payment of the principal of and interest, if any, on the Securities of this series shall terminate.] 

        [This
Security is subject to defeasance as described in the Indenture.] 

        The
Indenture may be modified by the Company and the Trustee without consent of any Holder with respect to certain matters as described in the Indenture. In addition, the Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each
series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each
series to be affected. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Security shall bind such Holder and all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

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

18

  

        As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if any) and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of this series, of authorized denominations and for the same Stated Maturity and aggregate principal amount, will be issued to the designated transferee or
transferees. 

        The
Securities of this series are issuable only in registered form without coupons in denominations of [$1,000] and any integral multiple thereof. As provided in
the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different
authorized denomination, as requested by the Holder surrendering the same. 

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

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

        The
Indenture imposes certain limitations on the ability of the Company to, among other things, merge or consolidate with any other Person or sell, assign, transfer or lease all or
substantially all of its properties or assets [If other covenants are applicable pursuant to the provisions of Section 3.01, insert
here]. All such covenants and limitations are subject to a number of important qualifications and exceptions. The Company must report periodically to the Trustee on
compliance with the covenants in the Indenture. 

        A
director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under this Security or the Indenture or for any
claim based on, in respect of or by reason of, such obligations or their creation. Each Holder, by accepting a Security, waives and releases all such liability. The waiver and release are part of the
consideration for the issuance of this Security. 

        [If applicable, insert—Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures ("CUSIP"), the Company has caused CUSIP numbers to be printed on the Securities of this series as a convenience to the Holders
of the Securities of this series. No representation is made as to the correctness or accuracy of such numbers as printed on the Securities of this series and reliance may be placed only on the other
identification numbers printed hereon.] 

        All
terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

        This
Security shall be governed by and construed in accordance with the laws (other than the choice of law provisions) of the State of New York. 

19

 

 
 

ASSIGNMENT FORM    
    

        To assign this Security, fill in the form below: (I) or (we) assign and transfer this Security to 

	

 	

(Insert assignee's social security or tax I.D. number)	

 
	

 	

	

 
	

 	

	

 
	

 	

	

 
	

 	

 (Print or type assignee's name, address and zip code)	

 

and
irrevocably appoint
                                         
                                agent to transfer this Security on the books of the Company.
The agent may substitute another to
act for him. 

Dated:
                                         
        Your Signature:
                                         
                                          
             

(Sign exactly as your name appears on the other side of this Security) 

	Signature Guaranty:	 
	 	
 [Signatures must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Transfer Agent, which requirements will include membership or participation in
STAMP or such other "signature guarantee program" as may be determined by the Transfer Agent in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act.]

	Social Security Number or

Taxpayer Identification Number:	

        SECTION
2.04.    Form of Trustee's Certificate of Authentication.    The Trustee's certificate of authentication shall
be in substantially the following form: 

Dated:
                                         
                                

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

	 	 	 	SUNTRUST BANK
	 	 	 	
 As Trustee
	

 	
 	

By	

 
	 	 	 	
 Authorized Signatory
	 	 	 	 

        SECTION
2.05.    Securities in Global Form.    If Securities of or within a series are issuable in whole or in part in
global form, then any such Security of such series may provide that it shall 

20

 

represent
the aggregate or a specified amount of the Outstanding Securities of such series from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities
of such series represented thereby may from time to time be reduced or increased to reflect exchanges. Any endorsement of a Security in global form to reflect the amount, or any increase or decrease
in the amount, or changes in the rights of Holders, of Outstanding Securities represented thereby shall be made in such manner and upon instructions given by such Person or Persons as shall be
specified therein or in the Company Order to be delivered to the Trustee pursuant to Section 3.03 or Section 3.04. Subject to the provisions of Section 3.03 and, if applicable,
Section 3.04, the Trustee shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified therein or in the
applicable Company Order. If a Company Order pursuant to Section 3.03 or 3.04 has been, or simultaneously is, delivered, any instructions by the Company with respect to endorsement or delivery
or redelivery of a Security in global form shall be in writing but need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel. 

        The
provisions of the last paragraph of Section 3.03 shall apply to any Security represented by a Security in global form if such Security was never issued and sold by the Company
and the Company delivers to the Trustee the Security in global form together with written instructions (which need not comply with Section 1.02 and need not be accompanied by an Opinion of
Counsel) with regard to the reduction in the principal amount of Securities represented thereby. 

        Notwithstanding
the provisions of Sections 2.01 and 3.07, unless otherwise specified as contemplated by Section 3.01, payment of principal of and premium, if any, and interest on
any Security in permanent global form shall be made to the Person or Persons specified therein. 

        SECTION
2.06.    Form of Legend for the Securities in Global Form.    Any Security in global form authenticated and
delivered hereunder shall bear a legend in substantially the following form, or in such other form as may be necessary or appropriate to reflect the arrangements with or to comply with the
requirements of any Depositary: 

"THIS
SECURITY IS IN GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF
SUCH SUCCESSOR DEPOSITARY." 

21

  

 
 

ARTICLE 3
THE SECURITIES    

        SECTION
3.01.    Amount Unlimited; Issuable in Series.    The aggregate principal amount of Securities which may be
authenticated and delivered under this Indenture is unlimited. 

        The
Securities may be issued from time to time in one or more series. Prior to the issuance of Securities of any series, there shall be established in or pursuant to (i) a Board
Resolution, and (subject to Section 3.03) set forth, or determined in the manner provided, in an Officers' Certificate, or (ii) one or more indentures supplemental hereto: 

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

        (2)   the
purchase price, denomination and any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Sections 3.04, 3.05, 3.06,
9.06 or 11.07); 

        (3)   the
date or dates on which the principal of and premium, if any, on the Securities of the series is payable or the method of determination thereof; 

        (4)   the
rate or rates at which the Securities of the series shall bear interest, if any, or the method of calculating such rate or rates of interest, the date or dates from
which such interest shall accrue or the method by which such date or dates shall be determined, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date, if
any, for the interest payable on any Interest Payment Date; 

        (5)   the
place or places where the principal of, premium, if any, and interest, if any, on Securities of the series shall be payable; 

        (6)   the
place or places where the Securities may be exchanged or transferred; 

        (7)   the
period or periods within which, the price or prices at which, the currency or currencies (including currency unit or units) in which, and the other terms and
conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company, and, if other than as provided in Section 11.03, the manner in which the
particular Securities of such series (if less than all Securities of such series are to be redeemed) are to be selected for redemption; 

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

        (9)   if
other than denominations of $1,000 and any integral multiple thereof, the denominations in which Securities of the series shall be issuable; 

        (10) if
other than U.S. dollars, the currency or currencies (including currency unit or units) in which payments of principal of, premium, if any, and interest on the
Securities of the series shall or may by payable, or in which the Securities of the series shall be denominated, and the particular provisions applicable thereto; 

        (11) if
the payments of principal of, premium, if any, or interest on the Securities of the series are to be made, at the election of the Company or a Holder, in a currency
or currencies (including currency unit or units) other than that in which such Securities are denominated or designated to 

22

 

be
payable, the currency or currencies (including currency unit or units) in which such payments are to be made, the terms and conditions of such payments and the manner in which the exchange rate
with respect to such payments shall be determined, and the particular provisions applicable thereto; 

        (12) if
the amount of payments of principal of, premium, if any, and interest on the Securities of the series shall be determined with reference to an index, formula or
other method (which index, formula
or method may be based, without limitation, on a currency or currencies (including currency unit or units) other than that in which the Securities of the series are denominated or designated to be
payable), the index, formula or other method by which such amounts shall be determined; 

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

        (14) any
modifications of or additions to the Events of Default or the covenants of the Company set forth herein with respect to Securities of the series; 

        (15) if
either or both of Section 13.02 and Section 13.03 shall be inapplicable to the Securities of the series
(provided that if no such inapplicability shall be specified, then both Section 13.02 and Section 13.03 shall be applicable to the
Securities of the series); 

        (16) if
other than the Trustee, the identity of the Registrar and any Paying Agent; 

        (17) if
the Securities of the series shall be issued in whole or in part in global form, (i) the Depositary for such global Securities, (ii) the form of any
legend in addition to or in lieu of that in Section 2.06 which shall be borne by such global Security, (iii) whether beneficial owners of interests in any Securities of the series in
global form may exchange such interests for certificated Securities of such series and of like tenor of any authorized form and denomination, and (iv) if other than as provided in
Section 3.05, the circumstances under which any such exchange may occur; 

        (18) if
the Holders of the Securities of the series may convert or exchange the Securities of the series into or for securities of the Company or of other entities or other
property (or the cash value thereof), the specific terms of and period during which such conversion or exchange may be made; and 

        (19) any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 9.01, but which may
modify or delete any provision of this Indenture insofar as it applies to such series), including any terms which may be required by or advisable under the laws of the United States of America or
regulations thereunder or advisable (as determined by the Company) in connection with the marketing of Securities of the series. 

        All
Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided (i) by a Board Resolution, and (subject to
Section 3.03) set forth, or determined in the manner provided, in an Officers' Certificate or (ii) in any such indenture supplemental hereto. All Securities of any one series need not be
issued at the same time and, unless
otherwise provided, a series may be reopened, without the consent of the Holders, for issuances of additional Securities of such series. 

        If
any of the terms of the Securities of any series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by
the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers' Certificate setting forth, or providing the manner for determining, the
terms of the Securities 

23

 

of
such series, and an appropriate record of any action taken pursuant thereto in connection with the issuance of any Securities of such series shall be delivered to the Trustee prior to the
authentication and delivery thereof. 

        SECTION
3.02.    Denominations.    The Securities of each series shall be issuable in registered form without coupons
in such denominations as shall be specified as contemplated by Section 3.01. In the absence of any such provisions with respect to the Securities of any series, the Securities of such series
shall be issuable in denominations of $1,000 and any integral multiple thereof. 

        SECTION
3.03.    Execution, Authentication, Delivery and Dating.    The Securities shall be executed on behalf of the
Company by its Chairman of the Board, President and Chief Executive Officer, Chief Financial Officer, Secretary or any Vice President of the Corporation under its corporate seal reproduced thereon
attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile. The seal of the Company may be in the form of a
facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Securities. Typographical and other minor errors or defects in any such reproduction of the seal or any such
signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. 

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

        At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and make such Securities
available for delivery. If the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions or in a supplemental indenture as permitted by
Sections 2.01 and 3.01, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in
relation to such Securities, the Trustee shall be entitled to receive, and (subject to Sections 315(a) through (d) of the Trust Indenture Act) shall be fully protected in relying upon, an
Opinion of Counsel stating, 

        (a)   if
the form of such Securities has been established by or pursuant to a Board Resolution or in a supplemental indenture as permitted by Section 2.01, that such
form has been established in conformity with the provisions of this Indenture; 

        (b)   if
the terms of such Securities have been established by or pursuant to Board Resolution or in a supplemental indenture as permitted by Section 3.01, that such
terms have been established in conformity with the provisions of this Indenture; and 

        (c)   that
such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, except to the extent enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws affecting the enforcement of creditors' rights generally and by the effect of general principles of equity
(regardless of whether enforceability is considered in a proceeding in equity or at law). 

        If
such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect
the Trustee's own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee, or in the written opinion of counsel
to the Trustee (which 

24

 

counsel
may be an employee of the Trustee) such authentication may not lawfully be made or would involve the Trustee in personal liability. 

        Notwithstanding
the provisions of Section 3.01 and of the immediately preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not
be necessary to deliver the Board Resolution and the Officers' Certificate otherwise required pursuant to Section 3.01 or the Company Order and Opinion of Counsel otherwise required pursuant to
the second preceding paragraph at or prior to the time of authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the
first Security of such series to be issued. 

        If
the Company shall establish pursuant to Section 3.01 that the Securities of a series are to be issued in whole or in part in the form of one or more global Securities, then the
Company shall execute and the
Trustee shall, in accordance with this Section and the Company Order with respect to the authentication and delivery of such series, authenticate and deliver one or more Securities of such series in
global form that (i) shall be in an aggregate amount equal to the aggregate principal amount of the Outstanding Securities of such series to be represented by such Security or Securities in
global form, (ii) shall be registered in the name of the Depositary for such Security or Securities in global form or its nominee, and (iii) shall be made available for delivery by the
Trustee to such Depositary or pursuant to such Depositary's instruction. 

        Each
Depositary designated pursuant to Section 3.01 for a Security in global form must, at the time of its designation and at all times while it serves as Depositary, be a
clearing agency registered under the Exchange Act and any other applicable statute or regulation. The Trustee shall have no responsibility to determine if the Depositary is so registered. Each
Depositary shall enter into an agreement with the Trustee and the Company governing the respective duties and rights of such Depositary, the Company and the Trustee with regard to Securities issued in
global form. 

        Unless
otherwise provided for in the form of Security, each Security shall be dated the date of its authentication. 

        No
Security shall be entitled to any benefits under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein executed by the Trustee or an Authenticating Agent by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. 

        Notwithstanding
the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security
to the Trustee for cancellation as provided in Section 3.09 together with a written statement (which need not comply with Section 1.02 and need not be accompanied by an Opinion of
Counsel) stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered
hereunder and shall not be entitled to the benefits of this Indenture. 

        SECTION
3.04.    Temporary Securities.    Pending the preparation of definitive Securities of any series, the Company
may execute, and upon Company Order the Trustee shall authenticate and make available for delivery, temporary Securities of such series which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities. 

        In
the case of Securities of any series, such temporary Securities may be in global form, representing all or a portion of the Outstanding Securities of such series. 

25

 

        Except
in the case of temporary Securities in global form (which shall be exchanged in accordance with the provisions thereof), if temporary Securities of any series are issued, the
Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such
series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that
series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall authenticate and make
available for delivery in exchange therefor a like principal amount of definitive Securities of the same series of authorized denominations and of like tenor. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series. 

        SECTION
3.05.    Registration, Registration of Transfer and Exchange.    The Company shall cause to be kept at the
Corporate Trust Office of the Trustee or in any office or agency to be maintained by the Company in accordance with Section 10.02 in a Place of Payment a register (the register maintained in
such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the "Security
Register") in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of registration of transfers
of Securities. The Trustee is hereby appointed "Security Registrar" for the purpose of registering Securities and transfers of Securities as herein
provided. 

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

        At
the option of the Holder, Securities of any series (except a Security in global form) may be exchanged for other Securities of the same series, of any authorized denominations and of
a like aggregate principal amount and Stated Maturity, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and make available for delivery, the Securities which the Holder making the exchange is entitled to receive. 

        Each
Security issued in global form authenticated under this Indenture shall be registered in the name of the Depositary designated for such series or a nominee thereof and delivered to
such Depositary or
a nominee thereof or custodian therefor, and each such Security issued in global form shall constitute a single Security for all purposes of this Indenture. 

        Notwithstanding
any other provision of this Section, unless and until it is exchanged in whole or in part for Securities in certificated form in the circumstances described below, a
Security in global form representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of such Depositary or by a
nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor
Depositary. 

        If
at any time the Depositary for the Securities of a series notifies the Company that it is unwilling or unable to continue as Depositary for the Securities of such series or defaults
in the performance of its duties as Depositary or if at any time the Depositary for the Securities of such series shall no longer be eligible under Section 3.03, the Company shall appoint a
successor Depositary with respect to the Securities of such series. If a successor Depositary for the Securities of such series is not appointed by the Company within 90 days after the Company
receives such notice or becomes aware of such ineligibility, the Company's selection pursuant to Section 3.01(17) shall no longer be effective with respect to the Securities of such series and
the Company shall execute, and the Trustee, upon receipt of 

26

 

a
Company Order for the authentication and delivery of certificated Securities of such series of like tenor, shall authenticate and deliver Securities of such series of like tenor in certificated
form, in authorized denominations and in an aggregate principal amount equal to the principal amount of the Security or Securities of such series of like tenor in global form in exchange for such
Security or Securities in global form. 

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

        If
specified by the Company pursuant to Section 3.01 with respect to a series of Securities, the Depositary for such series may surrender a Security in global form of such series
in exchange in whole or in part for Securities of such series in certificated form on such terms as are acceptable to the Company and such Depositary. Thereupon, the Company shall execute, and the
Trustee shall authenticate and deliver, without service charge, 

        (i)    to
each Person specified by such Depositary a new certified Security or Securities of the same series of like tenor, of any authorized denomination as requested by such
Person in aggregate principal amount equal to and in exchange for such Person's beneficial interest in the Security in global form; and 

        (ii)   to
such Depositary a new Security in global form of like tenor in a denomination equal to the difference, if any, between the principal amount of the surrendered
Security in global form and the aggregate principal amount of certificated Securities delivered to Holders thereof. 

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

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

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

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

        Unless
otherwise provided in the Securities to be transferred or exchanged, no service charge shall be made for any registration of transfer or exchange of Securities, but the Company
may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 3.04, 9.06 or 11.07 not involving any transfer. 

27

 

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

        The
foregoing provisions relating to registration, transfer and exchange may be modified, supplemented or superseded with respect to any series of Securities by a Board Resolution or in
one or more indentures supplemental hereto. 

        SECTION
3.06.    Mutilated, Destroyed, Lost and Stolen Securities.    If any mutilated Security is surrendered to the
Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding. 

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

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

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

        Every
new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost or stolen Security 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 Securities of that series duly issued hereunder. 

28

   
        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 Securities. 

        SECTION
3.07.    Payment of Interest; Interest Rights Preserved.    Interest on any Security which is payable, and
is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest. 

        Any
interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called  "Defaulted Interest") shall forthwith cease to be
payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and
such Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause (1) or (2) below: 

        (1)   The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities)
are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment (which shall be not less than 25 days after the receipt by
the Trustee of such notice, unless such Trustee shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited
to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such
Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the
Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series at his address as it appears in
the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so
mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such
Special Record Date and shall no longer be payable pursuant to the following Clause (2). 

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

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

        SECTION
3.08.    Persons Deemed Owners.    Prior to due presentment of a Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of
principal of, premium, if any, and (subject to Sections 3.05 and 3.07) interest on such Security and for all other purposes whatsoever, whether or not such Security be 

29

 

overdue,
and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

        None
of the Company, the Trustee or any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on
account of beneficial ownership interest of a Security in global form, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interest. Notwithstanding the
foregoing, with respect to any Security in global form, nothing herein shall prevent the Company or the Trustee or any agent of the Company or the Trustee, from giving effect to any written
certification, proxy or other authorization furnished by any Depositary (or its nominee), as a Holder, with respect to such Security in global form or impair, as between such Depositary and owners of
beneficial interests in such Security in global form, the operation of customary practices governing the exercise of the right of such Depositary (or its nominee) as holder of such Security in global
form. 

        SECTION
3.09.    Cancellation.    All Securities surrendered for payment, redemption, registration of transfer or
exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at
any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities so
delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly
permitted by this Indenture. All canceled Securities shall be held by the Trustee and may be destroyed (and, if so destroyed, certification of their destruction shall be delivered to the Company,
unless, by a Company Order, the Company shall direct that canceled Securities be returned to it). 

        SECTION
3.10.    Computation of Interest.    Except as otherwise specified as contemplated by Section 3.01
for Securities of any series, interest on the Securities of each series shall be computed on the basis of a year comprised of twelve 30-day months. 

        SECTION
3.11.    CUSIP Number.    The Company in issuing Securities of any series may use a "CUSIP" number, and if
so, the Trustee may use the CUSIP number in notices of redemption or exchange as a convenience to Holders of such series; provided, that any such notice
may state that no representation is made as to the correctness or accuracy of the CUSIP number printed on the notice or on the Securities of such series, and that reliance may be placed only on the
other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any
change in the CUSIP number of any series of Securities. 

        SECTION
3.12.    Wire Transfers.    Notwithstanding any other provision to the contrary in this Indenture, the
Company may make any payment of moneys required to be deposited with the Trustee on account of principal of, or premium, if any, or interest on the Securities (whether pursuant to optional or
mandatory redemption payments, interest payments or otherwise) by wire transfer of immediately available funds to an account designated by the Trustee on or before the date and time such moneys are to
be paid to the Holders of the Securities in accordance with the terms hereof. 

        SECTION
3.13.    Original Issue Discount.    The Company shall file with the Trustee promptly at the end of each
calendar year (i) a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on Outstanding Securities as of the end of such year
(ii) such other specific information relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time. 

30

 
ARTICLE 4

SATISFACTION AND DISCHARGE 

        SECTION
4.01.    Satisfaction and Discharge of Indenture.    This Indenture shall cease to be of further effect with
respect to Securities of a particular series (except as to any surviving rights of registration of transfer or exchange of Securities and replacement of such Securities which may have been lost,
stolen or mutilated as herein expressly provided for or in the form of Security for such series), when the Trustee, upon Company Request and at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with respect to such Securities, when 

        (1)   either
(a) all Securities of such series theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and
which have been replaced or paid as provided in Section 3.06 and (ii) Securities of such series for whose payment money has theretofore been deposited in trust or segregated and held in
trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.08) have been delivered to the Trustee for cancellation; or (b) all
such Securities not theretofore delivered to the Trustee for cancellation (i) have become due and payable, or (ii) will become due and payable at their Stated Maturity within one year,
or (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of
the Company, and the Company, in the case of (b)(i), (ii) or (iii) above, has deposited with the Trustee as trust funds in trust for the purpose an amount, in the currency or currencies
or currency unit or units in which the Securities of such series are payable, sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for
cancellation, for principal, premium, if any, and interest to the date of such deposit (in the case of Securities which have become due and payable) or the Stated Maturity or Redemption Date, as the
case may be; 

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

        (3)   the
Company has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for herein relating to
the satisfaction and discharge of this Indenture with respect to the Securities of such series have been complied with. 

        Notwithstanding
the satisfaction and discharge of this Indenture with respect to the Securities of any series, the obligations of the Company to the Trustee under Section 6.07,
the obligations of the Company to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of
this Section, the obligations of the Trustee under Section 4.02 and the last paragraph of Section 10.08 shall survive. 

        SECTION
4.02.    Application of Trust Money.    Subject to the provisions of the last paragraph of
Section 10.08, all money deposited with the Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this
Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the
principal (and premium, if any) and interest for whose payment such money has been deposited with or received by the Trustee, but such money need not be segregated from other funds except to the
extent required by law. 

31

 
ARTICLE 5

REMEDIES 

        Section 5.01.    Events of Default.    "Event of Default,"
wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or
to 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): 

        (1)   the
Company defaults in the payment of interest on any Security of that series when such interest becomes due and payable and the default continues for a period of
30 days; or 

        (2)   the
Company defaults in the payment of the principal of, or premium, if any, on any Security of that series when the same becomes due and payable at Maturity or on
redemption or otherwise; or 

        (3)   the
Company fails to deposit any sinking fund payment, when and as due by the terms of a Security of that series; or 

        (4)   the
Company fails to observe or perform in any material respect any of its other covenants, agreements or warranties in the Securities of that series or this Indenture
(other than a covenant, agreement or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture
solely for the benefit of a series of Securities other than that series), and the failure to observe or perform continues for the period and after the notice specified in the last paragraph of this
Section; or 

        (5)   an
event of default, as defined in any mortgage, indenture, or instrument under which there may be issued, or by which there may be secured or evidenced, any
Indebtedness of the Company (including Securities of another series) (other than the Securities of such series) (whether such Indebtedness now exists or shall hereafter be created or incurred) shall
occur and shall result in Indebtedness becoming or being declared due and payable prior to the date on which it would otherwise become due and payable, and such default in payment is not cured or such
acceleration shall not be rescinded or annulled within 10 days after written notice to the Company from the Trustee or to the Company and to the Trustee from the Holders of at least
twenty-five percent in aggregate principal amount of the Outstanding Securities of that series specifying such event of default and requiring the Company to cure such default in payment or
cause such acceleration to be rescinded or annulled and stating that such notice is a "Notice of Default" hereunder;  provided, however, that it shall not be an Event of Default if the principal amount of Indebtedness
which is not paid at maturity or the maturity of which is accelerated is equal to or less than $20,000,000; provided further that if, prior to a
declaration of acceleration of the maturity of the Securities of that series or the entry of judgment in favor of the Trustee in a suit pursuant to Section 5.03, such default shall be remedied
or cured by the Company or waived by the holders of such Indebtedness, then the Event of Default hereunder by
reason thereof shall be deemed likewise to have been thereupon remedied, cured or waived without further action upon the part of either the Trustee or any of the Holders of the Securities of that
series, and provided further, that, subject to Sections 6.01 and 6.02, the Trustee shall not be charged with knowledge of any such default unless
written notice of such default shall have been given to the Trustee by the Company, by a holder or an agent of a holder of any such Indebtedness, by the trustee then acting under any indenture or
other instrument under which such default shall have occurred, or by the Holders of at least five percent in aggregate principal amount of the Securities of that series at the time outstanding; or 

        (6)   the
Company or any of its Restricted Subsidiaries pursuant to or within the meaning of any Bankruptcy Law (A) commences a voluntary case or proceeding under any
Bankruptcy Law 

32

 

with
respect to itself, (B) consents to the entry of a judgment, decree or order for relief against it in an involuntary case or proceeding under any Bankruptcy Law, (C) consents to or
acquiesces in the institution of bankruptcy or insolvency proceedings against it, (D) applies for, consents to or acquiesces in the appointment of or taking possession by a Custodian of it or
for all or substantially all of its property, (E) makes a general assignment for the benefit of its creditors or (F) takes any corporate action in furtherance of or to facilitate,
conditionally or otherwise, any of the foregoing; or 

        (7)   (i) a
court of competent jurisdiction enters a judgment, decree or order for relief in an involuntary case or proceeding under any Bankruptcy Law which shall
(A) approve as properly filed a petition seeking reorganization, arrangement, adjustment or composition in respect of the Company or any of its Restricted Subsidiaries, (B) appoint a
Custodian of the Company or any of its Restricted Subsidiaries or for all or substantially all of its property or (C) order the winding-up or liquidation of affairs of the Company
or any of its Restricted Subsidiaries, and such judgment, decree or order shall remain unstayed and in effect for a period of 90 consecutive days; or (ii) any bankruptcy or insolvency petition
or application is filed, or any bankruptcy or insolvency proceeding is commenced, against the Company or any of its Restricted Subsidiaries and such petition, application or proceeding is not
dismissed or stayed within 60 days; or (iii) a warrant of attachment is issued against any material portion of the property of the Company or any of its Restricted Subsidiaries which is
not released within 60 days of service; or 

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

        A
Default under clause (4) above is not an Event of Default until the Trustee or the Holders of at least twenty-five percent in aggregate principal amount of the
Outstanding Securities of that series notify the Company of the Default and the Company does not cure the Default within 60 days after receipt of the notice. The notice must specify the
Default, demand that it be remedied and state that the notice is a "Notice of Default."When a Default under clause (4) above is cured within such
60-day period, it ceases to be a Default. 

        SECTION
5.02.    Acceleration of Maturity; Rescission and Annulment.    If an Event of Default with respect to
Securities of any series (other than an Event of Default specified in clause (6) or (7) of Section 5.01) occurs and is continuing, the Trustee by notice in writing to the Company,
or the Holders of at least twenty-five percent in aggregate principal amount of the Outstanding Securities of that series by notice in writing to the Company and the Trustee, may declare
the unpaid principal of and accrued interest to the date of acceleration (or, if the Securities of that series are Original Issue Discount Securities, such portion of the principal amount as may be
specified in the terms of that series) on all the Outstanding Securities of that series to be due and payable immediately and, upon any such declaration, the Outstanding Securities of that series (or
specified principal amount) shall become and be immediately due and payable. 

        If
an Event of Default specified in clause (6) or (7) of Section 5.01 occurs, all unpaid principal of and accrued interest on the Outstanding Securities of that
series (or specified principal amount) shall automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder of any Security of
that series. 

        Upon
payment of all such principal and interest, all of the Company's obligations under the Securities of that series and (upon payment of the Securities of all series) this Indenture
shall terminate, except obligations under Section 6.07. 

        At
any time after a declaration of acceleration of Maturity with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been
obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series by notice to the Trustee may rescind an
acceleration and its 

33

 

consequences
if (i) all existing Events of Default, other than the nonpayment of the principal of and interest on the Securities of that series that has become due solely by such declaration of
acceleration, have been cured or waived, (ii) to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal that has become due
otherwise than by such declaration of acceleration have been paid, (iii) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (iv) all
payments due to the Trustee and any predecessor Trustee under Section 6.07 have been made. 

        SECTION
5.03.    Collection of Indebtedness and Suits for Enforcement by Trustee.    The Company covenants that if: 

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

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

        (3)   default
is made in the payment of any sinking fund or analogous obligation when the same becomes due by the terms of the Securities of any series, and any such default
continues for any period of grace provided with respect to the Securities of such series, 

the
Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal (and premium, if any)
and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal (and premium, if any) and on any overdue interest, at the rate or rates
prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel. 

        If
the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the
collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect
the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 

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

34

  

        SECTION 5.04.    Trustee May File Proofs of Claim.    In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the material property of
the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such
proceeding or otherwise, 

        (i)    to
file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of the Securities and to file such other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings, and 

        (ii)   to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due 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 6.07. 

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

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

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

        First:    To the payment of all amounts due the Trustee under Section 6.07 applicable to such series; 

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

        Third:    To the Company. 

35

 

        The
Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 5.06. At least ten (10) days before such record date, the Trustee
shall mail to each Holder and the Company a notice that states the record date, the payment date and the amount to be paid. 

        SECTION
5.07.    Limitation on Suits.    No Holder of any Security of any series 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 with respect to the Securities of that series; 

        (2)   the
Holders of at least twenty-five percent in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

        (3)   such
Holder or Holders shall have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance
with such request; 

        (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 Holders of a majority in principal amount
of the Outstanding Securities of that series; 

it
being understood and intended that no one or more of Holders of Securities of any series 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 of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable benefit of all Holders of Securities of the affected series. 

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

        SECTION
5.09.    Restoration of Rights and Remedies.    If the Trustee or any Holder has instituted any proceeding to
enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in
every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and
thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding has been instituted. 

        SECTION
5.10.    Rights and Remedies Cumulative.    Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders 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 

36

 

remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

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

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

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

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

        (3)   subject
to Section 6.01, the Trustee need not take any action which might involve the Trustee in personal liability or be unduly prejudicial to the Holders not
joining therein. 

        SECTION
5.13.    Waiver of Past Defaults.    The Holders of not less than a majority in principal amount of the
Outstanding Securities of any series may by written notice to the Trustee on behalf of the Holders of all the Securities of such series waive any Default or Event of Default with respect to such
series and its consequences, except a Default or Event of Default 

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

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

        Upon
any such waiver, such Default or Event of Default shall cease to exist and shall be deemed to have been cured, for every purpose of this Indenture and the Securities of such series;
but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 

        SECTION
5.14.    Undertaking for Costs.    All parties to this Indenture agree, and each Holder of any Security by his
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this 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 attorneys' fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or
group of Holders, holding in the aggregate more than ten percent in principal amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the
payment of the principal of or premium, if any, or interest on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on or after the
Redemption Date). 

37

 

 
 

ARTICLE 6
THE TRUSTEE

        SECTION
6.01.    Certain Duties and Responsibilities of the Trustee.    (a) Except during the continuance of
an Event of Default, the Trustee's duties and responsibilities under this Indenture shall be governed by Section 315(a) of the Trust Indenture Act. 

        (b)   In
case an Event of Default has occurred and is continuing, and is known to the Trustee, the Trustee shall exercise the rights and powers vested in it by this Indenture,
and shall 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 such person's own affairs. 

        (c)   None
of the provisions of Section 315(d) of the Trust Indenture Act shall be excluded from this Indenture. 

        (d)   Every
provision of this Indenture which pertains to the Trustee shall be subject to this Section 6.01. 

        SECTION
6.02.    Notice of Defaults.    Within 90 days after the occurrence of any Default or Event of Default
with respect to the Securities of any series, the Trustee shall give to all Holders of Securities of such series, as their names and addresses appear in the Security Register, notice of such Default
or Event of Default known to the Trustee, unless such Default or Event of Default shall have been cured or waived; provided,  however, that, except in the
case of a Default or Event of Default in the payment of the principal of or premium, if any, or interest on any Security of
such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers
of the Trustee in good faith determine that the withholding of such notice is in the interest of the Holders of Securities of such series. 

        SECTION
6.03.    Certain Rights of Trustee.    Subject to the provisions of the Trust Indenture Act: 

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

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

        (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; 

        (d)   the
Trustee may consult with counsel of its selection and may rely on the advice of such counsel or any Opinion of Counsel in respect of any action taken, suffered or
omitted by it hereunder in good faith unless such reliance by the Trustee constitutes gross negligence or willful misconduct; 

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

38

 

        (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, approval or other paper or document, or the books and records of the Company, unless requested in writing to do so by the Holders of a majority in principal amount
of the Outstanding Securities of any series; provided, however, that if the payment within a reasonable
time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is not, in the opinion of the Trustee, reasonably assured to the Trustee by
the security afforded to it by the terms of this Indenture, the Trustee may require indemnity reasonably satisfactory to it against such costs, expenses or liabilities as a condition to so proceeding;
the reasonable expense of every such investigation shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand; 

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

        (h)   the
Trustee shall not be required 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 its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it; 

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

        (j)    the
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall
be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder; and 

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

        SECTION
6.04.    Not Responsible for Recitals or Issuance of Securities.    The recitals herein and in the Securities,
except the Trustee's certificates of authentication, shall be taken as the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their
correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities, except that the Trustee represents that it is duly authorized to execute and
deliver this Indenture, authenticate the Securities and perform its obligations hereunder, and that the statements made by it or to be made by it in a Statement of Eligibility on
Form T-1 supplied to the Company are true and accurate. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities
or the proceeds thereof. 

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

39

 

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

        SECTION
6.07.    Compensation and Reimbursement.    The Company agrees 

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

        (2)   except
as otherwise expressly provided herein, to reimburse the Trustee upon its 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 its agents and counsel), except any such expense, disbursement
or advance as may be attributable to its negligence or willful misconduct; and 

        (3)   to
indemnify the Trustee for, and to hold it harmless against, any and all loss, liability, damage, claim or expense, including taxes (other than taxes based upon or
determined or measured by the income of the Trustee), incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the trust
or trusts hereunder, including the 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
Trustee shall have a lien prior to the Securities as to all property and funds held by it hereunder for any amount owing to it or any predecessor Trustee pursuant to this
Section 6.07, except with respect to funds held in trust for the benefit of the Holders of particular Outstanding Securities. 

        When
the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.01(6) or Section 5.01(7), the expenses (including the
reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Bankruptcy Law. 

        The
provisions of this Section 6.07 shall survive this Indenture and the resignation or removal of the Trustee. 

        SECTION
6.08.    Disqualification; Conflicting Interests.    The Trustee shall be disqualified only where such
disqualification is required by Section 310(b) of the Trust Indenture Act. Nothing shall prevent the Trustee from filing with the Commission the application referred to in the second to last
paragraph of Section 310(b) of the Trust Indenture Act. 

        SECTION
6.09.    Corporate Trustee Required; Eligibility.    There shall at all times be a Trustee hereunder which
shall be eligible to act as Trustee under Section 310(a)(1) of the Trust Indenture Act having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by
federal or state authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the
purposes of this
Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. Neither the
Company nor any Person directly or indirectly controlling, controlled by, or under common control with the Company may serve as Trustee. 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
6.10.    Resignation and Removal; Appointment of Successor.    (a) No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article shall become 

40

 

effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11. 

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

        (c)   The
Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities
of such series, delivered to the Trustee and to the Company. 

        (d)   If
at any time: 

        (1)   the
Trustee shall fail to comply with Section 310(b) of the Trust Indenture Act after written request therefor by the Company or by any Holder who has been a bona
fide Holder of a Security for at least six months; or 

        (2)   the
Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after written request therefor by the Company or by any such Holder of a
Security who has been a bona fide Holder of a Security for at least six months; or 

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

        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 removal, the Trustee being
removed may petition, at the expense of the Company, any court of competent jurisdiction, for the appointment of a successor Trustee with respect to the Securities of such series. 

41

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

        (f)    The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor
Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to all Holders of Securities of such series as their names and
addresses appear in the Security Register. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 

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

        (b)   In
case of the appointment hereunder of a successor Trustee with respect to the Securities of such (but not all) series, the Company, the retiring Trustee and each
successor Trustee with respect to the Securities of such series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which
(1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all
Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of
that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture
as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such 

42

 

Trustee;
and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 

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

        (d)   No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under the Trust Indenture
Act. 

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

        SECTION
6.13.    Preferential Collection of Claims Against Company.    The Trustee shall comply with
Section 311(a) of the Trust Indenture Act, excluding any creditor relationship listed in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be
subject to Section 311(a) of the Trust Indenture Act to the extent indicated therein. 

        SECTION
6.14.    Appointment of Authenticating Agent.    At any time when any of the Securities remain Outstanding the
Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of, and subject to the direction of, the Trustee to
authenticate Securities of such series issued upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.06, and Securities so authenticated shall be
entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the Trustee or the Trustee's certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee
by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at
all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by federal or State authority. If such Authenticating Agent publishes
reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of
such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to
be eligible in accordance with the provisions of this 

43

 

Section,
such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 

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

        An
Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and
shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect to which such Authenticating Agent will serve, as their
names and addresses appear in the Security
Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as
if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

        The
Company agrees to pay to each Authenticating Agent from time to time reasonable compensation as negotiated between the Company and such Authenticating Agent for its services under
this Section. 

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

Form
of Authenticating Agent's

Certificate of Authentication 

Dated:                    

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

	 	 	SUNTRUST BANK
 As Trustee
	

 	
 	

By	

 As Authenticating Agent
	

 	
 	

By	

 Authorized Signatory

        SECTION
6.15.    Compliance with Tax Laws.    The Trustee hereby agrees to comply with all U.S. Federal income tax
information reporting and withholding requirements applicable to it with respect to payments of premium (if any) and interest on the Securities of any series, whether acting as Trustee, Security
Registrar, Paying Agent or otherwise with respect to the Securities of any series. 

44

  

 
 

ARTICLE 7
HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY    

        Section 7.01.    Company to Furnish Trustee Names and Addresses of Holders.    The
Company will furnish or cause to be furnished to the Trustee: 

        (a)   semi-annually,
not later than 15 days after the Regular Record Date for each series of Securities, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders of Securities as of such Regular Record Date (unless the Trustee has such information), or if there is no Regular Record Date for interest for such
series of Securities, semi-annually, upon such dates as are set forth in the Board Resolution or indenture supplemental hereto authorizing such series, and 

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

provided, however, that so long as the Trustee is the Security Registrar, no such list shall be required
to be furnished. 

        SECTION
7.02.    Preservation of Information; Communications to Holders.    (a) The Trustee shall preserve,
in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 7.01 and the names and
addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so
furnished. 

        (b)   If
three or more Holders (herein referred to as "applicants") apply in writing to the Trustee, and furnish to the Trustee
reasonable proof that each such applicant has owned a Security for a period of at least six months preceding the date of such application, and such application states that the applicants desire to
communicate with other Holders with respect to their rights under this Indenture or under the Securities and is accompanied by a copy of the form of proxy or other communication which such applicants
propose to transmit, then the Trustee shall, within five Business Days after the receipt of such application, at its election, either 

        (i)    afford
such applicants access to the information preserved at the time by the Trustee in accordance with Section 7.02(a); or 

        (ii)   inform
such applicants as to the approximate number of Holders whose names and addresses appear in the information preserved at the time by the Trustee in accordance
with Section 7.02(a), and as to the approximate cost of mailing to such Holders the form of proxy or other communication, if any, specified in such application. 

        If
the Trustee shall elect not to afford such applicants access to such information, the Trustee shall, upon the written request of such applicants, mail to each Holder whose name and
address appears in the information preserved at the time by the Trustee in accordance with Section 7.02(a) a copy of the form of proxy or other communication which is specified in such request,
with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless within five days after
such tender the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the
Trustee, such mailing would be contrary to the best interest of the Holders or would be in violation of applicable law. Such written statement shall specify the basis of such opinion. If the
Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of
an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all objections so sustained have 

45

 

been
met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Holders with reasonable promptness after the entry of such order and the renewal of such
tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants respecting their application. 

        (c)   Every
Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either
of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with Section 7.02(b), regardless of the source
from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 7.02(b). 

        SECTION
7.03.    Reports by Trustee.    (a) Within 60 days after May 15 of each year commencing
with the year 2004, the Trustee shall transmit by mail to all Holders of Securities as provided in Section 313(c) of the Trust Indenture Act, a brief report dated as of May 15, if
required by and in compliance with Section 313(a) of the Trust Indenture Act. The Trustee shall also comply with Section 313(b) of the Trust Indenture Act. 

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

        SECTION
7.04.    Reports by Company.    The Company shall: 

        (1)   file
with the Trustee, within 15 days after the Company files the same with the Commission, copies of the annual reports and of the information, documents and
other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of said Sections,
then it shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information,
documents and reports which may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from
time to time in such rules and regulations; 

        (2)   file
with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents
and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 

        (3)   furnish
to the Trustee, on October 15 of each year, a brief certificate from the principal executive officer, principal financial officer or principal accounting
officer as to his or her knowledge of the Company's compliance with all conditions and covenants under this Indenture. For purposes of this paragraph, such compliance shall be determined without
regard to any period of grace or requirement of notice provided under this Indenture. Such certificate need not comply with Section 1.02. 

        Delivery
of reports, information and documents to the Trustee is for informational purposes only and the Trustee's receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the Company's compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officers' Certificates). 

46

 
 
 

ARTICLE 8
CONSOLIDATION, MERGER, LEASE, SALE OR TRANSFER    

        Section 8.01.    When Company May Merge, Etc.    The Company shall not consolidate
with, or merge with or into, any other Person (whether or not the Company shall be the surviving corporation), or convey, transfer or lease all or substantially all of its properties and assets as an
entirety or substantially as an entirety to any Person or group of affiliated Persons, in one transaction or a series of related transactions, unless: 

        (1)   either
the Company shall be the continuing Person or the Person (if other than the Company) formed by such consolidation or with which or into which the Company is
merged or the Person (or group of affiliated Persons) to which all or substantially all the properties and assets of the Company as an entirety or substantially as an entirety are conveyed,
transferred or leased shall be a corporation (or constitute corporations) organized and existing under the laws of the United States of America or any State thereof or the District of Columbia and
shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, all the obligations of the Company under the Securities and
this Indenture; and 

        (2)   immediately
after giving effect to such transaction or series of related transactions, no Event of Default, and no Default, shall have occurred and be continuing. 

        SECTION
8.02.    Opinion of Counsel.    The Company shall deliver to the Trustee prior to the proposed transaction(s)
covered by Section 8.01 an Officers' Certificate and an Opinion of Counsel stating that the transaction(s) and such supplemental indenture comply with this Indenture and that all conditions
precedent to the consummation of the transaction(s) under this Indenture have been met. 

        SECTION
8.03.    Successor Corporation Substituted.    Upon any consolidation by the Company with or merger by the
Company into any other corporation or any conveyance, transfer or lease of all or substantially all of the property and assets of the Company in accordance with Section 8.01, the successor
corporation formed by such consolidation or into which the Company is merged or the successor corporation or affiliated group of corporations to which such lease, sale, assignment or transfer is made
shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor corporation or corporations had been
named as the Company herein, and thereafter, except in the case of a lease, the predecessor corporation or corporations shall be relieved of all obligations and covenants under this Indenture and the
Securities and in the event of such conveyance or transfer, except in the case of a lease, any such predecessor corporation may be dissolved and liquidated. 

 
 

ARTICLE 9
SUPPLEMENTAL INDENTURES    

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

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

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

47

 

        (3)   to
add any additional Events of Default with respect to all or any series of Securities; or 

        (4)   to
add or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form,
registrable or not registrable as to principal, and with or without interest coupons; or 

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

        (6)   to
secure the Securities; or 

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

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

        (9)   to
cure any ambiguity, defect or inconsistency or to correct or supplement any provision herein which may be inconsistent with any other provision herein; or 

        (10)  to
make any change that does not materially adversely affect the interests of the Holders of Securities of any series; or 

        (11)  to
add guarantees with respect to any or all of the Securities; or 

        (12)  to
provide for uncertificated Securities in addition to or in place of certificated Securities (provided
that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Internal Revenue Code or in a manner such that the uncertificated Securities are described
in Section 163(f)(2)(B) of such Code). 

        Upon
request of the Company, accompanied by a Board Resolution authorizing the execution of any such supplemental indenture, and upon receipt by the Trustee of the documents described in
(and subject to the last sentence of) Section 9.03, the Trustee shall join with the Company in the execution of any supplemental indenture authorized or permitted by the terms of this
Indenture. 

        SECTION
9.02.    Supplemental Indentures with Consent of Holders.    With the written consent of the Holders of a
majority in aggregate principal amount of the Outstanding Securities of each series affected by such supplemental indenture (with the Securities of each series voting as a class), by Act of said
Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee shall, subject to Section 9.03, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders
of Securities of such series under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security affected thereby, 

        (1)   change
the Stated Maturity of the principal of, or premium, if any, or any installment of principal of or premium, if any, or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon or any premium payable upon the redemption, repurchase or repayment thereof, or change the manner in which the amount of any principal thereof
or premium, if any, or interest thereon is determined, or reduce the amount of the principal of any Original Issue Discount Security that would be due and payable upon a declaration of acceleration of
the Maturity thereof pursuant to Section 5.02, or change any Place of Payment where, or the coin or currency or currency unit in which, any Security or any premium or interest thereon is
payable, or impair the right to 

48

 

institute
suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date); 

        (2)   reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or
the consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture or Defaults or Events of Default hereunder and their consequences provided for in this
Indenture; or 

        (3)   change
the redemption provisions (including Article 11) hereof in a manner adverse to such Holder; or 

        (4)   modify
any of the provisions of this Section, Section 5.13 or Section 10.11, 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 Security affected thereby; provided,  however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to "the Trustee" and
concomitant changes in this Section and Section 10.11, or the deletion of this proviso, in accordance with the requirements of Sections 6.11(b) and 9.01(8). 

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

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

        SECTION
9.03.    Execution of Supplemental Indentures.    The Trustee shall sign any supplemental indenture authorized
pursuant to this Article, subject to the last sentence of this Section 9.03. 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 receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Officers'
Certificate and 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 rights, duties or immunities under this Indenture or otherwise. 

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

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

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

49

 

 
 

ARTICLE 10
COVENANTS    

        SECTION 10.01.    Payments of Securities.    With respect to each series of Securities, the
Company will duly and punctually pay the principal of (and premium, if any) and interest on such Securities in accordance with their terms and this Indenture, and will duly comply with all the other
terms, agreements and conditions contained in, or made in the Indenture for the benefit of, the Securities of such series. 

        SECTION
10.02.    Maintenance of Office or Agency.    The Company will maintain an office or agency in each Place of
Payment where Securities may be surrendered for registration of transfer or exchange or
for presentation for payment, where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Company will give prompt written notice to the Trustee
of the location, and any change in location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee as set forth in Section 1.05 hereof. 

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

        SECTION
10.03.    Corporate Existence.    Subject to Article 8 hereof, the Company will do or cause to be done
all things necessary to preserve and keep in full force and effect its corporate existence and that of each of its Subsidiaries and the rights (charter and statutory), licenses and franchises of the
Company and its Subsidiaries; provided, however, that (a) the Company shall not be required to
preserve any such right, license or franchise or the corporate existence of any of its Subsidiaries if the Board of Directors, or the board of directors of the Subsidiary concerned, as the case may
be, shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company or any of its Subsidiaries, and (b) nothing herein contained shall prevent
any Subsidiary of the Company from liquidating or dissolving, or merging into, or consolidating with the Company (provided that the Company shall be the
continuing or surviving corporation) or with any one or more other Subsidiaries if the Board of Directors or the board of directors of the Subsidiary concerned, as the case may be, shall so determine. 

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

50

   
        SECTION 10.05.    Maintenance of Properties.    The Company will cause all material properties used or useful in
the
conduct of its business or the business of any of its Subsidiaries to be maintained and kept in good condition, repair and working order (normal wear and tear excepted) and supplied with all necessary
equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary, so that the business
carried on in connection therewith may be properly and advantageously conducted at all times; provided,  however, that nothing in this Section shall prevent
the Company from discontinuing the operation or maintenance of any of such properties, or disposing
of any of them, if such discontinuance or disposal is, in the judgment of the Board of Directors or of the board of directors of the Subsidiary concerned, as the case may be, desirable in the conduct
of the business of the Company or any Subsidiary of the Company. 

        SECTION
10.06.    Compliance Certificates.    (a) The Company shall deliver to the Trustee within
90 days after the end of each fiscal year of the Company (which fiscal year currently ends on December 31), an Officers' Certificate stating whether or not the signer knows of any
Default or Event of Default by the Company that occurred prior to the end of the fiscal year and is then continuing. If the signer does know of such a Default or Event of Default, the certificate
shall describe each such Default or Event of Default and its status and the specific section or sections of this Indenture in connection with which such Default or Event of Default has occurred. The
Company shall also promptly notify the Trustee in writing should the Company's fiscal year be changed so that the end thereof is on any date other than the date on which the Company's fiscal year
currently ends. The certificate need not comply with Section 1.02 hereof, but shall comply with Section 314(a)(4) of the Trust Indenture Act. 

        (b)   The
Company shall deliver to the Trustee, within 10 days after the occurrence thereof, notice of any acceleration which with the giving of notice and the lapse of
time would be an Event of Default within the meaning of Section 5.01(5) hereof. 

        (c)   The
Company shall deliver to the Trustee forthwith upon becoming aware of a Default or Event of Default (but in no event later than 10 days after the occurrence
of each Default or Event of Default that is continuing), an Officers' Certificate setting forth the details of such Default or Event of Default and the action that the Company proposes to take with
respect thereto and the specific section or sections of this Indenture in connection with which such Default or Event of Default has occurred. 

        SECTION
10.07.    Waiver of Stay, Extension or Usury Laws.    The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim, and will actively resist any and all efforts to be compelled to take the benefit or advantage of,
any stay or extension law or any usury law or other law, which would prohibit or forgive the Company from paying all or any portion of the principal of and/or interest on the Securities as
contemplated
herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and (to the extent that it may lawfully do so) the Company
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
10.08.    Money for Securities Payments to be Held in Trust.    If the Company shall at any time act as its
own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of (and premium, if any) or interest on any of the Securities of that series, segregate
and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to such Persons
or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 

51

 

        Whenever
the Company shall have one or more Paying Agents for any series of Securities, it will, prior to 10:00 a.m. at each Place of Payment on each due date of the principal of
(and premium, if any) or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be
held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action
or failure to so act. 

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

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

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

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

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

        Any
money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and premium, if any) or interest on any Security of
any series and remaining unclaimed for one year after such principal (and premium, if any) or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by
the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided,  however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be
published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in New York, New York, notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the
Company. 

        SECTION
10.09.    Limitations on Liens.    Unless the terms of a particular series of Securities otherwise provide, so
long as any Securities of such series remain Outstanding, the Company will not, nor will it permit any Restricted Subsidiary to, issue, incur, create, assume or guarantee any Indebtedness secured by a
mortgage, security interest, pledge, lien, charge or other encumbrance (mortgages, security interests, pledges, liens, charges and other encumbrances being hereinafter in this Article 10
referred to as "lien" or "liens") upon any assets of the Company or any Restricted Subsidiary (whether
such assets are now existing or owned or hereafter created or acquired) without in any such case effectively providing concurrently with the issuance, incurrence, creation, assumption or guaranty of
any such Indebtedness that the Securities of such series (together with, if the Company shall so determine, any other indebtedness of or guarantee by the Company or such Restricted Subsidiary ranking
equally with the Securities of such series and then existing or thereafter created) 

52

 

shall
be secured equally and ratably with (or, at the Company's option, prior to) such secured Indebtedness until such time as such Indebtedness is no longer secured by a lien. The preceding sentence
shall not require the Company to secure any Securities of such series if the lien consists of either of the following: 

        (a)   Permitted
Liens; or 

        (b)   liens
securing Indebtedness if, after giving pro forma effect to the incurrence, creation, assumption or guaranty of such Indebtedness (and the receipt and application
of the proceeds thereof) or the securing of outstanding Indebtedness, the sum of (without duplication) (i) the aggregate principal amount of all such Indebtedness of the Company and its
Subsidiaries secured by liens (other than Permitted Liens) upon the assets of the Company or any Restricted Subsidiary or, if less, the fair market value of the property subject to such lien, as
determined in good faith by the Board of Directors and (ii) all Attributable Debt in respect of Sale and Lease-Back Transactions not otherwise permitted under the first sentence of
Section 10.11, at the time of determination does not exceed fifteen percent of Consolidated Net Worth. 

        SECTION
10.10.    Limitations on Sale and Lease-back Transactions.    Unless the terms of a particular
series of Securities otherwise provide, so long as any Securities of such series remain Outstanding, the Company will not, nor will it permit any Restricted Subsidiary to, enter into any Sale and
Lease-Back Transaction for a term of more than three years unless (a) the assets subject to the Sale and Lease-back Transaction have not been owned by the Company or a
Restricted Subsidiary or have not been in full operation for more than one year prior to the Sale and Lease-back Transaction or (b) the Company or such Restricted Subsidiary would
be entitled to incur Indebtedness secured by a lien on such assets in an amount at least equal to the Attributable Debt with respect to such Sale and Lease-Back Transaction without equally
and ratably securing the Securities of such series pursuant to Section 10.10 or (c) the Company, within 180 days after the effective date of such Sale and Lease-Back
Transaction, applies an amount equal to the value of such assets to the defeasance or retirement (other than any mandatory retirement, mandatory prepayment or sinking fund payment or by way of payment
at maturity) of Securities or other Indebtedness of the Company or a Restricted Subsidiary that matures more than one year after the creation of such Indebtedness or to the purchase, construction or
development of other comparable property or (d) the transaction is between the Company and one of its Restricted Subsidiaries. Notwithstanding the foregoing, the Company and its Restricted
Subsidiaries shall be allowed to enter into Sale and Lease-back Transactions if, after giving pro forma effect to such Sale and Lease-back Transaction (and the receipt and
application of proceeds thereof) the sum of (without duplication) (i) the aggregate principal amount of all Indebtedness of the Company and its Subsidiaries secured by liens (other than
Permitted Liens) upon the assets of the Company or any Restricted Subsidiary or, if less, the fair market value of the property subject to such lien, as determined in good faith by the Board of
Directors and (ii) all Attributable Debt in respect of Sale and Lease-Back Transactions not otherwise permitted under the first sentence of this Section 10.11, at the time of
determination does not exceed fifteen percent of Consolidated Net Worth. 

        SECTION
10.11.    Waiver of Certain Covenants.    The Company may omit in any particular instance to comply with any
term, provision or condition set forth in Sections 10.09 or 10.10 with respect to the Securities of any series if before the time for such compliance the Holders of not less than a majority in
principal amount of the Outstanding Securities of such series shall, by Act or such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or
condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of
the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

53

 

ARTICLE 11

REDEMPTION OF SECURITIES

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

        SECTION
11.02.    Election to Redeem; Notice to Trustee.    The election of the Company to redeem any Securities shall
be evidenced by a Board Resolution. In case of any redemption at the election of the Company of the Securities of any series, the Company shall, at least 30 and not more than 60 days prior to
the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Securities of such
series to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officers' Certificate evidencing compliance with such restriction. 

        SECTION
11.03.    Selection by Trustee of Securities to be Redeemed.    If less than all the Securities of any series
are to be redeemed, the particular Securities to be redeemed shall be selected not less than 90 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series
not previously called for redemption, substantially pro rata, by lot or by any other method as the Trustee considers fair and appropriate and that complies with the requirements of the principal
national securities exchange, if any, on which such Securities are listed, and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for
Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of
that series; provided that in case the Securities of such series have different terms and maturities, the Securities to be redeemed shall be selected by
the Company and the Company shall give notice thereof to the Trustee. 

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

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

        SECTION
11.04.    Notice of Redemption.    Notice of redemption shall be given by first-class mail, postage prepaid,
mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register. 

        All
notices of redemption shall state: 

        (1)   the
Redemption Date; 

        (2)   the
Redemption Price; 

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

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

54

 

        (5)   the
place or places where such Securities are to be surrendered for payment of the Redemption Price; 

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

        (7)   the
CUSIP number, if any, of the Securities to be redeemed. 

        Notice
of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company's request made at least five Business Days prior to the
date upon which such notice is to be mailed, by the Trustee in the name and at the expense of the Company. 

        SECTION
11.05.    Deposit of Redemption Price.    Prior to 10:00 a.m. at each Place of Payment on any
Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in
Section 10.08) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which
are to be redeemed on that date. 

        Unless
any Security by its terms prohibits any sinking fund payment obligation from being satisfied by delivering and crediting Securities (including Securities redeemed otherwise than
through a sinking fund), the Company may deliver such Securities to the Trustee for crediting against such payment obligation in accordance with the terms of such Securities and this Indenture. 

        SECTION
11.06.    Securities Payable on Redemption Date.    Notice of redemption having been given as aforesaid, the
Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the
payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security
shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided,  however, that installments of
interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the relevant Regular or Special Record Dates according to their terms and the provisions of Section 3.07. 

        If
any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption
Date at the rate prescribed therefor in the Security. 

        SECTION
11.07.    Securities Redeemed in Part.    Any Security which is to be redeemed only in part shall be
surrendered at an office or agency of the Company at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and
deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and Stated Maturity, of any authorized denomination as requested by such Holder, in
aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 

ARTICLE 12

SINKING FUNDS

        SECTION
12.01.    Applicability of Article.    The provisions of this Article shall be applicable to any sinking fund
for the retirement of Securities of a series, except as otherwise specified as contemplated by Section 3.01 for Securities of such series. 

55

 

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

        SECTION
12.02.    Satisfaction of Sinking Fund Payments with Securities.    The Company (1) may deliver
Securities of a series (other than any Securities previously called for redemption) and (2) may apply as a credit Securities of a series which have been redeemed either at the election of the
Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or
any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series;  provided that
such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at
the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 

        SECTION
12.03.    Redemption of Securities for Sinking Fund.    Not less than 45 days prior to each sinking
fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers' Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant
to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities
of that series pursuant to Section 12.02 and will also deliver to the Trustee any Securities to be so delivered (which have not been previously delivered). Not less than 30 days before
each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.03 and cause notice of the
redemption thereof to be given in the name
of and at the expense of the Company in the manner provided in Section 11.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Sections 11.06 and 11.07. 

ARTICLE 13

DEFEASANCE AND COVENANT DEFEASANCE

        SECTION
13.01.    Applicability of Article; Company's Option to Effect Defeasance or Covenant Defeasance.    Unless
pursuant to Section 3.01 provision is made for the inapplicability of either or both of (a) defeasance of the Securities of a series under Section 13.02 or (b) covenant
defeasance of the Securities of a series under Section 13.03, then the provisions of such Section or Sections, as the case may be, together with the other provisions of this Article, shall be
applicable to the Securities of such series, and the Company may at its option by Board Resolution, at any time, with respect to the Securities of such series, elect to have either
Section 13.02 (unless inapplicable) or Section 13.03 (unless inapplicable) be applied to the Outstanding Securities of such series upon compliance with the applicable conditions set
forth below in this Article. 

        SECTION
13.02.    Defeasance and Discharge.    Upon the Company's exercise of the option provided in
Section 13.01 to defease the Outstanding Securities of a particular series, the Company shall be discharged from its obligations with respect to the Outstanding Securities of such series on the
date the applicable conditions set forth in Section 13.04 are satisfied (hereinafter, "defeasance"). Defeasance shall mean that the Company shall
be deemed to have paid and discharged the entire indebtedness represented by the Outstanding Securities of such series and to have satisfied all its other obligations under such Securities and this
Indenture insofar as such Securities are concerned (and the 

56

 

Trustee,
at the expense of the Company, shall execute proper instruments acknowledging the same); provided,  however, that the following rights, obligations, powers,
trusts, duties and immunities shall survive until otherwise terminated or discharged hereunder:
(A) the rights of Holders of Outstanding Securities of such series to receive, solely from the trust fund provided for in Section 13.04, payments in respect of the principal of (and
premium, if any) and interest on such Securities when such payments are due, (B) the Company's obligations with respect to such Securities under Sections 3.04, 3.05, 3.06, 6.07, 10.02 and
10.08, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (D) this Article. Subject to compliance with this Article, the Company may exercise its option
with respect to defeasance under this Section 13.02 notwithstanding the prior exercise of its option with respect to covenant defeasance under Section 13.03 in regard to the Securities
of such series. 

        SECTION
13.03.    Covenant Defeasance.    Upon the Company's exercise of the option provided in Section 13.01
to obtain a covenant defeasance with respect to the Outstanding Securities of a particular series, the Company shall be released from its obligations under this Indenture (except its obligations under
Sections 3.04, 3.05, 3.06, 5.06, 5.09, 6.07, 6.10, 10.01, 10.02, 10.06, 10.07 and 10.08) with respect to the Outstanding Securities of such series on and after the date the applicable conditions set
forth in
Section 13.04 are satisfied (hereinafter, "covenant defeasance"). Covenant defeasance shall mean that, with respect to the Outstanding Securities
of such series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in this Indenture (except its obligations under Sections 3.04,
3.05, 3.06, 5.06, 5.09, 6.07, 6.10, 10.01, 10.02, 10.06, 10.07 and 10.08), whether directly or indirectly by reason of any reference elsewhere herein or by reason of any reference to any other
provision herein or in any other document, and such omission to comply shall not constitute an Event of Default under Section 5.01(4) with respect to Outstanding Securities of such series, and
the remainder of this Indenture and of the Securities of such series shall be unaffected thereby. 

        SECTION
13.04.    Conditions to Defeasance or Covenant Defeasance.    The following shall be the conditions to
defeasance under Section 13.02 and covenant defeasance under Section 13.03 with respect to the Outstanding Securities of a particular series: 

        (1)   The
Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 6.09 who shall
agree to comply with the provisions of this Article applicable to it), under the terms of an irrevocable trust agreement in form and substance reasonably satisfactory to such Trustee, as trust funds
in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (A) money in an amount,
or (B) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of
any payment, money in an amount, or (C) a combination thereof, in each case sufficient, after payment of all federal, state and local taxes or other charges or assessments in respect thereof
payable by the Trustee, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge,
and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (i) the principal of (and premium, if any, on) and each installment of principal of (and premium,
if any) and interest on the Outstanding Securities of such series on the Stated Maturity of such principal or installment of principal or interest and (ii) any mandatory sinking fund payments
or analogous payments applicable to the Outstanding Securities of such series on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such
Securities. 

        (2)   No
Default or Event of Default with respect to the Securities of such series shall have occurred and be continuing on the date of such deposit or shall occur as a result
of such deposit, and no Default or Event of Default under clause (6) or (7) of Section 5.01 hereof shall occur and be continuing, at any time during the period ending on the 91st
day after the date of such deposit 

57

 

(it
being understood that this condition shall not be deemed satisfied until the expiration of such period). 

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

        (4)   Such
defeasance or covenant defeasance shall not cause any Securities of such series then listed on any national securities exchange registered under the Exchange Act to
be delisted. 

        (5)   In
the case of an election with respect to Section 13.02, the Company shall have delivered to the Trustee either (a) a ruling directed to the Trustee
received from the Internal Revenue Service to the effect that the Holders of the Outstanding Securities of such series will not recognize income, gain or loss for federal income tax purposes as a
result of such defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred or
(B) an Opinion of Counsel, based on such ruling or on a change in the applicable federal income tax law since the date of this Indenture, in either case to the effect that, and based thereon
such opinion shall confirm that, the Holders of the Outstanding Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such defeasance and
will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred. 

        (6)   In
the case of an election with respect to Section 13.03, the Company shall have delivered to the Trustee an Opinion of Counsel or a ruling directed to the
Trustee received from the Internal Revenue Service to the effect that the Holders of the Outstanding Securities of such series will not recognize income, gain or loss for federal income tax purposes
as a result of such covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance
had not occurred. 

        (7)   Such
defeasance or covenant defeasance shall be effected in compliance with any additional terms, conditions or limitations which may be imposed on the Company in
connection therewith pursuant to Section 3.01. 

        (8)   The
Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to
either the defeasance under Section 13.02 or the covenant defeasance under Section 13.03 (as the case may be) have been complied with. 

        SECTION
13.05.    Deposited Money and Government Obligations to be Held in Trust.    Subject to the provisions of the
last paragraph of Section 10.08, all money and Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee—collectively for
purposes of this Section 13.05, the "Trustee") pursuant to Section 13.04 in respect of the Outstanding Securities of a particular series
shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the
Company acting as its own Paying Agent) as the Trustee may determine, to the
Holders of such Securities of all sums due and to become due thereon in respect of principal (and premium, if any) and interest, but such money need not be segregated from other funds except to the
extent required by law. 

        The
Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the Government Obligations deposited pursuant to Section 13.04
or the principal and interest received in respect thereof, other than any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding Securities of such series. 

58

 

        Anything
in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government Obligations held
by it as provided in Section 13.04 with respect to Securities of any series which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited for the purpose for which such money or Government Obligations were
deposited. 

        SECTION
13.06.    Reinstatement.    If the Trustee or the Paying Agent is unable to apply any money or U.S. Government
Obligations, as the case may be, in accordance with this Article with respect to any Securities by reason of any order or judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, then the obligations under this Indenture and such Securities from which the Company has been discharged or released pursuant to Section 13.02 or 13.03
shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such time as the Trustee or Paying Agent is permitted to apply all
money or U.S. Government Obligations, as the case may be, held in trust pursuant to Section 13.05 with respect to such Securities in accordance with this Article;  provided, however, that if the Company makes any payment of principal of or any premium or interest on
any such Security following such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money or
U.S. Government Obligations, as the case may be, so held in trust. 

59

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

	

 	
 	

THE INTERPUBLIC GROUP OF

COMPANIES, INC.
	

 	
 	

By:	

/s/ Nicholas J. Camera

	

 	
 	

Name:	

Nicholas J. Camera

	

 	
 	

Title:	

Senior Vice President, General Counsel and Secretary

	

 	
 	

SUNTRUST BANK

              as Trustee
	

 	
 	

By:	

/s/ George T. Hogan

	

 	
 	

Name:	

George T. Hogan

	

 	
 	

Title:	

Vice President

60

QuickLinks

TABLE OF CONTENTS

THE INTERPUBLIC GROUP OF COMPANIES, INC.

RECITALS OF THE COMPANY

ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

ARTICLE 2 SECURITY FORMS

THE INTERPUBLIC GROUP OF COMPANIES, INC.

ASSIGNMENT FORM

ARTICLE 3 THE SECURITIES

ARTICLE 6 THE TRUSTEE

ARTICLE 7 HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

ARTICLE 8 CONSOLIDATION, MERGER, LEASE, SALE OR TRANSFER

ARTICLE 9 SUPPLEMENTAL INDENTURES

ARTICLE 10 COVENANTSExhibit 4.3

 

 

THIS WARRANT AND ANY SECURITIES ACQUIRED UPON
EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR
PURSUANT TO AN APPLICABLE EXEMPTION TO THE REGISTRATION REQUIREMENTS OF SUCH
ACT AND SUCH LAWS.  THIS WARRANT AND
SUCH SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN
COMPLIANCE WITH THE CONDITIONS SPECIFIED IN THIS WARRANT.

SSA GLOBAL
TECHNOLOGIES, INC.

COMMON STOCK PURCHASE WARRANT

 

	
  No. W-7

  	
   

  	
  June 1, 2004

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Warrant to Purchase the

  
	
   

  	
   

  	
  Initial Warrant Quantity

  

 

SSA GLOBAL TECHNOLOGIES, INC.,
a Delaware corporation  (the
“Corporation”), for value received, hereby certifies that INTERNATIONAL
BUSINESS MACHINES CORPORATION, a New York corporation, or its registered
assigns (the “Holder”), is entitled to purchase the Initial Warrant
Quantity from the Corporation at the Purchase Price (the “Warrant”), at
any time after the consummation of the Corporation’s Initial Public Offering or
from time to time thereafter on or prior to the Expiration Date, subject to the
terms, conditions and adjustments set forth below in this Warrant.  This Warrant shall vest over a one (1) year
period such that 1/12th (8.3333%) of the shares subject to this
Warrant shall vest on the last day of each calendar month commencing with the
first calendar month following the date hereof; provided, that this
Warrant shall become fully vested upon a Change of Control Transaction or
Drag-Along Sale.

1.             DEFINITIONS.  As used herein, unless the context otherwise
requires, the following terms shall have the meanings indicated:

“Affiliate”
shall mean any Person who is an “affiliate” as defined in Rule 12b-2 of the
General Rules and Regulations under the Securities Exchange Act of 1934, as
amended.

“Business
Day” shall mean any day other than a Saturday or a Sunday or any day on
which national banks in New York, New York are authorized or required by law to
close.  Any reference to “days” (unless
Business Days are specified) shall mean calendar days.

“Call”
shall have the meaning assigned to it in Section 2.5 hereof.

 

 

“Call
Notice” shall have the meaning assigned to it in Section 2.5 hereof.

“Call
Price” shall have the meaning assigned to it in Section 2.5 hereof.

“Commission”
shall mean the Securities and Exchange Commission or any successor agency
having jurisdiction to enforce the Securities Act.

“Common
Stock” shall mean the common stock, par value $0.01 per share, of the
Corporation, and shall include any stock into which such Common Stock shall
have been changed or any stock resulting from any reclassification of such
Common Stock.

“Common
Stock Equivalents” means any security or obligation which is by its terms,
directly or indirectly, convertible into or exchangeable or exercisable for
shares of Common Stock, including, without limitation, the Corporation’s Series
A Convertible Preferred Stock and any option, warrant or other subscription or
purchase right with respect to Common Stock or any Common Stock Equivalent.

“Corporation”
shall have the meaning assigned to it in the introduction to this Warrant, such
term to include any corporation or other entity which shall succeed to or
assume the obligations of the Corporation hereunder in compliance with
Section 4.

“Change
of Control Transaction” shall mean any transaction or series of
transactions by the Corporation in which more than 50% of the voting securities
of the Corporation are transferred to another Person, or any transfer, sale or
other disposition of all or substantially all the assets of the Corporation to
any other Person.

“Current
Market Price” shall mean, for the Common Stock as of any date, the last
trade price for the Common Stock on the Nasdaq National Market, as reported by
Bloomberg, or, if the Nasdaq National Market begins to operate on an extended
hours basis and does not designate the last trade price, then the last trade
price of the Common Stock prior to 4:00:00 p.m., New York Time, as reported by
Bloomberg, or, if the Nasdaq National Market is not the principal securities
exchange or trading market for the Common Stock, the last trade price of the
Common Stock on the principal securities exchange or trading market where the
Common Stock is listed or traded as reported by Bloomberg, or if the foregoing
do not apply, the last trade price of the Common Stock in the over-the-counter
market on the electronic bulletin board for the Common Stock as reported by
Bloomberg, or, if no last trade price is reported for the Common Stock by
Bloomberg, the average of the ask prices of any market makers for the Common
Stock as reported in the “pink sheets” by Pink Sheets LLC (formerly the
National Quotation Bureau, Inc.).  If
the last sale price cannot be calculated for the Common Stock on a particular
date on any of the foregoing bases, the Current Market Price of the Common
Stock on such date shall be the fair market value as determined in the
reasonable business judgment of the Corporation’s Board of Directors.  All such determinations shall be
appropriately adjusted for any stock dividend, stock split, stock combination
or other similar transaction during the applicable calculation period.

“Drag-Along
Sale” shall have the meaning assigned to it in Section 8.1 of this Warrant.

 

2

 

“Expiration
Date” shall mean the earlier of (i) the five year anniversary of the date
hereof and (ii) the six month anniversary of the date of termination of the
strategic alliance between the Corporation and the Holder.

“Holder”
shall have the meaning assigned to it in the introduction to this Warrant.

“Initial
Public Offering” shall mean an underwritten initial public offering by the
Corporation of shares of its Common Stock.

“Initial
Warrant Quantity” shall mean the number of duly authorized, validly issued,
fully paid and nonassessable shares of Common Stock equal to (x) $1,000,000 divided
by (y) the Purchase Price

“Majority
Stockholders” shall mean the holders of a majority of collectively (i) the
shares of Common Stock and (ii) the securities issued or issuable with respect
to Common Stock Equivalents, outstanding as of the relevant date.

“MRA”
shall have the meaning assigned to it in Section 2.4 hereof.

“NASD”
shall mean the National Association of Securities Dealers, Inc.

“Other
Securities” shall mean any stock (other than Common Stock) and other
securities of the Corporation or any other Person (corporate or otherwise)
which the holders of this Warrant at any time shall be entitled to receive, or
shall have received, upon the exercise of this Warrant, in lieu of or in
addition to Common Stock, or which at any time shall be issuable or shall have
been issued in exchange for or in replacement of Common Stock or Other
Securities pursuant to Section 4 or otherwise.

“Person”
shall mean any individual, firm, partnership, corporation, trust, joint
venture, association, joint stock company, limited liability company,
unincorporated organization or any other entity or organization, including a
government or agency or political subdivision thereof, and shall include any
successor (by merger or otherwise) of such entity.

“Preferred
Stock” shall mean the Preferred Stock, par value $0.01 per share, of the
Corporation, such term to include any stock into which such Preferred Stock
shall have been changed or any stock resulting from any reclassification of
such Preferred Stock.

“Purchase
Price” shall mean the per share price at which the Common Stock will be
sold pursuant to the Corporation’s Initial Public Offering, except, to the
extent the Initial Public Offering has not been consummated, as used in Section
4 hereof, references to Purchase Price shall mean $284.80.

“Put”
shall have the meaning assigned to it in Section 2.4 hereof.

“Put
Notice” shall have the meaning assigned to it in Section 2.4 hereof.

“Put
Price” shall have the meaning assigned to it in Section 2.4 hereof.

 

3

 

“Restricted
Securities” shall mean (i) any warrants bearing the applicable legend
set forth in Section 10.1, (ii) any shares of Common Stock (or Other
Securities) issued or issuable upon the exercise of this Warrant which are (or,
upon issuance, will be) evidenced by a certificate or certificates bearing the
applicable legend set forth in such Section, and (iii) any shares of
Common Stock (or Other Securities) issued subsequent to the exercise of this
Warrant as a dividend or other distribution with respect to, or resulting from
a subdivision of the outstanding shares of Common Stock (or Other Securities)
into a greater number of shares by reclassification, stock splits or otherwise,
or in exchange for or in replacement of the Common Stock (or Other Securities)
issued upon such exercise, which are evidenced by a certificate or certificates
bearing the applicable legend set forth in such Section.

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time,
and the rules and regulations thereunder, or any successor statute.

“Warrant
Quantity” initially shall mean the Initial Warrant Quantity (as defined in
the first paragraph of this Warrant), which amount shall be subject to
adjustment and readjustment from time to time as provided in Section 3, and, as
so adjusted or readjusted, shall remain in effect until a further adjustment or
readjustment is required by Section 3.

“Warrant”
shall have the meaning assigned to it in the introduction to this Warrant.

“Warrant
Shares” shall mean (i) any shares of Common Stock (or Other
Securities) issued or issuable upon the exercise of this Warrant and
(ii) any shares of Common Stock (or Other Securities) issued subsequent to
the exercise of this Warrant as a dividend or other distribution with respect
to, or resulting from a subdivision of the outstanding shares of Common Stock
(or Other Securities) into a greater number of shares by reclassification,
stock splits or otherwise, or in exchange for or in replacement of the Common
Stock (or Other Securities) issued upon such exercise.

2.             EXERCISE OF WARRANT.

2.1.          Manner of Exercise; Payment of the
Purchase Price.  (a) Any vested
portion of this Warrant may be exercised by the Holder hereof, in whole or in
part, at any time or from time to time after the date of the consummation of
the Corporation’s Initial Public Offering through the Expiration Date, by
surrendering to the Corporation at its principal office this Warrant, with the
form of Election to Purchase Shares attached hereto as Exhibit A (or a
reasonable facsimile thereof) duly executed by the Holder and accompanied by
payment of the Purchase Price for the number of shares of Common Stock
specified in such form.

(b)           Payment of the Purchase Price may be
made as follows (or by any combination of the following):  (i) in United States currency by cash or
delivery of a certified check or bank draft payable to the order of the
Corporation or by wire transfer to the Corporation, or (ii) by cancellation of
such number of the shares of Common Stock otherwise issuable to the Holder of
this Warrant upon such exercise as shall be specified in such Election to
Purchase Shares, which number of shares of Common Stock shall be determined by
multiplying the number of shares of Common Stock to which it would otherwise be
entitled by a fraction, the

 

4

 

numerator of which shall be
the difference between (i) the then Current Market Price of a share of the
Common Stock on the date of exercise and (ii) the Purchase Price, and the
denominator of which shall be the then Current Market Price per share of Common
Stock.

2.2.          When Exercise Effective.  Each exercise of this Warrant shall be
deemed to have been effected immediately prior to the close of business on the
Business Day on which this Warrant shall have been surrendered to, and the
Purchase Price shall have been received by, the Corporation as provided in
Section 2.1, and at such time the Person or Persons in whose name or names
any certificate or certificates for shares of Common Stock (or Other
Securities) shall be issuable upon such exercise as provided in
Section 2.3 shall be deemed to have become the holder or holders of record
thereof for all purposes.

2.3.          Delivery of Stock Certificates, etc.;
Charges, Taxes and Expenses. As soon as practicable after each exercise of
this Warrant, in whole or in part, and in any event within five Business Days
thereafter, the Corporation shall cause to be issued in the name of and
delivered to the Holder hereof or, subject to Section 10, as the Holder
may direct a certificate or certificates for the number of shares of Common
Stock (or Other Securities) to which the Holder shall be entitled upon such
exercise, provided that any fractional shares shall be rounded to the nearest
share.

2.4           Put Rights.  If, after 30 months from the date hereof,
(i) the Corporation’s Initial Public Offering has not been consummated and (ii)
the Holder has been in full compliance with its obligations under the Master
Relationship Agreement (the “MRA”) between the Holder and the
Corporation dated May 21, 2004, then the Holder shall have the right to require
the Corporation to purchase this Warrant, together with all warrants issued to
Affiliates of the Holder upon transfer hereof, in whole but not in part, (the “Put”)
in exchange for $1,000,000 (the “Put Price”), by delivering a written
notice (the “Put Notice”) to the Corporation of the Holder’s intention
to exercise the Put.  The Put Notice
delivered by the Holder shall disclose, among other things, proper wire
transfer instructions.  The Put Notice,
once delivered, shall be irrevocable without the express consent of the
Corporation.  Within 15 Business Days
upon receipt of the Put Notice, the Corporation shall pay the Holder the Put
Price by wire transfer in immediately available funds, against delivery to the
Corporation of the Warrant, and such other instruments of transfer as
reasonably requested by the Corporation evidencing the Warrant referred to in
the Put Notice, free and clear of all Encumbrances.  For the purposes of Sections 2.4 and 2.5 hereof, “Encumbrance”
means any lien, claim, charge, security interest, mortgage, pledge, easement,
conditional sale or other title retention agreement, defect in title, covenant
or other restriction of any kind, except as
otherwise provided herein or encumbrances under applicable securities laws.

2.5           Call Rights.  If, after thirty (30) months from the date
hereof, (i) the Corporation’s Initial Public Offering has not been consummated and (ii) the Corporation has been in full compliance with its
obligations under the MRA, then the Corporation shall have
the right to require the Holder and any Affiliate of the Holder that has been
transferred any portion of this Warrant to sell the Warrant to the Corporation,
in whole but not in part, beneficially owned by the Holder or such Affiliate
(the “Call”) in exchange for $1,000,000 (the “Call Price”), by
delivering a written notice (the “Call Notice”) to the Holder and any
such Affiliate of the Corporation’s intention to exercise the Call.  The Call Notice, once delivered, shall be
irrevocable without the express consent of the Holder.  Upon receipt by the Holder of the Call
Notice, it

 

5

 

shall, within two (2)
Business Days, deliver to the Corporation wire transfer instructions for the
delivery of the Call Price.  Within 15
Business Days upon delivery of the Call Notice, the Corporation shall pay the
Holder the Call Price by wire transfer in immediately available funds, against
delivery to the Corporation of the Warrant, if any, and such other instruments
of transfer as reasonably requested by the Corporation evidencing the Warrant
referred to in the Call Notice, free and clear of all Encumbrances; provided,
however, upon payment of the Call Price, the Warrant shall be deemed
cancelled regardless of whether the Holder thereof surrenders such Warrant.

 

3.             ADJUSTMENT
OF COMMON STOCK ISSUABLE UPON EXERCISE.

3.1.          General; Warrant Quantity.  This Warrant evidences the right to purchase
a number of shares of Common Stock equal to the Warrant Quantity, subject to
adjustment and readjustment as provided in this Section 3.

3.2.          Treatment of Stock Dividends, Stock
Splits, etc.  In case the
Corporation at any time or from time to time after the date hereof shall
declare or pay any dividend on the Common Stock payable in Common Stock, or
shall effect a subdivision of the outstanding shares of Common Stock into a
greater number of shares of Common Stock (by reclassification or otherwise than
by payment of a dividend in Common Stock), then, in each such case, subject to
Section 3.4, the Warrant Quantity shall be increased to an amount determined by
multiplying such Warrant Quantity by a fraction (a) the numerator of which shall
be the number of shares of Common Stock outstanding immediately after such
dividend or subdivision, provided that, for the purposes of this
Section 3.2, treasury shares shall not be deemed to be outstanding, and
(b) the denominator of which shall be the number of shares of Common Stock
outstanding immediately prior to such dividend or subdivision.  In the case of any such dividend, such
increase shall be made immediately after the close of business on the record
date for the determination of holders of any class of securities entitled to
receive such dividend, and in the case of any such subdivision, such
increase shall be made at the close of business on the day immediately prior to
the day upon which such corporate action becomes effective.

3.3.          Adjustments for Combinations, etc.  In case the outstanding shares of Common
Stock shall be combined or consolidated, by reclassification or otherwise, into
a lesser number of shares of Common Stock, the Warrant Quantity in effect
immediately prior to such combination or consolidation shall, concurrently with
the effectiveness of such combination or consolidation, be proportionately
decreased.

3.4.          De Minimis Adjustments.  If the amount of any adjustment of the
Warrant Quantity required pursuant to this Section 3 would be less than
one percent (1%) of the Warrant Quantity in effect at the time such adjustment
is otherwise so required to be made, such amount shall be carried forward, and
adjustment with respect thereto made, at the time of and together with any subsequent
adjustment which, together with such amount and any other amount or amounts so
carried forward, shall aggregate a change in the Warrant Quantity of at least
one percent (1%) of such Warrant Quantity. 
All calculations under this Warrant shall be made to the nearest
one-hundredth of a share.

 

6

 

3.5.          Abandoned Dividend or Distribution.  If the Corporation shall take a record of
the holders of its Common Stock for the purpose of entitling them to receive a
dividend or other distribution (which results in an adjustment to the Warrant
Quantity under the terms of this Warrant) and shall, thereafter, and before
such dividend or distribution is paid or delivered to stockholders entitled
thereto, legally abandon its plan to pay or deliver such dividend or
distribution, then any adjustment made to the Warrant Quantity by reason of the
taking of such record shall be reversed, and any subsequent adjustments, based
thereon, shall be recomputed.

4.             CONSOLIDATION,
MERGER, ETC.  Subject to Section 8,
in the event the Corporation after the date hereof (a) shall consolidate
with or merge into any other Person and shall not be the continuing or
surviving corporation of such consolidation or merger, (b) shall permit
any other Person to consolidate with or merge into the Corporation and the
Corporation shall be the continuing or surviving Person but, in connection with
such consolidation or merger, the Common Stock or Other Securities shall be
changed into or exchanged for stock or other securities of any other Person or
cash or any other property, (c) shall transfer all or substantially all of
its properties or assets to any other Person, or (d) shall effect a
capital reorganization or reclassification of the Common Stock or Other
Securities (other than a capital reorganization or reclassification for which
adjustment in the Warrant Quantity is provided in Section 3.1), then, and
in the case of each such transaction, at the option of the Corporation, (i)
this Warrant shall be cancelled and the Holder shall receive for each Warrant
Share, as if this Warrant had become fully vested, an amount equal to the
excess, if any, of the per share consideration paid for the Common Stock or
Other Securities in such transaction over the Purchase Price or (ii) proper
provision shall be made so that, upon the basis and the terms and in the manner
provided in this Warrant, the Holder of this Warrant, upon the exercise hereof
at any time after the consummation of such transaction, shall be entitled to
receive, in lieu of the Common Stock or Other Securities issuable upon such
exercise prior to such consummation, the highest amount of securities, cash or
other property to which such Holder would actually have been entitled as a
stockholder upon such consummation if such Holder had exercised this Warrant
immediately prior thereto less the Purchase Price for each Warrant Share,
subject to adjustments (subsequent to such consummation) as nearly equivalent
as possible to the adjustments provided for in Sections 3 and 4; provided,
however, if the consideration per share is less than the Purchase Price
per Warrant Share, then such Warrant shall be cancelled without
consideration.  If the Corporation
consummates such a transaction and does not pay the Holder pursuant to the
foregoing clause (i), this Warrant shall remain outstanding in accordance with
its terms and all references to the “Corporation” shall apply to the surviving
Person in such transaction and all references to the “Warrant Shares” shall apply
to the common stock of such Person, and appropriate modifications to the other
terms of this Warrant, including without limitation the amount of Warrant
Shares and the Purchase Price, shall be made to take into account the amount
payable pursuant to clause (i) as of the date of the transaction.

5.             NO IMPAIRMENT.  The Corporation shall not, by amendment of
its certificate of incorporation or through any consolidation, merger,
reorganization, transfer of assets, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good
faith assist in the carrying out of all such terms.

 

7

 

6.             CERTIFICATE OF ADJUSTMENT.  In each case of any adjustment in the shares
of Common Stock (or Other Securities) issuable upon the exercise of this
Warrant, the Corporation shall promptly compute such adjustment in accordance
with the terms of this Warrant and send a certificate to the Holder setting
forth such adjustment and showing in reasonable detail the method of
calculation thereof and the facts upon which such adjustment is based.

7.             NOTICES
OF CORPORATE ACTION.  In the event
of:

(a)           any taking by the Corporation of a
record of the holders of any class of securities for the purpose of determining
the holders thereof who are entitled to receive any dividend or other
distribution, or any right to subscribe for, purchase or otherwise acquire any
shares of stock of any class or any other securities or property, or to receive
any other right, or

(b)           any capital reorganization of the
Corporation, any reclassification or recapitalization of the capital stock of
the Corporation, any consolidation or merger involving the Corporation and any
other Person, a Change of Control Transaction or

(c)           any voluntary or involuntary
dissolution, liquidation or winding-up of the Corporation, or

(d)           any offer for subscription pro rata
to the holders of the Common Stock any additional shares of stock of any class
or other rights,

the Corporation shall mail
to each holder of a Warrant a notice specifying (i) the date or expected
date on which any such record is to be taken for the purpose of such dividend,
distribution or right, and the amount and character of such dividend,
distribution or right, and (ii) the date or expected date on which any
such reorganization, reclassification, recapitalization, consolidation, merger,
transfer, sale, disposition, dissolution, liquidation or winding-up is to take
place and the time, if any such time is to be fixed, as of which the holders of
record of Common Stock (or Other Securities) shall be entitled to exchange
their shares of Common Stock (or Other Securities) for the securities or other
property deliverable upon such reorganization, reclassification,
recapitalization, consolidation, merger, transfer, dissolution, liquidation or
winding-up.  Such notice shall be mailed
at least 20 days prior to the date therein specified.

8.             DRAG-ALONG RIGHT.

 

                                8.1           In the event that the Majority
Stockholders propose to sell, exchange or otherwise transfer a majority of the
Common Stock held by them to a Person or Persons who are not affiliated with
the Majority Stockholders pursuant to a Change of Control Transaction, the
Majority Stockholders may require the Holder to sell, exchange or transfer all
or some portion of the Warrant Shares at the same price per share, for
consideration of the same form and proportion (if the consideration is a
combination of both cash and securities) and on and with the same terms,
conditions and rights as applicable to the Majority Stockholders (a “Drag-Along
Sale”), and the Holder shall exercise all or any portion of this Warrant to
the extent necessary to obtain the Warrant Shares to be sold, exchanged or
transferred at the request of the Majority Stockholders pursuant to this
Section 8.1.

 

8

 

                                8.2           The closing of a Drag-Along Sale
pursuant to this Section 8 shall be consummated concurrently with the
consummation of such sale, exchange or transfer by the Majority
Stockholders.  At such closing, the
Holder shall deliver certificates representing the Warrant Shares being sold,
duly endorsed for transfer and accompanied by all requisite transfer taxes, if
any, and such Warrant Shares shall be free and clear of any taxes, liens,
security interests, encumbrances and preemptive rights (other than those
attributable to actions by the purchasers thereof) and the Holder shall so
represent and warrant, and shall further represent and warrant that it is the
sole beneficial and record owner of such Warrant Shares.  At such closing, all of the parties to the
transaction shall execute such additional documents as are otherwise reasonably
necessary or appropriate.

                                9.             LOCK-UP.  Without the prior written consent of the
Corporation, for a period of one year from the date on which the Corporation’s
Initial Public Offering is consummated, the Holder will not offer, sell,
contract to sell, pledge or otherwise dispose of, directly or indirectly, any
Warrant Shares or securities convertible into or exchangeable or exercisable
for any such Warrant Shares, enter into any transaction that would have the
same effect, or enter into any swap, hedge or other arrangement that transfers,
in whole or in part, any of the economic consequences of ownership of the
Warrant Shares, whether any such aforementioned transaction is to be settled by
delivery of the Warrant Shares or such other securities, in cash or otherwise,
or publicly disclose the intention to make any such offer, sale, pledge or
disposition, or to enter into any such transaction, swap, hedge or other
arrangement.

10.           RESTRICTIONS
ON TRANSFER.

10.1.        Restrictive Legends. 
Except as otherwise permitted by this Section 10, each Warrant
(including each Warrant issued upon the transfer of any Warrant) shall be
stamped or otherwise imprinted with a legend in substantially the following
form:

“THIS WARRANT AND ANY
SECURITIES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY
STATE, AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE
SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION TO THE REGISTRATION
REQUIREMENTS OF SUCH ACT AND SUCH LAWS. 
THIS WARRANT AND SUCH SECURITIES MAY NOT BE SOLD, TRANSFERRED OR
OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE CONDITIONS SPECIFIED IN
THIS WARRANT.”

Except as otherwise
permitted by this Section 10, each certificate for Common Stock (or Other
Securities) issued upon the exercise of any Warrant, and each certificate
issued upon the transfer of any such Common Stock (or Other Securities), shall
be stamped or otherwise imprinted with a legend in substantially the following
form:

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS

 

9

 

AMENDED, OR THE SECURITIES
LAWS OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND
APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION TO THE
REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS.   SUCH SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE
DISPOSED OF EXCEPT IN COMPLIANCE WITH THE CONDITIONS SPECIFIED IN THE WARRANT,
A COMPLETE AND CORRECT COPY OF WHICH IS AVAILABLE FOR INSPECTION AT THE
PRINCIPAL OFFICE AND WILL BE FURNISHED TO THE HOLDER OF SUCH SECURITIES UPON
WRITTEN REQUEST AND WITHOUT CHARGE.”

10.2.        Transfer to Comply With the
Securities Act.  Restricted
Securities may not be sold, assigned, pledged, hypothecated, encumbered or in
any manner transferred or disposed of, in whole or in part, except in
compliance with the provisions of the Securities Act and state securities or
Blue Sky laws and the terms and conditions hereof.

10.3.        Termination of Restrictions.  The restrictions imposed by this
Section 10 on the transferability of Restricted Securities shall cease and
terminate as to any particular Restricted Securities (a) when a
registration statement with respect to the sale of such securities shall have
been declared effective under the Securities Act and such securities shall have
been disposed of in accordance with such registration statement, (b) when
such securities are sold pursuant to Rule 144 (or any similar provision then in
force) under the Securities Act, or (c) when, in the opinion of both
counsel for the Holder and counsel for the Corporation, such restrictions are
no longer required or necessary in order to protect the Corporation against a
violation of the Securities Act upon any sale or other disposition of such
securities without registration thereunder. 
Whenever such restrictions shall cease and terminate as to any
Restricted Securities, the Holder shall be entitled to receive from the
Corporation, without expense, new securities of like tenor not bearing the
applicable legends required by Section 10.1.

11.           REPRESENTATIONS
OF THE CORPORATION.

11.1.        Organization and Qualification.  The Corporation is a corporation duly
incorporated and validly existing in good standing under the laws of the State
of Delaware, and has the requisite corporate power to own its properties and to
carry on its business as now being conducted. 
The Corporation is duly qualified as a foreign corporation to do
business and is in good standing in every jurisdiction in which the nature of
the business conducted by it makes such qualification necessary.

11.2         Authorization; Enforcement;
Compliance with Other Instruments. 
(i) The Corporation has the requisite corporate power and authority to
enter into and perform its obligations under this Warrant and to issue the
Warrant Shares upon the exercise of the Warrant, in accordance with the terms
hereof, (ii) the execution and delivery of this Warrant by the Corporation
and the consummation by it of the transactions contemplated hereby, including,
without limitation, the issuance of this Warrant and the reservation for
issuance and the issuance of the Warrant Shares, upon exercise of the Warrant,
have been duly authorized by the

 

10

 

Corporation’s Board of
Directors and no further consent or authorization is required by the
Corporation, its Board of Directors or its stockholders, (iii) the Warrant has
been duly executed and delivered by the Corporation, and (iv) the Warrant
constitutes the valid and binding obligation of the Corporation enforceable
against the Corporation in accordance with its terms, except as such
enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws
relating to, or affecting generally, the enforcement of creditors’ rights and
remedies.

11.3.        Capitalization.  As of the date hereof, the authorized
capital stock of the Corporation consists of (i) 12,000,000 shares of Common
Stock, par value $0.01 per share, of which, as of the date hereof, 330,000
shares are issued and outstanding, and (ii) 4,000,000 shares of Preferred
Stock, par value $0.01 per share, of which 3,000,000 are designated as Series A
Convertible Preferred Stock and, as of the date hereof, all of such shares of
Series A Convertible Preferred Stock are issued and outstanding.  Shares of Series A Convertible Preferred
Stock (each share having a value of $100.00 plus all accrued and unpaid
dividends thereon) are convertible into shares of Common Stock at a conversion
price of $100.00 per share of common stock, subject to antidilutive
adjustment.  Dividends on such shares of
Series A Convertible Preferred Stock accrete at a rate of 9% per annum,
compounding quarterly as of each March 31, June 30, September 30 and December
31.  As of March 31, 2004, the Series A
Convertible Preferred Stock was convertible into 3,279,250 shares of Common
Stock.  Six hundred ten thousand
(610,000) options have been authorized for issuance pursuant to the Company’s
equity incentive plan, of which 604,166 have been issued as of the date hereof.

11.4         Issuance of Warrant Shares.  The Warrant Shares have been duly authorized
and reserved for issuance upon exercise of this Warrant, and upon such exercise,
will be validly issued, fully paid and non-assessable, free from all taxes,
liens and charges with respect to the issue thereof, and will not be subject to
preemptive rights or other similar rights of stockholders of the Corporation.

11.5         No Conflicts.  The execution, delivery and performance of
this Warrant by the Corporation, and the consummation by the Corporation of the
transactions contemplated hereby (including, without limitation, the issuance
of the Warrant Shares) will not (i) result in a violation of any organizational
documents governing the Corporation or (ii) violate or conflict with, or result
in a breach of any provision of, or constitute a default (or an event which
with notice or lapse of time or both would become a default) under, or give to
others any rights of termination, amendment, acceleration or cancellation of,
any material agreement, indenture or instrument to which the Corporation or any
of its subsidiaries is a party, or result in a violation of any law, rule,
regulation, order, judgment or decree applicable to the Corporation or any of
its subsidiaries or by which any property or asset of the Corporation or any of
its subsidiaries is bound or affected. 
The Corporation is not required to obtain any consent, authorization or
order of, or make any filing or registration with, any court or governmental or
regulatory or self-regulatory agency in order for it to execute, deliver or
perform any of its obligations under or contemplated by this Warrant in
accordance with the terms hereof or thereof. 
All consents, authorizations, orders, filings and registrations which
the Corporation is required to obtain pursuant to the preceding sentence have
been obtained or effected on or prior to the date hereof.

 

11

 

11.6         No Solicitation.  Neither the Corporation, nor any of its
Affiliates, nor any person acting on its or their behalf, has directly or
indirectly made any offers or sales of any security or solicited any offers to
buy any security under circumstances that would require registration, or the
filing of a prospectus qualifying the distribution, of this Warrant being
issued hereby under the Securities Act or cause the issuance of this Warrant to
be integrated with any prior offering of securities of the Corporation for
purposes of the Securities Act.

12.           RESERVATION OF STOCK, ETC.

12.1         The Corporation shall at all times
reserve and keep available, solely for issuance and delivery upon exercise of
this Warrant, the number of shares of Common Stock (or Other Securities) from
time to time issuable upon exercise of this Warrant.  All shares of Common Stock (or Other Securities) issuable upon
exercise of this Warrant shall be duly authorized and, when issued upon such
exercise, shall be validly issued and, in the case of shares, fully paid and
nonassessable, with no liability on the part of the holders thereof, and, in
the case of all securities, shall be free from all taxes, liens, security
interests, encumbrances, preemptive rights and charges.  The transfer agent for the Common Stock,
which may be the Corporation (“Transfer Agent”), and every subsequent
Transfer Agent for any shares of the Corporation’s capital stock issuable upon
the exercise of any of the purchase rights represented by this Warrant, are
hereby irrevocably authorized and directed at all times after the Date hereof
to reserve such number of authorized and unissued shares as shall be requisite
for such purpose.

12.2         Except as expressly provided otherwise
herein, this Warrant will be binding upon any entity succeeding to the
Corporation by merger, consolidation, or acquisition of all or substantially
all of the Corporation’s assets.

12.3         The Corporation shall, on or before the
date of issuance of any Warrant Shares, take such actions as the Corporation
shall reasonably determine are necessary to qualify the Warrant Shares for, or
obtain exemption for the Warrant Shares for, sale to the holder of this Warrant
upon the exercise hereof under applicable securities or “blue sky” laws of the
states of the United States; provided, however, that the
Corporation shall not be required to qualify as a foreign corporation or file a
general consent to service of process in any such jurisdiction; provided,
further, that the Corporation shall take such actions in reliance upon
the information of the Holder disclosed in the Election to Purchase Shares
delivered by the Holder.

12.4         If the Corporation becomes subject to
the reporting requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, as amended, but only for so long as the Corporation is so subject,
the Corporation shall take all actions reasonably necessary to enable the
Holder to sell the Warrant Shares without registration under the Securities Act
within the limitations of the exemptions provided by Rule 144 under the
Securities Act, as such rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the SEC, including filing on a timely
basis all reports required to be filed by the Securities Exchange Act of 1934,
as amended.  Upon the request of the
Holder, the Corporation shall deliver to the Holder a written statement as to
whether it has complied with such requirements.

 

12

 

13.           REGISTRATION
AND TRANSFER OF WARRANTS, ETC.

13.1.        Warrant Register; Ownership of
Warrants.  Each Warrant issued by
the Corporation shall be numbered and shall be registered in a warrant register
(the “Warrant Register”) as it is issued and transferred, which Warrant
Register shall be maintained by the Corporation at its principal office or, at
the Corporation’s election and expense, by the Transfer Agent.  The Corporation shall be entitled to treat
the registered Holder of any Warrant on the Warrant Register as the owner in
fact thereof for all purposes and shall not be bound to recognize any equitable
or other claim to or interest in such Warrant on the part of any other Person,
and shall not be affected by any notice to the contrary, except that, if and
when any Warrant is properly assigned in blank, the Corporation may (but shall
not be obligated to) treat the bearer thereof as the owner of such Warrant for
all purposes.  Subject to
Section 10, a Warrant, if properly assigned, may be exercised by a new
holder without a new Warrant first having been issued.

13.2.        Transfer of Warrants.  Subject to compliance with Section 10, if
applicable, this Warrant and all rights hereunder are (i) on or prior to the
expiration of the one year lock-up period set forth in Section 9, transferable
solely to an Affiliate of the Holder, and (ii) after the expiration of such
period, transferable to any Person, in whole or in part, without charge to the
Holder hereof, upon surrender of this Warrant with a properly executed Form of
Assignment, attached hereto as Exhibit B, at the principal office of the
Corporation.  Upon any partial transfer
permitted by this Section 13.2, the Corporation shall, at its expense, issue
and deliver to the Holder a new Warrant of like tenor, in the name of the
Holder, which shall be exercisable for such number of shares of Common Stock
with respect to which rights under this Warrant were not so transferred.

13.3.        Replacement of Warrants.  On receipt by the Corporation of evidence
reasonably satisfactory to the Corporation of the loss, theft, destruction or
mutilation of this Warrant and, in the case of any such loss, theft or
destruction of this Warrant, on delivery of an indemnity agreement reasonably
satisfactory in form and amount to the Corporation or, in the case of any such
mutilation, on surrender of such Warrant to the Corporation at its principal
office and cancellation thereof, the Corporation, at its expense, shall execute
and deliver, in lieu thereof, a new Warrant of like tenor.

13.4.        Adjustments To Purchase Price and
Number of Shares.  Notwithstanding
the number or kind of shares of Common Stock purchasable upon exercise of this
Warrant, any Warrant theretofore or thereafter issued may continue to express
the same number and kind of shares of Common Stock as are stated in this
Warrant, as initially issued.

13.5.        Fractional Shares.  Notwithstanding any adjustment pursuant to
Section 3 in the number of shares of Common Stock covered by this Warrant
or any other provision of this Warrant, the Corporation shall not be required
to issue fractions of shares upon exercise of this Warrant or to distribute
certificates which evidence fractional shares. 
In lieu of fractional shares, the Corporation shall round all fractions
to the nearest share.

14.           REMEDIES; SPECIFIC PERFORMANCE.  The Corporation stipulates that there would
be no adequate remedy at law to the Holder of this Warrant in the event of any

 

13

 

default or threatened
default by the Corporation in the performance of or compliance with any of the
terms of this Warrant and accordingly, the Corporation agrees that, in addition
to any other remedy to which the Holder may be entitled at law or in equity,
the Holder shall be entitled to seek to compel specific performance of the
obligations of the Corporation under this Warrant, without the posting of any
bond, in accordance with the terms and conditions of this Warrant in any court
of the United States or any State thereof having jurisdiction, and if any
action should be brought in equity to enforce any of the provisions of this
Warrant, the Corporation shall not raise the defense that there is an adequate
remedy at law.  Except as otherwise
provided by law, a delay or omission by the Holder hereto in exercising any right
or remedy accruing upon any such breach shall not impair the right or remedy or
constitute a waiver of or acquiescence in any such breach.  No remedy shall be exclusive of any other
remedy.  All available remedies shall be
cumulative.

15.           NO RIGHTS OR LIABILITIES AS
STOCKHOLDER.  Nothing contained in
this Warrant shall be construed as conferring upon the Holder hereof any rights
as a stockholder of the Corporation or as imposing any obligation on the Holder
to purchase any securities or as imposing any liabilities on the Holder as a
stockholder of the Corporation, whether such obligation or liabilities are
asserted by the Corporation or by creditors of the Corporation.

16.           NOTICES.  All notices and other communications (and
deliveries) provided for or permitted hereunder shall be made in writing by
hand delivery, facsimile, any courier guaranteeing overnight delivery or first
class registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

 

	
  If
  to the Corporation:

  	
  SSA
  Global Technologies, Inc.

  
	
   

  	
  500
  W. Madison

  
	
   

  	
  Suite
  1600

  
	
   

  	
  Chicago,
  Illinois  60661

  
	
   

  	
  Attn:  Kirk Isaacson

  
	
   

  	
  Fax
  No.  312-474-7451

  
	
   

  	
   

  
	
  with
  copies to:

  	
  Schulte
  Roth & Zabel LLP

  
	
   

  	
  919
  Third Avenue

  
	
   

  	
  New
  York, New York  10022

  
	
   

  	
  Attn:  Robert Loper, Esq.

  
	
   

  	
  Fax No.:  212-593-5955

  
	
   

  	
   

  
	
  If to the Holder:

  	
  International Business
  Machines Corporation

  
	
   

  	
  New Orchard Road

  
	
   

  	
  Mail Drop 329

  
	
   

  	
  Armonk, New York  10504

  
	
   

  	
  Attention:  David L. Johnson

  
	
   

  	
  Vice President, Corporate
  Development

  
	
   

  	
  Fax No.  914-499-7803

  

 

14

 

All
such notices and communications (and deliveries) shall be deemed to have been
duly given:  at the time delivered by
hand, if personally delivered; when receipt is acknowledged, if sent by
facsimile; on the next Business Day, if timely delivered to a courier
guaranteeing overnight delivery; and five days after being deposited in the
mail, if sent first class registered or certified mail, return receipt
requested, postage prepaid; provided, that, the exercise of any
Warrant shall be effective in the manner provided in Section 2.

17.           AMENDMENTS.  This Warrant and any term hereof may not be
amended, modified, supplemented or terminated, and waivers or consents to
departures from the provisions hereof may not be given, except by written
instrument duly executed by the party against which enforcement of such
amendment, modification, supplement, termination or consent to departure is
sought.

18.           DESCRIPTIVE HEADINGS, ETC.  The headings in this Warrant are for
convenience of reference only and shall not limit or otherwise affect the
meaning of terms contained herein. 
Unless the context of this Warrant otherwise requires:  (1) words of any gender shall be deemed to
include each other gender; (2) words using the singular or plural number shall
also include the plural or singular number, respectively; (3) the words
“hereof”, “herein” and “hereunder” and words of similar import when used in
this Warrant shall refer to this Warrant as a whole and not to any particular
provision of this Warrant, and Section and paragraph references are to the
Sections and paragraphs of this Warrant unless otherwise specified; (4) the
word “including” and words of similar import when used in this Warrant shall
mean “including, without limitation,” unless otherwise specified; (5) “or” is
not exclusive; and (6) provisions apply to successive events and transactions.

19.          CHOICE OF LAW AND VENUE; JURY TRIAL
WAIVER.  THE VALIDITY OF THIS
WARRANT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, AND THE
RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR
RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

THE PARTIES
AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS WARRANT
SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND FEDERAL COURTS LOCATED IN
THE COUNTY OF NEW YORK, STATE OF NEW YORK. 
THE PARTIES WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY
RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM  NON  CONVENIENS
OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE
WITH THIS SECTION 19.

THE PARTIES
HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING OUT OF THIS WARRANT OR ANY OF THE TRANSACTIONS
CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS.  THE CORPORATION  AND
HOLDER REPRESENT THAT EACH HAS REVIEWED THIS

 

15

 

WAIVER AND EACH KNOWINGLY AND
VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL.  IN THE EVENT OF LITIGATION, A
COPY OF THIS WARRANT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

20.             COSTS
AND ATTORNEYS’ FEES.  In the event
that any action, suit or other proceeding is instituted concerning or arising
out of this Warrant, the Corporation agrees and the Holder, by taking and
holding this Warrant agrees, that all costs and expenses, including attorneys’
fees, incurred in each and every such action, suit or other proceeding,
including any and all appeals or petitions therefrom, shall be paid by the
party who incurred such costs and expenses.

[Remainder of page
intentionally left blank]

 

16

 

IN WITNESS WHEREOF, the Corporation has executed and
delivered this Warrant as of the date first above written.

 

	
   

  	
  SSA
  GLOBAL TECHNOLOGIES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kirk J. Isaacson

  
	
   

  	
   

  	
  Name: Kirk J. Isaacson

  
	
   

  	
   

  	
  Title: Executive Vice
  President & General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Agreed and acknowledged:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  INTERNATIONAL BUSINESS

  	
   

  	
   

  
	
  MACHINES CORPORATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ John P. Gianukakis

  	
   

  
	
   

  	
  Name: John P. Gianukakis

  	
   

  
	
   

  	
  Title: Director, Business
  Development

  	
   

  
						

 

17

 

	
   

  	
  Exhibit A to

  
	
   

  	
  Common Stock Purchase
  Warrant

  

 

 

FORM
OF

ELECTION
TO PURCHASE SHARES

The
undersigned hereby irrevocably elects to exercise the Warrant to purchase
shares of Common Stock, par value $0.01 per share (“Common Stock”), of SSA
GLOBAL TECHNOLOGIES, INC. issued on June 1, 2004 and hereby [makes payment of $________ therefore]  [or]  [makes payment therefor by reduction
pursuant to Section 2.1(b)(ii) of the Warrant of the number of shares of
Common Stock otherwise issuable to the Holder upon Warrant exercise by ___
shares].  The undersigned hereby requests that
certificates for such shares be issued and delivered as follows:

 

	
  ISSUE TO:

  	
   

  
	
  (NAME)

  
	
   

  
	
  (ADDRESS,
  INCLUDING ZIP CODE)

  
	
   

  
	
  (SOCIAL
  SECURITY OR OTHER IDENTIFYING NUMBER)

  

 

	
  DELIVER TO:

  	
   

  
	
  (NAME)

  
	
   

  
	
  (ADDRESS,
  INCLUDING ZIP CODE)

  
	
   

  
	
                                  If the number of shares of Common
  Stock purchased (and/or reduced) hereby is less than the number of shares of
  Common Stock covered by the Warrant, the undersigned requests that a new
  Warrant representing the number of shares of Common Stock not so purchased be
  issued and delivered as follows:

  
	
   

  
	
  ISSUE TO:

  	
   

  
	
  (NAME
  OF HOLDER)

  
	
   

  
	
  (ADDRESS,
  INCLUDING ZIP CODE)

  
			

 

	
  DELIVER TO:

  	
   

  
	
  (NAME
  OF HOLDER)

  
	
   

  
	
  (ADDRESS,
  INCLUDING ZIP CODE)

  
	
   

  
	
  Dated: _____________, 20__

  	
  [NAME OF HOLDER]

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
				

 

 

18

 

	
   

  	
  EXHIBIT B to

  
	
   

  	
  Common Stock Purchase
  Warrant

  

 

FORM OF ASSIGNMENT

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto the
Assignee named below all of the rights of the undersigned to purchase Common
Stock, par value $0.01 per share (“Common Stock”) of SSA GLOBAL TECHNOLOGIES,
INC. represented by the Warrant, with respect to the number of shares of Common
Stock set forth below:

 

	
  Name of Assignee

  	
   

  	
  Address

  	
   

  	
  No. of Shares

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

and does hereby irrevocably constitute and
appoint ________ Attorney to make such transfer on the books of maintained for
that purpose, with full power of substitution in the premises.

 

	
  Dated: _______________,
  20__

  	
  [NAME OF HOLDER]

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

19

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