Document:

Exhibit 4.4

 

INDENTURE

 

INDENTURE, dated as of
                                                    ,
from INLAND REAL ESTATE CORPORATION, a corporation duly organized and existing
under the laws of the State of Maryland (the “Company”), to WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association duly organized and
existing under the laws of the United States, as Trustee.

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company has duly authorized the
execution and delivery of this Indenture to provide for the issuance of
debentures, notes, bonds or other evidences of indebtedness (the “Securities”)
in an unlimited aggregate principal amount to be issued from time to time in
one or more series as provided in this Indenture;

 

WHEREAS, the debt securities will be our
direct obligations and may be either senior debt securities or subordinated
debt securities. The indebtedness represented by subordinated securities will
be subordinated in right of payment to the prior payment in full of our senior
debt (as defined in the applicable supplemental indenture);

 

WHEREAS, all things necessary to make this
Indenture a valid and legally binding agreement of the Company, in accordance
with its terms, have been done; and

 

WHEREAS, this Indenture is subject to the
provisions of the Trust Indenture Act of 1939, as amended, and the rules and
regulations of the Securities and Exchange Commission promulgated thereunder
that are required to be part of this Indenture and, to the extent applicable,
shall be governed by such provisions.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

In consideration of the premises and the
purchase of the Securities by the Holders thereof for the equal and
proportionate benefit of all of the present and future Holders of the
Securities, each party agrees and covenants as follows:

 

ARTICLE ONE 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

SECTION 101.             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, have the meanings assigned to them therein;

 

(3)           all
accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles and, except as
otherwise herein expressly provided, the term “generally accepted accounting
principles” with respect to any computation required or 

 

 

permitted hereunder shall
mean such accounting principles as are generally accepted in the United States
at the date of such computation;

 

(4)           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;

 

(5)           the
word “or” is always used inclusively (for example, the phrase “A or B” means “A
or B or both”, not either “A or B but not both”); and

 

(6)           nouns
and pronouns of the masculine gender include the feminine gender.

 

Certain terms, used principally in Articles
Six and Ten, are defined in those Articles.

 

“Act,” when used with respect to any Holder,
has the meaning specified in Section 104.

 

“Additional Amounts” means any additional
amounts which are required hereby or by any Security, under circumstances
specified herein or therein, to be paid by the Company in respect of certain
taxes imposed on Holders specified therein and which are owing to such Holders.

 

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

 

“Authenticating Agent” means any Person
authorized by the Trustee pursuant to Section 614 to act on behalf of the
Trustee to authenticate Securities of one or more series.

 

“Authorized Newspaper” means a newspaper, in
an official language of the place of publication, or in the English language,
customarily published on each day that is a Business Day in the place of
publication, whether or not published on days that are legal holidays in the
place of publication, and of general circulation in each place in connection
with which the term is used or in the financial community of each such place.
Where successive publications are required to be made in Authorized Newspapers,
the successive publications may be made in the same or in different newspapers
in the same city meeting the foregoing requirements and in each case on any day
that is a Business Day in the place of publication.

 

“Bearer Security” means any Security in the
form established pursuant to Section 201 which is payable to bearer.

 

“Board of Directors” means either (i) the
board of directors of the Company or any committee of that board duly
authorized to act generally or in any particular respect for the Company
hereunder, or (ii) one or more duly authorized officers of the Company to
whom the board of directors of the Company or a committee thereof has delegated
the authority to act with respect to the matters contemplated by this
Indenture.

 

“Board Resolution” means (i) a copy of
one or more resolutions certified by the Secretary or an Assistant Secretary of
the Company to have been duly adopted by the Board of Directors or a committee
thereof, and to be in full force and effect on the date of such certification,
or (ii) a certificate signed by the authorized officer or officers of the
Company to whom the Board of Directors of the Company or a committee thereof
has delegated its authority to act with respect to the matters contemplated by
this Indenture, and in each case delivered to the Trustee.

 

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“Business Day,” when used with respect to any
Place of Payment or other location, means each Monday, Tuesday, Wednesday,
Thursday or Friday that is not a Legal Holiday in any such Place of Payment or
other location.

 

“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 instrument until a successor Person shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Company”
shall mean such successor Person and any other obligor upon the Securities.

 

“Company Request” and “Company Order” mean,
respectively, a written request or order signed in the name of the Company by
its Chairman of the Board, Chief Executive Officer, President or a Vice
President, and by its Treasurer, an Assistant Treasurer, Secretary or an
Assistant Secretary, and delivered to the Trustee.

 

“Corporate Trust Office” means an office of
the Trustee at which at any particular time its corporate trust business shall
be conducted, which office, at the date of execution of this Indenture, is
located at 230 West Monroe Street, Suite 2900, Chicago, Illinois 60606, Attention:
Corporate Trust Services, provided for purposes of Section 1002, unless
otherwise specified for the Securities of any series the Place of Payment shall
be 608 Second Avenue South, N9303-121, Minneapolis, Minnesota 55479, Attention:
Corporate Trust Operations. 

 

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

 

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

 

“covenant defeasance” has the meaning
specified in Section 1303.

 

“Currency” or “Money”, with respect to any
payment, deposit or other transfer in respect of the principal of or any
premium or interest on or any Additional Amounts with respect to any Security,
means the unit or units of legal tender for the payment of public and private
debts (or any composite thereof) in which such payment, deposit or other
transfer is required to be made by or pursuant to the terms hereof and, with
respect to any other payment, deposit or transfer pursuant to or contemplated
by the terms hereof, means Dollars.

 

“Defaulted Interest” has the meaning
specified in Section 307.

 

“defeasance” has the meaning specified in Section 1302.

 

“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 301, which Person, if required by applicable
law, regulation or exchange requirement, must be a clearing agency registered
under the Exchange Act and if so provided with respect to any Security, any
successor to such Person and if at any time there is more than one such Person,
“Depositary” as used with respect to the Securities of any series shall mean
the Depositary with respect to the Securities of such series.

 

“Dollars” or “$” means a dollar or other
equivalent unit of legal tender for payment of public or private debts in the
United States of America.

 

“Event of Default” has the meaning specified
in Section 501.

 

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

 

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“Global Security” means a Security in the
form prescribed in Section 203 evidencing all or part of a series of
Securities, issued to the Depositary for such series or its nominee, and registered
in the name of such Depositary or its nominee.

 

“Holder”, in the case of any Registered
Security, means a Person in whose name a Security is registered in the Security
Register and, in the case of any Bearer Security, means the bearer thereof and,
in the case of any Coupon, means the bearer thereof.

 

“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 and any Coupon appertaining thereto established as contemplated
by Section 301.

 

“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.

 

“Legal Holiday”, with respect to any Place of
Payment or other location, means a Saturday, a Sunday or a day on which banking
institutions or trust companies or the Corporate Trust Office in such Place of
Payment or other location are not obligated to be open.

 

“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, notice of option to elect repayment or otherwise and includes any
Redemption Date.

 

“Office or Agency”, with respect to any
Securities, means an office or agency of the Company maintained or designated
in a Place of Payment for such Securities pursuant to Section 1002 or any
other office or agency of the Company maintained or designated for such
Securities pursuant to Section 1002 or, to the extent designated or
required by Section 1002 in lieu of such office or agency, the Corporate
Trust Office of the Trustee.

 

“Officers’ Certificate” means a certificate
signed by the Chairman of the Board, Chief Executive Officer, President or a
Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or
an Assistant Secretary, of the Company, that complies with the requirements of Section 314(e) of
the Trust Indenture Act and is delivered to the Trustee.

 

“Opinion of Counsel” means a written opinion
of counsel, who may be counsel for, or an employee of, the Company, that
complies with the requirements of Section 314(e) of the Trust
Indenture Act.

 

“Original Issue Discount Security” means any
Security which provides for an amount less than the principal face amount
thereof to be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 502.

 

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

 

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

 

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(ii)           Securities or portions thereof for whose payment at the
maturity thereof 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 and any Coupons
appertaining thereto; provided that, if such Securities are to be redeemed,
notice of such redemption has been duly given pursuant to this Indenture or
provision therefor satisfactory to the Trustee has been made;

 

(iii)          Securities which have been defeased pursuant to Section 1302;
and

 

(iv)          Securities which have been paid pursuant to Section 306
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;

 

provided, however, that in determining whether the
Holders of the requisite principal amount of the Outstanding Securities have
given any request, demand, authorization, direction, notice, consent or waiver
hereunder or are present at a meeting of Holders of Securities for quorum
purposes, (i) the principal amount of an Original Issue Discount Security
that may be counted in making such determination and that shall be deemed to be
Outstanding for such purposes shall be the amount of the principal thereof that
would be due and payable as of the date of such determination upon acceleration
of the Maturity thereof pursuant to Section 502, (ii) the principal
amount of a Security denominated in a foreign currency or currency unit that
may be counted in making such determination and that shall be deemed
Outstanding for such purpose shall be the U.S. dollar equivalent, determined by
the Company in good faith as of the date of original issuance of such Security,
of the principal amount of such Security (or, in the case of an Original Issue
Discount Security, the U.S. dollar equivalent, determined by the Company in
good faith as of the date of original issuance of such Security, of the amount
determined as provided in (i) above), and (iii) 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 making any such determination or relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which a
Responsible Officer of the Trustee knows according to the Security Register 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 Coupons appertaining thereto 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 (and premium, if any) or interest on, or
any Additional Amounts with respect to, any Security or any Coupon on behalf of
the Company.

 

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

 

“Place of Payment,” when used with respect to
the Securities of any series, means the place or places where the principal of
(or premium, if any) or interest on, or any Additional Amounts with respect to,
such Securities of that series are payable as specified in or as contemplated
by this Indenture.

 

“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 306
in exchange for or in lieu of a 

 

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mutilated, destroyed, lost
or stolen Security or any Security to which a mutilated, destroyed, lost or
stolen Coupon appertains shall be deemed to evidence the same debt as the
mutilated, destroyed, lost or stolen Security or the Security to which a
mutilated, destroyed, lost or stolen Coupon appertains.

 

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

 

“Redemption Price,” when used with respect to
any Security or portion thereof to be redeemed, means the price at which it is
to be redeemed as determined by or pursuant to this Indenture.

 

“Registered Security” means any Security
established pursuant to Section 201 which is registered in the Security
Register.

 

“Regular Record Date” for the interest
payable on any Registered Security of any series on any Interest Payment Date
therefor means the date specified for that purpose as contemplated by Section 301.

 

“Responsible Officer,” when used with respect
to the Trustee, means the officer in the corporate trust department of the
Trustee having direct responsibility for the administration of this Indenture,
and any other officer of the Trustee to whom a matter arising under this
Indenture may be referred.

 

“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 305.

 

“Special Record Date” for the payment of any
Defaulted Interest on any Registered Security means a date fixed by the Trustee
pursuant to Section 307.

 

“Stated Maturity,” when used with respect to
any Security or any installment of principal thereof or interest thereon or any
Additional Amounts with respect thereto, 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 or such Additional Amounts is due and
payable.

 

“Subsidiary” means a corporation,
partnership, limited liability company or trust more than 50% of the
outstanding Voting Stock of which is owned, directly or indirectly, by the
Company or by one or more other Subsidiaries, or by the Company and one or more
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, and any reference herein to the Trust
Indenture Act or a particular provision thereof means such act or provision, as
the case may be, as amended or replaced from time to time or as supplemented
from time to time by rules or regulations adopted by the Commission under
or in furtherance of the purposes of such act or provision, as the case may be.

 

“United States Alien”, except as otherwise
provided in or pursuant to this Indenture, means any Person who for United
States federal income tax purposes, is a foreign corporation, a non-resident
alien individual, a non-resident alien fiduciary of a foreign estate or trust,
or a foreign partnership one or more of the members of which is, for United
States federal income tax purposes, a foreign corporation, a non-resident alien
individual or a non-resident alien fiduciary of a foreign estate or trust.

 

6

 

“U.S. Government Obligations” has the meaning
specified in Section 1304(1).

 

“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.”

 

“Voting Stock” means stock or other interests
evidencing ownership in a corporation, partnership, limited liability company
or trust which ordinarily has voting power for the election of directors, or
other persons performing equivalent functions, whether at all times or only so
long as no senior class of stock has such voting power by reason of any
contingency.

 

SECTION 102.                                      Compliance
Certificates and Opinions.

 

Except as otherwise expressly provided by
this Indenture, 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 or any of them is specifically required
by any provision of this Indenture relating to such particular application or
request, including any request to authenticate and deliver Securities of any
series pursuant to Section 303, no additional certificate or opinion need
be furnished.

 

Every certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture, other
than certificates provided pursuant to Section 704(4), shall include:

 

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

 

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

 

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

 

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

 

SECTION 103.                                      Form of
Documents Delivered to Trustee.

 

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

 

Any certificate or opinion of an officer of
the Company may be based, insofar as it relates to legal matters, upon a
certificate or Opinion of Counsel, 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 or her certificate or opinion is based are erroneous. Any such
certificate or Opinion of Counsel or representations by 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 

 

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Company stating that the information
with respect to such factual matters is in the possession of the Company,
unless such counsel knows that the certificate or opinion or representations
with respect to such matters are erroneous.

 

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

 

SECTION 104.                                      Acts of
Holders.

 

(1)           Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by or pursuant to 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 an agent
duly appointed in writing. If, but only if, Securities of a series are issuable
as Bearer Securities, any request, demand, authorization, direction, notice,
consent, waiver or other action provided in or pursuant to this Indenture to be
given or taken by Holders of Securities of such series may, alternatively, be
embodied in and evidenced by the record of Holders of Securities of such series
voting in favor thereof, either in person or by proxies duly appointed in
writing, at any meeting of Holders of Securities of such series duly called and
held in accordance with the provisions of Article Fifteen, or a
combination of such instruments and any such record. Except as herein otherwise
expressly provided, such action shall become effective when such instrument or
instruments or record or both are delivered to the Trustee and, where it is
hereby expressly required, to the Company. Such instrument or instruments and
any such record (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the Holders signing such instrument or
instruments or so voting at any such meeting. Proof of execution of any such
instrument or of a writing appointing any such agent, or of the holding by any
Person of a Security, shall be sufficient for any purpose of this Indenture and
(subject to Section 315 of the Trust Indenture Act) conclusive in favor of
the Trustee and the Company, if made in the manner provided in this Section.
The record of any meeting of Holders of Securities shall be proved in the
manner provided in Section 1506.

 

Without limiting the generality of this
Section, unless otherwise provided in or pursuant to this Indenture, a Holder,
including a Depositary that is a Holder of a Global Security, may make, give or
take, by a proxy, or proxies, duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other action provided in
or pursuant to this Indenture to be made, given or taken by Holders, and a
Depositary that is a Holder of a Global Security may provide for the beneficial
owners of interests in any such Global Security to direct such Depositary in
taking such action through such Depositary’s standing instructions and
customary practices. The Depositary shall report only one result of its
solicitation of proxies to the Trustee.

 

(2)           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 or her individual
capacity, such certificate or affidavit shall also constitute sufficient proof
of his or her 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.

 

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

 

(4)           The
ownership, principal amount and serial numbers of Bearer Securities held by any
Person, and the date of the commencement and the date of the termination of
holding the same, may be 

 

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proved by the production of
such Bearer Securities or by a certificate executed, as depositary, by any
trust company, bank, banker or other depositary reasonably acceptable to the
Company, wherever situated, if such certificate shall be deemed by the Company
and the Trustee to be satisfactory, showing that at the date therein mentioned
such Person had on deposit with such depositary, or exhibited to it, the Bearer
Securities therein described; or such facts may be proved by the certificate or
affidavit of the Person holding such Bearer Securities, if such certificate or
affidavit is deemed by the Company to be satisfactory. The Trustee and the
Company may assume that such ownership of any Bearer Security continues until (1) another
certificate or affidavit bearing a later date issued in respect of the same
Bearer Security is produced, or (2) such Bearer Security is produced to
the Trustee by some other Person, or (3) such Bearer Security is
surrendered in exchange for a Registered

 

Security, or (4) such Bearer Security is
no longer Outstanding. The ownership, principal amount and serial numbers of
Bearer Securities held by the Person so executing such instrument or writing
and the date of the commencement and the date of the termination of holding the
same may also be proved in any other manner which the Company and the Trustee
deem sufficient.

 

(5)           If
the Company shall solicit from the Holders of any Registered Securities any
request, demand, authorization, direction, notice, consent, waiver or other
Act, the Company shall, by Board Resolution, fix in advance a record date for
the determination of Holders of Registered Securities entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other
Act. 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 Registered Securities of record at the close of business on such record date
shall be deemed to be Holders for the purpose 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 of Registered Securities 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.

 

(6)           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, any Security
Registrar, any Paying Agent or the Company in reliance thereon, whether or not
notation of such action is made upon such Security.

 

SECTION 105.                                      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,

 

(1)           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 its Corporate Trust Office, or

 

(2)           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 Inland
Real Estate Corporation, 2901 Butterfield Road, Chicago, Illinois 60523,
Attention: [______________________], or at any other address previously
furnished in writing to the Trustee by the Company.

 

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SECTION 106.                                      Notice to
Holders; Waiver.

 

Except as otherwise expressly provided in or
pursuant to this Indenture, where this Indenture provides for notice to Holders
of Securities of any event,

 

(1)           such
notice shall be sufficiently given to Holders of Registered Securities if in
writing and mailed, first-class mail postage prepaid, to each Holder of a
Registered Security affected by such event, at his or her 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; and

 

(2)           such
notice shall be sufficiently given to Holders of Bearer Securities, if any, if
published in an Authorized Newspaper in The City of New York and, if such
Securities are then listed on any stock exchange outside the United States, in
an Authorized Newspaper in such city as the Company shall advise the Trustee
that such stock exchange so requires, on a Business Day, such publication to be
not later than the latest date, and not earlier than the earliest date,
prescribed for the giving of such notice.

 

In any case where notice to Holders of
Registered Securities is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder of a
Registered Security shall affect the sufficiency of such notice with respect to
other Holders of Registered Securities or the sufficiency of any notice to
Holders of Bearer Securities given as provided herein. 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.

 

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

 

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

 

SECTION 107.                                      Language of
Notices, etc.

 

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

 

SECTION 108.                                      Conflict with
Trust Indenture Act.

 

If any provision hereof limits, qualifies or
conflicts with any duties under any required provision of the Trust Indenture
Act imposed hereon by Section 318(c) thereof, such required provision
shall control.

 

SECTION 109.                                      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.

 

10

 

SECTION 110.                                      Successors and
Assigns.

 

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

 

SECTION 111.                                      Separability
Clause.

 

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

 

SECTION 112.                                      Benefits of
Indenture.

 

Nothing in this Indenture or in any Security
or Coupon, express or implied, shall give to any Person, other than the parties
hereto, any Security Registrar, any Paying Agent and their successors hereunder
and the Holders of Securities or Coupons, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

 

SECTION 113.                                      Governing Law.

 

This Indenture, the Securities and any
Coupons shall be governed by and construed in accordance with the laws of the
State of New York.

 

SECTION 114.                                      Legal Holidays.

 

In any case where any Interest Payment Date,
Stated Maturity or Maturity of any Security shall be a Legal Holiday in The
City of New York or at any Place of Payment, then (notwithstanding any other
provision of this Indenture or of any Security or Coupon other than a provision
in this Indenture, any Security or Coupon that 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 in The City of New York or at such Place
of Payment on such date, but may be made on the next succeeding Business Day in
The City of New York and at such Place of Payment with the same force and effect
as if made on the Interest Payment Date or at the Stated Maturity or Maturity,
provided that no interest, except as provided in Section 502(1)(c), if
applicable, shall accrue for the period from and after such Interest Payment
Date, Stated Maturity or Maturity, as the case may be. Notwithstanding the
foregoing, in the event that any Interest Payment Date relating to any Security
whose interest rate is determined by reference to LIBOR is not a Business Day
and the next succeeding Business Day falls in the next calendar month, such
Interest Payment Date will be the last Business Day in the preceding month.

 

SECTION 115.                                      No Personal
Liability.

 

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

 

11

 

SECTION 116.     Waiver
of Trial by Jury

 

EACH OF THE COMPANY, THE TRUSTEE, AND EACH HOLDER OF A
SECURITY BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURTIES OR
THE TRANSACTIONS CONTEMPLATED HEREBY.

 

ARTICLE TWO

SECURITY FORMS

 

SECTION 201.                                      Forms
Generally.

 

Each Registered Security, Bearer Security and
Coupon shall be in substantially the form (including temporary and permanent
global 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 or any indenture supplemental hereto, 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 of the Company executing such Securities or Coupons, as evidenced by
their execution of such Securities or Coupons. 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 303 for the
authentication and delivery of such Securities. If all of the Securities of any
series established by action taken pursuant to a Board Resolution are not to be
issued at one time, it shall not be necessary to deliver a record of such
action at the time of issuance of each Security of such series, but an
appropriate record of such action shall be delivered at or before the time of
issuance of the first Security of such series.

 

Unless otherwise provided as contemplated by Section 301
with respect to any series of Securities, the Securities of each series shall
be issuable in registered form without Coupons. If so provided as contemplated
by Section 301, the Securities of a series also shall be issuable in
bearer form, with or without interest Coupons attached.

 

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

 

Neither the Company nor the Trustee shall
have responsibility for any defect in the CUSIP number that appears on any
bond, check, advice of payment or redemption notice, and any such document may
contain a statement to the effect that CUSIP numbers have been assigned by an
independent service for convenience of reference and that neither the Company
nor the Trustee shall be liable for any inaccuracy in such numbers.

 

SECTION 202.                                      Form of
Trustee’s Certificate of Authentication.

 

Subject to the provisions of Section 614
hereof, the Trustee’s certificate of authentication shall be in substantially
the following form:

 

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

 

	
   

  	
   

  	
   

  	
  ,
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Signatory

  
					

 

12

 

SECTION 203.                                      Provisions in
Global Security.

 

If Securities of a series are issuable in
whole or in part in global form, as specified in and as contemplated by Section 301,
then, notwithstanding the provisions of Sections 301 and 302, any such Security
shall represent such of the Outstanding Securities of such series as shall be
specified therein and may provide that it shall represent the aggregate
principal amount of Outstanding Securities from time to time endorsed thereon
and that the aggregate principal amount of Outstanding Securities represented
thereby may from time to time be increased or reduced to reflect exchanges and
payments of principal. The global form may be permanent or temporary. Any
endorsement of a Security in global form to reflect the amount, or any increase
or decrease in the principal amount, of Outstanding Securities represented
thereby shall be made by the Trustee 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 303 or Section 304.
Subject to the provisions of Section 303 and, if applicable, Section 304,
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 303
or 304 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 102 and need not
be accompanied by an Opinion of Counsel.

 

Notwithstanding the other provisions of this
Indenture, unless otherwise specified as contemplated by Section 301,
payment of principal of and any premium and interest on any Security in
permanent global form shall be made to the Person or Persons specified therein.

 

Notwithstanding the provisions of Section 307
and except as provided in the preceding paragraph, the Company, the Trustee and
any agent of the Company and the Trustee shall treat a Person as the Holder of
such principal amount of Outstanding Securities represented by a Global Security
as shall be specified in a written statement of the Depositary with respect to
such Global Security, for purposes of obtaining any consents or directions
required to be given by the Holders pursuant to this Indenture.

 

ARTICLE THREE

THE SECURITIES

 

SECTION 301.                                      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 in one or more
series. With respect to any Securities to be authenticated and delivered
hereunder, there shall be established in or pursuant to a Board Resolution and,
subject to Section 303, set forth, or determined in the manner provided,
in an Officers’ Certificate, or established in one or more indentures
supplemental hereto, prior to the issuance of Securities of any series,

 

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

 

(2)           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 or transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Section 304,
305, 306, 906 or 1107 and except for any Securities which, pursuant to Section 303,
shall not have been issued and sold by the Company and are therefore deemed
never to have been authenticated and delivered hereunder);

 

13

 

(3)           whether
Securities of the series are to be issuable as Registered Securities, Bearer
Securities (with or without Coupons) or both, any restrictions applicable to
the offer, sale or delivery of Bearer Securities and the terms upon which
Bearer Securities of the series may be exchanged for Registered Securities of
the series and vice versa;

 

(4)           whether
the Securities of the series shall be issued in whole or in part in the form of
one or more Global Securities and, in such case, (i) whether beneficial
owners of interests in any such Global Security may exchange such interests for
Securities of the same series and of like tenor and of any authorized form and
denomination, and the circumstances under which any such exchange may occur, if
other than in the manner specified in Section 305, and (ii) the name
of the Depositary for such Global Security or Securities, which Depositary
shall be, if then required by applicable law or regulation, a clearing agency
registered under the Securities Exchange Act of 1934, as amended;

 

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

 

(6)           if
Securities of the series are to be issuable as Bearer Securities, whether
interest in respect of any portion of a temporary Bearer Security in global
form (representing all of the Outstanding Bearer Securities of the series)
payable on an Interest Payment Date prior to the exchange of such temporary
Bearer Security for definitive Securities of the series shall be paid to any
clearing organization with respect to the portion of such temporary Bearer
Security held for its account and, in such event, the terms and conditions
(including any certification requirements) upon which any such interest payment
received by a clearing organization will be credited to the Persons entitled to
interest payable on such Interest Payment Date;

 

(7)           the
Person to whom any interest on a Security of the series shall be payable at
Maturity, if other than the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest;

 

(8)           the
date or dates (or the method or methods, if any, by which such date or dates
shall be determined) on which the principal (and premium, if any) of the
Securities of the series is payable;

 

(9)           the
rate or rates (or the formula pursuant to which such rate or rates shall be
determined) at which the Securities of the series shall bear interest, if any,
including the rate of interest applicable on overdue payments of principal or
interest, if different from the rate of interest stated in the Security; the
date or dates from which such interest shall accrue (or the method or methods,
if any, by which such date or dates shall be determined), the Interest Payment
Dates, if any, on which such interest shall be payable and the Regular Record
Date, if any, for the interest payable on Registered Securities on any Interest
Payment Date; whether and under what circumstances Additional Amounts on such
Securities shall be payable in respect of specified taxes, assessments or other
governmental charges withheld or deducted and, if so, whether the Company has
the option to redeem the affected Securities rather than pay such Additional
Amounts; and the basis upon which interest shall be calculated if other than
that of a 360-day year of twelve 30-day months;

 

(10)         if
in addition to or other than the Place of Payment, the place or places where
the principal of, any premium and interest on or any Additional Amounts with
respect to such Securities shall be payable, any of such Securities that are
Registered Securities may be surrendered for registration of transfer, any of
such Securities may be surrendered for conversion or exchange and notices or
demands to or upon the Company in respect of such Securities and this Indenture
may be served;

 

14

 

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

 

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

 

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

 

(14)         the
currency or currencies, including composite currencies, in which payment of the
principal of (and premium, if any) and interest, if any, on or any Additional
Amounts with respect to, the Securities of the series shall be payable if other
than the Currency of the United States, which may be different for principal,
premium, if any, and interest;

 

(15)         if
the principal of (and premium, if any) or interest, if any, on or any
Additional Amounts with respect to, the Securities of the series are to be
payable, at the election of the Company or a Holder thereof or otherwise, in a
Currency or Currencies other than that in which the Securities are stated to be
payable, the Currency or Currencies in which payment of the principal of (and
premium, if any) or interest on or any Additional Amounts with respect to
Securities of such series as to which such election is made shall be payable,
and the period or periods within which, and the terms and conditions upon
which, such election may be made;

 

(16)         if
the amount of payments of principal of (and premium, if any) or interest, if
any, on or any Additional Amounts with respect to, the Securities of the series
may be determined with reference to an index, formula or other method or
methods, the manner in which such amounts shall be determined;

 

(17)         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 502;

 

(18)         any
deletions from, modifications of or additions to the Events of Default or
covenants of the Company with respect to the Securities of the series, if not
set forth herein (whether or not such Events of Default or covenants are
consistent with the Events of Default or covenants set forth herein), and if Section 1009
shall be applicable with respect to any such additional covenants;

 

(19)         whether
either or both of Section 1302 and Section 1303 shall not apply to
the Securities of the series;

 

(20)         any
provisions for collateral security for repayment of Securities of the series;

 

(21)         the
terms, if any, upon which the Securities of the series may be convertible into
the Company’s common stock or preferred stock and the terms and conditions upon
which such conversion will be effected, including, without limitation, the
initial conversion price or rate, the conversion period and any applicable
limitations on the ownership or transferability of the common stock or
preferred stock into which such Securities of the series are convertible;

 

(22)         any
other terms of the series and any deletions from or modifications or additions
to this Indenture in respect of such series, including the covenants to be
applicable to Securities of such series and provisions relating to the
subordination of the Securities of such series, if applicable; and 

 

15

 

(23)         if
not the Trustee, the identity of each Security Registrar, Paying Agent or
Authenticating Agent with respect to such Securities.

 

All Securities of any one series and Coupons
appertaining to Bearer Securities of such series, if any, shall be
substantially identical except as to Currency of payments due thereunder,
denomination and rate or rates of interest, if any, the method or methods, if
any, by which such rate or rates are to be determined and Maturity, the date
from which interest, if any shall accrue and except as may otherwise be
provided in or pursuant to the Board Resolution referred to above and (subject
to Section 303) set forth in the Officers’ Certificate referred to above
or in any such indenture supplemental hereto. All Securities of any one series
need not be issued at one time and, unless otherwise provided, a series may be
reopened for issuances of additional Securities of such series.

 

If any of the terms of the 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 the terms of such
series. If all of the Securities of any series established by action taken pursuant
to a Board Resolution are not to be issued at one time, it shall not be
necessary to deliver a record of such action at the time of issuance of each
Security of such series, but an appropriate record of such action shall be
delivered at or before the time of issuance of the first Security of such
series.

 

SECTION 302.                                      Denominations.

 

Unless otherwise provided in or pursuant to
this Indenture, the principal of, any premium and interest on and any
Additional Amounts with respect to the Securities shall be payable in Dollars.
Unless other denominations and amounts may from time to time be fixed by or
pursuant to a Board Resolution, the Registered Securities of each series, if
any, shall be issuable in registered form without Coupons in denominations of $1,000
and any integral multiple thereof, and the Bearer Securities of each series, if
any, shall be issuable in the denomination of $5,000, or in such other
denominations and amounts as may from time to time be fixed by or pursuant to a
Board Resolution. Securities not denominated in Dollars shall be issuable in
such denominations as are established with respect to such Securities as
provided in or pursuant to this Indenture.

 

SECTION 303.                                      Execution,
Authentication, Delivery and Dating.

 

The Securities shall be executed on behalf of
the Company by its Chairman of the Board, Chief Executive Officer, President or
one of its Vice Presidents, attested by its Secretary or one of its Assistant
Secretaries. Coupons shall bear the signature of the Treasurer or any Assistant
Treasurer of the Company. The signature of any of these officers on the
Securities or the Coupons may be manual or facsimile.

 

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

 

At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities of
any series, together with any Coupons appertaining thereto, executed by the
Company to the Trustee for authentication, and, provided that the Board
Resolution and Officers’ Certificate with respect to such Securities referred
to in Section 301 and a Company Order for the authentication and delivery
of such Securities has been delivered to the Trustee, the Trustee in accordance
with the Company Order and subject to the provisions hereof and of such
Securities shall authenticate and make available for delivery such Securities.
If all of the Securities of any series are not to be issued at one time and if
the Board Resolution or supplemental indenture establishing such series shall
so permit, such Company Order may set forth procedures acceptable to the
Trustee for the issuance of such Securities and determining the terms of
particular Securities of such series, such as interest rate, maturity date,
date of 

 

16

 

issuance and date from which
interest shall accrue. In authenticating such Securities, and accepting the
additional responsibilities under this Indenture in relation to such
Securities, the Trustee shall be entitled to receive, and (subject to Section 601)
shall be fully protected in relying upon:

 

(1)                                  an Opinion of
Counsel stating,

 

(a)           if the form of such Securities and Coupons, if any, has
been established by or pursuant to a Board Resolution as permitted by Section 201,
that such form has been established in conformity with the provisions of this
Indenture;

 

(b)           if the terms of such Securities and Coupons, if any, have
been established by or pursuant to a Board Resolution as permitted by Section 301,
that such terms have been established in conformity with the provisions of this
Indenture;

 

(c)           all conditions precedent to the authentication and
delivery of such Securities and Coupons, if any, appertaining thereto, have
been complied with and that such Securities together with the Coupons, if any,
appertaining thereto, 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 and paid for, will be legally valid and binding
obligations of the Company, enforceable against the Company in accordance with
their terms, except as limited by bankruptcy, insolvency, reorganization,
moratorium and similar laws affecting creditors’ rights generally (including, without
limitation, fraudulent conveyance laws), and except that such counsel may
advise that the enforceability of the Securities and Coupons is subject to: (a) the
effect of general principles of equity including, without limitation, concepts
of materiality, reasonableness, good faith and fair dealing and the possible
unavailability of specific performance, injunctive relief, or other equitable
remedies regardless of whether considered in a proceeding in law or at equity,
and, if applicable, (b) provisions of law which may require that a
judgment for money damages rendered by a court in the United States be
expressed in United States Dollars; and

 

(d)           all laws and requirements in respect of the execution and
delivery by the Company of such Securities and Coupons, if any, have been
complied with.

 

(2)                                  an Officers’
Certificate stating that all conditions precedent to the authentication and
delivery of such Securities and Coupons, if any, appertaining thereto, have
been complied with and to the best knowledge of the Persons executing such
certificate, no event which is, or after notice or lapse of time would become,
an Event of Default with respect to any of the Securities has occurred and is
continuing.

 

If such forms 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.

 

Notwithstanding the provisions of Section 301
and of the 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
Officers’ Certificate otherwise required pursuant to Section 301 or the
Company Order and Opinion of Counsel otherwise required pursuant to such
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 time of
authentication upon original issuance of the first Security of such series to
be issued.

 

Each Registered Security shall be dated the
date of its authentication. Each Bearer Security and any temporary Bearer
Security in global form shall be dated as of the date specified as contemplated
by Section 301.

 

17

 

No Security or Coupon appertaining thereto
shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of
authentication substantially in the form provided for herein executed by or on
behalf of the Trustee by manual signature of one of its authorized signatories
or by the Authenticating Agent, 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 309 together with a written statement (which need not
comply with Section 102 and need not be accompanied by an Opinion of
Counsel) stating that such Security has never been issued and sold by the
Company, for all purposes of this Indenture such Security shall be deemed never
to have been authenticated and delivered hereunder and shall never be entitled
to the benefits of this Indenture. Except as permitted by Section 306 or
307, the Trustee shall not authenticate and deliver any Bearer Security unless
all appurtenant Coupons for interest then matured have been detached and
cancelled.

 

SECTION 304.                                      Temporary
Securities.

 

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

 

Except in the case of temporary Securities
issued 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 (accompanied by any
unmatured Coupons appertaining thereto) 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
and tenor of authorized denominations; provided, however, that no definitive
Bearer Security, except as provided pursuant to Section 301, shall be
delivered in exchange for a temporary Registered Security; and, provided,
further, that a definitive Bearer Security shall be delivered in exchange for a
temporary Bearer Security only in compliance with the conditions set forth
herein. Unless otherwise provided in or pursuant to this Indenture with respect
to a temporary Global Security, 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 305.                                      Registration,
Registration of Transfer and Exchange.

 

With respect to the Registered Securities of
each series, the Company shall cause to be kept at the Corporate Trust Office
of the Trustee a register (the register maintained in such office and in any
other office or agency of the Company in a Place of Payment being herein
sometimes 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 the Registered Securities of such series and of transfers and
exchanges of the Registered Securities of such series. The Trustee is hereby
appointed “Security Registrar” for the purpose of registering the Registered
Securities and transfers of the Registered Securities as herein provided.

 

18

 

Upon surrender for registration of transfer
of any Registered Security of any series at the office or agency in a Place of
Payment for that series, the Company shall execute, and the Trustee shall
authenticate and make available for delivery, in the name of the designated
transferee or transferees, one or more new Registered Securities of the same
series, of any authorized denominations, of a like tenor and aggregate
principal amount and bearing a number not contemporaneously outstanding.

 

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

 

If provided in or pursuant to this Indenture,
with respect to Securities of any series, at the option of the Holder, Bearer
Securities of such series may be exchanged for Registered Securities of such
series containing identical terms, denominated as authorized in or pursuant to
this Indenture and in the same aggregate principal amount, upon surrender of
the Bearer Securities to be exchanged at any Office or Agency in a Place of
Payment for such series, with all unmatured Coupons and all matured Coupons in
default thereto appertaining. If the Holder of a Bearer Security is unable to
produce any such unmatured Coupon or Coupons or matured Coupon or Coupons in
default, such exchange may be effected if the Bearer Securities are accompanied
by payment in funds acceptable to the Company and the Trustee in an amount
equal to the face amount of such missing Coupon or Coupons, or the surrender of
such missing Coupon or Coupons may be waived by the Company and the Trustee if
there is furnished to them such security or indemnity as they may require to
save each of them and any Paying Agent harmless. If thereafter the Holder of
such Bearer Security shall surrender to any Paying Agent any such missing
Coupon in respect of which such a payment shall have been made, such Holder
shall be entitled to receive the amount of such payment; provided, however,
that, except as otherwise provided in Section 1002, interest represented
by Coupons shall be payable only upon presentation and surrender of those
Coupons at an Office or Agency for such series in a Place of Payment located
outside the United States. Notwithstanding the foregoing, in case a Bearer
Security of any series is surrendered at any such Office or Agency for such
series in exchange for a Registered Security of such series and like tenor
after the close of business at such Office or Agency on (i) any Regular
Record Date and before the opening of business at such Office or Agency on the
relevant Interest Payment Date, or (ii) any Special Record Date and before
the opening of business at such Office or Agency on the related date for
payment of Defaulted Interest, such Bearer Security shall be surrendered
without the Coupon relating to such Interest

 

Payment Date or proposed date of payment, as
the case may be (or, if such Coupon is so surrendered with such Bearer Security,
such Coupon shall be returned to the Person so surrendering the Bearer
Security), and interest or Defaulted Interest, as the case may be, shall not be
payable on such Interest Payment Date or proposed date for payment, as the case
may be, in respect of the Registered Security issued in exchange for such
Bearer Security, but shall be payable only to the Holder of such Coupon when
due in accordance with the provisions of this Indenture.

 

If provided in or pursuant to this Indenture
with respect to Securities of any series, at the option of the Holder,
Registered Securities of such series may be exchanged at an Office or Agency
located outside of the United States for Bearer Securities upon such terms and
conditions as may be provided in or pursuant to this Indenture with respect to
such series.

 

Whenever any Securities are surrendered for
exchange as contemplated by the immediately preceding two paragraphs, the
Company shall execute, and the Trustee shall authenticate and deliver, the
Securities which the Holder making the exchange is entitled to receive.

 

Notwithstanding the foregoing, except as
otherwise provided in or pursuant to this Indenture, any Global Security shall
be exchangeable for definitive Securities only if (i) the Depositary is at
any time 

 

19

 

unwilling, unable or
ineligible to continue as Depositary and a successor depositary is not
appointed by the Company within 90 days of the date the Company is so informed
in writing, (ii) the Company executes and delivers to the Trustee a
Company Order to the effect that such Global Security shall be so exchangeable,
or (iii) an Event of Default has occurred and is continuing with respect
to the Securities of that series. If the beneficial owners of interests in a
Global Security are entitled to exchange such interests for definitive
Securities, then without unnecessary delay but in any event not later than the
earliest date on which such interests may be so exchanged, the Company shall
deliver to the Trustee definitive Securities in such form and denominations as
are required by or pursuant to this Indenture, and of the same series,
containing identical terms and in aggregate principal amount equal to the
principal amount of, such Global Security, executed by the Company. On or after
the earliest date on which such interests may be so exchanged, such Global
Security shall be surrendered from time to time by the Depositary as shall be
specified in the Company Order with respect thereto, and in accordance with
instructions given to the Trustee and the Depositary (which instructions shall
be in writing but need not be contained in or accompanied by an Officers’
Certificate or be accompanied by an Opinion of Counsel), as shall be specified
in the Company Order with respect thereto to the Trustee, as the Company’s
agent for such purpose, to be exchanged, in whole or in part, for definitive
Securities as described above without charge. The Trustee shall authenticate
and make available for delivery, in exchange for each portion of such
surrendered Global Security, a like aggregate principal amount of definitive
Securities of the same series of authorized denominations and of like tenor as
the portion of such Global Security to be exchanged, which (unless such Securities
are not issuable both as Bearer Securities and as Registered Securities, in
which case the definitive Securities exchanged for the Global Security shall be
issuable only in the form in which the Securities are issuable, as provided in
or pursuant to this Indenture) shall be in the form of Bearer Securities or
Registered Securities, or any combination thereof, as shall be specified by the
Depository; provided, however, that no such exchanges may occur during a period
beginning at the opening of business 15 days before any selection of Securities
of the same series and containing identical terms to be redeemed and ending on
the relevant Redemption Date; and provided, further, that (unless otherwise
provided in or pursuant to this Indenture) no Bearer Security delivered in
exchange for a portion of a Global Security shall be mailed or otherwise
delivered to any location in the United States. Promptly following any such
exchange in part, such Global Security shall be returned by the Trustee to such
Depositary referred to above in accordance with the instructions of the Company
referred to above. If a definitive Security is issued in exchange for any
portion of a Global Security after the close of business at the office or
agency in the Place of Payment for such Security where such exchange occurs on
or after (i) any Regular Record Date for such Security and before the
opening of business at such office or agency on the next Interest Payment Date,
or (ii) any Special Record Date for such Security and before the opening
of business at such office or agency on the related proposed date for payment
of interest or Defaulted Interest, as the case may be, interest shall not be
payable on such Interest Payment Date or proposed date for payment, as the case
may be, in respect of such Registered Security, but shall be payable on such
Interest Payment Date or proposed date for payment, as the case may be, only to
the Person to whom interest in respect of such portion of such Global Security
shall be payable in accordance with the provisions of this Indenture.

 

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 entitling the Holders thereof to the
same benefits under this Indenture, as the Securities surrendered upon such
registration of transfer or exchange.

 

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

 

No service charge to the Holder shall be made
for any registration of transfer or exchange, or redemption 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 

 

20

 

exchange of Securities,
other than exchanges pursuant to Section 304, 906 or 1107 not involving
any transfer.

 

Except as otherwise provided in or pursuant
to this Indenture, the Company shall not be required (i) to issue,
register the transfer of or exchange any Security during a period beginning at
the opening of business 15 days before any selection for redemption of
Securities of like tenor and of the series of which such Security is a part and
ending at the close of business on the earliest date on which the relevant
notice of redemption is deemed to have been given to all Holders of Securities
of such series to be redeemed, or (ii) to register the transfer of or
exchange any Registered Security so selected for redemption in whole or in
part, except the unredeemed portion of any Security being redeemed in part, or (iii) to
exchange any Bearer Security so selected for redemption except, to the extent
provided with respect to such Bearer Security, that such Bearer Security may be
exchanged for a Registered Security of like tenor and the same series, provided
that such Registered Security shall be immediately surrendered for redemption
with written instruction for payment consistent with the provisions of this
Indenture or (iv) to issue, register the transfer of or exchange any
Security which, in accordance with its terms, has been surrendered for
repayment at the option of the Holder, except the portion, if any, of such
Security not to be so repaid.

 

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

 

Notwithstanding any other provision in this
Indenture, a Global Security may not be transferred except as a whole by the
Depositary with respect to such Global Security to a nominee of such Depositary
or by a nominee of such Depositary to such Depositary or another nominee of
such Depositary. Unless otherwise provided as contemplated by Section 301
with respect to any series of Securities evidenced in whole or in part by a
Global Security, the Depositary may not sell, assign, transfer or otherwise
convey any beneficial interest in a Global Security evidencing all or part of
the Securities of such series unless such beneficial interest is in an amount
equal to an authorized denomination for Securities of such series.

 

SECTION 306.                                      Mutilated,
Destroyed, Lost and Stolen Securities.

 

If any mutilated Security, or a Security with
a mutilated Coupon appertaining to it, is surrendered to the Trustee or the
Company, together with, in proper cases, such security or indemnity as may be
required by the Company or the Trustee to save each of them or any agent of
either of them harmless, 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 with Coupons appertaining thereto corresponding to
the Coupons, if any, appertaining to the surrendered Security.

 

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 or Coupon 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 actual notice to the Company
or the Trustee that such Security or Coupon has been acquired by a bona fide
purchaser, the Company shall execute and upon its request the Trustee shall
authenticate and make available for delivery, in lieu of any such destroyed,
lost or stolen Security, or in exchange for the Security to which a destroyed,
lost or stolen Coupon appertains with all appurtenant Coupons not destroyed,
lost or stolen, a new Security of the same series and of like tenor and
principal amount and bearing a number not contemporaneously outstanding, with
Coupons corresponding to the Coupons, if any, appertaining to such destroyed,
lost or stolen Security or to the Security to which such destroyed, lost or
stolen Coupon appertains.

 

21

 

In case any such mutilated, destroyed, lost
or stolen Security or Coupon has become or is about to become due and payable,
the Company in its discretion may, instead of issuing a new Security, pay such
Security or Coupon; provided, however, that payment of principal of, any
premium or interest on or any Additional Amounts with respect to any Bearer
Securities shall, except as otherwise provided in Section 1002, be payable
only at an Office or Agency at a Place of Payment for such Securities located
outside the United States and, unless otherwise provided in or pursuant to this
Indenture, any interest on Bearer Securities and any Additional Amounts with
respect to such interest shall be payable only upon presentation and surrender
of the Coupons appertaining thereto.

 

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, with any Coupons
appertaining thereto issued pursuant to this Section in lieu of any
destroyed, lost or stolen Security, or in exchange for a Security to which a
destroyed, lost or stolen Coupon appertains shall constitute a separate
obligation of the Company, whether or not the destroyed, lost or stolen
Security and Coupons appertaining thereto or the destroyed, lost or stolen
Coupon 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 such series and any Coupons, if any, duly issued hereunder.

 

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

 

SECTION 307.                                      Payment of
Interest; Interest Rights Preserved.

 

Unless otherwise provided as contemplated by Section 301
with respect to any series of Securities, interest on and any Additional
Amounts with respect to any Registered Security which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be
paid by check mailed by first class mail 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. In case a Bearer
Security of any series is surrendered in exchange for a Registered Security of
such series after the close of business (at an Office or Agency in a Place of
Payment for such series) on any Regular Record Date and before the opening of
business (at such Office or Agency) on the next succeeding Interest Payment Date,
such Bearer Security shall be surrendered without the Coupon relating to such
Interest Payment Date and interest will not be payable on such Interest Payment
Date in respect of the Registered Security issued in exchange for such Bearer
Security, but will be payable only to the Holder of such Coupon when due in
accordance with the provisions of this Indenture.

 

Any interest on and any Additional Amounts
with respect to any Registered Security of any series which is payable, but is
not punctually paid or duly provided for, on any Interest Payment Date for such
Registered Security (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 Person or
Persons in whose names the Registered Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest, which shall be
fixed in the following manner. The Company shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each Registered
Security of such series and the date of the proposed payment, and at the same
time the Company shall deposit with the 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 

 

22

 

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 Registered Securities of such series at his or her address as
it appears in the Security Register, not less than 10 days prior to such
Special Record Date. The Trustee may, in its discretion, in the name and at the
expense of the Company cause a similar notice to be published at least once in
an Authorized Newspaper of general circulation in The City of New York, but
such publication shall not be a condition precedent to the establishment of
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 Registered
Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following Clause (2). In case a Bearer
Security of any series is surrendered at the office or agency in a Place of
Payment for such series in exchange for a Registered Security of such series
after the close of business at such office or agency on any Special Record Date
and before the opening of business at such office or agency on the related
proposed date for payment of Defaulted Interest, such Bearer Security shall be
surrendered without the Coupon relating to such proposed date of payment and
Defaulted Interest will not be payable on such proposed date of payment in
respect of the Registered Security issued in exchange for such Bearer Security,
but will be payable only to the Holder of such Coupon when due in accordance
with the provisions of this Indenture.

 

(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, such
manner of payment shall be deemed practicable by the Trustee.

 

Subject to the foregoing provisions of this Section and
Section 305, 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 308.                                      Persons Deemed
Owners.

 

Prior to due presentment of a Registered
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 Registered
Security is registered as the owner of such Security for the purpose of
receiving payment of principal of (and premium, if any) and (subject to
Sections 305 and 307) interest on and any Additional Amounts with respect to
such Registered Security and for all other purposes whatsoever, whether or not
any payment with respect to such Registered Security be overdue, and neither
the Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

 

The Company, the Trustee and any agent of the
Company or the Trustee may treat the bearer of any Bearer Security or the
bearer of any Coupon as the absolute owner of such Security or Coupon for the
purpose of receiving payment thereof or on account thereof and for all other
purposes whatsoever, whether or not any payment with respect to such Security
or Coupon be overdue, and neither the Company, the Trustee nor any agent of the
Company or the Trustee shall be affected by notice to the contrary.

 

None of the Company, the Trustee nor any
agent of the Company or the Trustee will have any responsibility or liability
for any aspect of the records relating to or payments made on account of 

 

23

 

beneficial ownership
interests of a Global Security or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.

 

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

 

SECTION 309.                                      Cancellation.

 

All Securities and Coupons 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 any such Securities and Coupons, as
well as Securities and Coupons surrendered directly to the Trustee for any such
purpose, shall be promptly cancelled by it. The Company may at any time deliver
to the Trustee for cancellation any Securities and Coupons previously
authenticated and delivered hereunder which the Company may have acquired in
any manner whatsoever, and may deliver to the Trustee (or to any other Person
for delivery to the Trustee) for cancellation any Securities and Coupons
previously authenticated hereunder which the Company has not issued and sold,
and all Securities and Coupons so delivered shall be promptly cancelled by the Trustee.
No Securities shall be authenticated in lieu of or in exchange for any
Securities cancelled as provided in this Section, except as expressly permitted
by this Indenture. All cancelled Securities and Coupons held by the Trustee
shall be returned to the Company upon the written request of the Company.

 

SECTION 310.                                      Computation of
Interest.

 

Except as otherwise specified as contemplated
by Section 301 for Securities of any series, interest on the Securities of
each series shall be computed on the basis of a 360-day year of twelve 30-day
months.

 

ARTICLE FOUR

SATISFACTION AND DISCHARGE

 

SECTION 401.                                      Satisfaction
and Discharge of Indenture.

 

This Indenture shall upon Company Request
cease to be of further effect with respect to any series of Securities specified
in such Company Request (except as otherwise specifically provided herein and
as to any surviving rights of registration of transfer or exchange of
Securities herein expressly provided for and any rights to receive Additional
Amounts) and any Coupons appertaining thereto, and the Trustee, at the expense
of the Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture as to such series, when

 

(1)                                  either:

 

(a)           all Securities of such series and all Coupons appertaining
thereto, theretofore authenticated and delivered (other than (i) Coupons
appertaining to Bearer Securities of such series surrendered for exchange for
Registered Securities of such series and maturing after such exchange, whose
surrender is not required or has been waived as provided in Section 305, (ii) Securities
and Coupons of such series which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 306, (iii) Coupons
appertaining to Securities of such series called for redemption and maturing
after the relevant Redemption Date, whose surrender has been waived as provided
in Section 1106 and (iv) Securities and Coupons of such series for
whose payment Money has theretofore been deposited in trust or segregated and
held in trust by 

 

24

 

the
Company and thereafter repaid to the Company or discharged from such trust (as
provided in Section 1003)), have been delivered to the Trustee for
cancellation; or

 

(b)           all Securities of such series and, in the case of clause (i) or
(ii) below, any Coupons appertaining thereto 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 (i), (ii) or (iii) above,
has irrevocably deposited or caused to be deposited with the Trustee as trust
funds in trust for such purpose an amount sufficient to pay and discharge the
entire indebtedness on such Securities and Coupons appertaining thereto not
theretofore delivered to the Trustee for cancellation, including the principal
thereof (and premium, if any) and interest thereon, and any Additional Amounts
with respect thereto, to the date of such deposit (in the case of Securities
which have become due and payable) or to the Maturity thereof, as the case may
be;

 

(2)                                  the Company has
paid or caused to be paid all other sums payable 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 herein provided for relating to the
satisfaction and discharge of this Indenture as to such series have been
complied with.

 

In the event there are Securities of two or
more series hereunder, the Trustee shall be required to execute an instrument
acknowledging satisfaction and discharge of this Indenture only if requested to
do so with respect to Securities of such series as to which it is Trustee and
if the other conditions thereto are met.

 

Notwithstanding the satisfaction and
discharge of this Indenture with respect to any series of Securities, the
obligations of the Company to the Trustee under Section 607, and, if Money
shall have been deposited with the Trustee pursuant to subclause (b) of
Clause (1) of this Section, the rights, powers, protections, trusts,
duties and indemnities of the Trustee hereunder, the Company’s obligations with
respect to such Securities under Sections 304, 305, 306, 1002 and 1003, and the
obligations of the Trustee under Section 402 and the last paragraph of Section 1003
shall survive.

 

SECTION 402.                                      Application of
Trust Money.

 

Subject to the provisions of the last
paragraph of Section 1003, all Money deposited with the Trustee pursuant
to Section 401 shall be held in trust and applied by it, in accordance
with the provisions of the Securities, the Coupons and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium, if any) and interest and
Additional Amounts for whose payment such Money has been deposited with the
Trustee; but such Money need not be segregated from other funds except to the
extent required by law.

 

ARTICLE FIVE

REMEDIES

 

SECTION 501.                                      Events of
Default.

 

“Event of Default,” wherever used herein with
respect to Securities of any series, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary
or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any 

 

25

 

court or any order, rule or
regulation of any administrative or governmental body) unless such event is
specifically deleted or modified in or pursuant to the supplemental indenture,
Board Resolution or Officers’ Certificate establishing the terms of such series
pursuant to this Indenture:

 

(1)           default
in the payment of any interest on or any Additional Amounts payable with
respect to any Security of that series when such interest or Additional Amounts
become due and payable, and continuance of such default for a period of 30
days; or

 

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

 

(3)           default
in the deposit of any sinking fund payment, when, as and if due by the terms of
a Security of that series; or

 

(4)           default
in the performance, or breach, of any covenant or warranty of the Company in
this Indenture or any Security of that series (other than a covenant 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 series of Securities other than that series), and
continuance of such default or breach for a period of 60 days after there has
been given, by registered or certified mail, to the Company by the Trustee or
to the Company and the Trustee by the Holders of at least 25% in principal
amount of the Outstanding Securities of that series a written notice specifying
such default or breach and requiring it to be remedied and stating that such
notice is a “Notice of Default” hereunder; or

 

(5)           the
entry by a court having jurisdiction in the premises of (a) a decree or
order for relief in respect of the Company in an involuntary case or proceeding
under any applicable Federal or State bankruptcy, insolvency, reorganization or
other similar law or (b) a decree or order adjudging the Company as
bankrupt or insolvent, or approving as properly filed a petition seeking
reorganization, arrangement, adjustment or composition of or in respect of the
Company under any applicable Federal or State law, or appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official
of the Company or of any substantial part of its property, or ordering the
winding up or liquidation of its affairs, and the continuance of any such
decree or order for relief or any such other decree or order unstayed and in
effect for a period of 90 consecutive days; or

 

(6)           the
commencement by the Company of a voluntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law or of any other case or proceeding to be adjudicated a bankrupt or
insolvent, or the consent by it to the entry of a decree or order for relief in
respect of the Company in an involuntary case or proceeding under any applicable
Federal or State bankruptcy, insolvency, reorganization or other similar law or
to the commencement of any bankruptcy or insolvency case or proceeding against
it, or the filing by it of a petition or answer or consent seeking
reorganization or relief under any applicable Federal or State law, or the
consent by it to the filing of such petition or to the appointment of or taking
possession by a custodian, receiver, liquidator, assignee, trustee,
sequestrator or similar official of the Company or of any substantial part of
its property, or the making by it of an assignment for the benefit of
creditors, or the admission by it in writing of its inability to pay its debts
generally as they become due, or the taking of corporate action by the Company
in furtherance of any such action; or

 

(7)           any
other Event of Default provided in or pursuant to this Indenture with respect
to Securities of that series.

 

SECTION 502.                                      Acceleration of
Maturity; Rescission and Annulment.

 

If an Event of Default with respect to
Securities of any series at the time Outstanding occurs and is continuing, then
in every such case the Trustee or the Holders of not less than 25% in principal
amount 

 

26

 

of the Outstanding
Securities of that series may declare the principal amount (or, if any of the
Securities of that series are Original Issue Discount Securities, such portion
of the principal amount of such Securities as may be specified in the terms
thereof) of all of the Securities of that series to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified
amount) shall become immediately due and payable.

 

At any time after such a declaration of
acceleration with respect to 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 not less
than a majority in principal amount of the Outstanding Securities of that
series, by written notice to the Company and the Trustee, may rescind and annul
such declaration and its consequences if:

 

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

 

(a)           all overdue interest on and any Additional Amounts payable
with respect to all Securities of that series and any Coupons appertaining
thereto,

 

(b)           the principal of (and premium, if any, on) any Securities
of that series which have become due otherwise than by such declaration of
acceleration and interest thereon and any Additional Amounts with respect
thereto at the rate or rates prescribed therefor in such Securities,

 

(c)           to the extent that payment of such interest or Additional
Amounts is lawful, interest upon overdue interest and Additional Amounts at the
rate or rates prescribed therefor in such Securities, and

 

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

 

(2)                                  all Events of
Default with respect to Securities of that series, other than the nonpayment of
the principal of, any premium and interest on, and any Additional Amounts with
respect to Securities of that series which have become due solely by such
declaration of acceleration, have been cured or waived as provided in Section 513.

 

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

 

The Trustee shall not be required to act upon
an Event of Default unless it has actual notice of such Event of Default.

 

SECTION 503.                                      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 or any Additional Amounts payable with
respect to any Security or any Coupon appertaining thereto when such interest
or Additional Amounts shall have become 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 at the
Maturity thereof, and such default continues for a period of 30 days, the
Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit
of the Holders of such Securities and Coupons appertaining thereto, the whole
amount then due and payable on such Securities and Coupons for principal,
including any sinking fund payment or analogous obligations (and premium, if
any) and interest and Additional Amounts, if any, 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 and 

 

27

 

Additional Amounts, 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
amounts 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 Coupons appertaining thereto 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 and Coupons
appertaining thereto, 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 and any Coupons appertaining thereto 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 such Securities or in aid of the
exercise of any power granted herein or therein, or to enforce any other proper
remedy.

 

SECTION 504.                                      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 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, premium,
interest or Additional Amounts) shall be entitled and empowered, by
intervention in such proceeding or otherwise,

 

(1)           to
file and prove a claim for the whole amount of principal (and premium, if any)
and interest, if any, and any Additional Amounts owing and unpaid in respect of
the Securities and any Coupons appertaining thereto 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 of Securities or any Coupons allowed in such judicial
proceeding, and

 

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

 

(3)           any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each
Holder of Securities or any Coupons 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 of Securities or any Coupons, 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 607.

 

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

 

28

 

SECTION 505.                                      Trustee May Enforce
Claims Without Possession of Securities or Coupons.

 

All rights of action and claims under this
Indenture or the Securities or Coupons may be prosecuted and enforced by the
Trustee without the possession of any of the Securities or Coupons or the
production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall be paid and applied as provided
in Section 506.

 

SECTION 506.                                      Application of
Money Collected.

 

After an Event of Default any Money or other
property distributable in respect of the Company’s obligations under this
Indenture shall be applied in the following order, at the date or dates fixed
by the Trustee and, in case of the distribution of such Money on account of
principal (and premium, if any), interest or any Additional Amounts, upon
presentation of the Securities or Coupons, or both, as the case may be, and the
notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid: 

 

FIRST: To the payment of all amounts due the
Trustee (including any predecessor Trustee) under Section 607; 

 

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

 

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

 

SECTION 507.                                      Limitation on
Suits.

 

No Holder of any Security of any series or
any Coupons appertaining thereto 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 not less than a majority 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 have furnished to the Trustee reasonable indemnity against
the costs, expenses (including the reasonable compensation and expenses of
legal counsel) and liabilities to be incurred in compliance with such request;

 

(4)           the
Trustee for 60 days after its receipt of such notice, request and furnishing 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 such Holders shall have any right in any manner whatever
by virtue of, or by availing of, any provision of this Indenture or any
Security to affect, disturb or prejudice the rights of any other of such
Holders or Holders of Securities of any other series, 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 of such Holders.

 

29

 

SECTION 508.                                      Unconditional
Right of Holders to Receive Principal, Premium, Interest and Additional
Amounts.

 

Notwithstanding any other provision in this
Indenture, the Holder of any Security or Coupon, shall have the right, which is
absolute and unconditional, to receive payment of the principal of (and
premium, if any) and (subject to Section 305 and 307) interest on and any
Additional Amounts with respect to such Security or payment of such Coupon on
the respective Stated Maturity or Maturities therefor expressed in such
Security or Coupon (or, in the case of redemption, on the Redemption Date or,
in the case of repayment at the option of such Holder if provided in or
pursuant to this Indenture, on the date such repayment is due) 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 509.                                      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 had been instituted.

 

SECTION 510.                                      Rights and
Remedies Cumulative.

 

Except as otherwise provided with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities
or Coupons in the last paragraph of Section 306, 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. To the extent permitted by applicable law, the assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other appropriate right or
remedy.

 

SECTION 511.                                      Delay or
Omission Not Waiver.

 

To the extent permitted by applicable law, no
delay or omission of the Trustee or of any Holder of any Securities or Coupons
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 512.                                      Control by
Holders.

 

Subject to the provisions of Sections 503,
601(3) and 603(5), the Holders of not less than 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 or with the Securities of such series;

 

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

 

30

 

(3)           such
direction, in the reasonable judgment of the Trustee, is not unduly prejudicial
to the rights of other Holders of Securities of such series.

 

Upon receipt by the Trustee of any purported
direction with respect to Securities of a series all or part of which is
represented by a Global Security, the Trustee shall establish a record date for
determining Holders of Outstanding Securities of such series entitled to join
in such direction, which record date shall be at the close of business on the
day the Trustee receives such direction. The Holders on such record date, or
their duly designated proxies, and only such Persons, shall be entitled to join
in such direction, whether or not such Holders remain Holders after such record
date; provided, that unless such majority in principal amount shall have been
obtained prior to the day which is 90 days after such record date, such
direction shall automatically and without further action by any Holder be
cancelled and of no further effect. Nothing in this paragraph shall prevent a
Holder, or a proxy of a Holder, from giving, after expiration of such 90-day
period, a new direction identical to a direction which has been cancelled
pursuant to the proviso to the preceding sentence, in which event a new record
date shall be established pursuant to the provisions of this Section 512.

 

SECTION 513.                                      Waiver of Past
Defaults.

 

The Holders of not less than a majority in
principal amount of the Outstanding Securities of any series may, on behalf of
the Holders of all the Securities of such series and any Coupons appertaining
thereto, waive any past default hereunder with respect to such series and its
consequences, except a default:

 

(1)           in
the payment of the principal of (or premium, if any) or interest on or
Additional Amounts payable in respect of any Security of such series or any
Coupons appertaining thereto, or

 

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

 

The Company may, but shall not be obligated
to, fix a record date for the purpose of determining the Persons entitled to
waive any past default hereunder. If a record date is fixed, the Holders on
such record date, or their duly designated proxies, and only such Persons,
shall be entitled to waive any default hereunder, whether or not such Holders
remain Holders after such record date; provided, that unless such majority in
principal amount shall have been obtained prior to the date which is 90 days
after such record date, any such waiver previously given shall automatically
and without further action by any Holder be cancelled and of no further effect.

 

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

 

SECTION 514.                                      Undertaking for Costs.

 

All parties to this Indenture agree, and each
Holder of any Security or Coupon by his or her 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, 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 10% 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 or any
Additional 

 

31

 

Amounts in respect of any
Security or the payment of any Coupon on or after the respective Stated
Maturity or Maturities expressed in such Security (or, in the case of
redemption, on or after the Redemption Date or, in the case of repayment at the
option of such Holder if provided in or pursuant to this Indenture, on the date
such repayment is due) or interest on any overdue principal of any Security or
to the extent permitted by law, the payment of interest on any Additional
Amounts.

 

ARTICLE SIX

THE TRUSTEE

 

SECTION 601.                                      Certain Duties
and Responsibilities.

 

(1)                                  Except during
the continuance of an Event of Default,

 

(a)           the Trustee undertakes to perform such duties and only
such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee;
and

 

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

 

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

 

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

 

(a)           this Subsection shall not be construed to limit the effect
of Subsection (1) of this Section;

 

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

 

(c)           the Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of a majority in principal amount of the Outstanding
Securities of any series, determined as provided in Section 512, relating
to the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Indenture with respect to the Securities of such series;
and

 

(d)           no provision of this Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur any financial liability in
the performance of any of its duties hereunder, or in the exercise of any of
its rights or powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it.

 

32

 

(4)           Whether
or not therein expressly so provided, every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection
to the Trustee shall be subject to the provisions of this Section, and shall
extend to its officers, directors, employees, agents, successors and assigns.
All references in this Article Six to the Trustee shall be deemed to refer
to the Trustee acting in its capacities hereunder as Trustee, Paying Agent and
Security Registrar.

 

SECTION 602.                                      Notice of
Defaults.

 

The Trustee shall not be deemed to have
knowledge of any default or Event of Default hereunder unless and until a
Responsible Officer shall have actual knowledge thereof, or shall have received
written notice thereof at its Corporate Trust Office. In the absence of such
actual knowledge or notice, the Trustee may conclusively assume that no default
has occurred and is continuing under this Indenture. Except as otherwise
expressly provided herein, the Trustee shall not be bound to ascertain or
inquire as to the performance or observance of any of the terms, conditions,
covenants or agreements herein or any of the documents executed in connection
with Securities issued hereunder, or as to the existence of a default or Event
of Default hereunder.

 

Within 90 days after a Responsible Officer of
the Trustee (1) obtains actual knowledge of the occurrence of any default
hereunder with respect to the Securities of any series or (2) receives
written notice of such default from the Company or any other obligor on such
Securities or by any Holder of such securities, the Trustee shall transmit by
mail to all Holders of Securities of such series, as their names and addresses
appear in the Security Register, notice of such default hereunder known to the
Trustee, unless such default shall have been cured or waived; provided, however,
that, except in the case of a default in the payment of the principal of (or
premium, if any) or interest on, or any Additional Amounts with respect to, any
Security of such series or in the payment of any sinking fund installment with
respect to Securities 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 or Responsible Officers of the
Trustee in good faith determines that the withholding of such notice is in the
interests of the Holders of Securities and Coupons of such series; and
provided, further, that in the case of any default of the character specified
in Section 501(4) with respect to Securities of such series, no such
notice to Holders shall be given until at least 60 days after the occurrence
thereof. For the purpose of this Section, the term “default” means any event
which is, or after notice or lapse of time or both would become, an Event of
Default with respect to Securities of such series.

 

SECTION 603.                                      Certain Rights
of Trustee.

 

Subject to Sections 315(a) through 315(d) of
the Trust Indenture Act and the provisions of Section 601:

 

(1)           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 believed by it in good
faith to be genuine and to have been signed or presented by the proper party or
parties;

 

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

 

(3)           whenever
in the administration of this Indenture the 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, request and rely upon
an Officers’ Certificate;

 

33

 

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

 

(5)           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 of Securities of any series or any Coupons appertaining thereto
pursuant to this Indenture, unless such Holders shall have furnished to the
Trustee security or indemnity satisfactory to the Trustee against the costs,
expenses and liabilities which might be incurred by it in compliance with such
request or direction;

 

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

 

(7)           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.

 

The Trustee agrees to accept and act upon
instructions or directions pursuant to this Indenture sent by unsecured e-mail,
facsimile transmission or other similar unsecured electronic methods; provided,
however, that (a) the party providing such written instructions,
subsequent to such transmission of written instructions, shall provide the
originally executed instructions or directions to the Trustee in a timely
manner, and (b) such originally executed instructions or directions shall
be signed by an authorized representative of the party providing such
instructions or directions. If the party elects to give the Trustee e-mail or
facsimile instructions (or instructions by a similar electronic method) and the
Trustee in its discretion elects to act upon such instructions, the Trustee’s
understanding of such instructions shall be deemed controlling. The Trustee
shall not be liable for any losses, costs or expenses arising directly or
indirectly from the Trustee’s reliance upon and compliance with such
instructions notwithstanding such instructions conflict or are inconsistent
with a subsequent written instruction. The party providing electronic instructions
agrees to assume all risks arising out of the use of such electronic methods to
submit instructions and directions to the Trustee, including without limitation
the risk of the Trustee acting on unauthorized instructions, and the risk or
interception and misuse by third parties.

 

The permissive rights of the Trustee to do
things enumerated in this Indenture shall not be construed as a duty unless so
specified herein.

 

SECTION 604.                                      Not Responsible
for Recitals or Issuance of Securities.

 

The recitals contained herein and in the
Securities, except the Trustee’s certificates of authentication, and in any
Coupons 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 or Coupons 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 in a Statement of Eligibility on Form T-1 supplied to the
Company are true and accurate, subject to the qualifications set forth therein.
Neither the Trustee nor any Authenticating Agent shall be accountable for the
use or application by the Company of Securities or the proceeds thereof.

 

34

 

SECTION 605.                                      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 Coupons and, subject to Sections 310(b) and 311 of the Trust Indenture
Act and Sections 608 and 613, 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.

 

SECTION 606.                                      Money Held in
Trust.

 

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

 

SECTION 607.                                      Compensation
and Reimbursement.

 

The Company agrees:

 

(1)           to
pay to the Trustee from time to time such reasonable compensation as shall be
agreed to in writing between the Company and the Trustee 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)           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 the Trustee’s negligence or
bad faith; and

 

(3)           to
indemnify the Trustee, its officers, directors, employees and agents for, and
to hold it harmless against, any loss, liability or expense incurred without
negligence or bad faith on its part, arising out of or in connection with the
acceptance or administration of the trust or trusts hereunder, including the
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.

 

As security for the performance of the
obligations of the Company under this Section, the Trustee shall have a lien
prior to the Securities of any series upon all property and funds held or
collected by the Trustee as such, except funds held in trust for the payment of
principal of (or premium, if any) or interest on or any Additional Amounts with
respect to Securities or any Coupons appertaining thereto.

 

Subject to any other rights available to the
Trustee under any applicable bankruptcy law, when the Trustee incurs expenses
or renders services after an Event of Default specified in clause (5) or (6) of
Section 501 has occurred, the parties hereto and the Holders, by
acceptance of the Securities, hereby agree that such expenses and compensation
for services are intended to constitute expenses of administration under any
applicable bankruptcy law.

 

The provisions of this Section 607 shall
survive any defeasance of the Securities in accordance with Article Thirteen,
the payment of the Securities, and the resignation and removal of the Trustee
in accordance with Section 610.

 

35

 

In no event shall the Trustee be liable for
any failure or delay in the performance of its obligations hereunder because of
the circumstances beyond its control, including, but not limited to, acts of
God, flood, war (whether declared or undeclared), terrorism, strikes, work
stoppages, civil or military disturbances, nuclear or natural catastrophes,
fire, riot, embargo, loss or malfunctions of utilities, communications or
computer (software and hardware) services, government action, including any
laws, ordinances, regulations, governmental action or the like which delay,
restrict or prohibit the providing of the services contemplated by this
Indenture.

 

SECTION 608.                                      Disqualification;
Conflicting Interests.

 

The Trustee shall comply with the provisions
of Section 310(b) of the Trust Indenture Act.

 

SECTION 609.                                      Corporate
Trustee Required; Eligibility.

 

There shall at all times be a Trustee
hereunder which shall 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 exercise corporate trust powers, having
a combined capital and surplus of at least $10,000,000 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. No obligor upon the Securities or Person directly or
indirectly controlling, controlled by, or under common control with such
obligor shall serve as Trustee upon the Securities. 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 610.                                      Resignation and
Removal; Appointment of Successor.

 

(1)                                  No resignation
or removal of the Trustee and no appointment of a successor Trustee pursuant to
this Article shall become effective until the acceptance of appointment by
the successor Trustee in accordance with the applicable requirements of Section 611.

 

(2)                                  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 611 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.

 

(3)                                  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.

 

(4)                                  If at any time:

 

(a)           the Trustee shall fail to comply with Section 608
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

 

(b)           the Trustee shall cease to be eligible under Section 609
and shall fail to resign after written request therefor by the Company or by
any such Holder, or

 

36

 

(c)           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 or
pursuant to a Board Resolution may remove the Trustee with respect to all
Securities, or (ii) subject to Section 315(e) of the Trust
Indenture Act and Section 514, any Holder who has been a bona fide Holder
of a Security for at least six months may, on behalf of such Holder 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.

 

(5)           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 of the
Securities of one or more series, the Company 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 611.
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 611, become the successor Trustee with
respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with
respect to the Securities of any series shall have been so appointed by the
Company or the Holders and accepted appointment in the manner required by Section 611,
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 or herself 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.

 

(6)           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 Registered Securities, if any, of such series as their names and
addresses appear in the Security Register and, if Securities of such series are
issued as Bearer Securities, by publishing notice of such event once in an
Authorized Newspaper in each Place of Payment located outside the United
States. 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 611.                                      Acceptance of
Appointment by Successor.

 

(1)           In
case of the appointment hereunder of a successor Trustee with respect to all
Securities, every such successor Trustee so appointed shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an
instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties hereunder of the retiring Trustee; but, on
the request of the Company or the successor Trustee, such retiring Trustee
shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the
retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and Money held by such retiring Trustee hereunder, subject
nevertheless to its claim, if any, provided for in Section 607.

 

(2)           In
case of the appointment hereunder of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Securities of one or
more series shall execute and deliver an indenture supplemental hereto 

 

37

 

wherein each successor
Trustee shall accept such appointment and which (a) 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, (b) 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 (c) shall
add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees of the same
trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by
any other such Trustee; and upon 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.

 

(3)           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 (1) or
(2) of this Section, as the case may be.

 

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

 

SECTION 612.                                      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 or consolidation to such authenticating Trustee
may adopt such authentication and deliver the Securities so authenticated with
the same effect as if such successor Trustee had itself authenticated such
Securities. In case any Securities or Coupons shall not have been authenticated
by such predecessor Trustee, any such successor Trustee may authenticate and
deliver such Securities or Coupons, in either its own name or that of its
predecessor Trustee, with the full force and effect which this Indenture
provides for the certificate of authentication of the Trustee.

 

SECTION 613.                                      Preferential
Collection of Claims Against Company.

 

The Trustee is subject to 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 614.                                      Appointment of
Authenticating Agent.

 

At any time when any of the Securities of one
or more series remain outstanding, the Trustee may appoint an Authenticating
Agent or Agents with respect to Securities of one or more series which shall be

 

38

 

authorized to act on behalf
of the Trustee to authenticate Securities of such series, and Securities so
authenticated shall be entitled to the benefits hereof and shall be valid and
obligatory for all purposes as if authenticated by the Trustee hereunder. Any
such appointment shall be evidenced by an instrument in writing signed by a
Responsible Officer of the Trustee, a copy of which instrument shall be
promptly furnished to the Company. Wherever reference is made herein 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, 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 $10,000,000 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 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 (i) mail notice of such appointment by first class mail, postage
prepaid to each Holder of Registered Securities of the series, if any, with
respect to which such Authenticating Agent will serve, as their names and
addresses appear in the Security Register, and (ii) if Securities of the
series are issued as Bearer Securities, publish notice of such appointment at
least once in an Authorized Newspaper in the place where such successor
Authenticating Agent has its principal office if such office is located outside
the United States. 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 provisions of Section 607
shall also apply to any Authenticating Agent.

 

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

 

The provisions of Sections 308, 604 and 605
shall be applicable to each Authenticating Agent.

 

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

 

39

 

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

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Authenticating Agent

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized Signatory

  

 

If all of the Securities of any series may not
be originally issued at one time, and if the Trustee does not have an office
capable of authenticating Securities upon original issuance located in a Place
of Payment where the Company wishes to have Securities of such series
authenticated upon original issuance, the Trustee, if so requested in writing
(which writing need not be accompanied by or contained in an Officers’
Certificate by the Company), shall appoint in accordance with this Section an
Authenticating Agent having an office in a Place of Payment designated by the
Company with respect to such series of Securities.

 

SECTION 615.                                      Other
Capacities.

 

Except as otherwise specifically provided
herein, (i) all references in this Indenture to the Trustee shall be
deemed to refer to the Trustee in its capacity as Trustee and in its capacities
as Security Registrar and Paying Agent and (ii) every provision of this
Indenture relating to the conduct or affecting the liability or offering
protection, immunity or indemnity to the Trustee shall be deemed to apply with
the same force and effect to the Trustee acting in its capacities as Paying
Agent and Security Registrar.

 

ARTICLE SEVEN

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

SECTION 701.                                      Company to
Furnish Trustee Names and Addresses of Holders.

 

In accordance with Section 312(a) of
the Trust Indenture Act, the Company will furnish or cause to be furnished to
the Trustee:

 

(1)           semi-annually,
either (a) not later than January 31 and July 31 in each year in
the case of Original Issue Discount Securities of any series which by their
terms do not bear interest prior to Maturity, or (b) not more than 15 days
after each Regular Record Date in the case of Registered Securities of any
other series, a list, each in such form as the Trustee may reasonably require,
of the names and addresses of the Holders of Registered Securities of such
series as of the preceding January 16 or July 16 or as of such
Regular Record Date, as the case may be; and

 

(2)           at
such other times as the Trustee may request in writing, within 30 days after
the receipt by the Company of any such request, a list of similar form and
content as of a date not more than 15 days prior to the time such list is
furnished; excluding from any such list names and addresses received by the
Trustee in its capacity as Security Registrar.

 

40

 

SECTION 702.                                      Preservation of
Information; Communications to Holders.

 

The Trustee shall comply with the obligations
imposed upon it pursuant to Section 312 of the Trust Indenture Act.

 

Every Holder of Securities or Coupons, 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 312 of the
Trust Indenture Act, 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 312(b) of
the Trust Indenture Act.

 

SECTION 703.                                      Reports by
Trustee.

 

(1)           Within
60 days after May 15 of each year commencing with the first May 15
following the first issuance of Securities pursuant to Section 301, if
required by Section 313(a) of the Trust Indenture Act, the Trustee
shall transmit, pursuant to Section 313(c) of the Trust Indenture
Act, a brief report dated as of such May 15 with respect to any of the
events specified in said Section 313(a) which may have occurred since
the later of the immediately preceding May 15 and the date of this
Indenture.

 

(2)           The
Trustee shall transmit the reports required by Section 313(b) (if
applicable) of the Trust Indenture Act and Section 602 at the times
specified therein.

 

(3)           Reports
pursuant to this Section shall be transmitted in the manner and to the
Persons required by Sections 313(c) and 313(d) of the Trust Indenture
Act.

 

(4)           The
Company will promptly notify the Trustee when any Securities are listed on any
stock exchange.

 

SECTION 704.                                      Reports by
Company.

 

The Company shall:

 

(1)           file
with the Trustee, within 15 days after the Company is required to file the same
with the Commission, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing
as the Commission may from time to time by rules and regulations
prescribe) which the Company may be required to file with the Commission
pursuant to Section 13 or Section 15(d) of the Securities
Exchange Act of 1934; 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 Securities Exchange Act of 1934 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;

 

(3)           transmit
by mail to all Holders, as their names and addresses appear in the Security
Register, within 30 days after the filing thereof with the Trustee, in the
manner and to the extent provided in Section 313(c) of the Trust
Indenture Act, such summaries of any information, documents and reports 

 

41

 

required to be filed by the
Company pursuant to paragraphs (1) and (2) of this Section as
may be required by rules and regulations prescribed from time to time by
the Commission; and

 

(4)           furnish
to the Trustee, within 120 days after the end of each fiscal year of the
Company ending after the date hereof, a brief certificate from the principal
executive officer, principal financial officer or principal accounting officer
of the Company 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. A written statement
satisfying the requirements of Section 1008(a) of this Indenture will
be deemed to satisfy the requirements of this Section 704(4).

 

ARTICLE EIGHT

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

 

SECTION 801.                                      Company May Consolidate,
Etc., Only on Certain Terms.

 

The Company shall not consolidate with or
merge into any other Person or convey, transfer or lease its properties and
assets substantially as an entirety to any Person, and the Company shall not
permit any Person to consolidate with or merge into the Company or convey,
transfer or lease its properties and assets substantially as an entirety to the
Company, unless:

 

(1)           in
case the Company shall consolidate with or merge into another Person or convey,
transfer or lease its properties and assets substantially as an entirety to any
Person, the Person formed by such consolidation or into which the Company is
merged or the Person which acquires by conveyance or transfer, or which leases,
the properties and assets of the Company substantially as an entirety shall be
a corporation, limited liability company, partnership or trust, shall be
organized and validly existing under the laws of the United States of America,
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, the due and punctual payment of the principal of
(and premium, if any) and interest on and any Additional Amounts payable with
respect to, all the Securities and the performance of every covenant of this
Indenture on the part of the Company to be performed or observed;

 

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

 

(3)           subject
to Sections 601 and 603, either the Company or the successor Person has
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that such consolidation, merger, conveyance, transfer or lease
and, if a supplemental indenture is required in connection with such
transaction, such supplemental indenture comply with this Article and that
all conditions precedent herein provided for relating to such transaction have
been complied with.

 

SECTION 802.                                      Successor
Corporation Substituted.

 

Upon any consolidation by the Company with or
merger by the Company into any other Person or any conveyance, transfer or
lease of the properties and assets of the Company substantially as an entirety
in accordance with Section 801, the successor Person formed by such
consolidation or into which the Company is merged or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the
same effect as if such successor Person had been named as the Company herein,
and thereafter, except in the case of a lease, the predecessor Person shall be
relieved of all obligations and covenants under this Indenture and the
Securities and Coupons.

 

42

 

In case of any such consolidation, merger,
conveyance, transfer or lease, such changes in phraseology and form (but not in
substance) may be made in the Securities thereafter to be issued as may be
appropriate.

 

SECTION 803.                                      Officers’
Certificate and Opinion of Counsel.

 

The Trustee, subject to the provisions of
Sections 601 and 603, may receive an Officers’ Certificate and an Opinion of
Counsel as conclusive evidence that any such consolidation, merger, sale, lease
or conveyance, and any such assumption, complies with the provisions of this
Article.

 

ARTICLE NINE

SUPPLEMENTAL INDENTURE

 

SECTION 901.                                      Supplemental
Indentures Without Consent of Holders.

 

Without the consent of any Holders of
Securities or Coupons, the Company, when authorized by or pursuant to 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 Person to the Company and the assumption by
any such successor of the covenants of the Company herein and in the
Securities;

 

(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;

 

(3)           to
add any additional Events of Default for the benefit of the Holders of all or
any series of Securities (and if such Events of Default are to be for the
benefit of less than all series of Securities, stating that such Events of
Default are expressly being included solely for the benefit of such series);
provided, however, that in respect of any such additional Events of Default
such supplemental indenture may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in the case of
other defaults) or may provide for an immediate enforcement upon such default
or may limit the remedies available to the Trustee upon such default or may
limit the right of the Holders of a majority in the aggregate principal amount
of that or those series of Securities to which such additional Events of
Default apply to waive such default; or

 

(4)           to
add to 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 to permit or facilitate the issuance of Securities in
uncertificated form;

 

(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;

 

(6)           to
secure the Securities;

 

(7)           to
establish the form or terms of Securities of any series as permitted by
Sections 201 and 301;

 

43

 

(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 611;

 

(9)           to
cure any ambiguity, to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein, or to make any other
provisions with respect to matters or questions arising under this Indenture;

 

(10)         to
modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the
Trust Indenture Act or under any similar federal statute hereafter enacted and
to add to this Indenture such other provisions as may be expressly required
under the Trust Indenture Act;

 

(11)         to
add to or change any of the provisions of this Indenture to provide that Bearer
Securities may be registrable as to principal, to change or eliminate any
restrictions on the payment of principal of, any premium or interest on or any
Additional Amounts with respect to Securities, to permit Registered Securities
to be exchanged for Bearer Securities, to permit Bearer Securities to be
exchanged for Bearer Securities of other authorized denominations or to permit
or facilitate the issuance of Securities in uncertificated form;

 

(12)         to
add to, delete from or revise the conditions, limitations and restrictions on
the authorized amount, terms or purposes of issue, authentication and delivery
of Securities, as herein set forth;

 

(13)         to
supplement any of the provisions of this Indenture to such extent as shall be
necessary to permit or facilitate the defeasance and discharge of any series of
Securities pursuant to Article Thirteen; or

 

(14)         to
amend or supplement any provision contained herein or in any supplemental
indenture, provided that no such amendment or supplement shall materially
adversely affect the interests of Holders of any Securities then Outstanding,
provided further that any amendment described in this clause (14) made solely
to conform this Indenture to the final prospectus, prospectus supplement,
offering memorandum or other final offering document provided to investors in
connection with the initial offering of the Securities by the Company shall not
be deemed to materially adversely affect the interests of Holders.

 

SECTION 902.                                      Supplemental
Indentures with Consent of Holders.

 

With the consent of the Holders of not less
than a majority in principal amount of the Outstanding Securities of each
series affected by such supplemental indenture, by Act of said Holders delivered
to the Company and the Trustee, the Company, when authorized by or pursuant to
a Board Resolution, and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this 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 any installment of principal of or
interest on or any Additional Amounts with respect to, any Security, or reduce
the principal amount thereof or the rate of interest thereon or any Additional
Amounts payable in respect thereof, or any premium payable upon the redemption
thereof or otherwise, or change the obligation of the Company to pay Additional
Amounts pursuant to Section 1005 (except as contemplated by Section 801(1) and
permitted by Section 901(1)), or reduce the amount of the principal of an
Original Issue Discount Security 

 

44

 

that would be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502,
or adversely affect any right of repayment at the option of the Holder of any
Security, or reduce the amount of, or postpone the date fixed for, the payment
of any sinking fund or analogous obligation, or change the Place of Payment or
coin or Currency in which any Security or any premium or the interest thereon
or any Additional Amounts with respect thereto is payable, or impair the right
to institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof (or, in the case of redemption, on or after the Redemption
Date or, in the case of repayment at the option of the Holder, on or after the
date for repayment), or

 

(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 certain defaults hereunder and their consequences)
provided for in this Indenture or reduce the requirements of Section 1504
for quorum or voting, or

 

(3)           modify
any of the provisions of this Section or Section 513, 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, or the deletion of this proviso, in accordance with the requirements
of Sections 611(2) and 901(8).

 

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

 

The Company may, but shall not be obligated
to, fix a record date for the purpose of determining the Persons entitled to
consent to any indenture supplemental hereto. If a record date is fixed, the
Holders on such record date or their duly designated proxies, and only such
Persons, shall be entitled to consent to such supplemental indenture, whether
or not such Holders remain Holders after such record date; provided, that
unless such consent shall have become effective by virtue of the requisite
percentage having been obtained prior to the date which is 90 days after such
record date, any such consent previously given shall automatically and without
further action by any Holder be cancelled and of no further effect.

 

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 903.                                      Execution of
Supplemental Indentures.

 

In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or
the modifications thereby of the trusts created by this Indenture, the Trustee
shall be entitled to receive, and (subject to Section 315 of the Trust Indenture
Act and Section 601) shall be fully protected in relying upon, an Opinion
of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee 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.

 

45

 

SECTION 904.                                      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 and of any Coupons appertaining thereto
shall be bound thereby.

 

SECTION 905.                                      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 906.                                      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.

 

ARTICLE TEN

COVENANTS

 

SECTION 1001.                               Payment of
Principal, Premium and Interest.

 

The Company covenants and agrees for the
benefit of the Holders of each series of Securities that it will duly and
punctually pay the principal of (and premium, if any), interest on and any
Additional Amounts payable with respect to the Securities of that series in
accordance with the terms of the Securities, any Coupons appertaining thereto
and this Indenture. Any principal due on any Bearer Security shall be payable
only upon presentation and surrender of such Bearer Security and any interest
due on and any Additional Amounts payable with respect to Bearer Securities on
or before Maturity, other than Additional Amounts, if any, payable as provided
in Section 1005 in respect of principal of (or premium, if any, on) such a
Security, shall be payable only upon presentation and surrender of the several
Coupons appertaining thereto for such interest installments as are evidenced
thereby as they severally mature.

 

SECTION 1002.                               Maintenance of
Office or Agency.

 

The Company will maintain in each Place of
Payment for any series of Securities (which Place of Payment, for so long as
Securities of any series issued in definitive certificated form shall be
Outstanding, shall include a location in the Borough of Manhattan, The City of
New York, State of New York) an Office or Agency where Securities of that
series (but not Bearer Securities, except as otherwise provided below, unless
such Place of Payment is located outside the United States) may be presented or
surrendered for payment, where Securities of that series may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Company in respect of the Securities of that series and this Indenture may
be served. If Securities of a series are issuable as Bearer Securities, the
Company will maintain, subject to any laws or regulations applicable thereto,
an Office or Agency in a Place of Payment for such series which is located
outside the United States where Securities of such series and any Coupons
appertaining thereto may be presented and surrendered for payment (including
payment of any Additional Amounts payable on Securities of such series pursuant
to Section 1005); provided, however, that if the Securities of such series
are listed on The Stock Exchange of the United Kingdom and the Republic of
Ireland or the Luxembourg Stock Exchange or any other stock exchange 

 

46

 

located outside the United
States and such stock exchange shall so require, the Company will maintain a
Paying Agent in London, Luxembourg or any other required city located outside
the United States, as the case may be, so long as the Securities of such series
are listed on such exchange. The Company will give prompt written notice to the
Trustee of the location, and any change in the location, of such Office or
Agency. If at any time the Company shall fail to maintain any such required
Office or Agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee except that Bearer Securities of that
series and any Coupons appertaining thereto may be presented and surrendered
for payment (including payment of any Additional Amounts payable on Bearer
Securities of that series pursuant to Section 1005) at the place specified
for the purpose pursuant to Section 301, and the Company hereby appoints
the Trustee as its agent to receive all such presentations, surrenders, notices
and demands.

 

Except as otherwise provided in the form of
Bearer Security of any particular series pursuant to the provisions of this
Indenture, no payment of principal, premium, interest or Additional Amounts on
Bearer Securities shall be made at any Office or Agency of the Company in the
United States or by United States Dollar check mailed to any address in the
United States or by transfer to an account maintained with a bank located in
the United States; provided, however, payment of principal of and any premium
and interest in United States Dollars (including Additional Amounts payable in
respect thereof) on any Bearer Security may be made at the Corporate Trust
Office of the Trustee or any Office or Agency designated by the Company in the
Borough of Manhattan, The City of New York if (but only if) payment of the full
amount of such principal, premium, interest or Additional Amounts at all
offices outside the United States maintained for the purpose by the Company in
accordance with this Indenture is illegal or effectively precluded by exchange
controls or other similar restrictions.

 

The Company may also from time to time
designate one or more other offices or agencies where the Securities of one or
more series may be presented or surrendered for any or all such purposes and
may from time to time rescind such designations; provided, however, that no
such designation or rescission shall in any manner relieve the Company of its
obligation to maintain an Office or Agency in each Place of Payment for
Securities of any series for such purposes. The Company will give prompt
written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other Office or Agency. Unless otherwise
provided in or pursuant to this Indenture, the Company hereby designates Minnesapolis,
Minnesota as the Place of Payment for each series and initially appoints the Corporate
Trust Office as the Office or Agency for such purpose. Pursuant to Section 301(10) of
this Indenture, the Company may subsequently appoint an additional or different
place or places in the Borough of Manhattan, The City of New York where such
Securities may be payable.

 

Unless otherwise specified in an Officers’
Certificate, the Company hereby appoints the Trustee as its Paying Agent
hereunder.

 

SECTION 1003.                               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
or Additional Amounts with respect to 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 or Additional
Amounts 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.

 

Whenever the Company shall have one or more
Paying Agents for any series of Securities, it will, prior to each due date of
the principal of (and premium, if any) or interest on or Additional Amounts
with respect to any Securities of that series, deposit with a Paying Agent a
sum sufficient to pay the principal (and premium, if any) or interest or
Additional Amounts so becoming due, such sum to be held in trust for 

 

47

 

the benefit of the Persons
entitled thereto, and (unless such Paying Agent is the Trustee) the Company
will promptly notify the Trustee of its action or failure so to 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 or Additional Amounts with respect to 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 or Additional Amounts with respect to 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 Paying Agent shall also be
entitled to the benefits and protections afforded the Trustee under Article Six.

 

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 or any Additional Amounts
with respect to any Security of any series and remaining unclaimed for two
years after such principal (and premium, if any) or interest or any such
Additional Amounts have become due and payable shall be either delivered by the
Trustee to applicable escheatment authorities in accordance with the Trustee’s
customary procedures or paid to the Company on Company Request, or (if then
held by the Company) shall be discharged from such trust, and in either of such
latter events the Company shall have sole responsibility for compliance with
all applicable escheat laws; and the Holder of such Security or any Coupon
appertaining thereto 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 an Authorized
Newspaper, notice that such Money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such
publication, any unclaimed balance of such Money then remaining will be repaid
to the Company. The Company shall have no right, title or interest in or to any
Moneys held by the Trustee pursuant to this Section. The Trustee shall not be
liable to the Company or any Holder for interest on funds held by the Trustee
for the payment and discharge of the principal, interest, or premium or any
Additional Amounts on any of the Securities to any Holder.

 

SECTION 1004.                               Additional
Covenants.

 

The Company will do or cause to be done all
such other things required under any supplemental indenture executed in
accordance with this Indenture.

 

48

 

SECTION 1005.                               Additional
Amounts.

 

If the Securities of a series provide for the
payment of Additional Amounts, the Company will pay to the Holder of any
Security of any series or any Coupon appertaining thereto Additional Amounts as
provided therein. Whenever in this Indenture there is mentioned, in any
context, the payment of the principal of (or premium, if any) or interest on,
or in respect of, any Security of any series or any related Coupon or the net
proceeds received on the sale or exchange of any Security of any series, such
mention shall be deemed to include mention of the payment of Additional Amounts
provided for in this Section to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof pursuant to
the provisions of this Section and express mention of the payment of
Additional Amounts (if applicable) in any provisions hereof shall not be
construed as excluding Additional Amounts in those provisions hereof where such
express mention is not made.

 

If the Securities of a series provide for the
payment of Additional Amounts, at least ten days prior to the first Interest
Payment Date with respect to that series of Securities (or if the Securities of
that series will not bear interest prior to Maturity, the first day on which a
payment of principal (and premium, if any) is made), and at least ten days
prior to each date of payment of principal (and premium, if any) or interest if
there has been any change with respect to the matters set forth in the below-mentioned
Officers’ Certificate, the Company will furnish the Trustee and the Company’s
principal Paying Agent or Paying Agents, if other than the Trustee, with an
Officers’ Certificate instructing the Trustee and such Paying Agent or Paying
Agents whether such payment of principal (and premium, if any) or interest on
the Securities of that series shall be made to Holders of Securities of that
series or the Coupons appertaining thereto who are United States Aliens without
withholding for or on account of any tax, assessment or other governmental
charge described in the Securities of that series. If any such withholding
shall be required, then such Officers’ Certificate shall specify by country the
amount, if any, required to be withheld on such payments to such Holders of
Securities or Coupons and the Company will pay to the Trustee or such Paying
Agent the Additional Amounts required by this Section. The Company covenants to
indemnify the Trustee and any Paying Agent for, and to hold them harmless
against, any loss, liability or expense reasonably incurred without negligence
or bad faith on their part arising out of or in connection with actions taken
or omitted by any of them in reliance on any Officers’ Certificate furnished
pursuant to this Section or in reliance upon the failure of the Company to
furnish any such certificate.

 

SECTION 1006.                               Corporate
Existence.

 

Subject to Article Eight, the Company
will do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence and the rights (charter and statutory)
and franchises of the Company and its Subsidiaries; provided, however, that the
Company shall not be required to preserve any such right or franchise if it
shall determine that the preservation thereof is no longer desirable in the
conduct of the business of the Company and/or any Subsidiary and that the loss
thereof is not disadvantageous in any material respect to the Holders.

 

SECTION 1007.                               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
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 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.

 

49

 

SECTION 1008.                               Statement by
Officers as to Default.

 

(a)                                  The Company
shall deliver to the Trustee, within 120 days after the end of each fiscal
year, a written statement (which need not be contained in or accompanied by an
Officers’ Certificate) signed by the principal executive officer, the principal
financial officer or the principal accounting officer of the Company, stating
that:

 

(1)           a review of the activities of the Company during such year
and of performance under this Indenture has been made under his or her
supervision, and

 

(2)           to the best of his or her knowledge, based on such review,
(a) the Company has complied with all the conditions and covenants imposed
on it under this Indenture throughout such year, or, if there has been a
default in the fulfillment of any such condition or covenant, specifying each
such default known to him or her and the nature and status thereof, and (b) no
event has occurred and is continuing which is, or after notice or lapse of time
or both would become, an Event of Default, or, if such an event has occurred and
is continuing, specifying each such event known to him or her and the nature
and status thereof.

 

(b)                                 The Company
shall deliver to the Trustee, within five days after the occurrence thereof,
written notice of any event which after notice or lapse of time or both would
become an Event of Default.

 

SECTION 1009.                               Waiver of
Certain Covenants.

 

The Company may omit in any particular
instance to comply with any term, provision or condition set forth in Sections
1005 to 1008, inclusive, with respect to the Securities of any series if before
the time for such compliance the Holders of at least a majority in principal
amount of the Outstanding Securities of such series shall, by Act of 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.

 

The Company may, but shall not be obligated
to, fix a record date for the purpose of determining the Persons entitled to
waive compliance with any term, provision or condition referred to in the
immediately preceding paragraph. If a record date is fixed, the Holders on such
record date, or their duly designated proxies, and only such Persons, shall be
entitled to waive compliance with any such term, provision or condition,
whether or not such Holders remain Holders after such record date: provided,
that unless such requisite percentage in principal amount shall have been
obtained prior to the date which is 90 days after such record date, any such
waiver previously given shall automatically and without further action by any
Holder be cancelled and of no further effect.

 

ARTICLE ELEVEN

REDEMPTION OF SECURITIES

 

SECTION 1101.                               Applicability
of Article.

 

Securities of any series which are redeemable
before their Stated Maturity shall be redeemable at the option of the Company
in accordance with their terms and (except as otherwise specified as
contemplated by Section 301 for Securities of any series) in accordance
with this Article.

 

50

 

SECTION 1102.                               Election to
Redeem; Notice to Trustee.

 

The election of the Company to redeem any
Securities shall be evidenced by or pursuant to a Board Resolution. In case of
any redemption at the election of the Company of less than all the Securities
of any series having the same issue date, interest rate, Stated Maturity and
other terms the Company shall, at least 60 days prior to the Redemption Date
fixed by the Company (unless a shorter notice shall be satisfactory to the
Trustee), notify the Trustee of such Redemption Date, of the tenor, if
applicable, of the Securities to be redeemed, 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 1103.                               Selection by
Trustee of Securities to Be Redeemed.

 

If less than all the Securities of any series
having the same issue date, interest rate, Stated Maturity and other terms are
to be redeemed (unless all of the Securities of a specified tenor are to be
redeemed or are Global Securities), the particular Securities to be redeemed
shall be selected not more than 60 days prior to the Redemption Date by the
Trustee, from the Outstanding Securities of such series subject to such
redemption and not previously called for redemption, by such method as the
Trustee shall deem fair and appropriate and which may provide for the selection
for redemption of portions (equal to the minimum authorized denomination for
Securities of that series or any integral multiple thereof) of the principal
amount of Registered Securities of such series or a denomination larger than
the minimum authorized denomination for Securities of that series.

 

The Trustee shall promptly notify the Company
and the Security Registrar (if other than itself) in writing of the Securities
selected for redemption and, in the case of any Securities selected for partial
redemption, the principal amount thereof to be redeemed.

 

For all purposes of this Indenture, unless
the context otherwise requires, all provisions relating to the redemption of
Securities shall relate, in the case of any 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 1104.                               Notice of
Redemption.

 

Notice of redemption shall be given in the
manner provided in Section 106 not less than 30 nor more than 60 days
prior to the Redemption Date, unless a shorter period is specified in the
Securities to be redeemed. Failure to give notice by mailing in the manner
herein provided to the Holder of any Registered Securities designated for
redemption in whole or in part, or any defect in the notice to any such Holder,
shall not affect the validity of the proceedings for the redemption of any
other Securities or portion thereof.

 

Any notice that is mailed to the Holder of
any Registered Securities in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not such Holder receives the
notice.

 

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;

 

51

 

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

 

(5)           the
CUSIP numbers of the Securities to be redeemed;

 

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

 

(7)           the
place or places where such Securities, together, in the case of Bearer
Securities with all Coupons appertaining thereto, if any, maturing after the
Redemption Date, are to be surrendered for payment of the Redemption Price and
any accrued interest and Additional Amounts pertaining thereto;

 

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

 

(9)           that,
unless otherwise specified in such notice, Bearer Securities of any series, if
any, surrendered for redemption must be accompanied by all Coupons maturing
subsequent to the date fixed for redemption or the amount of any such missing
Coupon or Coupons will be deducted from the Redemption Price, unless security
or indemnity satisfactory to the Company, the Trustee and any Paying Agent is
furnished; and

 

(10)         if
Bearer Securities of any series are to be redeemed and any Registered
Securities of such series are not to be redeemed, and if such Bearer Securities
may be exchanged for Registered Securities not subject to redemption on the
Redemption Date pursuant to Section 305 or otherwise, the last date, as determined
by the Company, on which such exchanges may be made.

 

A notice of redemption published as
contemplated by Section 106 need not identify particular Registered
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 in writing at least 15 days prior to the last day
upon which notice of redemption may be given under this Section 1104, by
the Trustee in the name and at the expense of the Company.

 

SECTION 1105.                               Deposit of
Redemption Price.

 

On or prior to any Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 1003) 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 and any Additional Amounts with respect
thereto, all the Securities or portions thereof which are to be redeemed on
that date.

 

SECTION 1106.                               Securities
Payable on Redemption Date.

 

Notice of redemption having been given as
aforesaid, the Securities or portion thereof 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 and the Coupons for such interest appertaining to any
Bearer Securities so to be redeemed, except to the extent provided below, shall
be void. Upon surrender of any such Security for redemption in accordance with
said notice, together with all Coupons, if any, appertaining thereto maturing
after the Redemption Date, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest (and any Additional 

 

52

 

Amounts) to the Redemption
Date; provided, however, that installments of interest on Bearer Securities
whose Stated Maturity is on or prior to the Redemption Date shall be payable
only upon presentation and surrender of Coupons for such interest (at an office
or agency located outside the United States except as otherwise provided in Section 1002),
and provided, further, that, unless otherwise specified as contemplated by Section 301
for Registered Securities of any series, installments of interest whose Stated
Maturity is on or prior to the Redemption Date shall be payable to the Holders
of such Registered Securities, or one or more Predecessor Securities,
registered as such at the close of business on the relevant Regular Record
Dates according to their terms and the provisions of Section 307.

 

If any Bearer Security surrendered for
redemption shall not be accompanied by all appurtenant Coupons maturing after
the Redemption Date, such Security may be paid after deducting from the
Redemption Price an amount equal to the face amount of all such missing
Coupons, or the surrender of such missing Coupon or Coupons may be waived by
the Company and the Trustee if there be furnished to them such security or
indemnity as they may require to save each of them and any Paying Agent
harmless. If thereafter the Holder of such Security shall surrender to the
Trustee or any Paying Agent any such missing Coupon in respect of which a
deduction shall have been made from the Redemption Price, such Holder shall be
entitled to receive the amount so deducted; provided, however, that interest
(and any Additional Amounts) represented by Coupons shall be payable only upon
presentation and surrender of those Coupons at an office or agency located
outside of the United States except as otherwise provided in Section 1002.

 

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 1107.                               Securities
Redeemed in Part.

 

Any Registered Security which is to be
redeemed only in part shall be surrendered 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 or her attorney duly
authorized in writing), and the Company shall execute, and the Trustee shall
authenticate and make available for delivery to the Holder of such Security
without service charge, a new Security or Securities of the same series and of
like tenor, 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. If a Global Security is so
surrendered, the Company shall execute, and the Trustee shall authenticate and
deliver to the Depositary for such Security in global form as shall be
specified in the Company Order with respect thereto to the Trustee, without service
charge, a new Security in global form in a denomination equal to and in
exchange for the unredeemed portion of the principal of the Global Security so
surrendered.

 

ARTICLE TWELVE

SINKING FUNDS

 

SECTION 1201.                               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 301 for
Securities of such series.

 

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 

 

53

 

sinking fund payment may be
subject to reduction as provided in Section 1202. 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 1202.                               Satisfaction of
Sinking Fund Payments with Securities.

 

The Company (1) may deliver Outstanding
Securities of a series (other than any previously called for redemption),
together in the case of Bearer Securities of such series with all unmatured
Coupons appertaining thereto, 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. If as a result of the delivery or credit of Securities
of any series in lieu of cash payments pursuant to this Section 1202, the
principal amount of Securities of such series to be redeemed in order to
exhaust the aforesaid cash payment shall be less than $100,000, the Trustee
need not call Securities of such series for redemption, except upon Company
Request, and such cash payment shall be held by the Trustee or a Paying Agent
and applied to the next succeeding sinking fund payment; provided, however,
that the Trustee or such Paying Agent shall at the request of the Company from
time to time pay over and deliver to the Company any cash payment so being held
by the Trustee or such Paying Agent upon delivery by the Company to the Trustee
of Securities of that series purchased by the Company having an unpaid principal
amount equal to the cash payment requested to be released to the Company.

 

SECTION 1203.                               Redemption of
Securities for Sinking Fund.

 

Not less than 60 days prior to each sinking
fund payment date for any series of Securities (unless a shorter notice shall
be satisfactory to the Trustee), the Company will deliver to the Trustee an
Officers’ Certificate specifying the amount of the next ensuing mandatory
sinking fund payment for that series pursuant to the terms of that series, the
portion thereof, if any, which is to be satisfied by payment of cash and the
portion thereof, if any, which is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 1202, and the optional
amount, if any, to be added in cash to the next ensuing mandatory sinking fund
payment, and will also deliver to the Trustee any Securities to be so credited
and not theretofore delivered. Not less than 15 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 1103 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 1104. Such notice
having been duly given, the redemption of such Securities shall be made upon
the terms and in the manner stated in Sections 1106 and 1107.

 

ARTICLE THIRTEEN

DEFEASANCE AND COVENANT DEFEASANCE

 

SECTION 1301.                               Applicability
of Article; Company’s Option to Effect Defeasance or Covenant Defeasance.

 

Unless otherwise provided pursuant to Section 301,
this Article Thirteen shall be applicable to the Securities of such series
and any Coupons appertaining thereto, and the Company may at its option by or
pursuant to Board Resolution, at any time, with respect to the Securities of
such series and any Coupons appertaining thereto, elect to have either Section 1302
(if applicable) or Section 1303 (if applicable) be applied to the
Outstanding Securities of such series upon compliance with the conditions set
forth below in this Article Thirteen.

 

54

 

SECTION 1302.                               Defeasance and
Discharge.

 

Upon the Company’s exercise of the above
option applicable to this Section, the Company shall be deemed to have been
discharged from its obligations with respect to the Outstanding Securities of
such series and any Coupons appertaining thereto on and after the date the
conditions precedent set forth below are satisfied but subject to satisfaction
of the conditions subsequent set forth below (hereinafter, “defeasance”). For
this purpose, such defeasance means that the Company shall be deemed to have
paid and discharged the entire indebtedness represented by the Outstanding
Securities of such series and any Coupons appertaining thereto and to have
satisfied all its other obligations under such Securities and this Indenture
insofar as such Securities are concerned (and the Trustee, at the expense of
the Company, shall execute proper instruments acknowledging the same), except
for the following which shall survive until otherwise terminated or discharged
hereunder: (1) the rights of Holders of Outstanding Securities of such
series and any Coupons appertaining thereto to receive, solely from the trust
fund described in Section 1304 and as more fully set forth in such
Section, payments of the principal of (and premium, if any) and interest on or
Additional Amounts with respect to such Securities and Coupons when such
payments are due, (2) the Company’s obligations with respect to such
Securities under Sections 304, 305, 306, 1002 and 1003 and such obligations as
shall be ancillary thereto, (3) the rights, powers, trusts, duties,
indemnities, immunities and other provisions in respect of the Trustee
hereunder and (4) this Article Thirteen. Subject to compliance with
this Article Thirteen, the Company may exercise its option under this Section 1302
notwithstanding the prior exercise of its option under Section 1303 with
respect to the Securities of such series. Following a defeasance, payment of
the Securities of such series may not be accelerated because of an Event of
Default.

 

SECTION 1303.                               Covenant
Defeasance.

 

Upon the Company’s exercise of the above
option applicable to this Section, the Company shall be released from its
obligations under Sections 1005 through 1008 (and any other Sections applicable
to such Securities that are determined pursuant to Section 301 to be
subject to this provision) and the occurrence of an Event of Default specified
in Section 501(4) (insofar as it is with respect to Sections 1005
through 1008 or any other Section applicable to such Securities that are
determined pursuant to Section 301 to be subject to this provision) or Section 501(4) shall
be deemed not to be an Event of Default with respect to the Outstanding
Securities of such series on and after the date the conditions precedent set
forth below are satisfied but subject to satisfaction of the conditions
subsequent set forth below (hereinafter, “covenant defeasance”). For this
purpose, such covenant defeasance means 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 any
such Section, whether directly or indirectly by reason of any reference
elsewhere herein to any such Section or by reason of any reference in any
such Section to any other provision herein or in any other document, but
the remainder of this Indenture and such Securities shall be unaffected
thereby. Following a covenant defeasance, payment of the Securities of such
series may not be accelerated because of an Event of Default specified in Section 501(4) or
by reference to such other Section specified above in this Section 1303.

 

SECTION 1304.                               Conditions to
Defeasance or Covenant Defeasance.

 

The following shall be the conditions
precedent or, as specifically noted below, subsequent to application of either Section 1302
or Section 1303 to the Outstanding Securities of such series:

 

(1)           the
Company shall irrevocably have deposited or caused to be deposited with the
Trustee (or another trustee satisfying the requirements of Section 609 who
shall agree to comply with the provisions of this Article Thirteen
applicable to it) as trust funds in trust for the purpose of making the
following payments, specifically pledged as security for, and dedicated solely
to, the benefit of the Holders of such Securities, (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 one day before the due date of any payment, Money in an
amount, or (c) a 

 

55

 

combination thereof, sufficient,
without reinvestment, 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) and interest on and Additional Amounts with
respect to the Outstanding Securities of such series to Maturity and (ii) any
mandatory sinking fund payments or analogous payments applicable to the
Outstanding Securities of such series on the due dates thereof. Before such a
deposit the Company may make arrangements satisfactory to the Trustee for the
redemption of Securities at a future date or dates in accordance with Article Eleven,
which shall be given effect in applying the foregoing. For this purpose, “U.S.
Government Obligations” means securities that are (a) direct obligations
of the United States of America for the payment of which its full faith and
credit is pledged or (b) obligations of a Person controlled or supervised
by and acting as an agency or instrumentality of the United States of America
the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America, which, in either case, are not
callable or redeemable at the option of the issuer thereof, and shall also
include a depository receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act of 1933, as amended) as custodian with respect to any such
U.S. Government Obligation or a specific payment of principal of or interest on
any such U.S. Government Obligation held by such custodian for the account of
the holder of such depository receipt, provided that (except as required by
law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depository receipt from any amount received by
the custodian in respect of the U.S. Government Obligation or the specific
payment of principal of or interest on the U.S. Government Obligation evidenced
by such depository receipt.

 

(2)           No
Event of Default or event which with notice or lapse of time or both would
become an Event of Default with respect to the Securities of such series shall
have occurred and be continuing (a) on the date of such deposit or (b) insofar
as subsections 501(5) and (6) are concerned, at any time during the
period ending on the 91st day after the date of such deposit or, if longer,
ending on the day following the expiration of the longest preference period
applicable to the Company in respect of such deposit (it being understood that
the condition in this clause (2) is a condition subsequent and shall not
be deemed satisfied until the expiration of such period).

 

(3)           Such
defeasance or covenant defeasance shall not (a) cause the Trustee for the
Securities of such series to have a conflicting interest as defined in Section 608
or for purposes of the Trust Indenture Act with respect to any securities of
the Company or (b) result in the trust arising from such deposit to
constitute, unless it is qualified as, a regulated investment company under the
Investment Company Act of 1940, as amended.

 

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

 

(5)           Such
defeasance or covenant defeasance shall not cause any Securities of such series
then listed on any registered national securities exchange under the Securities
Exchange Act of 1934, as amended, to be delisted.

 

(6)           In
the case of an election under Section 1302, the Company shall have
delivered to the Trustee an Opinion of Counsel stating that (a) the
Company has received from, or there has been published by, the Internal Revenue
Service a ruling, or (b) since the date of this Indenture there has been a
change in the applicable Federal income tax law, 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.

 

56

 

(7)           In
the case of an election under Section 1303, the Company shall have
delivered to the Trustee an Opinion of Counsel 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.

 

(8)           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 301.

 

(9)           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 1302 or the covenant
defeasance under Section 1303 (as the case may be) have been complied
with.

 

SECTION 1305.          Deposited Money
and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous
Provisions.

 

Subject to the provisions of the last
paragraph of Section 1003, all Money and U.S. Government Obligations
(including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee — collectively, for purposes of this Section 1305, the “Trustee”)
pursuant to Section 1304 in respect of the Outstanding Securities of such
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 (but not 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 and Additional Amounts, 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
Money or U.S. Government Obligations deposited pursuant to Section 1304 or
the principal and interest received in respect thereof.

 

Anything herein to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to
time upon Company Request any Money or U.S. Government Obligations held by it
as provided in Section 1304 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 to effect an equivalent
defeasance or covenant defeasance.

 

Anything herein to the contrary
notwithstanding, if and to the extent the deposited Money or U.S. Government
Obligations (or the proceeds thereof) either (a) cannot be applied by the
Trustee in accordance with this Section because of a court order or (b) are
for any reason insufficient in amount, then the Company’s obligations to pay
principal of (and premium, if any) and interest on and Additional Amounts with
respect to the Securities of such series shall be reinstated to the extent
necessary to cover the deficiency on any due date for payment. In any case
specified in clause (a) of this paragraph, the Company’s interest in the
deposited Money and U.S. Government Obligations (and proceeds thereof) shall be
reinstated to the extent the Company’s payment obligations are reinstated.

 

57

 

ARTICLE FOURTEEN

REPAYMENT AT THE OPTION OF HOLDERS

 

SECTION 1401.                               Applicability
of Article.

 

Securities of any series which are repayable
at the option of the Holders thereof before their Stated Maturity shall be
repaid in accordance with the terms of the Securities of such series. The
repayment of any principal amount of such Securities pursuant to such option of
the Holder to require repayment of Securities before their Stated Maturity, for
purposes of Section 309, shall not operate as a payment, redemption or
satisfaction of the indebtedness represented by such Securities unless and until
the Company, at its option, shall deliver or surrender the same to the Trustee
with a directive that such Securities be cancelled. Notwithstanding anything to
the contrary contained in this Section 1401, in connection with any
repayment of Securities, the Company may arrange for the purchase of any
Securities by an agreement with one or more investment bankers or other
purchasers to purchase such Securities by paying to the Holders of such
Securities on or before the close of business on the repayment date an amount
not less than the repayment price payable by the Company on repayment of such
Securities, and the obligation of the Company to pay the repayment price of
such Securities shall be satisfied and discharged to the extent such payment is
so paid by such purchasers.

 

ARTICLE FIFTEEN

MEETINGS OF HOLDERS OF SECURITIES

 

SECTION 1501.                               Purposes for
Which Meetings May Be Called.

 

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

 

SECTION 1502.                               Call, Notice
and Place of Meetings.

 

(1)           The
Trustee may at any time call a meeting of Holders of Securities of any series
for any purpose specified in Section 1501, to be held at such time and at
such place in The City of New York, or, if Securities of such series have been
issued as Bearer Securities, in London or such other place outside the United
States, as the Trustee shall determine. Notice of every meeting of Holders of
Securities of any series, setting forth the time and the place of such meeting
and in general terms the action proposed to be taken at such meeting, shall be
given at the expense of the Company, in the manner provided in Section 106,
not less than 21 nor more than 180 days prior to the date fixed for the
meeting.

 

(2)           In
case at any time the Company (by or pursuant to a Board Resolution) or the
Holders of at least 10% in principal amount of the Outstanding Securities of
any series shall have requested the Trustee to call a meeting of the Holders of
Securities of such series for any purpose specified in Section 1501, by
written request setting forth in reasonable detail the action proposed to be
taken at the meeting, and the Trustee shall not have made the first publication
or mailing of the notice of such meeting within 21 days after receipt of such
request or shall not thereafter proceed to cause the meeting to be held as
provided herein, then the Company or the Holders of Securities of such series
in the amount above specified, as the case may be, may determine the time and
the place in The City of New York, or, if Securities of such series are to be
issued as Bearer Securities, in London for such meeting and may call such
meeting for such purposes by giving notice thereof as provided in subsection (1) of
this Section.

 

58

 

SECTION 1503.          Persons
Entitled to Vote at Meetings.

 

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

 

SECTION 1504.          Quorum;
Action.

 

The Persons entitled to vote a majority in
principal amount of the Outstanding Securities of a series shall constitute a
quorum for a meeting of Holders of Securities of such series; provided,
however, that if any action is to be taken at such meeting with respect to a
consent or waiver which this Indenture expressly provides may be given by the
Holders of not less than a specified percentage in principal amount of the
Outstanding Securities of a series, the Persons entitled to vote such specified
percentage in principal amount of the Outstanding Securities of such series
shall constitute a quorum. In the absence of a quorum within 30 minutes after
the time appointed for any such meeting, the meeting shall, if convened at the
request of Holders of Securities of such series, be dissolved. In any other
case the meeting may be adjourned for a period of not less than 10 days as
determined by the chairman of the meeting prior to the adjournment of such
meeting. In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for a period of not less than 10
days as determined by the chairman of the meeting prior to the adjournment of
such adjourned meeting. Notice of the reconvening of any adjourned meeting
shall be given as provided in Section 1502(1), except that such notice
need be given only once not less than five days prior to the date on which the
meeting is scheduled to be reconvened. Notice of the reconvening of an
adjourned meeting shall state expressly the percentage, as provided above, of
the principal amount of the Outstanding Securities of such series which shall
constitute a quorum.

 

Except as limited by the proviso to Section 902,
any resolution presented to a meeting or adjourned meeting duly reconvened at
which a quorum is present as aforesaid may be adopted only by the affirmative
vote of the Holders of a majority in principal amount of the Outstanding
Securities of that series; provided, however, that, except as limited by the
proviso to Section 902, any resolution with respect to any request,
demand, authorization, direction, notice, consent, waiver or other action which
this Indenture expressly provides may be made, given or taken by the Holders of
a specified percentage, which is less than a majority, in principal amount of
the Outstanding Securities of a series may be adopted at a meeting or an
adjourned meeting duly reconvened and at which a quorum is present as aforesaid
by the affirmative vote of the Holders of such specified percentage in
principal amount of the Outstanding Securities of such series.

 

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

 

SECTION 1505.          Determination
of Voting Rights; Conduct and Adjournment of Meetings.

 

(1)           Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of Holders of Securities
of such series in regard to proof of the holding of Securities of such series
and of the appointment of proxies and in regard to the appointment and duties
of inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem appropriate. Except as otherwise
permitted or required by any such regulations, the holding of Securities shall
be proved in the manner specified in Section 104 and the appointment of 

 

59

 

any proxy shall be proved in the manner
specified in Section 104 or by having the signature of the Person executing
the proxy witnessed or guaranteed by any trust company, bank or banker
authorized by Section 104 to certify to the holding of Bearer Securities.
Such regulations may provide that written instruments appointing proxies,
regular on their face, may be presumed valid and genuine without the proof
specified in Section 104 or other proof.

 

(2)           The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the
meeting, unless the meeting shall have been called by the Company or by Holders
of Securities as provided in Section 1502(2), in which case the Company or
the Holders of Securities of the series calling the meeting, as the case may
be, shall in like manner appoint a temporary chairman. A permanent chairman and
a permanent secretary of the meeting shall be elected by vote of the Persons
entitled to vote a majority in principal amount of the Outstanding Securities
of such series represented at the meeting.

 

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

 

(4)           Any
meeting of Holders of Securities of any series duly called pursuant to Section 1502
at which a quorum is present may be adjourned from time to time by Persons
entitled to vote a majority in principal amount of the Outstanding Securities
of such series represented at the meeting; and the meeting may be held as so
adjourned without further notice.

 

SECTION 1506.          Counting
Votes and Recording Action of Meetings.

 

The vote upon any resolution submitted to any
meeting of Holders of Securities of any series shall be by written ballots on
which shall be subscribed the signatures of the Holders of Securities of such
series or of their representatives by proxy and the principal amounts and
serial numbers of the Outstanding Securities of such series held or represented
by them. The permanent chairman of the meeting shall appoint two inspectors of votes
who shall count all votes cast at the meeting for or against any resolution and
who shall make and file with the secretary of the meeting their verified
written reports in triplicate of all votes cast at the meeting. A record, at
least in triplicate, of the proceedings of each meeting of Holders of
Securities of any series shall be prepared by the secretary of the meeting and
there shall be attached to said record the original reports of the inspectors
of votes on any vote by ballot taken thereat and affidavits by one or more
persons having knowledge of the facts setting forth a copy of the notice of the
meeting and showing that said notice was given as provided in Section 1502
and, if applicable, Section 1504. Each copy shall be signed and verified
by the affidavits of the permanent chairman and secretary of the meeting and
one such copy shall be delivered to the Company, and another to the Trustee to
be preserved by the Trustee, the latter to have attached thereto the ballots
voted at the meeting. Any record so signed and verified shall be conclusive
evidence of the matters therein stated.

 

ARTICLE SIXTEEN

SECURITIES IN FOREIGN CURRENCIES

 

SECTION 1601.          Applicability
of Article.

 

Whenever this Indenture provides for (i) any
action by, or the determination of any of the rights of, Holders of Securities
of any series in which not all of such Securities are denominated in the same
currency, or (ii) any distribution to Holders of Securities, in the
absence of any provision to the contrary in the form of Security of any
particular series, any amount in respect of any Security denominated in a
currency other than Dollars shall be treated for any such action or
distribution as that amount of Dollars 

 

60

 

that could be obtained for such amount on
such reasonable basis of exchange and as of the record date with respect to
Registered Securities of such series (if any) for such action, determination of
rights or distribution (or, if there shall be no applicable record date, such
other date reasonably proximate to the date of such action, determination of
rights or distribution) as the Company may specify in a written notice to the
Trustee or, in the absence of such written notice, as the Trustee may
determine.

 

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

 

[SIGNATURE PAGE TO FOLLOW]

 

61

 

IN WITNESS WHEREOF, the parties hereto have
caused this Indenture to be duly executed, and, in the case of the Company,
caused its corporate seal to be hereunto affixed and attested, all as of the
day and year first above written.

 

	
   

  	
   

  	
  INLAND
  REAL ESTATE CORPORATION, a Maryland corporation

  
	
  ATTEST:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WELLS
  FARGO BANK, NATIONAL ASSOCIATION,

  
	
   

  	
   

  	
  as
  Trustee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  
					

 

62EXHIBIT 10.1

 

	
  Credit Facility Agreement —

  	
   

  
	
  Conditional Amendment

  	
   

  
	
  and Waiver Consent Letter

  	
   

  

 

	
  To:

  	
  Closed Joint Stock Company “Set Televissionnykh
  Stantsiy”

  3rd Khoroshevskaya Str. 12 

  123298 Moscow 

  Russian Federation 

  (the “Borrower”) 

  
	
   

  	
   

  
	
  Fax:

  	
  + 7 495 797 41 01 

  
	
   

  	
   

  
	
  Attention:

  	
  Anatoly Smirnov

  

 

23 April 2009

 

 

Dear Sir

 

US$135,000,000 Facility for Closed Joint Stock Company “Set
Televissionnykh Stantsiy”: Conditional Amendment and Waiver Consent Letter

 

1             We refer
to:

 

1.1      the
US$135,000,000 facility agreement dated 27 June 2008 (the “Facility Agreement”) between the Borrower, CTC Media Inc. (“CTC Media”) and the subsidiaries of CTC Media listed in the
Facility Agreement and the subsequent guarantor accession deed dated 31 October 2008
as guarantors,  ABN AMRO Bank N.V., BNP
Paribas, ING Bank N.V., Raiffeisen Zentralbank Österreich Aktiengesellschaft
and ZAO Raiffeisenbank as mandated lead arrangers, the financial institutions
listed in the Facility Agreement as original lenders and Raiffeisen Zentralbank
Österreich Aktiengesellschaft as facility agent (the “Agent”);
and

 

1.2      the
amendment and waiver request letter dated 23 April 2009 addressed to the
Agent from the Borrower (the “Amendment Request”).

 

2             Unless a contrary indication
appears, terms defined and references construed in the Facility Agreement have
the same meaning and construction in this letter, and clauses, schedules and
paragraph references are to be construed as references to the clauses,
schedules and paragraphs of the Facility Agreement.

 

3             Under Clause 34.1 (Required consents) and subject to Clause 34.2 (Exceptions), any term of the Finance Documents may be
amended or waived with the consent of the Majority Lenders and the Obligors,
and any such amendment or waiver will be binding on all Parties.

 

4             This letter confirms that,
subject to:

 

4.1      each
Obligor agreeing to the amendments set out below and the other terms of this
letter by duly executing and returning to the Agent a copy of this letter; and

 

4.2      the
Agent receiving payment of the amendment fee from the Borrower (for the account
of the Lenders) in the amount and at the time agreed in the accompanying
amendment fee letter dated on about the date of this letter (the “Amendment Fee Letter”),

 

 

the Majority Lenders have
consented in writing to the following amendments to the Facility Agreement:

 

A.    Paragraph
(c) of Clause 20.1 (Financial condition)
shall be deleted and replaced with the following language:

 

(c)            Total Shareholder
Equity as at the last day of any Relevant Period shall not be less than
US$400,000,000; and

 

B.    The
following provision shall be inserted as a new Clause 21.23 (Restricted payments):

 

21.23         Restricted payments

 

(a)        During and in respect of CTC Media’s
financial year ending 31 December 2009, CTC Media shall not:

 

(i)           declare, pay or make any dividend or other
payment or distribution of any kind on or in respect of any of its shares; or

 

(ii)          reduce, return, purchase, repay, cancel or
redeem any of its shares,

 

(each being a “Distribution”).

 

(b)        During and in respect of CTC Media’s
financial year ending 31 December 2009, each Obligor shall not (and shall
ensure that no other member of the Group will):

 

(i)           pay, repay or prepay any principal,
interest or other amount on or in respect of, or redeem, purchase or defease,
any Financial Indebtedness owing to any Restricted Person;

 

(ii)          make any investment in, or pay any fee or
make any advance or other kind of payment to, any Restricted Person; or

 

(iii)         pay any fee or commission to any Restricted
Person.

 

(c)        Paragraph (b) above does not apply to
any arrangement or transaction entered into by any member of the Group in the
ordinary course of trading, in the ordinary course of its banking arrangements
or on arm’s length terms. For the avoidance of doubt, any payment, repayment or
prepayment of any principal, interest or other amount on or in respect of any
Financial Indebtedness that is entered into and incurred on arm’s length terms
by a member of the Group shall be construed as being conducted in the ordinary
course of trading or in the ordinary course of its banking arrangements.

 

(d)        For the purposes of this Clause 21.23, “Restricted Person” means:

 

(i)           any Holding Company of CTC Media;

 

(ii)          any shareholder (direct or indirect) of CTC
Media, and any other person with an interest (direct or indirect) in the shares
of CTC Media;

 

(iii)         any joint venture, consortium, partnership
or similar arrangement of which any person described in paragraphs (i) and
(ii) above is a member; and

 

(iv)         any Affiliate of any person described in
paragraphs (i) and (ii) above (other than a Subsidiary of CTC Media).

 

 

C.    Paragraph
(b) of Clause 19.2 (Compliance Certificate)
shall be deleted and replaced with the following new paragraphs (b) and (c) in
Clause 19.2 (Compliance Certificate):

 

(b)        Each Compliance
Certificate shall be signed by any two of the following authorised officers of
CTC Media: the Chief Executive Officer, the Chief Financial Officer and the
Director of Corporate Finance.

 

(c)        CTC Media shall
supply to the Agent, with each set of financial statements delivered pursuant
to paragraph (a) of Clause 19.1 (Financial statements),
a report issued by CTC Media’s auditors (or another auditor of equal standing
at CTC Media’s discretion) in the form set out under the heading “Report of
Independent Registered Public Accounting Firm” in Schedule 8 (Form of Compliance Certificate) or in a form as
otherwise agreed by CTC Media and the Agent (acting on behalf of the Lenders).
For the avoidance of doubt, such report may be delivered separate from any
Compliance Certificate delivered under paragraph (a) above.

 

D.    A
new paragraph 2.(e) shall be inserted in Schedule 8 (Form of
Compliance Certificate) with the following language:

 

[We confirm that no
Distributions have been declared, made or paid in respect of CTC Media’s
financial [quarter/year] ending [[·] 2009].] [Such confirmation to be
made only in respect of those financial periods ending on or before 31 December 2009.]

 

E.     The
following auditor’s confirmation in Schedule 8 (Form of
Compliance Certificate):

 

[We have reviewed the
Facility Agreement and audited consolidated financial statements of CTC Media, Inc.
for the year ended [                  
].]

 

[On the basis of that review
and audit, nothing has come to our attention which would require any  modification to the confirmations in
paragraph 2 of the above Compliance Certificate [or which we know to be a
continuing Default].],

 

shall be deleted and
replaced with the following auditor’s report language:

 

Report
of Independent Registered Public Accounting Firm

 

To the Board of Directors
and Management of

CTC Media, Inc.

 

We have audited, in
accordance with the standards of the Public Company Accounting Oversight Board
(United States), the consolidated balance sheet of CTC Media, Inc. and
subsidiaries (including Set Televissionnykh Stantsiy) as of December 31,
20[XX], and the related consolidated statements of income and comprehensive
income (loss), stockholders’ equity, and cash flows for the year then ended,
and have issued our report thereon dated [XX], 20[XX].

 

In connection with our audit
of the consolidated financial statements referred to above, nothing came to our
attention that caused us to believe that CTC Media, Inc. failed to comply
with the terms, covenants, provisions, or conditions of Sections 8.20.1 through
8.20.3 of the US$ 135,000,000 Facility Agreement between ABN AMRO Bank NV., BNP
Paribas, ING Bank NV., Raiffeisen Zentralbank Osterreich Aktiengesellschaft,
ZAO

 

 

Raiffeisenbank (collectively
“the Lenders”) and Set Televissionnykh Stantsiy dated June 27, 2008 (as
amended) insofar as they relate to accounting matters. However, our audit of
the consolidated financial statements was not directed primarily toward
obtaining knowledge of such noncompliance.

 

This report is intended
solely for the information and use of the Company and the Lenders and is not
intended to be and should not be used by anyone other than the specified
parties.

 

[XX], 20[XX]

 

5             Subject to the conditions set
out in paragraph 4 above being satisfied, the Agent (on behalf of each other
Finance Party) waives any right or remedy it may have in relation to any Event
of Default that occurred on or before the date of this waiver becoming
effective in respect of any breach of:

 

5.1      paragraph (b) of Clause
19.2 (Compliance Certificate) in relation to
any auditor’s report being delivered separate to the applicable Compliance
Certificate and/or in a form other than that agreed by CTC Media and Lenders
prior to the Signing Date and set out in Schedule 8 (Form of
Compliance Certificate); or

 

5.2      paragraph
(c) of Clause 20.1 (Financial condition)
as a result of CTC Media’s Total Shareholder Equity being less than
US$500,000,000 as at the last day of any applicable Relevant Period.

 

6             No failure to exercise, nor
any delay in exercising, on the part of any Finance Party, any right or remedy
under the Finance Documents nor anything else that any or all of the Finance
Parties have or may have agreed or done or may in future agree or do (including
any receipt and/or acceptance of any sum payable under or in connection with
the Facility Agreement) does, will or is intended to operate as a permanent or
temporary waiver of any Event of Default, any Default, any of your obligations
and/or any of the rights and remedies of any Finance Party (in each case,
whether present or future) (other than any Event of Default described in
paragraph 5 above which is pursuant to the terms and conditions set out in this
letter), all such powers, rights and remedies being hereby expressly reserved.

 

7             The conditional consent
contained in this letter is effective only in the instance and for the purpose
for which it is given and is without prejudice to the rights of the Finance
Parties under the Finance Documents and will not waive (or be deemed to be a
waiver of) any provision or condition of any Finance Document (other than any
Event of Default described in paragraph 5 above which is pursuant to the terms
and conditions set out in this letter). 
Further, save as expressly provided in this letter, the Facility
Agreement and the other Finance Documents remain and shall continue in full
force and effect.

 

8             The provisions of Clause 38 (Arbitration) and Clause 39 (Jurisdiction)
of the Facility Agreement shall be incorporated into this letter as if set out
in full in this letter and as if references in those clauses to “this
Agreement” are references to this letter.

 

9             In accordance with the
Facility Agreement, the Agent and the Borrower designate this letter as a
“Finance Document”.

 

 

10          This letter may be executed in
any number of counterparts, which has the same effect as if the signatures on
the counterparts were on a single copy of the letter.

 

11           This letter and any
non-contractual obligations arising out of or in connection with it are
governed by English law.

 

12          Please have each Obligor
acknowledge receipt of this letter and its agreement to the terms by signing
and dating the enclosed copy of this letter.

 

Yours faithfully

 

 

	
    /s/

  	
   

  	
    /s/

  
	
   

  	
   

  	
   

  
	
  Name: E. Ericson-Peichl

  	
   

  	
  Name: Petr Polach

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  For and on behalf of 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Raiffeisen Zentralbank Österreich
  Aktiengesellschaft

  	
   

  	
   

  

 

 

Acknowledgement
and agreement

 

The Borrower

 

We acknowledge receipt of this letter and agree to its terms.

 

Date:  23 April 2009

 

CLOSED JOINT-STOCK COMPANY “SET TELEVISSIONNYKH
STANTSIY”

 

 

	
  By:

  	
  /s/

  	
   

  	
  By:

  	
  /s/

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Vyacheslav Murugov

  	
   

  	
  Name:

  	
  Marina Chaykovskaya

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  General Director

  	
   

  	
  Title:

  	
  Chief Accountant

  

 

 

The  Guarantors

 

We acknowledge receipt of this letter and agree to its terms.

 

Date:  23 April 2009

 

CTC
MEDIA, INC.

 

 

	
  By:

  	
  /s/

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Boris Podolsky

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  CFO

  	
   

  	
   

  	
   

  

 

 

We acknowledge receipt of this letter and agree to its terms.

 

Date:  23 April 2009

 

CLOSED
JOINT STOCK COMPANY “NEW CHANNEL”

 

 

	
  By:

  	
  /s/

  	
   

  	
  By:

  	
  /s/

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Natalya Bilan

  	
   

  	
  Name:

  	
  Marina Chaykovskaya

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  General Director

  	
   

  	
  Title:

  	
  Chief Accountant 

  

 

 

We acknowledge receipt of this letter and agree to its terms.

 

Date:  23 April 2009

 

LIMITED LIABILITY COMPANY “MARATHON-TV”

 

 

	
  By:

  	
  /s/

  	
   

  	
  By:

  	
  /s/

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Sergey Petrov

  	
   

  	
  Name:

  	
  Elena Speranskaya

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  General Director

  	
   

  	
  Title:

  	
  Chief Accountant

  

 

 

We acknowledge receipt of this letter and agree to its terms.

 

Date:  23 April 2009

 

CLOSED JOINT STOCK COMPANY “TV DARIAL”

 

 

	
  By:

  	
  /s/

  	
   

  	
  By:

  	
  /s/

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Vyacheslav Murugov

  	
   

  	
  Name:

  	
  Inga Mindeeva

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  General Director   

  	
   

  	
  Title:

  	
  Chief Accountant

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