Document:

Form of Escrow Agreement.

 Exhibit 10.4 
  
 FORM OF ESCROW AGREEMENT 
  
 This ESCROW AGREEMENT, dated as of April [    ], 2004, (this “Agreement”), is by and among Internet Capital Group, Inc., a
Delaware corporation (the “Company”), JPMorgan Chase Bank, a New York corporation, as escrow agent (the “Escrow Agent”) and the parties set forth on Schedule I to this Agreement (each a
“Buyer” and collectively, the “Buyers”). The Company and the Buyers are collectively referred to herein as the “Escrow Parties”. 
  
 WHEREAS, the Company and the Buyers have entered into that certain Securities Purchase Agreement, dated as of March 31, 2004
(the “Securities Purchase Agreement”); 
  
 WHEREAS, subject to the terms and conditions of the Securities Purchase Agreement, the Company has agreed to sell to each Buyer, and each Buyer has agreed to purchase from the Company, the aggregate principal amount of the Company’s 5%
Senior Convertible Notes (the “Notes”) set forth opposite such Buyer’s name under the heading “Principal Amount” on Schedule II hereto (which aggregate principal amount for all Buyers equals $60,000,000);

  
 WHEREAS, subject to the terms and conditions of the Securities
Purchase Agreement, as consideration for the issuance of the Notes, each Buyer has agreed to pay to the Company the purchase price set forth opposite such Buyer’s name under the heading “Purchase Price” on Schedule I hereto
(which aggregate principal amount for all Buyers equals $60,000,000) (the “Purchase Price”); 
  
 WHEREAS, the Company has agreed to use a portion of the proceeds from the sale of the Notes to redeem the Company’s outstanding 51⁄2% Convertible
Subordinated Notes due 2004 issued pursuant to the Indenture, dated as of December 21, 1999 (the “Indenture”), between the Company and Chase Manhattan Trust Company, National Association, as trustee (the “Trustee”);

  
 WHEREAS, the Closing (as defined in the Securities Purchase
Agreement) is conditioned upon certain matters discussed in Section 7 of the Securities Purchase Agreement; 
  
 WHEREAS, the Escrow Parties hereto desire the Escrow Agent to receive, hold and dispose of the Escrow (as defined below) in accordance with the terms,
conditions and provisions of this Agreement, and the Escrow Agent desires to do so. 
  
 NOW THEREFORE, in consideration of the representations, warranties and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows: 
  
 1. Appointment and
Agreement of Escrow Agent. The Escrow Parties hereby jointly appoint the Escrow Agent to serve hereunder and the Escrow Agent hereby accepts such appointment and agrees to perform all duties that are expressly set forth in this Agreement to be
performed by it. 
  
 2. Securities Purchase Agreement;
Definitions. The Escrow Agent hereby acknowledges receipt of a copy of the Securities Purchase Agreement; however, except for 

  

 
reference thereto for definitions of certain words or terms not defined herein, the Escrow Agent is not charged with knowledge of the terms thereof, or with
any duties or responsibilities with respect thereto except as stated expressly herein. Capitalized terms used but not defined herein have the respective meanings set forth in the Securities Purchase Agreement. 
  
 3. Delivery of Escrow; Investment of Escrow. 
  
 (a) The Escrow Agent hereby acknowledges (i) receipt from
each Buyer of the purchase price set forth opposite such Buyers name under the heading “Purchase Price” on Schedule I hereto (the “Cash Escrow”), (ii) receipt from the Company of the Notes set forth on Schedule
II hereto, duly executed by the Company and issued in the name of the parties set forth on Schedule II hereto in the principal amount set forth on Schedule II hereto (the “Note Escrow”) and (iii) receipt from the
Company of a duly executed and undated notice of redemption pursuant to Article XI of the Indenture notifying the Trustee of the Company’s intention to redeem all of the Existing Notes then outstanding (the “Notice Escrow”, and
together with the Cash Escrow and the Note Escrow, the “Escrow”). The Escrow Agent shall establish at its offices located at 4 New York Plaza, 15th Floor, New York, New York 10004 an interest-bearing escrow account (the
“Escrow Account”) in which it shall hold the Cash Escrow and a secure location in which it shall hold the Note Escrow and the Notice Escrow. The Escrow Agent agrees to hold and dispose of the Escrow, and to act as Escrow Agent, in
accordance with all the terms, conditions and provisions of this Agreement. The Escrow Agent shall have the right to liquidate any investments held in escrow in order to provide funds necessary to make required payments under this Agreement. The
Escrow Agent in its capacity as escrow agent hereunder shall not have any liability for any loss sustained as a result of any investment made pursuant hereto. 
  

(b) During the term of this Agreement, the Cash Escrow shall be invested and reinvested by the Escrow Agent in a JPMorgan Trust Deposit
Account. Periodic statements will be provided to the Escrow Parties reflecting transactions executed on behalf of the Cash Escrow. The Escrow Parties, upon written request, will receive a statement of transaction details upon completion of any
securities transactions in the Cash Escrow without additional cost. The Escrow Agent shall have a right to liquidate any investments held in order to provide funds necessary to make required payments under this Agreement. 
  
 4. Interest. The Escrow Agent shall create separate accounts for each
Buyer’s deposit for the purpose of allocating to each deposit all interest that accrues on such deposit. Upon distribution of any portion of the Cash Escrow, in accordance with Section 5 hereof, the Escrow Agent shall deliver and pay to the
party receiving such distribution all of the interest accrued on the portion of the Cash Escrow allocated to the portion of the Cash Escrow distributed to such party. The Escrow Agent shall file any Internal Revenue Service forms as may be required
to report payment of any such interest, and the party receiving such interest shall execute and deliver any documents reasonably requested by the Escrow Agent in connection therewith. Simultaneous with the execution of this Agreement, the Buyers and
the Company shall each provide the Escrow Agent with a fully executed W-8 or W-9 IRS form, which shall include the Buyers’ and the Company’s TIN. 
  

 -2- 

 5. Escrow. The Escrow Agent shall not release any of the Escrow, except in accordance with and
subject to the following terms and conditions: 
  
 (a) Escrow Release. Immediately following the receipt by the Escrow Agent of a notice in substantially the form of Annex I hereto (a “Escrow Release Notice”) duly executed by the Company and Langley Capital,
L.P., as a representative of the Buyers, the Escrow Agent shall: 
  
 (i) release and deliver to each Buyer the Escrow Notes registered to such Buyer; 
  
 (ii) release and deliver to the Trustee the Notice of Redemption, which the Escrow Agent shall date as of the date of the delivery of such
Notice of Redemption; 
  
 (iii) release and
deliver to the Trustee (or to the paying agent specified in the Escrow Release Notice (if any) the amount of money specified in the Escrow Release Notice (such amount, the “Redemption Amount”); and 
  
 (iv) release and deliver to the Company an amount equal to
the balance of the Cash Escrow (including all interest that has accrued on the Cash Escrow) minus the Redemption Amount. 
  
 (b) Escrow Termination. Immediately following the earlier to occur of (1) the delivery to the Escrow Agent of a notice in
substantially the form of Annex II hereto (a “Escrow Termination Notice”) duly executed by the Company and Langley Capital, L.P., as a representative of the Buyers, and (2) the failure of the Escrow Agent to receive either
the Escrow Release Notice or the Escrow Termination Notice prior to 9:00 a.m. (New York City time) on June 22, 2004, the Escrow Agent shall: 
  
 (i) release and deliver to each Buyer the portion of the Cash Escrow deposited by such Buyer with the Escrow Agent (plus all interest that
has accrued on such amount); and 
  
 (ii) release
and deliver to the Company the Notice of Redemption and the Notes. 
  
 6. Payments; Deliveries. 
  
 (a)
Any amount of cash to be paid to an Escrow Party pursuant to this Agreement shall be paid to such Escrow Party pursuant to the instructions set forth for such Escrow Party in Schedule III hereto and any further instructions given by such
Escrow Party. Any amount of cash to be paid to the Trustee pursuant to this Agreement shall be paid to the Trustee (or, if specified in the Escrow Release Notice, the paying agent designated by the Trustee) in accordance with the instructions set
forth in the Escrow Release Notice. 
  
 (b) Any
items to be delivered to the Company pursuant to this Agreement shall be delivered by a nationally recognized overnight courier, or delivered by hand against written receipt, to the address for the Company set forth in Section 8, or at such other
address as it shall have furnished to the Escrow Agent and the Buyers in writing. Any items to be delivered to a Buyer pursuant to this Agreement shall be delivered by a nationally recognized overnight courier, or delivered by hand against written
receipt, to the address for such Buyer set forth in Schedule I hereto, or at such other address as it shall have furnished to the Escrow Agent and the 

  

 -3- 

 
Company in writing. Any items to be delivered to the Trustee pursuant to this Agreement shall be delivered by a nationally recognized overnight courier, or
delivered by hand against written receipt, to the address for the Trustee set forth in the Escrow Release Notice. 
  
 7. The Escrow Agent. 
  
 (a) The Escrow Agent shall have no duties or obligations hereunder except those specifically set forth herein and such duties and
obligations shall be determined solely by the express provisions of this Agreement. The Escrow Agent shall have no liability under and no duty to inquire as to the provisions of any agreement other than this Escrow Agreement. In connection with its
duties hereunder, the Escrow Agent shall be protected in acting or refraining from acting upon any written notice, request, consent, certificate, order, affidavit, letter, telegram or other document furnished to it hereunder and believed by it to be
genuine and to have been signed or sent by the proper party or parties, and the Escrow Agent shall not be liable for anything it may do or refrain from doing in connection with its duties hereunder, except for such liabilities as may result from its
own gross negligence or willful misconduct. In the administration of the Escrow Account, the Escrow Agent may execute any of its powers and perform its duties hereunder directly or through agents or attorneys and may consult with counsel,
accountants and other skilled persons to be selected and retained by it. The Escrow Agent shall not be liable for the performance of agents selected by it with reasonable care or for anything done, suffered or omitted in good faith by it in
accordance with the advice or opinion of any such counsel, accountants or other skilled persons. 
  
 (b) In the event the Escrow Agent shall be uncertain as to its duties or rights under this Agreement or shall receive any instruction,
claim or demand that, in the opinion of the Escrow Agent, is in conflict with the provisions of this Agreement (any of the foregoing, an “Escrow Agent Dispute”), the Escrow Agent shall be entitled to refrain from taking any action
with respect to such Escrow Agent Dispute until it shall be directed otherwise by a final and nonappealable order of a court of competent jurisdiction or by an instrument signed by all of the Escrow Parties. In the event of any Escrow Agent Dispute,
the Escrow Agent shall be entitled to petition a court of competent jurisdiction in the County of New York, State of New York to resolve such Escrow Agent Dispute, and each of the Escrow Parties consent to the jurisdiction of any such court with
respect to any such Escrow Agent Dispute. 
  
 (c)
The Escrow Agent shall be reimbursed for all reasonable fees and expenses, including without limitation those fees set forth on Schedule IV hereto and reasonable counsel fees and disbursements, incurred by the Escrow Agent in connection with
the performance of its duties and obligations under this Agreement. The Company shall be responsible for all such reasonable fees and expenses. The Company shall be liable for the payment of all such fees and expenses incurred by the Escrow Agent,
except for such fees and expenses incurred by the Escrow Agent due to (i) the failure of an Escrow Party to comply with any of its obligations hereunder or (ii) the requirement by an Escrow Party that the Escrow Agent perform duties outside the
scope of this Agreement, which fees and expenses set forth in the immediately preceding clauses (i) and (ii) shall be paid by the applicable Escrow Party. 
  
 (d) The Escrow Agent may resign at any time by giving at least 30 days’ prior written notice to the Escrow Parties, which resignation
shall become effective upon the acceptance of appointment by the successor Escrow Agent as provided in this Section 6(d). The 

  

 -4- 

 
resigning Escrow Agent may appoint a successor Escrow Agent, reasonably acceptable to the Escrow Parties. If a successor Escrow Agent shall not have been
appointed within 20 days after such notice of resignation, any of the Escrow Parties may apply to any court of competent jurisdiction to appoint a successor Escrow Agent. Notwithstanding the foregoing, any successor Escrow Agent shall be a financial
institution organized under the laws of the United States of America and having a combined capital and surplus of not less than US $100,000,000. Any successor Escrow Agent, however appointed, shall execute and deliver to the predecessor Escrow
Agent, with a copy to each of the Escrow Parties, an instrument accepting such appointment, and thereupon such successor Escrow Agent shall, without further act, become fully vested with all the rights, powers, obligations and duties of the
predecessor Escrow Agent hereunder with the same effect as if originally named the Escrow Agent herein. The Escrow Agent shall have the right to withhold an amount equal to any amount due and owing to the Escrow Agent, plus any reasonable costs and
expenses the Escrow Agent reasonably believes may be incurred by the Escrow Agent in connection with termination of this Agreement. 
  
 8. Notices. All notices, requests and other communications to any party hereunder shall be in writing and shall be deemed to be effective and to
have been duly given only if delivered by a nationally recognized overnight courier, or delivered by hand against written receipt, or sent by facsimile, addressed as follows: 
  
 (a) if to the Company, addressed to it at the following address, or at such other address as it shall have
furnished to the Escrow Agent and the Buyers in writing: 
  
 Internet Capital Group, Inc. 
 690 Lee Road, Suite 310 
 Wayne, Pennsylvania 19087 
 Telephone:     (610) 727-6900 
 Facsimile:      (610) 727-6901 
 Attention:       General Counsel and 
     Vice President, Treasury and Tax 
  
 with a copy to: 
  
 Dechert LLP 
 1717 Arch Street 
 Philadelphia, Pennsylvania
19103 
 Telephone:     (215) 994-4000 
 Facsimile:      (215) 994-2222 
 Attention:
      Henry N. Nassau, Esq. 
      and Christopher G. Karras, Esq.

  
 (b) If to Escrow Agent, addressed to it at
the following address, or at such other address as it shall have furnished to the Escrow Parties in writing: 
  
 JPMorgan Chase Bank 
 4 New York Plaza, 15th
Floor 
 New York, New York 10004 
 Attention:       Ms. Vicky Caldas 
 Facsimile:      (212) 623-6168

  

 -5- 

 (c) If to a Buyer, addressed to it at the address set forth for such Buyer on Schedule
I to this Agreement, or at such other address as it shall have furnished to the Escrow Agent and the Company in writing, with a copy to such Buyer’s representatives as set forth on the Schedule I hereto and (for informational
purposes only) a copy to: 
  
 Morgan, Lewis & Bockius LLP

 1701 Market Street 
 Philadelphia, Pennsylvania 19103 
 Telephone:     (215) 963-5000 
 Facsimile:      (215) 963-5001 
 Attention:       Richard A. Silfen, Esq. 
      and Robert G. Robison, Esq. 
  
 9. Assignment. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, legal representatives, executors, administrators and permitted assigns. None of
the Escrow Parties nor (except as otherwise provided in Section 7(d) hereof) the Escrow Agent may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without prior written consent of the other Escrow Party.

  
 10. Amendments; No Waivers. 
  
 (a) Any provision of this Agreement may be amended or waived
only if such amendment or waiver is in writing and signed, in the case of an amendment, by the Escrow Agent and all of the Escrow Parties or, in the case of a waiver, by the Escrow Party against whom the waiver is to be enforced. 
  
 (b) No failure or delay by any party hereto in exercising
any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
  
 11. Descriptive Headings. The descriptive headings of the Sections and subsections of this Agreement are inserted for convenience only and do not
constitute a part of this Agreement. 
  
 12. Governing Law;
Waiver of Jury Trial. This Agreement shall be governed by and construed and interpreted in accordance with the substantive Laws of the State of New York, without giving effect to any choice of Law or conflicts of Law provision or rule that would
cause the application of the Laws of any jurisdiction other than the State of New York. Each party hereto irrevocably waives any objection on the grounds of venue, forum non-conveniens or any similar grounds and irrevocably consents to service of
process by mail or in any other manner permitted by applicable Law and consents to the jurisdiction of the courts located in the State of New York. THE PARTIES FURTHER HEREBY WAIVE ANY RIGHT TO A TRIAL BY 

  

 -6- 

 
JURY WITH RESPECT TO ANY LAWSUIT OR JUDICIAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
  
 13. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which together shall together constitute one and the same instrument. All signatures of the parties hereto may be transmitted by facsimile and such facsimile will, for all purposes,
be deemed to be the original signature of the party whose signature it reproduces and will be binding upon such party. 
  
 14. Entire Agreement. This Agreement and the Securities Purchase Agreement sets forth the sole and entire agreement between the parties hereto with
respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral, with respect to such subject matter. The Schedules and Annexes to this Agreement are hereby incorporated by reference into and made
a part of this Agreement for all purposes. 
  
 15.
Indemnification. The Escrow Parties shall jointly and severally indemnify, defend and hold harmless the Escrow Agent from any loss, liability or expense incurred by the Escrow Agent (including the fees and expenses of in-house or outside
counsel) arising out of or in connection with (a) its execution and performance of this Agreement, except to the extent that such loss, liability or expense is due to the gross negligence or willful misconduct of the Escrow Agent, or (b) its
following any instructions or other directions from the Escrow Parties, except to the extent that its following any such instruction or direction is expressly forbidden by the terms hereof. Anything in this Agreement to the contrary notwithstanding,
in no event shall the Escrow Agent be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage
and regardless of the form of action. The parties hereto acknowledge that the foregoing indemnities shall survive the resignation or removal of the Escrow Agent and the termination of this Agreement. The Escrow Parties hereby grant the Escrow Agent
a lien on, right of set-off against and security interest in the Escrow for the payment of any claim for indemnification, compensation, expenses and amounts due hereunder. 
  
 16. Compliance. Upon execution of this Agreement, the Escrow Parties shall provide the Escrow Agent with a fully
executed W-8 or W-9 Internal Revenue Service form for each of the Escrow Parties. All interest or other income earned under this Agreement shall be allocated and paid as provided herein and reported by the recipient to the Internal Revenue Service
as having been so allocated and paid. 
  
 17. Successor
Corporations. Any corporation into which the Escrow Agent in its individual capacity 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 Escrow
Agent in its individual capacity shall be a party, or any corporation to which substantially all the corporate trust business of the Escrow Agent in its individual capacity may be transferred, shall constitute the Escrow Agent under this Agreement
without further act. 
  
 18. Call-Backs; Reliance.

  
 (a) In the event funds transfer instructions
are given (other than in writing at the time of execution of the Agreement), whether in writing, by facsimile or otherwise, the 

  

 -7- 

 
Escrow Agent is authorized to seek confirmation of such instructions by telephone call-back to the person or persons designated on Schedule V hereto,
and the Escrow Agent may rely upon the confirmations of anyone purporting to be the person or persons so designated. The persons and telephone numbers for call-backs may be changed only in a writing actually received and acknowledged by the Escrow
Agent. The Escrow Parties acknowledge that such security procedure is commercially reasonable. 
  
 (b) It is understood that the Escrow Agent and the beneficiary’s bank in any funds transfer may rely solely upon any account numbers
or similar identifying number provided by such beneficiary to identify (i) the beneficiary, (ii) the beneficiary bank or (iii) an intermediary bank. The Escrow Agent may apply any of the applicable escrowed funds for any payment order it executes
using any such identifying number, even where its use may result in a person other than the beneficiary being paid, or the transfer of funds to a bank other than the beneficiary’s bank or an intermediary bank designated. 
  
 19. Force Majeure. In the event that the Escrow Agent is unable to
perform its obligations under the terms of this Agreement because of acts of God, strikes, equipment or transmission failure or damage reasonably beyond its control or other cause reasonably beyond its control, the Escrow Agent shall not be liable
for damages to the other parties for any unforeseeable damages resulting from such failure to perform or otherwise from such causes. In such event, performance by the Escrow Agent under this Agreement shall resume when the Escrow Agent is able to
perform substantially its duties. 
  
 [Signature page follows.]

  

 -8- 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first written above. 

 

			
	THE COMPANY:
	  
 INTERNET CAPITAL
GROUP, INC.

		
	By:	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 
	 	 	 
	ESCROW AGENT:
	  
 JPMORGAN CHASE
BANK

		
	By:	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 
	 	 	 
	BUYERS:
	  
 BEAR STEARNS SECURITIES CORP. CUSTODIAN FOR JEFFREY THORP
IRA ROLLOVER

		
	By:	 	 
	 	 	

	 Name:
	 	 Jeffrey Thorp

	 	 	 
	COHANZICK ABSOLUTE RETURN MASTER FUND, LTD.
		
	By:	 	 
	 	 	

	 Name:
	 	 David K. Sherman

	 Title:
	 	 Authorized Agent

	 	 	 
	COHANZICK CREDIT OPPORTUNITIES FUND, LTD.
		
	By:	 	 
	 	 	

	 Name:
	 	 David K. Sherman

	 Title:
	 	 Authorized Agent

  

			
	 COHANZICK HIGH YIELD PARTNERS, L.P.

		
	By:	 	 
	 	 	

	 Name:
	 	 David K. Sherman

	 Title:
	 	 Authorized Agent

	 	 	 
	 GABRIEL CAPITAL, L.P.

		
	By:	 	 
	 	 	

	 Name:
	 	 David K. Sherman

	 Title:
	 	 Authorized Agent

	 	 	 
	 JMB CAPITAL PARTNERS, LP

		
	By:	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 
	 	 	 
	 JMG CAPITAL PARTNERS, LP

		
	By:	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 
	 	 	 
	 JMG TRTION OFFSHORE FUND, LTD

		
	By:	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 

  

			
	 LANGLEY PARTNERS, L.P.

	
	 by: Langley Capital, LLC, its General Partner

		
	By:	 	 
	 	 	

	 Name:
	 	 Jeffrey Thorp

	 Title:
	 	 Managing Member

	 	 	 
	 MANCHESTER SECURITIES CORPORATION

		
	By:	 	 
	 	 	

	 	 	 Name:

	 	 	 Title:

	 	 	 
	 MASON CAPITAL, LP
 MASON CAPITAL, LTD
 GUGGENHEIM PORTFOLIO COMPANY X, LLC

		
	 By:
	 	 Mason Capital Management LLC,
 Investment
Manager

		
	By:	 	 
	 	 	

	 	 	 Name: John C. Grizzetti

	 	 	 Title: Chief Financial Officer

	 	 	 
	 NORTHWOOD CAPITAL PARTNERS LP

		
	 By:
	 	NwCapital Management LP, its General Partner
		
	By:	 	 
	 	 	

	 	 	 Name:

	 	 	 Title:

	 	 	 
	PORTSIDE GROWTH AND OPPORTUNITY FUND
		
	By:	 	 
	 	 	

	 	 	 Name:

	 	 	 Title:

  

			
	 SCOGGIN CAPITAL MANAGEMENT, LP II

		
	 By:
	 	S&E Partners, LP, its general partner
		
	 By:
	 	Scoggin, Inc., its general partner
		
	By:	 	 
	 	 	

	 	 	 Name: Craig Effron

	 	 	 Title: President

	 	 	 
	 SCOGGIN INTERNATIONAL FUND, LTD.

		
	 By:
	 	Scoggin, LLC, its trading advisor
		
	By:	 	 
	 	 	

	 	 	 Name: Craig Effron

	 	 	 Title: Managing Member

	 	 	 
	 TOPAZ PARTNERS LP

		
	By:	 	 
	 	 	

	 Name:
	 	 
	 Title:Form of Indenture

 Exhibit 4.12 
  
  
  

  
  
  
  
 NANOPHASE TECHNOLOGIES CORPORATION 
  

  
 INDENTURE 
  
 Dated as of                         ,
             
  
  

  
  
 [Name of Trustee] 
 Trustee 
  
  
  
  

  
  

 Exhibit 4.12 
  
  
 TABLE OF CONTENTS 
  
  

			
	 ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE
	  	1
	 SECTION 1.1. DEFINITIONS
	  	1
	 SECTION 1.2. OTHER DEFINITIONS
	  	5
	 SECTION 1.3. INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT
	  	5
	 SECTION 1.4. RULES OF CONSTRUCTION
	  	6
		
	 ARTICLE II. THE SECURITIES
	  	6
	 SECTION 2.1. ISSUABLE IN SERIES
	  	6
	 SECTION 2.2. ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES
	  	7
	 SECTION 2.3. EXECUTION AND AUTHENTICATION
	  	9
	 SECTION 2.4. REGISTRAR AND PAYING AGENT
	  	10
	 SECTION 2.5. PAYING AGENT TO HOLD MONEY IN TRUST
	  	10
	 SECTION 2.6. SECURITYHOLDER LISTS
	  	11
	 SECTION 2.7. TRANSFER AND EXCHANGE
	  	11
	 SECTION 2.8. MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES
	  	11
	 SECTION 2.9. OUTSTANDING SECURITIES
	  	12
	 SECTION 2.10. TREASURY SECURITIES
	  	13
	 SECTION 2.11. TEMPORARY SECURITIES
	  	13
	 SECTION 2.12. CANCELLATION
	  	13
	 SECTION 2.13. DEFAULTED INTEREST
	  	13
	 SECTION 2.14. GLOBAL SECURITIES
	  	14
	 SECTION 2.15. CUSIP NUMBERS
	  	15
		
	 ARTICLE III. REDEMPTION
	  	15
	 SECTION 3.1. NOTICE TO TRUSTEE
	  	15
	 SECTION 3.2. SELECTION OF SECURITIES TO BE REDEEMED
	  	15
	 SECTION 3.3. NOTICE OF REDEMPTION
	  	16
	 SECTION 3.4. EFFECT OF NOTICE OF REDEMPTION
	  	16
	 SECTION 3.5. DEPOSIT OF REDEMPTION PRICE
	  	16
	 SECTION 3.6. SECURITIES REDEEMED IN PART
	  	17
		
	 ARTICLE IV. COVENANTS
	  	17
	 SECTION 4.1. PAYMENT OF PRINCIPAL AND INTEREST
	  	17
	 SECTION 4.2. SEC REPORTS
	  	17
	 SECTION 4.3. COMPLIANCE CERTIFICATE
	  	17
	 SECTION 4.4. STAY, EXTENSION AND USURY LAWS
	  	17
	 SECTION 4.5. CORPORATE EXISTENCE
	  	18
	 SECTION 4.6. TAXES
	  	18
		
	 ARTICLE V. SUCCESSORS
	  	18
	 SECTION 5.1. WHEN COMPANY MAY MERGE, ETC
	  	18
	 SECTION 5.2. SUCCESSOR CORPORATION SUBSTITUTED
	  	19

 Exhibit 4.12 
  
  

			
	 ARTICLE VI. DEFAULTS AND REMEDIES
	  	19
	 SECTION 6.1. EVENTS OF DEFAULT
	  	19
	 SECTION 6.2. ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT
	  	20
	 SECTION 6.3. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE
	  	21
	 SECTION 6.4. TRUSTEE MAY FILE PROOFS OF CLAIM
	  	22
	 SECTION 6.5. TRUSTEE MAY ENFORCE CLAIMS WITHOUT OF POSSESSION SECURITIES
	  	23
	 SECTION 6.6. APPLICATION OF MONEY COLLECTED
	  	23
	 SECTION 6.7. LIMITATION ON SUITS
	  	23
	 SECTION 6.8. UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL AND INTEREST
	  	24
	 SECTION 6.9. RESTORATION OF RIGHTS AND REMEDIES
	  	24
	 SECTION 6.10. RIGHTS AND REMEDIES CUMULATIVE
	  	24
	 SECTION 6.11. DELAY OR OMISSION NOT WAIVER
	  	25
	 SECTION 6.12. CONTROL BY HOLDERS
	  	25
	 SECTION 6.13. WAIVER OF PAST DEFAULTS
	  	25
	 SECTION 6.14. UNDERTAKING FOR COSTS
	  	26
		
	 ARTICLE VII. TRUSTEE
	  	26
	 SECTION 7.1. DUTIES OF TRUSTEE
	  	26
	 SECTION 7.2. RIGHTS OF TRUSTEE
	  	27
	 SECTION 7.3. INDIVIDUAL RIGHTS OF TRUSTEE
	  	28
	 SECTION 7.4. TRUSTEE’S DISCLAIMER
	  	28
	 SECTION 7.5. NOTICE OF DEFAULTS
	  	28
	 SECTION 7.6. REPORTS BY TRUSTEE TO HOLDERS
	  	28
	 SECTION 7.7. COMPENSATION AND INDEMNITY
	  	29
	 SECTION 7.8. REPLACEMENT OF TRUSTEE
	  	29
	 SECTION 7.9. SUCCESSOR TRUSTEE BY MERGER, ETC
	  	30
	 SECTION 7.10. ELIGIBILITY; DISQUALIFICATION
	  	30
	 SECTION 7.11. PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY
	  	31
		
	 ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE
	  	31
	 SECTION 8.1. SATISFACTION AND DISCHARGE OF INDENTURE
	  	31
	 SECTION 8.2. APPLICATION OF TRUST FUNDS; INDEMNIFICATION
	  	32
	 SECTION 8.3. LEGAL DEFEASANCE OF SECURITIES OF ANY SERIES
	  	32
	 SECTION 8.4. COVENANT DEFEASANCE
	  	34
	 SECTION 8.5. REPAYMENT TO COMPANY
	  	35
		
	 ARTICLE IX. AMENDMENTS AND WAIVERS
	  	35
	 SECTION 9.1. WITHOUT CONSENT OF HOLDERS
	  	35
	 SECTION 9.2. WITH CONSENT OF HOLDERS
	  	36
	 SECTION 9.3. LIMITATIONS
	  	36
	 SECTION 9.4. COMPLIANCE WITH TRUST INDENTURE ACT
	  	37

 Exhibit 4.12 
  
  

			
	 SECTION 9.5. REVOCATION AND EFFECT OF CONSENTS
	  	37
	 SECTION 9.6. NOTATION ON OR EXCHANGE OF SECURITIES
	  	37
	 SECTION 9.7. TRUSTEE PROTECTED
	  	37
		
	 ARTICLE X. MISCELLANEOUS
	  	38
	 SECTION 10.1. TRUST INDENTURE ACT CONTROLS
	  	38
	 SECTION 10.2. NOTICES
	  	38
	 SECTION 10.3. COMMUNICATION BY HOLDERS WITH OTHER HOLDERS
	  	39
	 SECTION 10.4. CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT
	  	39
	 SECTION 10.5. STATEMENTS REQUIRED IN CERTIFICATE OR OPINION
	  	39
	 SECTION 10.6. RULES BY TRUSTEE AND AGENTS
	  	39
	 SECTION 10.7. LEGAL HOLIDAYS
	  	39
	 SECTION 10.8. NO RECOURSE AGAINST OTHERS
	  	40
	 SECTION 10.9. COUNTERPARTS
	  	40
	 SECTION 10.10. GOVERNING LAWS
	  	40
	 SECTION 10.11. NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS
	  	40
	 SECTION 10.12. SUCCESSORS
	  	40
	 SECTION 10.13. SEVERABILITY
	  	40
	 SECTION 10.14. TABLE OF CONTENTS, HEADINGS, ETC
	  	40
	 SECTION 10.15. SECURITIES IN A FOREIGN CURRENCY OR IN ECU
	  	41
	 SECTION 10.16. JUDGMENT CURRENCY
	  	41
		
	 ARTICLE XI. SINKING FUNDS
	  	42
	 SECTION 11.1. APPLICABILITY OF ARTICLE
	  	42
	 SECTION 11.2. SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES
	  	42
	 SECTION 11.3. REDEMPTION OF SECURITIES FOR SINKING FUND
	  	43

 Exhibit 4.12 
  
  
 NANOPHASE TECHNOLOGIES CORPORATION 

 
 Reconciliation and tie between Trust Indenture Act of 1939 and 

Indenture, dated as of
                        ,              
  

			
	 SECTION 310(a)(1)
	  	7.10
	 (a)(2)
	  	7.10
	 (a)(3)
	  	NOT APPLICABLE
	 (a)(4)
	  	NOT APPLICABLE
	 (a)(5)
	  	7.10
	 (b)
	  	7.10
	 SECTION 311(a)
	  	7.11
	 (b)
	  	7.11
	 (c)
	  	NOT APPLICABLE
	 SECTION 312(a)
	  	2.6
	 (b)
	  	10.3
	 (c)
	  	10.3
	 SECTION 313(a)
	  	7.6
	 (b)(1)
	  	7.6
	 (b)(2)
	  	7.6
	 (c)(1)
	  	7.6
	 (d)
	  	7.6
	 SECTION 314(a)
	  	4.2,10.5
	 (b)
	  	NOT APPLICABLE
	 (c)(1)
	  	10.4
	 (c)(2)
	  	10.4
	 (c)(3)
	  	NOT APPLICABLE
	 (d)
	  	NOT APPLICABLE
	 (e)
	  	10.5
	 (f)
	  	NOT APPLICABLE
	 SECTION 315(a)
	  	7.1
	 (b)
	  	7.5
	 (c)
	  	7.1
	 (d)
	  	7.1
	 (e)
	  	6.14
	 SECTION 316(a)
	  	2.10
	 (a)(1)(A)
	  	6.12
	 (a)(1)(B)
	  	6.13
	 (b)
	  	6.8
	 SECTION 317(a)(1)
	  	6.3
	 (a)(2)
	  	6.4
	 (b)
	  	2.5
	 SECTION 318(a)
	  	10.1

  
 Note: This reconciliation and tie
shall not, for any purpose, be deemed to be part of the Indenture. 

 Exhibit 4.12 
  
 This INDENTURE, dated as of             ,
            , is between Nanophase Technologies Corporation, a Delaware corporation (“Company”), and [Name of Trustee], a
             (“Trustee”). 
  
 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this
Indenture. 
  
 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
     SECTION 1.1.    Definitions. 
  
 “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” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as
used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or
otherwise. 
  
 “Agent” means any Registrar, Paying Agent
or Service Agent. 
  
 “Authorized Newspaper” means a
newspaper in an official language of the country of publication customarily published at least once a day for at least five days in each calendar week and of general circulation in the place in connection with which the term is used. If it shall be
impractical in the opinion of the Trustee to make any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu thereof that is made or given by the Trustee shall constitute a sufficient
publication of such notice. 
  
 “Bearer” means anyone in
possession from time to time of a Bearer Security. 
  
 “Bearer Security” means any Security, including any interest coupon appertaining thereto, that does not provide for the identification of the Holder thereof. 
  
 “Board of Directors” means the Board of Directors of the Company or any duly authorized committee thereof.

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

 1 

 Exhibit 4.12 
  
 “Business Day” means, unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental
indenture hereto for a particular Series, any day except a Saturday, Sunday or a legal holiday in The City of New York or the City of              on which banking institutions are
authorized or required by law, regulation or executive order to close. 
  
 “Company” means the party named as such above until a successor replaces it and thereafter means the successor. 
  
 “Company Order” means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal
executive officer, principal financial officer or principal accounting officer. 
  
 “Company Request” means a written request signed in the name of the Company by its Chairman of the Board, a President or a Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary or an
Assistant Secretary, and delivered to the Trustee. 
  
 “Conversion Price” means with respect to any series of Securities which are convertible into Common Stock or Preferred Stock, the price per share of Common Stock or Preferred Stock, as the case may be, at which the Securities of
such series are so convertible as set forth in the Board Resolution with respect to such series (or in any supplemental indenture entered into pursuant to Section 10.1 with respect to such series), as the same may be adjusted from time to time in
accordance with Section 8.5 (or such supplemental indenture pursuant to Section 8.1). 
  
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered. 
  
 “Debt” of any person as of any date means, without duplication, all
indebtedness of such person in respect of borrowed money, including all interest, fees and expenses owed in respect thereto (whether or not the recourse of the lender is to the whole of the assets of such person or only to a portion thereof), or
evidenced by bonds, notes, debentures or similar instruments. 
  
 “Default” means any event which is, or after notice or passage of time would be, an Event of Default. 
  
 “Depository” 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 Depository for such Series by the Company, which Depository shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person, “Depository” as used with
respect to the Securities of any Series shall mean the Depository with respect to the Securities of such Series. 
  
 “Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon
declaration of acceleration of the maturity thereof pursuant to Section 6.2. 
  

 2 

 Exhibit 4.12 
  
 “Dollars” means the currency of The United States of America. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
  
 “Foreign Currency” means any currency or
currency unit issued by a government other than the government of The United States of America. 
  
 “Foreign Government Obligations” means with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct
obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by or acting as an agency or
instrumentality of such government the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i) or (ii), are not callable or redeemable at the option of
the issuer thereof. 
  
 “Global Security” or
“Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depository for such Series or its nominee, and
registered in the name of such Depository or nominee. 
  
 “Holder” or “Securityholder” means a person in whose name a Security is registered or the holder of a Bearer Security. 
  
 “Indenture” means this Indenture as amended from time to time and shall include the form and terms of particular Series of Securities
established as contemplated hereunder. 
  
 “interest”
with respect to any 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.

  
 “Maturity,” when used with respect to any Security
or installment of principal thereof, means the date on which the principal of such Security or such 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. 
  
 “Officer” means the Chairman of the Board, any President, any Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company. 
  
 “Officers’ Certificate” means a certificate signed by two
Officers, one of whom must be the Company’s principal executive officer, principal financial officer or principal accounting officer. 
  
 “Opinion of Counsel” means a written opinion of legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to
the Company. 
  

 3 

 Exhibit 4.12 
  
 “person” means any individual, corporation, partnership, joint venture, association, limited liability company,
joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
  
 “principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in
respect of, the Security. 
  
 “Regular Record Date” for
the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 2.2. 
  
 “Responsible Officer” means any officer of the Trustee in its Corporate Trust Office and also means, with respect to a particular corporate
trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject. 
  
 “SEC” means the Securities and Exchange Commission. 
  
 “Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this
Indenture. 
  
 “Series” or “Series of
Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof. 
  
 “Significant Subsidiary” means (i) any direct or indirect Subsidiary of the Company that would be a “significant subsidiary” as
defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act of 1933, as amended, as such regulation is in effect on the date hereof, or (ii) any group of direct or indirect Subsidiaries of the Company that, taken
together as a group, would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act of 1933, as amended, as such regulation is in effect on the date hereof. 

 
 “Stated Maturity” when used with respect to any Security or any
installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 
  
 “Subsidiary” of any specified person means any corporation of which
at least a majority of the outstanding stock having by the terms thereof ordinary voting power for the election of directors of such corporation (irrespective of whether or not at the time stock of any other class or classes of such corporation
shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned by such person, or by one or more other Subsidiaries, or by such person and one or more other Subsidiaries. 

 
 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code
Sections 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture 
  

 4 

 Exhibit 4.12 
  
 Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust
Indenture Act as so amended. 
  
 “Trustee” means the
person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean 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. 
  
 “U.S. Government Obligations” means securities which are (i) direct
obligations of The United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality of The United States of America the
payment of which is unconditionally guaranteed as a full faith and credit obligation by The United States of America, and which in the case of (i) and (ii) are not callable or redeemable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of
the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in
respect of the U.S. Government Obligation evidenced by such depository receipt. 
  
 SECTION 1.2. Other Definitions. 
  

	 DEFINED TERM 
	 SECTION 

	 “Bankruptcy Law” 
	       6.1 

	 “Conversion Stock” 
	       8.1 

	 “Custodian” 
	       6.1   

	 “Event of Default” 
	       6.1   

	 “Journal” 
	     11.15 

	 “Judgment Currency” 
	     11.16 

	 “Legal Holiday” 
	     11.7   

	 “mandatory sinking fund payment” 
	     12.1   

	 “Market Exchange Rate” 
	     11.15 

	 “New York Banking Day” 
	     11.16 

	 “optional sinking fund payment” 
	     12.1   

	 “Paying Agent” 
	       2.4   

	 “Registrar” 
	       2.4   

	 “Required Currency” 
	     11.16 

	 “Service Agent” 
	       2.4   

	 “successor person” 
	       5.1   

  
     SECTION 1.3.    Incorporation by Reference of Trust Indenture
Act. 
  
 Whenever this Indenture refers to a provision of the TIA,
the provision is incorporated 
  

 5 

 Exhibit 4.12 
  
 by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

 
 “Commission” means the SEC. 
 “indenture securities” means the Securities. 
 “indenture security holder” means a Securityholder. 
 “indenture to be qualified” means
this Indenture. 
 “indenture trustee” or “institutional trustee” means the Trustee. 
 “obligor” on the indenture securities means the Company and any successor obligor upon the Securities. 
  
 All other terms used in this Indenture that are defined by the TIA, defined
by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used herein as so defined. 
  
 SECTION 1.4. Rules of Construction. 
  
 Unless the context otherwise requires: 
  
 (a) a term has the meaning assigned to it; 
  
 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles; 
  
 (c) references to “generally accepted accounting principles” shall
mean generally accepted accounting principles in effect as of the time when and for the period as to which such accounting principles are to be applied; 
  
 (d) “or” is not exclusive; 
  
 (e) words in the singular include the plural, and in the plural include the singular; and 
  
 (f) provisions apply to successive events and transactions. 
  
 ARTICLE II 
 THE
SECURITIES 
  
 SECTION 2.1. Issuable in Series. 
  
 The aggregate principal amount of Securities that may be authenticated and
delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officers’
Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers’ Certificate or
supplemental indenture may provide for the method by which specified terms (such as interest rate, maturity 
  

 6 

 Exhibit 4.12 
  
 date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any
matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture. 
  
 SECTION 2.2. Establishment of Terms of Series of Securities. 
  
 At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection
2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.22) by a Board Resolution, a supplemental indenture or an Officers’ Certificate pursuant to authority granted
under a Board Resolution: 
  
 2.2.1 the title of the Series (which
shall distinguish the Securities of that particular Series from the Securities of any other Series); 
  
 2.2.2 the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued; 
  
 2.2.3 any limit upon the aggregate principal amount of the Securities of the
Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8,
2.11, 3.6 or 9.6); 
  
 2.2.4 the date or dates on which the
principal of the Securities of the Series is payable; 
  
 2.2.5
the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the
Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if any, shall commence, the Interest Payment Dates on which such interest and be
payable and any regular record date for the interest payable on any interest payment date; 
  
 2.2.6 the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, or the method of such payment, if by wire transfer, mail or other means; 
  
 2.2.7 if applicable, the period or periods within which the price or prices
at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company; 
  
 2.2.8 the obligation, if any, of the Company to redeem or purchase the 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;

  

 7 

 Exhibit 4.12 
  
 2.2.9 the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the
Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; 
  
 2.2.10 if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable;

  
 2.2.11 the forms of the Securities of the Series in bearer or
fully registered form (and, if in fully registered form, whether the Securities will be issuable as Global Securities); 
  
 2.2.12 if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon
declaration of acceleration of the maturity thereof pursuant to Section 6.2; 
  
 2.2.13 the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and the agency or organization, if any, responsible for overseeing such composite currency;

  
 2.2.14 the designation of the currency, currencies or currency
units in which payment of the principal of and interest, if any, on the Securities of the Series will be made; 
  
 2.2.15 if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency units other
than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined; 
  
 2.2.16 the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined, if such amounts
may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index; 
  
 2.2.17 if the Securities of the series are convertible into Common Stock or Preferred Stock, the Conversion Price therefor,
the period during which such Securities are convertible and any terms and conditions for the conversion of such Securities which differ from Article VIII; 
  
 2.2.18 the provisions, if any, relating to any security provided for the Securities of the Series; 
  
 2.2.19 any addition to or change in the Events of Default which applies to
any Securities of the Series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2; 
  
 2.2.20 any addition to or change in the covenants set forth in Articles IV or
V which applies to Securities of the Series; 
  

 8 

 Exhibit 4.12 
  
 2.2.21 any other terms of the Securities of the Series (which terms shall not be inconsistent with the provisions of this
Indenture, except as permitted by Section 9.1, but which may modify or delete any provision of this Indenture insofar as it applies to such Series); and 
  
 2.2.22 any depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if
other than those appointed herein. 
  
 All Securities of any one
Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to
above, and the authorized principal amount of any Series may not be increased to provide for issuances of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate.

  
 SECTION 2.3. Execution and Authentication. 
  
 Two Officers shall sign the Securities for the Company by manual or facsimile
signature. 
  
 If an Officer whose signature is on a Security no
longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid. 
  
 A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive
evidence that the Security has been authenticated under this Indenture. 
  
 The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the
Trustee of a Company Order. Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in
writing. Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate. 
  
 The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum
principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8. 
  
 Prior to the issuance of Securities of any Series, the Trustee shall have
received and (subject to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within that
Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4. 
  

 9 

 Exhibit 4.12 
  
 The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee,
being advised by counsel, determines that such action may not lawfully be taken; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors and/or vice-presidents shall determine
that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities. 
  
 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities
whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate. 
  
 SECTION 2.4. Registrar and Paying Agent. 
  
 The Company shall maintain, with respect to each Series of Securities, at the
place or places specified with respect to such Series pursuant to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be
surrendered for registration of transfer or exchange (“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served (“Service Agent”). The Registrar
shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying
Agent or Service Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
  
 If Securities are issuable as Bearer Securities, the Company shall maintain
or cause to be maintained: 
  
 (a) a Registrar, Paying Agent and
Service Agent in Chicago, Illinois; 
  
 (b) subject to any
applicable laws or registration, in a place of payment for that Series that is located outside the United States, an office or agency where Holders may present and surrender for payment Securities of that Series; and 
  
 (c) subject to any applicable laws or regulations, in a place of payment for
that Series located outside the United States, a co-registrar, an additional paying agent and an additional service agent. 
  
 The Company may also from time to time designate one or more co-registrars, additional paying agents or additional service agents and may from time to
time rescind such designations; provided, however, that no such designation or rescission shall in any manner 
  

 10 

 Exhibit 4.12 
  
  
 relieve the Company of its obligations to maintain a Registrar,
Paying Agent and Service Agent in each place so specified pursuant to Section 2.2 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 name or address of any such co-registrar, additional paying agent or additional service agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term
“Service Agent” includes any additional service agent. 
  
 The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that
Series are first issued. 
  
 SECTION
2.5.    Paying Agent to Hold Money in Trust. 
  
 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying
Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all
money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further
liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent. 
  
 SECTION 2.6.    Securityholder Lists. 
  
 The Trustee shall preserve in as current a form as is reasonably practicable
the most recent list available to it of the names and addresses of Securityholders of each Series of Securities and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at
least ten days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each
Series of Securities. 
  
 SECTION
2.7.    Transfer and Exchange. 
  
 Where
Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the
exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of
transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax
or similar 
  

 11 

 Exhibit 4.12 
  
  
 governmental charge payable upon exchanges pursuant to Sections
2.11, 3.6 or 9.6). 
  
 Neither the Company nor the Registrar shall
be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series
selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed
of any such Securities selected, called or being called for redemption in part. 
  
 SECTION 2.8.    Mutilated, Destroyed, Lost and Stolen Securities. 
  
 If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a
new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
  
 If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii)
such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the
Company shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a
number not contemporaneously outstanding. 
  
 In case any such
mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
  
 Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
  
 Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall
constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of that Series duly issued hereunder. 
  
 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.

  

 12 

 Exhibit 4.12 
  
  
 SECTION 2.9.    Outstanding
Securities. 
  
 The Securities outstanding at any time are all the
Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those
described in this Section as not outstanding. 
  
 If a Security is
replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser. 
  
 If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds on the Maturity of
Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue. 
  
 A Security does not cease to be outstanding because the Company or an
Affiliate holds the Security. 
  
 In determining whether the
Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security 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 a declaration of acceleration of the Maturity thereof pursuant to Section 6.2. 
  
 SECTION 2.10.    Treasury Securities. 
  
 In determining whether the Holders of the required principal amount of
Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver Securities of a Series owned by the Company or an Affiliate shall be disregarded, except that for the purposes of determining whether
the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that the Trustee knows are so owned shall be so disregarded. 
  
 SECTION 2.11.    Temporary Securities. 
  
 Until definitive Securities are ready for delivery, the Company may prepare
and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities.
Without unreasonable delay, the Company shall prepare and the Trustee upon request shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall
have the same rights under this Indenture as the definitive Securities. 
  

 13 

 Exhibit 4.12 
  
  
 SECTION
2.12.    Cancellation. 
  
 The Company at any
time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all
Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities (subject to the record retention requirement of the Exchange Act) and deliver a certificate of such destruction to the
Company, unless the Company otherwise directs. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation. 
  
 SECTION 2.13.    Defaulted Interest. 
  
 If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to
the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least 30 days before
the record date, the Company shall mail to the Trustee and to each Securityholder of the Series a notice that states the record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful
manner. 
  
 SECTION 2.14.    Global
Securities. 
  
 2.14.1 Terms of Securities. A Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depository for such Global Security or
Securities. 
  
 2.14.2 Transfer and Exchange. Notwithstanding any
provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the
Depository for such Security or its nominee only if (i) such Depository notifies the Company that it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing agency
registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depository within 90 days of such event, (ii) the Company executes and delivers to the Trustee an Officers’ Certificate to the effect that such
Global Security shall be so exchangeable or (iii) an Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing. Any Global Security that is exchangeable pursuant to the preceding
sentence shall be exchangeable for Securities registered in such names as the Depository shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. 
  
 Except as provided in this Section 2.14.2, a Global Security may not be
transferred except as a whole by the Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such 
  

 14 

 Exhibit 4.12 
  
  
 Depository or by the Depository or any such nominee to a
successor Depository or a nominee of such a successor Depository. 
  
 2.14.3 Legend. Any Global Security issued hereunder shall bear a legend in substantially the following form: 
  
 “This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository or a
nominee of the Depository. This Security is exchangeable for Securities registered in the name of a person other than the Depository or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a
whole by the Depository to a nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor
Depository.” 
  
 2.14.4 Acts of Holders. The Depository, as a
Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. 
  
 2.14.5 Payments. Notwithstanding the other provisions of this Indenture,
unless otherwise specified as contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. 
  
 2.14.6 Consents, Declaration and Directions. Except as provided in Section 2.14.5, the Company, the Trustee and any Agent
shall treat a person as the Holder of such principal amount of outstanding Securities of such Series 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, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 
  
 SECTION 2.15.    CUSIP Numbers. 
  
 The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a
redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. 
  
 ARTICLE III 
 REDEMPTION 
  
 SECTION 3.1.    Notice to Trustee. 
  
 The Company may, with respect to any Series of Securities, reserve the right to redeem 
  

 15 

 Exhibit 4.12 
  
  
 and pay the Series of Securities or may covenant to redeem and
pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to
the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption date and the principal amount of Series of Securities to be redeemed. The Company shall give
the notice at least 45 days before the redemption date (or such shorter notice as may be acceptable to the Trustee). 
  
 SECTION 3.2.    Selection of Securities to be Redeemed. 
  
 Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers’
Certificate, if less than all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that the Trustee deems fair and appropriate. The Trustee shall make the selection from
Securities of the Series outstanding not previously called for redemption. The Trustee may select for redemption portions of the principal of Securities of the Series that have denominations larger than $1,000. Securities of the Series and portions
of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and integral
multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption. 
  
 SECTION 3.3.    Notice of Redemption. 
  
 Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’
Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed and if any Bearer Securities are outstanding,
publish on one occasion a notice in an Authorized Newspaper. 
  
 The notice shall identify the Securities of the Series to be redeemed and shall state: 
  
 (a) the redemption date; 
  
 (b) the redemption price; 
  
 (c) the name and address of the Paying Agent; 
  
 (d) that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
  
 (e) that interest on Securities of the Series called for redemption ceases to
accrue on and after the redemption date; and 
  
 (f) any other
information as may be required by the terms of the particular Series or the 
  

 16 

 Exhibit 4.12 
  
  
 Securities of a Series being redeemed. 
  
 At the Company’s request, the Trustee shall give the notice of
redemption in the Company’s name and at its expense. 
  
 SECTION 3.4.    Effect of Notice of Redemption. 
  
 Once notice of redemption is mailed or published as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price. A notice of
redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date. 
  
 SECTION 3.5.    Deposit of Redemption Price. 
  
 On or before the redemption date, the Company shall deposit with the Paying
Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date. 
  
 SECTION 3.6.    Securities Redeemed in Part. 
  

Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same
maturity equal in principal amount to the unredeemed portion of the Security surrendered. 
  
 ARTICLE IV 
 COVENANTS 
  
 SECTION 4.1.    Payment of Principal 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 interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. 
  
 SECTION 4.2.    SEC Reports. 
  
 The Company shall deliver to the Trustee within 15 days after it files them
with the SEC 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 SEC may by rules and regulations prescribe) which the Company is required to file with the SEC
pursuant to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions of TIA Section 314(a). 
  
 SECTION 4.3.    Compliance Certificate. 
  
 The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate stating that a
review of the activities of the 
  

 17 

 Exhibit 4.12 
  
  
 Company and its Subsidiaries during the preceding fiscal year
has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such
certificate, that to the best of his knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and
conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he may have knowledge). 
  

The Company will, so long as any of the Securities are outstanding, deliver to the Trustee, forthwith upon becoming aware of any Default or Event of
Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 
  
 SECTION 4.4.    Stay, Extension and Usury Laws. 
  
 The Company covenants (to the extent that it may lawfully do so) that it will
not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of
this Indenture or the Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 
  
 SECTION 4.5.    Corporate Existence. 
  
 Subject to Article V, 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 corporate, partnership or other existence of each Significant Subsidiary in accordance with the respective organizational documents of each Significant Subsidiary and the rights (charter and statutory), licenses and franchises of the Company
and its Significant Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any Significant Subsidiary, if the Board of Directors
shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders. 
  
 SECTION 4.6.    Taxes. 
  
 The Company shall, and shall cause each of its Significant Subsidiaries to,
pay prior to delinquency all taxes, assessments and governmental levies, except as contested in good faith and by appropriate proceedings. 
  
 ARTICLE V 
 SUCCESSORS 
  

 18 

 Exhibit 4.12 
  
  
 SECTION 5.1.    When
Company May Merge, Etc. 
  
 The Company shall not consolidate with
or merge into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor person”), and may not permit any person to merge into, or convey, transfer or lease its properties and assets
substantially as an entirety to, the Company, unless: 
  
 (a) the
successor person (if any) is a corporation, partnership, trust or other entity organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this
Indenture and 
  
 (b) immediately after giving effect to the
transaction, no Default or Event of Default, shall have occurred and be continuing. 
  
 The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and
such supplemental indenture comply with this Indenture. 
  
 SECTION 5.2.    Successor Corporation Substituted. 
  
 Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor corporation formed by such
consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition 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 has been named as the Company herein; provided, however, that the predecessor Company in the case of a sale, lease, conveyance or other disposition shall not be released from the obligation to pay the
principal of and interest, if any, on the Securities. 
  
 ARTICLE
VI 
 DEFAULTS AND REMEDIES 
  
 SECTION 6.1.    Events of Default. 
  
 “Event of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the
establishing Board Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default: 
  
 (a) default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance
of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of 30 days); or 
  

 19 

 Exhibit 4.12 
  
  
 (b) default in the payment of the principal of
any Security of that Series at its Maturity; or 
  
 (c) default in
the deposit of any sinking fund payment, when and as due in respect of any Security of that Series; or 
  
 (d) default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty that has been
included in this Indenture solely for the benefit of a Series of Securities other than that Series), which default continues uncured 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 
  
 (e) a default
under any Debt of the Company (including a default with respect to Securities of any Series other than that Series) or any Subsidiary (excluding Debt for which recourse is limited solely to the property that secures such Debt), whether such Debt now
exists or shall hereafter be created, if (i) such default results in such Debt becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable or such obligation being accelerated, (B) the
principal amount of such Debt, together with the principal amount of any other Debt, the maturity of which has been so accelerated, exceeds the greater of (A) $10,000,000 or (B) 5% of the consolidated net tangible assets of the Company at any one
time outstanding, and (iii) such Debt is not discharged or such acceleration is not rescinded or annulled within 30 days after written notice to the Company by the holder or holders of such Debt in the manner provided for in the applicable debt
instrument; or 
  
 (f) the Company or any of its Significant
Subsidiaries pursuant to or within the meaning of any Bankruptcy Law: 
  
 (i) commences a voluntary case, 
  
 (ii) consents to the entry of an order for relief against it in an involuntary case, 
  
 (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property, 
  
 (iv) makes a general assignment for the benefit of its
creditors, or 
  
 (v) generally is unable to pay
its debts as the same become due; or 
  
 (g) a court of competent
jurisdiction enters an order or decree under any Bankruptcy Law that: 
  
 (i) is for relief against the Company or any of its Significant Subsidiaries in an involuntary case, 
  

 20 

 Exhibit 4.12 
  
  
 (ii) appoints a Custodian of
the Company or any of its Significant Subsidiaries or for all or substantially all of its property, or 
  
 (iii) orders the liquidation of the Company or any of its Significant Subsidiaries, and the order or decree remains unstayed and in effect
for 60 days; or 
  
 (h) any other Event of Default provided with
respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.2.18. 
  
 The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors.
The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 
  
 SECTION 6.2.    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 of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the
principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on 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) and accrued and unpaid interest, if any, shall become immediately due and payable. 
  
 At any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or
decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that Series, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if: 
  
 (a) the Company has paid or deposited with the Trustee a sum sufficient to pay: 
  
 (i) all overdue interest, if any, on all Securities of that Series, 
  
 (ii) the principal of any Securities of that Series which have become due otherwise than by such declaration
of acceleration and interest thereon at the rate or rates prescribed therefor in such Securities, 
  
 (iii) to the extent that payment of such interest is lawful, interest upon any overdue principal and overdue interest at the rate or rates
prescribed therefor in such Securities, and 
  
 (iv) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; 
  

 21 

 Exhibit 4.12 
  
  
 and 
  
 (b) all Events of Default with respect to Securities of that Series, other
than the non-payment of the principal of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13. 
  
 No such rescission shall affect any subsequent Default or impair any right consequent thereon. 
  
 SECTION 6.3.    Collection of Indebtedness and Suits for
Enforcement by Trustee. 
  
 The Company covenants that if

  
 (a) default is made in the payment of any interest on any
Security when such interest becomes due and payable and such default continues for a period of 30 days, or 
  
 (b) default is made in the payment of principal of any Security at the Maturity thereof, or 
  
 (c) default is made in the deposit of any sinking fund payment when and as due by the terms of a Security, 
  
 then, the Company will, upon demand of the Trustee, pay to it, for the
benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal or any
overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel. 
  
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such
proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company or
any other obligor upon such Securities, wherever situated. 
  
 If
an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate
judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy. 
  
 SECTION
6.4.    Trustee May File Proofs of Claim. 
  

 22 

 Exhibit 4.12 
  
  
 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 or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, 
  
 (a) to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers
or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in
such judicial proceeding, and 
  
 (b) to collect and receive any
moneys or other property payable or deliverable on any such claims and to distribute the same, 
  
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the
event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due the Trustee under Section 7.7. 
  
 Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder
thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  
 SECTION 6.5.    Trustee May Enforce Claims Without Possession of Securities. 
  
 All rights of action and claims under this Indenture or the Securities may be
prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the
Securities in respect of which such judgment has been recovered. 
  
 SECTION 6.6.    Application of Money Collected. 
  
 Any money collected by the Trustee pursuant to this Article 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 or
interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
  

 23 

 Exhibit 4.12 
  
  
 First: To the payment of all amounts due the
Trustee under Section 7.7; and 
  
 Second:To the payment of the
amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable
on such Securities for principal and interest, respectively; and 
  
 Third: To the Company. 
  
 SECTION
6.7.    Limitation on Suits. 
  
 No Holder of
any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
  
 (a) such Holder has previously given written notice to the Trustee of a
continuing Event of Default with respect to the Securities of that Series; 
  
 (b) the Holders of not less than 25% 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; 
  
 (c) such Holder or Holders have
offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; 
  
 (d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 

 
 (e) no direction inconsistent with such written request has been given to
the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding 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 to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein
provided and for the equal and ratable benefit of all such Holders. 
  
 SECTION 6.8.    Unconditional Right of Holders to Receive Principal and Interest. 
  
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such
payment, and such rights shall not be impaired without the consent of 
  

 24 

 Exhibit 4.12 
  
  
 such Holder. 
  
 SECTION 6.9.    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
6.10.    Rights and Remedies Cumulative. 
  
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to
be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  
 SECTION 6.11.    Delay or Omission Not Waiver. 
  
 No delay or omission of the Trustee or of any Holder of any Securities to
exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the
Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
  
 SECTION 6.12.    Control by Holders. 
  
 The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that 
  
 (a) such direction shall not be in conflict with any rule of law or with this Indenture, 
  
 (b) the Trustee may take any other action deemed proper by the Trustee which
is not inconsistent with such direction, and 
  
 (c) subject to
the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee
in personal 
  

 25 

 Exhibit 4.12 
  
  
 liability. 
  
 SECTION 6.13.    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 waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest
on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted
from such acceleration). 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 6.14.    Undertaking for Costs. 
  
 All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, 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 interest on any Security on or after the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption
date). 
  
 ARTICLE VII 
 TRUSTEE 
  
 SECTION 7.1.    Duties of Trustee. 
  
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise 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 man would exercise or use under the circumstances in the conduct of his own affairs. 
  
 (b) Except during the continuance of an Event of Default: 
  
 (i) The Trustee need perform only those duties that are specifically set forth in this Indenture and no others. 
  

 26 

 Exhibit 4.12 
  
  
 (ii) In the absence of bad faith on its part,
the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this
Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates and
Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture. 
  
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except
that: 
 (i) This paragraph does not limit the effect of paragraph (b) of this Section. 
  
 (ii) The Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts. 
  
 (iii) The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities
of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series 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. 
  
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section. 
  
 (e) The Trustee may refuse to perform any duty or exercise any right or power
unless it receives indemnity satisfactory to it against any loss, liability or expense. 
  
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds
except to the extent required by law. 
  
 (g) No provision of this
Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance of any of its duties, 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 is not reasonably assured to it. 
  
 (h) The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard of care as are set forth in
paragraphs (a), (b) and (c) of this Section with respect to the Trustee. 
  
 SECTION 7.2.    Rights of Trustee. 
  
 (a) The Trustee may rely on and shall be protected in acting or refraining from acting upon any document believed by it to be genuine and to have been signed or presented by the 
  

 27 

 Exhibit 4.12 
  
 proper person. The Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Trustee acts or refrains from acting, it may require an
Officers’ Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. 
  
 (c) The Trustee may act through agents and shall not be responsible for the
misconduct or negligence of any agent appointed with due care. No Depository shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depository. 
  
 (d) The Trustee shall not be liable for any action it takes or omits to take
in good faith which it believes to be authorized or within its rights or powers. 
  
 (e) The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon. 
  
 (f) The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 
  
 SECTION 7.3.    Individual Rights of Trustee. 
  

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an
Affiliate with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11. 
  
 SECTION 7.4.    Trustee’s Disclaimer. 
  
 The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be
accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication. 
  
 SECTION 7.5.    Notice of Defaults. 
  
 If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to
a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series and, if any Bearer Securities are outstanding, publish on one occasion in an Authorized Newspaper, notice of a Default or Event of
Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any
Security of any Series, the Trustee may 
  

 28 

 Exhibit 4.12 
  
 withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Securityholders of that Series. 
  
 SECTION 7.6. Reports by Trustee to Holders. 
  
 Within 60 days after May 15 in each year, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the register kept by the Registrar and, if any Bearer Securities are
outstanding, publish in an Authorized Newspaper, a brief report dated as of such May 15, in accordance with, and to the extent required under, TIA Section 313. 
  

A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each stock exchange on which the
Securities of that Series are listed. The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange. 
  
 SECTION 7.7. Compensation and Indemnity. 
  
 The Company shall pay to the Trustee from time to time reasonable compensation for its services. The Trustee’s compensation shall not be limited by
any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the
Trustee’s agents and counsel. 
  
 The Company shall indemnify
the Trustee (including the cost of defending itself) against any loss, liability or expense incurred by it except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify
the Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of
such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.

  
 The Company need not reimburse any expense or indemnify
against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through negligence or bad faith. 
  
 To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of
any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Securities of that Series. 
  
 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(f) or (g) occurs,
the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 
  

 29 

 Exhibit 4.12 
 SECTION 7.8. Replacement of Trustee. 
  
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. 
  
 The Trustee may resign with respect to the Securities of one or more Series
by so notifying the Company. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with
respect to Securities of one or more Series if: 
  
 (a) the
Trustee fails to comply with Section 7.10; 
  
 (b) the Trustee is
adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 
  
 (c) a Custodian or public officer takes charge of the Trustee or its property; or 
  
 (d) the Trustee becomes incapable of acting. 
  
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall
promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee
appointed by the Company. 
  
 If a successor Trustee with respect
to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10% in principal amount of the Securities of the
applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
  
 If the Trustee with respect to the Securities of any one or more Series fails to comply with Section 7.10, any Securityholder of the applicable Series may
petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring
Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all
the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series and,
if any Bearer Securities are outstanding, publish such notice on one occasion in an Authorized Newspaper. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s 
  

 30 

 Exhibit 4.12 
  
 obligations under Section 7.7 hereof shall continue for the benefit of the retiring trustee with respect to expenses and liabilities
incurred by it prior to such replacement. 
  
     SECTION
7.9.    Successor Trustee by Merger, etc. 
  
 If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee.

  
     SECTION 7.10.    Eligibility;
Disqualification. 
  
 This Indenture shall always have a Trustee
who satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply
with TIA Section 310(b). 
  
     SECTION
7.11.    Preferential Collection of Claims Against Company. 
  
 The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent
indicated. 
  
 ARTICLE VIII 
 SATISFACTION AND DISCHARGE; DEFEASANCE 
  
     SECTION 8.1.    Satisfaction and Discharge of Indenture. 
  
 This Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.1),
and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when 
  
 (a) either 
  
 (i) all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have
been replaced or paid) have been delivered to the Trustee for cancellation; or 
  
 (ii) all such Securities not theretofore delivered to the Trustee for cancellation 
  
 (1) have become due and payable, or 
  
 (2) will become due and payable at their Stated Maturity
within one year, or 
  
 (3) are to be called for
redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or 
  

 31 

 Exhibit 4.12 
  
 (4) are deemed paid and discharged pursuant to Section 8.3, as applicable; 
  
 and the Company, in the case of (1), (2) or (3) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the
date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be; 
  
 (b) the Company has paid or caused to be paid all other sums payable
hereunder by the Company; and 
  
 (c) 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 have been complied with. 
  
 Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.1, 8.2 and 8.5 shall survive. 
  
     SECTION
8.2.    Application of Trust Funds; Indemnification. 
  
 (a) Subject to the provisions of Section 8.5, all money deposited with the Trustee pursuant to Section 8.1, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee
pursuant to Section 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4, shall be held in trust and applied by it, in
accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of
the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.3 or 8.4. 
  
 (b) The Company shall pay and shall indemnify the Trustee against any tax,
fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and principal received in respect of such obligations other than any payable
by or on behalf of Holders. 
  
 (c) The Trustee shall deliver or
pay to the Company from time to time upon Company Request any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent
certified public accountants expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government
Obligations or Foreign Government 
  

 32 

 Exhibit 4.12 
  
 Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government
Obligations or Foreign Government Obligations held under this Indenture. 
  
     SECTION 8.3.    Legal Defeasance of Securities of any Series. 
  
 Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2.20, to be inapplicable to Securities of any Series, the Company shall be deemed to
have paid and discharged the entire indebtedness on all the outstanding Securities of such Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such
outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request, execute proper instruments acknowledging the same), except as to: 
  
 (a) the rights of Holders of Securities of such Series to receive, from the
trust funds described in subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of principal or
interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series;

  
 (b) the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and
8.5; and 
  
 (c) the rights, powers, trust and immunities of the
Trustee hereunder; 
  
 provided that, the following conditions shall have been
satisfied: 
  
 (d) the Company shall have deposited or caused to
be deposited irrevocably with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of
Securities of such Series denominated in Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated
in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and
assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, 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 each installment of principal (including mandatory sinking fund or analogous payments) of and interest, if any, on all the Securities of such Series on the dates such
installments of interest or principal are due; 
  
 (e) such
deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 
  

 33 

 Exhibit 4.12 
  
 (f) no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on
the date of such deposit or during the period ending on the 91st day after such date; 
  
 (g) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that (i) the Company has received from, or there has been published by, the Internal Revenue
Service a ruling, or (ii) since the date of execution 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 of Counsel shall confirm that, the Holders
of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount and in the same manner and at
the same times as would have been the case if such deposit, defeasance and discharge had not occurred; 
  
 (h) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of
preferring the Holders of the Securities of such Series over any other creditors of the company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; 
  
 (i) such deposit shall not result in the trust arising from such deposit
constituting an investment company (as defined in the Investment Company Act of 1940, as amended), or such trust shall be qualified under such Act or exempt from regulation thereunder; and 
  
 (j) 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 the defeasance contemplated by this Section have been complied with. 
  
 SECTION 8.4.    Covenant Defeasance. 
  
 Unless this Section 8.4 is otherwise specified pursuant to Section 2.2.20 to be inapplicable to Securities of any Series, on
and after the 91st day after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, 4.6, and 5.1 as well as any additional
covenants contained in a supplemental indenture hereto for a particular Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2.20 (and the failure to comply with any such covenants shall not
constitute a Default or Event of Default under Section 6.1) and the occurrence of any event described in clause (e) of Section 6.1 shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided
that the following conditions shall have been satisfied: 
  
 (a)
With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the
benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. 
  

 34 

 Exhibit 4.12 
  
 Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a
composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be
imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written
certification thereof delivered to the Trustee, to pay principal and interest, if any, on and any mandatory sinking fund in respect of the Securities of such Series on the dates such installments of interest or principal are due; 
  
 (b) Such deposit will not result in a breach or violation of, or constitute a
default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 
  
 (c) No Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or
during the period ending on the 91st day after such date; 
  
 (d)
the Company shall have delivered to the Trustee an Opinion of Counsel confirming that Holders of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and 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 deposit and defeasance had not occurred; 
  
 (e) the Company shall have delivered to the Trustee an Officers’ Certificate stating the deposit was not made by the
Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 
  
 (f) The Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the defeasance contemplated by this Section have been complied with. 
  
 SECTION 8.5.    Repayment to Company. 
  
 The Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal
and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person. 
  
 ARTICLE IX 
 AMENDMENTS AND WAIVERS 
  
 SECTION 9.1. Without Consent of Holders. 
  
 The Company and the Trustee may amend or supplement this Indenture or the 
  

 35 

 Exhibit 4.12 
  
 Securities of one or more Series without the consent of any Securityholder: 
  
 (a) to comply with Article V; 
  
 (b) to add to the covenants for the benefit of Securityholders or to surrender any right or power conferred upon the Company; 
  
 (c) to add Events of Default; 
  
 (d) to permit or facilitate the issuance of Securities of any Series in
bearer form; to permit Bearer Securities to be issued in exchange for registered Securities; to permit Bearer Securities to be issued in exchange for Bearer Securities of other denominations or to permit the issuance of Securities of any Series in
uncertificated form, provided that such action will not adversely affect the interests of any Securityholder in any material respect; 
  
 (e) to change or eliminate any provision of this Indenture, provided that such change or elimination will become effective only when there is no
outstanding Security that is entitled to the benefit of the provision and as to which the modification would apply; 
  
 (f) to secure the Securities or to provide that any of the Company’s obligations under the Securities or this Indenture will be guaranteed or to
provide the terms and conditions for the release or substitution of such security or guarantee; 
  
 (g) to supplement any provisions of this Indenture to permit or facilitate the defeasance and discharge of any Series of Securities, provided that the
action will not adversely affect the interests of the Securityholders in any material respect; 
  
 (h) to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture; 
  
 (i) 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; or 
  
 (j) to cure any ambiguity, defect or inconsistency; to eliminate any conflict
between the terms of this Indenture or the Securities and the TIA or to make any other provisions not inconsistent with this Indenture, provided that such provisions will not adversely affect the rights of any Securityholder in any material respect.

  
 SECTION 9.2. With Consent of Holders. 
  
 The Company and the Trustee may enter into a supplemental indenture with the
written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the
Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the 
  

 36 

 Exhibit 4.12 
  
 Securityholders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the
outstanding Securities of each Series affected by such waiver by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any
provision of this Indenture or the Securities with respect to such Series. 
  
 It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent
approves the substance thereof. After a supplemental indenture or waiver under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby and, if any Bearer Securities affected thereby are outstanding,
publish on one occasion in an Authorized Newspaper, a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture or waiver. 
  
 SECTION 9.3. Limitations. 
  
 Without the consent of each
Securityholder affected, an amendment or waiver may not: 
  
 (a)
reduce the principal amount of any payment to be made on, or change the Stated Maturity of, any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation; 
  
 (b) reduce the rate of or extend the time for payment of interest (including
default interest) on any Security; 
  
 (c) make the principal of
or interest, if any, on any Security payable in any currency other than that stated in the Security; 
  
 (d) reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof; 
  
 (e) impair the right to institute suit for the enforcement of any payment on
or after the due date of the payment; 
  
 (f) waive a redemption
payment with respect to any Security or change any of the provisions with respect to the redemption of any Securities in a manner adverse to the Securityholder; 
  

(g) alter any redemption provisions in a manner adverse to the Securityholder; 
  
 (h) reduce the percentage in principal amount of the outstanding Securities; 
  
 (i) adversely affect the right of any Securityholder to convert any Security;

  
 (j) modify any of the waiver provisions, except to increase
the amount of Securities whose Holders must consent to a waiver or to provide that other provisions of this Indenture 
  

 37 

 Exhibit 4.12 
  
 cannot be modified or waived without the consent of the Holder of each affected outstanding Security; 
  
 (k) waive a Default or Event of Default in the payment of the principal of or
interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that
resulted from such acceleration); 
  
 (l) waive a Default or Event
of Default that results from breach of a covenant or provision that cannot be modified or amended without the consent of each affected Securityholder; or 
  
 (m) make any change in Sections 6.8, 6.13, 9.3 (this sentence), 10.15 or 10.16. 
  
 SECTION 9.4. Compliance with Trust Indenture Act. 
  
 Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture
hereto that complies with the TIA as then in effect. 
  
 SECTION
9.5. Revocation and Effect of Consents. 
  
 Until an amendment or
waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even
if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment
or waiver becomes effective. 
  
 Any amendment or waiver once
effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (g) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a
Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security. 
  
 SECTION 9.6. Notation on or Exchange of Securities. 
  
 The Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter
authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon request new Securities of that Series that reflect the amendment or waiver. 
  
 SECTION 9.7. Trustee Protected. 
  
 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 7.1) shall be fully protected in relying upon, an Opinion of Counsel stating
that the execution of such supplemental indenture is 
  

 38 

 Exhibit 4.12 
  
 authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any
supplemental indenture that adversely affects its rights. 
  
 ARTICLE X 
 MISCELLANEOUS 
  
 SECTION 10.1. Trust Indenture Act Controls. 
  
 If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by
the TIA, such required or deemed provision shall control. 
  
 SECTION 10.2. Notices. 
  
 Any notice or communication by
the Company or the Trustee to the other is duly given if in writing and delivered in person or mailed by first-class mail: 
  

			
	if to the Company:
	 	 	Nanophase Technologies Corporation
	 	 	1319 Marquette Drive
	 	 	Romeoville, Illinois 60446
	 	 	Attention:                              

  

					
	if to the Trustee:	 	 
	 	 	[Name of Trustee]	 	 
	 	 	[Address]	 	 
	 	 	                                      
          	 	 
	 	 	                                      
          	 	 
	 	 	Attention:                                	 	 

  
 The Company or the
Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 
  
 Any notice or communication to a Securityholder shall be mailed by first-class mail to his address shown on the register kept by the Registrar and, if any
Bearer Securities are outstanding, published in an Authorized Newspaper. Failure to mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that
or any other Series. 
  
 If a notice or communication is mailed or
published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it. 
  
 If the Company mails a notice or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time. 
  
 SECTION 10.3. Communication by Holders with Other Holders. 
  

 39 

 Exhibit 4.12 
  
 Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other Securityholders of that Series or
any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c). 
  
     SECTION
10.4.    Certificate and Opinion as to Conditions Precedent. 
  
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee: 
  
 (a) an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with; and 
  
 (b) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
  

    SECTION 10.5.     Statements Required in Certificate or Opinion. 
  
 Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include: 
  
 (a) a statement that the person making such certificate or opinion has read such covenant or condition; 
  
 (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (c) a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable him to express an informed
opinion as to whether or not such covenant or condition has been complied with; and 
  
 (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with. 
  
     SECTION 10.6.     Rules by Trustee and Agents. 
  
 The Trustee may make reasonable rules for action by or a meeting of
Securityholders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements for its functions. 
  
     SECTION 10.7.     Legal Holidays. 
  
 Unless otherwise provided by Board Resolution, Officers’ Certificate or
supplemental indenture for a particular Series, a “Legal Holiday” is any day that is not a Business Day. If a 
  

 40 

 Exhibit 4.12 
  
 payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue for the intervening period. 
  
     SECTION 10.8.    No Recourse Against Others. 
  
 A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities
or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration
for the issue of the Securities. 
  
     SECTION 10.9.    Counterparts. 
  
 This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. 
  
     SECTION 10.10.    Governing Laws. 
  
 THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

  
     SECTION
10.11.    No Adverse Interpretation of Other Agreements. 
  
 This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

 
     SECTION
10.12.    Successors. 
  
 All agreements of
the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor. 
  
     SECTION 10.13.    Severability. 
  
 In case any provision in this Indenture or in the Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

    SECTION 10.14.    Table of Contents, Headings, Etc. 
  
 The Table of Contents, Cross-Reference Table, and headings of the Articles
and Sections of this Indenture have been inserted for convenience of reference only, are not to be 
  

 41 

 Exhibit 4.12 
  
 considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
  
     SECTION
10.15.    Securities in a Foreign Currency. 
  
 Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes
of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are
outstanding Securities of any Series which are denominated in a coin or currency other than Dollars, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that
amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For purposes of this Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable transfers of
that currency as published by the Federal Reserve Bank of New York. If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole discretion and without liability on its part, such
quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in The City of New York or in the country of issue of the currency in question or such other quotations as the
Trustee, upon consultation with the Company, shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in
connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. 
  
 All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding
paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Holders. 
  
     SECTION
10.16.    Judgment Currency. 
  
 The Company
agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the
Securities of any Series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures
the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then, the rate of exchange used shall be
the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is
entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)),
in any currency other than the Required Currency, except to the extent that such 
  

 42 

 Exhibit 4.12 
  
 tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed
to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full
amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a
Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close. 
  
 ARTICLE XI 
 SINKING FUNDS 
  
 SECTION
11.1.    Applicability of Article. 
  
 The
provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture. 
  
 The minimum amount of any sinking fund payment provided for by the terms of
the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.” If
provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as
provided for by the terms of the Securities of such Series. 
  
 SECTION 11.2.    Satisfaction of Sinking Fund Payments with Securities. 
  
 The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the
terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit
Securities of such Series to which such sinking fund payment is applicable and which have been redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or
through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such Securities shall be received by the
Trustee, together with an Officers’ Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee
at the 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 in lieu of cash payments
pursuant to this Section 11.2, 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 
  

 43 

 redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the
Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment
so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company.

  
 SECTION 11.3.    Redemption of Securities
for Sinking Fund. 
  
 Not less than 45 days (unless otherwise
indicated in the Board Resolution, supplemental indenture hereto or Officers’ Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the
Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the
portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the
Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental indenture in respect of a particular Series of
Securities) 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 3.2 and cause notice of the redemption thereof to be given in the
name of and at the expense of the Company in the manner provided in Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6. 
  

 44 

 Exhibit 4.12 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above
written. 
  
  
 NANOPHASE TECHNOLOGIES CORPORATION 
  
 By:
                                        
                 
 Name:
                                        
             
 Its:
                                        
                     
  
 [Name of Trustee] 
  
 By:
                                        
                 
 Name:
                                        
             
 Its:
                                        
                     
  

 45

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