Document:

exh10-1_agmt.htm

     

    
      

      

    

     

     

     

     

     

    EXHIBIT 10.1

     

    LOAN AGREEMENT DATED AS OF APRIL 14, 2008
AMONG

    GALAXY ENERGY CORPORATION AND DOLPHIN ENERGY
CORPORATION, BORROWERS,

    AND BRUNER FAMILY TRUST, LENDER

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    LOAN
AGREEMENT

    

    Dated as
of April 14, 2008

    

    

    

    Among

    

    

    

    GALAXY
ENERGY CORPORATION

    AND

    DOLPHIN
ENERGY CORPORATION

    Borrowers

    

    

    

    and

    

    

    

    BRUNER
FAMILY TRUST

    Lender

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    This LOAN
AGREEMENT, dated as of April14, 2008, is by
and among Galaxy Energy Corporation, a Colorado corporation, and Dolphin Energy
Corporation, a Nevada corporation, debtors and debtors-in-possession (together,
the “Borrowers”), and Bruner Family Trust (the “Lender”).

     

    RECITALS

     

    A.           The
Borrowers are independent oil and gas companies primarily engaged in the
exploration for, and the acquisition and development of, crude oil and natural
gas.  The Borrowers filed their respective voluntary petitions for
relief under chapter 11 of title 11 of the United States Code on March 14, 2008
(the “Petition Date”) in the United States Bankruptcy Court for the District of
Colorado.

     

    B.           The
Borrowers have requested that the Lender provide the Borrowers with a line of
credit in the amount of up to $4,368,100.00 to provide working capital to fund
the Borrowers’ business operations in accordance with the Budget (defined
below).

     

    C.           Subject
to the terms and conditions set forth herein, the Lender has agreed to provide
such line of credit.

     

    NOW
THEREFORE, the parties hereto hereby agree, effective upon the Loan Commencement
Date (as hereinafter defined), as follows:

     

    ARTICLE
I

     

    DEFINITIONS

     

    As used
in this Agreement the following terms have the following meanings (terms defined
in the singular to have a correlative meaning when used in the plural and vice
versa):

     

    “Agent’s 507(b)
Claim” has the meaning assigned to such
term in the Interim Order and Final Order.

     

    “Agent’s Adequate Protection
Lien” has the meaning assigned to such term
in the Interim Order and Final Order.

     

    “Agreement” means this
Loan Agreement, as amended or supplemented from time to
time.  References to Articles, Sections, Exhibits, Schedules and the
like refer to the Articles, Sections, Exhibits, Schedules and the like of this
Agreement unless otherwise indicated.

     

    “Banking Day” means
any day other than a day on which commercial banks are not authorized or
required to close in the United States.

     

    “Bankruptcy Cases”
means the chapter 11 cases of Borrowers pending before the Bankruptcy Court
under Case Nos. 08-13164 and 08-13166.

     

    “Bankruptcy Code”
means title 11 of the United States Code, as amended.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Bankruptcy Court”
means the United States Bankruptcy Court for the District of Colorado, or such
other court having original jurisdiction over the Bankruptcy Cases.

     

    “Borrowers” has the
meaning assigned to such term in the preamble hereto.

     

    “Budget” means,
collectively, the emergency (one month) and the final (six and one-half months)
itemized budgets of the Borrowers attached hereto as Exhibit 1 as such Budget may
be amended, modified, extended or supplemented from time to time with the
Lender’s consent.

     

    “Carve-Out Expenses”
means (i) the reasonable, unpaid fees and expenses of professionals, including
professionals representing the official committee of unsecured creditors, if
any, approved and allowed by orders of the Bankruptcy Court, up to an aggregate
amount of $275,000; (ii) the amounts payable pursuant to 28 U.S.C. § 1930(a)(6)
and any fees payable to the Clerk of the Bankruptcy Court; and (iii) allowed
fees and expenses of a chapter 7 trustee and professionals retained by such
trustee in an aggregate amount not to exceed $10,000.

     

    “Collateral” means all
property, other than causes of action arising under chapter 5 of the Bankruptcy
Code, of each of the Borrowers and their bankruptcy estates of any kind
whatsoever, whether real, personal, or mixed, and whether now owned or hereafter
acquired, including, without limitation, all inventory, equipment, fixtures,
accounts, chattel paper, documents, general intangibles, instruments, money,
real property interests, oil and/or gas leases, wells, lands, prospects, rights
and interests owned by one or more of the Borrowers and including the production
and the proceeds of production from oil and/or gas wells, and the interests of
Galaxy Energy Corporation in each of its subsidiaries.

     

    “Environmental Laws”
means any and all laws, rules, orders, regulations, statutes, ordinances,
guidelines, codes, decrees or other legally enforceable requirements (including,
without limitation, common law) of any international authority, foreign
government, the United States, or any state, local, municipal or other
governmental authority, regulating, relating to or imposing liability or
standards of conduct concerning protection of the environment or of human
health, or employee health and safety, as has been, is now, or may at any time
hereafter be, in effect.

     

    “Environmental
Permits” means any and all permits, licenses, approvals, registrations,
notifications, exemptions and other authorizations required under any
Environmental Law.

     

    “Event of Default” has
the meaning given such term in Section 10.1 hereof.

     

    “Final Order” means an
order of the Bankruptcy Court, in form and substance satisfactory to the Lender,
finally approving this Agreement and the Loan made and to be made by the Lender
in accordance with this Agreement, as the same may be amended, modified or
supplemented from time to time with the express written consent of the
Lender.

     

    “Interim Order” means
an order of the Bankruptcy Court, in form and substance satisfactory to the
Lender, approving, on an interim basis, this Agreement and the Loan made and to
be made by the Lender in accordance with this Agreement, as the same may be
amended, modified or supplemented from time to time with the express written
consent of the Lender.

     

    
      
        
        

      

      
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    “Lender” has the
meaning assigned to such term in the preamble hereto.

     

    “Lender’s Lien” has
the meaning assigned to such term in Section 5.1.

     

    “Lien” means any lien
(statutory or otherwise), security interest, mortgage, deed of trust, priority,
pledge, charge, conditional sale, title retention agreement, financing lease or
other encumbrance or similar right of others, or any agreement to give any of
the foregoing.

     

    “Loan” means the line
of credit given by the Lender to the Borrowers in the principal amount of up to
$4,368,100.00, as evidenced by the Note.

     

    “Loan Commencement
Date” has the meaning attributed thereto in Section 6.1
hereof.

     

    “Loan Documents” means
this Agreement, the Note and the Security Documents.

     

    “Material Adverse
Effect” means a material adverse effect on (a) the business, assets,
property or condition (financial or otherwise) of the Borrowers (other than the
customary adverse effects due to the Borrowers’ Bankruptcy Cases and the
requirements of the Bankruptcy Code), (b) the validity or enforceability of this
Agreement or any of the Loan Documents or the rights and remedies of the Lender
hereunder or thereunder, or (c) the ability of either Borrower to perform its
obligations under any of the Loan Documents.

     

    “Material Environmental
Amount” means an amount payable by either or both Borrowers in the
aggregate in excess of $50,000 for costs to comply with any Environmental Law;
costs of any investigation, and any remediation, required by any Environmental
Law; and compensatory damages, punitive damages, fines, and penalties pursuant
to any Environmental Law.

     

    “Maturity Date” means
the earliest of (i) the closing of any transaction pursuant to which any third
party acquires substantially all of either of the Borrowers’ assets; (ii) the
conversion of either of the Bankruptcy Cases to a case under chapter 7 of the
Bankruptcy Code; (iii) the dismissal of either of the Bankruptcy Cases; (iv) the
date on which any chapter 11 plan of reorganization becomes effective; (v) the
occurrence of an Event of Default; or (vi) November 15, 2008.

     

    “Note” means the
Secured Revolving Promissory Note in the amount of $4,368,100.00, or so much
thereof as shall be advanced, payable to or to the order of the Lender,
substantially in the form of Exhibit 2 attached hereto, and
all promissory note(s) delivered in substitution or exchange therefor, as any
such notes shall be modified and supplemented and in effect from time to
time.

     

    “Obligations” means
all indebtedness, obligations and liabilities of the Borrowers to the Lender
incurred under or related to this Agreement, the Note or any other Loan
Document, whether such indebtedness, obligations or liabilities are direct or
indirect, secured or unsecured, joint or several, absolute or contingent, due or
to become due, whether for payment or performance, now existing or hereafter
arising, including the principal amount of the Loan outstanding, together with
interest thereon, and all reasonable expenses and fees, including but not
limited to all legal and accounting fees incurred by Lender, hereunder or under
any other 

     

     

    
      
        
        

      

      
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      Loan
Document, from time to time arising under or in connection with or evidenced or
secured by this Agreement, the Note, or any other Loan
Document.

    

     

    “Orders” means the
Interim Order, the Final Order and all other orders entered by the Bankruptcy
Court in relation to this financing.

     

    “Petition Date” means
March 14, 2008.

     

    “Security Documents”
means, collectively, any mortgages, deeds of trust, assignments of production,
security agreements, fixture filings, Uniform Commercial Code financing
statements, and such other documents required by Lender granting the Lender a
Lien in the Collateral or perfecting such Lien.

     

    ARTICLE
II

     

    THE
LOAN

     

    2.1  The
Loan.

     

    (a)  Subject
to the terms and conditions set forth herein, the Lender agrees to make advances
to the Borrowers from time to time during the period beginning with the Loan
Commencement Date and ending on September 30, 2008, in an aggregate principal
amount not to exceed the amount of the Note, as a revolving line of
credit.

     

    (b)  Notwithstanding
anything herein to the contrary, the Lender shall have no obligation to make
advances under the Note in excess of the amounts authorized by the Interim Order
or Final Order, and any reference herein to the amount of the Loan shall be
automatically reduced to the amounts so authorized.  Consistent with
the foregoing, until entry of the Final Order, advances by the Lender under this
Agreement shall be limited to the amount expressly authorized by the Interim
Order.

     

    2.2  Advances.  Advances
shall be made pursuant to the Budget with a fifteen percent (15%) monthly
variance per line item in excess of expenses listed in the Budget, but subject
to a maximum ten percent (10%) cumulative variance per month in excess of the
line items in the Budget titled “Bruner Trust Borrowings” and “Bruner Trust to
cover field work;” provided, however, that in no event shall the Lender be
required to lend any amount in excess of $4,368,100.00, the amount of the
Note.  For the purposes of calculating the 15% monthly variance per
line item set forth in the foregoing sentence, all line items of less than
$10,000 in the Budget shall in the aggregate be considered to be a single line
item.  The Borrowers shall give the Lender notice of each advance
hereunder as provided in Section 4.3 hereof.  On the date specified
for each advance, the Lender shall, subject to the terms and conditions of this
Agreement, make available the amount of such advance to the Borrowers by
depositing the same, in immediately available funds, in segregated accounts of
the Borrowers designated for such purpose.

     

    2.3  Use of
Proceeds.  The Borrowers hereby covenant, represent and warrant
that the proceeds of the Loan made to them will be used solely to fund the
Borrowers’ continued 

     

     

    
      
        
        

      

      
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      ordinary
course operations and working capital needs, including the costs of the
Borrowers’ Bankruptcy Cases, solely in accordance with the Budget and Section
2.2 above.

    

     

    2.4  Note.     
The Loan made by the Lender hereunder shall be evidenced by the Note dated as of
the date hereof.

     

    2.5  No Discharge; Survival of
Claims. The
Obligations shall survive the entry of an order (i) confirming any chapter 11
plan in the Bankruptcy Cases, (ii) converting the Bankruptcy Cases to cases
under chapter 7 of the Bankruptcy Code, or (iii) dismissing the Bankruptcy
Cases.  The super-priority administrative claim granted to the
Obligations and all Liens granted to the Lenders shall continue in full force
and effect and maintain their priority as set forth in the Orders until full
payment of the Obligations.

     

    2.6  Waiver of Any Priming
Rights.  The Borrowers hereby irrevocably waive any right,
pursuant to Sections 364(c) or 364(d) of the Bankruptcy Code or otherwise, to
grant any Lien of equal or greater priority than the Liens securing the
Obligations, or to approve or grant a claim of equal or superior priority to the
Obligations other than the Carve-Out Expenses.

     

    ARTICLE
III

     

    PAYMENTS
OF PRINCIPAL AND INTEREST

     

    3.1  Principal.  Each of
the Borrowers jointly and severally and unconditionally promises to pay the
Lender all Obligations, including the then unpaid principal amount of the Loan
and all accrued but unpaid interest, on the Maturity Date.  Except as
otherwise agreed to by the Lender, the Borrowers shall repay the principal
amount advanced on the Note from time to time as funds become available (after
the payment of ordinary course operating expenses consistent with the Budget)
from the cash generated by proceeds of sales of the Borrowers’ assets (after the
payment of any senior Liens).

     

    3.2  Interest.  Interest
on the outstanding principal balance of the Note shall accrue at the rate of ten
percent (10%) per annum until payment of the principal in full.  If an
Event of Default occurs, at the Lender’s option pursuant to Section 10.2 below,
the entire amount of the Secured Revolving Promissory Note shall be due and
payable and shall bear interest at the rate of thirteen percent (13%) per
annum.

     

    3.3  Optional
Prepayments.  The Borrowers shall have the right to prepay the
Loan, at any time or from time to time, without penalty, but with interest on
the amount prepaid to the date of such prepayment.

     

    ARTICLE
IV

     

    PAYMENTS;
COMPUTATIONS; ADVANCES

     

    4.1  Payments.

     

    (a)  Except to
the extent otherwise provided herein, all payments of principal, interest and
other amounts to be made by the Borrowers to the Lender under this Agreement,
the 

     

    
      
        
        

      

      
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      Note and
the other Loan Documents, shall be made in immediately available funds, without
deduction, set-off or counterclaim, into a designated account (in accordance
with wire instructions to be provided by the Lender to the Borrowers) on the
date on which such payment is due.

    

     

    (b)  If the
due date of any payment under this Agreement or the Note would otherwise fall on
a day that is not a Banking Day, such date shall be extended to the next
succeeding Banking Day, and interest shall be payable for any principal so
extended for the period of such extension.

     

    4.2  Computations.  Interest
hereunder shall be computed on the basis of a year of 365 days.

     

    4.3  Requests for
Advances.  Unless the Borrowers and the Lender agree otherwise,
Lender shall make biweekly advances.  Each advance shall be in the
amount contained in the Budget for the two-week period for which the advance is
made.  Requests by the Borrowers to the Lender for additional advances
shall be effective only if agreed to by the Lender and only if received by the
Lender not later than 12:00 p.m. Mountain Standard or Daylight Time, as
applicable, three (3) Banking Days prior to the requested date of the
advance.

     

    ARTICLE
V

     

    SECURITY;
ADMINISTRATIVE PRIORITY

     

    5.1  Grant
of Lien.

     

    (a)  Pursuant
to this Agreement and the Security Documents and pursuant to § 364(c)(2) and (3)
of the Bankruptcy Code, and to secure the Obligations, the Borrowers hereby
assign, pledge, transfer, grant, confirm and set over unto the Lender a Lien in
and to the Collateral (the “Lender’s Lien”).

     

    (b)  The
Lender’s Lien shall be a valid, perfected, and enforceable Lien on the
Collateral and shall be a first priority Lien; provided, however, that the
Lender’s Lien shall be subject only to (i) any valid, perfected, and enforceable
Liens on any of the Collateral in effect as of the Petition Date, (ii) the
Carve-Out Expenses, (iii) Permitted Postpetition Statutory Liens (as defined in
Article IX below) to the extent such Permitted Postpetition Statutory Liens are
accorded a priority over the Lender’s Lien; (iv)
the Agent’s Adequate Protection Lien, and (v) the Agent’s 507(b)
Claim.  The Lender’s Lien and its priority shall remain in
effect until the Loan has been terminated and all Obligations have been
irrevocably repaid in cash in full.

     

    5.2  Administrative
Priority.  The Obligations of the Borrowers shall constitute
allowed administrative expenses in the Bankruptcy Cases having super-priority
status under § 364(c)(1) of the Bankruptcy Code over all other administrative
expenses and unsecured claims against the Borrowers now existing or hereafter
arising of any kind or nature whatsoever, including without limitation all
administrative expenses, charges and claims of the kind specified in §§ 326,
330, 331, 503(a), 503(b), 506(c), 507(a), 507(b), 546(c), and 726(b) of the Bankruptcy Code,
except for the Carve-Out Expenses and the Agent’s
Adequate Protection Lien and the Agent’s 507(b) Claim.

     

    
      
        
        

      

      
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    5.3  Grants, Rights and Remedies
Cumulative.  The Lender’s Lien and the administrative priority
granted pursuant to Section 5.2 hereof may be independently granted by the Loan
Documents, the Orders and by other agreements hereafter entered
into.  This Agreement, the other Loan Documents, the Orders and such
other agreements hereinafter entered into supplement each other, and the grants,
priorities, rights and remedies of the Lender hereunder and thereunder are
cumulative.

     

    5.4  No Filings
Required.  The Lender’s Lien referred to herein shall be deemed
valid, perfected and enforceable by entry of the Interim Order or Final Order,
as the case may be, whichever occurs first.  The Lender shall not be
required to file any financing statements, notices of Lien, mortgages, deeds of
trust, assignments of production, fixture filings or similar instruments in any
jurisdiction or filing office, or to take possession of any Collateral or to
take any other action in order to validate or perfect the Lien granted by or
pursuant to this Agreement, the Interim Order or the Final Order, as the case
may be, or any other Loan Document.  The Borrowers consent to the
modification of the automatic stay under § 362 of the Bankruptcy Code to permit
the Lender, if the Lender so desires, to file any such financing statements,
notices of Lien, mortgages, deeds of trust, assignments of production, fixture
filings or similar instruments, take possession of any Collateral, or take any
other action to evidence, validate or perfect the Lien in the
Collateral.

     

    5.5  Survival.  Except as
approved by Lender in writing, the Lender’s Lien, its priority, administrative
priority and other rights and remedies granted to the Lender pursuant to this
Agreement and the other Loan Documents shall not be modified, altered, primed or
impaired in any manner by any other financing or extension of credit to the
Borrowers (pursuant to § 364 of the Bankruptcy Code or otherwise) or by any
dismissal or conversion of either of the Bankruptcy Cases or, with respect to
the Loan, any modification, amendment or reversal or stay of the Interim Order
or the Final Order, as the case may be, or by any other act or omission
whatsoever.

     

    ARTICLE
VI

     

    CONDITIONS
PRECEDENT

     

    6.1  Conditions Precedent Pertaining to
Loan.  The obligation of the Lender to make the Loan available
hereunder shall occur on the date (the “Loan Commencement Date”), when the
Lender has received each of the following, in form and substance satisfactory to
the Lender:

     

    (a)  the Note
duly executed by the Borrowers;

     

    (b)  any
Security Documents requested by the Lender, together with such mortgages, deeds
of trust, assignments of production, fixture filings, financing statements or
other instruments which in the opinion of the Lender are desirable to perfect
the Lender’s Lien created hereby and the Security Documents, duly executed by
the Borrowers;

     

    
      
        
        

      

      
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    (c)  evidence
that the Interim Order or the Final Order shall have been entered by the
Bankruptcy Court approving the Loan, and each such Order shall be in full force
and effect and shall not have been appealed, reversed, stayed, modified or
amended; and

     

    (d)  the
Budget in form and substance acceptable to the Lender, setting forth the costs,
expenses and working capital requirements of the Borrowers to be funded by the
Loan.

     

    6.2  Additional Conditions
Precedent.  The obligation of the Lender to make the Loan is
subject to the further conditions precedent that on the date of any advance the
following statements shall be true:

     

    (a)  the
representations and warranties made by the Borrowers in Article 7 hereunder and
in each of the other Loan Documents are true and correct in all material
respects on and as of the date of the Loan as though made on and as of such
date;

     

    (b)  no Event
of Default has occurred and is continuing, or would result from such
borrowing;

     

    (c)  the
Orders, as the case may be, shall be in full force and effect and shall not have
been appealed, reversed, stayed, modified or amended;

     

    (d)  The
Lender has not become aware of any information or other matter (including any
matter relating to financial models and underlying assumptions relating to the
Budget) affecting the Borrowers or the transactions contemplated hereby, that in
its judgment is inconsistent in a material and adverse manner with any such
information or other matter disclosed to it prior to the date of this
Agreement;

     

    (e)  The
Lender has received such additional information as the Lender may reasonably
request; and

     

    (f)  Nothing
has occurred since the Petition Date and is continuing which results in a
Material Adverse Effect.

     

    ARTICLE
VII

     

    REPRESENTATIONS
AND WARRANTIES

     

    7.1  Incorporation, Good Standing and Due
Qualification.  The Borrowers: (i) are duly organized, validly
existing and in good standing under the laws of their respective jurisdictions
of incorporation, as set forth in the Recitals; and (ii) have the power and
authority and the legal right to own and operate their property and to carry on
their businesses as presently conducted and as proposed to be
conducted.

     

    7.2  Corporate Power and Authority; No
Conflicts.  The execution, delivery and performance by the
Borrowers of the Loan Documents, the grant by the Borrowers and the perfection
of the Lender’s Lien, and the exercise by the Lender of any rights and remedies
hereunder or under the other Loan Documents have been duly authorized by
necessary corporate action and do not and will not: (i) contravene any provision
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      or
bylaws; (ii) violate any provision of, or require any filing, registration,
consent or approval under, any law, rule, regulation, order, writ, judgment,
injunction, decree, determination or award presently in effect having
applicability to the Borrowers (other than entry of the Orders); or (iii) cause
the Borrowers to be in material default under any law, rule, regulation, order,
writ, judgment, injunction, decree, determination or award or any such
indenture, agreement, lease or instrument except as provided by the Bankruptcy
Code and the Orders.

    

     

    7.3  Legally Enforceable
Agreements.  Each Loan Document is, or when delivered under
this Agreement will be, a legal, valid and binding obligation of the Borrowers
enforceable against the Borrowers in accordance with its terms.

     

    7.4  Budget.  The Budget
has been prepared by the Borrowers in light of the past operations of the
business of the Borrowers.  The Budget is based upon estimates and
assumptions stated therein, all of which the Borrowers believe to be reasonable
and fair in light of current conditions and current facts known to the Borrowers
and, as of the date hereof , reflect the Borrowers’ good faith and reasonable
estimates of the future financial performance of the Borrowers and of the other
information projected therein for the periods set forth therein.

     

    7.5  Insurance.  The
Borrowers maintain with financially sound and reputable insurers adequate
insurance with respect to their property and businesses.

     

    7.6  Ownership of Property. Each of the Borrowers
has title in fee simple to, or a valid leasehold interest in, all its real
property, and good title to, or a valid leasehold interest in, all its other
property.

     

    7.7  Bankruptcy Court
Orders.  Each of the Orders, as the case may be, is in full
force and effect, and has not been reversed, stayed, modified or
amended.

     

    7.8  Compliance with
Law.  The Borrowers have all licenses, permits, consents or
approvals from or by, and have made all filings with, and have given all notices
to, all governmental authorities having jurisdiction, to the extent required for
the ownership, operation and conduct of the Borrowers’ businesses, and are in
compliance with all applicable provisions of law, including Environmental Laws,
except where the failure to comply, individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect.

     

    7.9  Environmental Matters. Other than exceptions to
any of the following that could not, individually or in the aggregate,
reasonably be expected to result in the payment of a Material Environmental
Amount:

     

    (a)  The
Borrowers: (i) are, and within the period of all applicable statutes of
limitation have been, in compliance with all applicable Environmental Laws; (ii)
hold all Environmental Permits (each of which is in full force and effect)
required for any of their current or intended operations or for any property
owned, leased, or otherwise operated by any of them; (iii) are, and within the
period of all applicable statutes of limitation have been, in compliance with
all of their Environmental Permits; and (iv) reasonably believe that each of
their Environmental Permits will be timely renewed and complied with, without
material expense; any additional Environmental Permits that may be required of
either of them will be timely obtained and complied with, without material
expense; and compliance with any Environmental Law that 

     

     

    
      
        
        

      

      
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      is or is
expected to become applicable to either of them will be timely attained and
maintained, without material expense.

    

     

    (b)  There is
no judicial, administrative, or arbitral proceeding (including any notice of
violation or alleged violation) under or relating to any Environmental Law to
which either Borrower is or will be named as a party that is pending or, to the
knowledge of either Borrower, threatened.

     

    (c)  Neither
of the Borrowers has received any written request for information, or been
notified that it is a potentially responsible party under or relating to the
federal Comprehensive Environmental Response, Compensation, and Liability Act or
any similar Environmental Law.

     

    (d)  Neither
of the Borrowers has entered into or agreed to any consent decree, order, or
settlement or other agreement, or is subject to any judgment, decree, or order
or other agreement, in any judicial, administrative, arbitral, or other forum
for dispute resolution, relating to compliance with or liability under any
Environmental Law.

     

    ARTICLE
VIII

     

    AFFIRMATIVE
COVENANTS

     

    So long
as any Obligations shall remain outstanding, the Borrowers shall:

     

    8.1  Maintenance of
Existence.  Preserve and maintain their corporate existence and
good standing in the respective jurisdictions of their
organization.

     

    8.2  Conduct of
Business.  Subject to the provisions of the Bankruptcy Code,
(i) continue to engage in an efficient and economical manner in a business of
the same general type as conducted by them on the date of this Agreement; (ii)
obtain from time to time all licenses, permits, authorizations or other forms of
permission which under federal, state and local laws are necessary or advisable
for operating and maintaining the conduct of their businesses (including,
without limitation, copyrights, trademarks, patents and licenses to use tangible
or intangible property and similar rights), and (iii) use their best efforts, in
each case consistent with the Budget, to preserve and protect the value of the
Collateral.

     

    8.3  Maintenance of Properties and
Executory Contracts and Leases.  Subject to the provisions of
the Bankruptcy Code, maintain, keep and preserve all of their properties
(tangible and intangible) including leased property, necessary or useful in the
proper conduct of their businesses in commercially reasonable working order and
condition, ordinary wear and tear excepted, and shall use their best efforts to
ensure that all leases and executory contracts necessary or useful in the
Borrowers’ businesses or operations remain in full force and effect, except to
the extent otherwise consented to by the Lender.

     

    8.4  Maintenance of
Insurance.  Maintain insurance as is usually and customarily
maintained with respect to the Collateral, with financially sound and reputable
insurance companies or associations in such amounts and covering such risks as
are usually carried by 

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

      companies
engaged in the same or a similar business and similarly situated, which
insurance may provide for reasonable deductibility from coverage
thereof.

    

     

    8.5  Compliance with
Laws.  Comply in all respects with all applicable laws, rules,
regulations and orders (including the Orders), such compliance to include,
without limitation, complying with all Environmental Laws, and paying before the
same become delinquent all taxes, assessments and governmental charges imposed
upon them or upon their property, subject to the limitations and requirements of
the Bankruptcy Code and the Orders.

     

    8.6  Environmental
Laws.

     

    (a)  Comply in
all material respects with all applicable Environmental Laws, and obtain and
comply in all material respects with and maintain, any and all licenses,
approvals, notifications, registrations or permits required by applicable
Environmental Laws.

     

    (b)  Conduct
and complete all investigations, studies, sampling and testing, and all
remedial, removal and other actions required under Environmental Laws and
promptly comply in all material respects with all lawful orders and directives
of all governmental authorities regarding Environmental Laws.

     

    8.7  Right of
Inspection.  (A) Keep proper books of records and account in
which full, true and correct entries in conformity with generally accepted
accounting principles and all requirements of law shall be made of all dealings
and transactions in relation to their business and activities and (B) at any
reasonable time and from time to time permit the Lender or any agent or
representative thereof, to examine and make copies and abstracts from the
records and books of account of, and visit the properties of, the Borrowers, and
to discuss the affairs, finances and accounts of the Borrowers with any of their
respective officers and directors and the Borrowers’ independent
accountants.

     

    8.8  Reporting
Requirements.  Furnish to the Lender:

     

    (a)  biweekly
reports comparing actual to budgeted income and expenses;

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    (b)  copies of
the monthly and other reports required by the Office of the United States
Trustee contemporaneously when submitted to the Office of the United States
Trustee;

     

    (c)  copies of
all documents and reports submitted to the Securities and Exchange Commission
contemporaneously when submitted thereto; and

     

    (d)  such
further information relating to the Borrowers’ assets, financial condition, or
operations as the Lender may reasonably request.

     

    8.9  Notices.  Promptly
give notice to the Lender of any of the following:

     

    (a)  the
occurrence of any Event of Default;

     

    (b)  any (i)
default or event of default under any contractual obligation of the Borrowers or
(ii) litigation, investigation or proceeding which may exist at any time between
the Borrowers and any governmental authority, that in either case, if not cured
or if adversely determined, as the case may be, could reasonably be expected to
have a Material Adverse Effect;

     

    (c)  any
litigation or proceeding affecting the Borrowers in which the amount involved is
$10,000 or more and not covered by insurance or in which injunctive or similar
relief is sought;

     

    (d)  the
following events, as soon as possible after either Borrower knows or has reason
to know thereof: (i) any adverse claim against the Collateral involving an
amount in excess of $10,000 (individually or in the aggregate of all adverse
claims), or (ii) any substantial change in the Collateral or of the occurrence
of any event that could reasonably be expected to have a Material Adverse
Effect; and

     

    (e)  any
development or event that has had or could reasonably be expected to have a
Material Adverse Effect.

     

    Each
notice pursuant to this Section shall be accompanied by a statement of the
Borrowers setting forth details of the occurrence referred to therein and
stating what action the Borrowers propose to take with respect
thereto.

     

    8.10  Further
Assurances.  Execute, acknowledge, deliver, record, file,
register, perform and do any and all such further acts, deeds, mortgages, deeds
of trust, conveyances, security agreements, assignments, estoppel certificates,
financing statements, assurances and other instruments as the Lender may
reasonably request from time to time in order to carry out more effectively the
purposes of this Agreement or any other Loan Document, or to perfect and renew
more fully the rights of the Lender with respect to the Collateral (or with
respect to any additions thereto or replacements or proceeds thereof or with
respect to any other property or assets hereafter acquired by either Borrower
which may be deemed to be part of the Collateral) pursuant hereto or
thereto.  Upon the exercise by the Lender of any power, right,
privilege or remedy pursuant to this Agreement or the other Loan Documents which
requires any consent, approval, recording, qualification or authorization of any
governmental authority, the Borrowers shall execute and deliver, or shall cause
the execution and delivery of, all applications, certifications, instruments and
other documents and papers that the Lender may be required to obtain from any
Borrowers for such governmental consent, approval, recording, qualification or
authorization.

     

    ARTICLE
IX

     

    NEGATIVE
COVENANTS

     

    So long
as any Obligations shall remain outstanding, the Borrowers shall not, without
the prior approval of the Lender:

     

    (a)  seek,
consent to or suffer to exist any modification, stay, vacation or amendment of
the Orders, as the case may be, except for modifications and amendments agreed
to by the Lender;

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    (b)  seek,
consent to or suffer to exist a priority for any administrative expense or
unsecured claim against the Borrowers (now existing or hereafter arising of any
kind or nature whatsoever, including without limitation any administrative
expenses, charges or claims of the kind specified in §§ 503(b), 506(c), and
507(b) of the Bankruptcy Code) equal or superior to the priority of the Lender
in respect of the Obligations, except for the Carve-Out Expenses;

     

    (c)  create,
incur, or suffer to exist any Lien upon any of the Borrowers’ assets except for
postpetition statutory Liens (such as mechanics’ liens) arising in the ordinary
course of business which are not overdue or which are being contested in good
faith by appropriate proceedings (“Permitted Postpetition Statutory
Liens”);

     

    (d)  use the
proceeds of the loan to finance in any way any action, suit, arbitration,
proceeding, application, motion or other litigation challenging the validity,
perfection, priority, extent or enforceability of the Obligations or the Liens
of the Lender in the Collateral or any other Obligations of the Borrowers to the
Lender;

     

    (e)  with
respect to Borrower Galaxy Energy Corporation, declare or pay any dividend, make
any distribution on or redeem or otherwise acquire any of is capital stock, or
pay or make any distribution to shareholders;

     

    (f)  make any
distribution under a chapter 11 plan in these Bankruptcy Cases; or

     

    (g)  make any
payment in settlement of any claim, action or proceeding, before any court,
arbitrator or other governmental body without the prior written consent of the
Lender.

     

    ARTICLE
X

     

    EVENTS
OF DEFAULT

     

    10.1  Events
of Default

     

    .  Any
of the following events shall be an “Event of Default”:

     

    (a)  the
Borrowers shall: (i) fail to pay the principal of the Note as and when due and
payable; or (ii) fail to pay interest on the Note or other amount due hereunder
as and when due and payable and such failure shall continue unremedied for ten
(10) Banking Days.

     

    (b)  any
representation or warranty made by the Borrowers in this Agreement or in any
other Loan Document, or which is contained in any certificate, document,
opinion, financial or other statement furnished at any time under or in
connection with any Loan Document, was incorrect in any material respect on or
as of the date made or deemed made;

     

    (c)  an order
shall be entered by the Bankruptcy Court in either of the Bankruptcy Cases, or
either of the Borrowers shall file in either of the Bankruptcy Cases an
application for an order, for the appointment of (i) a trustee or (ii) an
examiner with the authority to perform duties of a trustee (other than the
duties solely of an examiner) in respect of the estate of either of the
Borrowers or the operation of the business of either of the
Borrowers;

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    (d)  an order
shall be entered by the Bankruptcy Court dismissing either of the Bankruptcy
Cases or converting either of the Bankruptcy Cases to a chapter 7
case;

     

    (e)  any
change in the senior management of either of the Borrowers not previously agreed
to by the Lender;

     

    (f)  an order
shall be entered by the Bankruptcy Court without the express prior written
consent of the Lender (i) revoking, reversing, staying, modifying, supplementing
or amending the Orders or any them or any of the Loan Documents; or (ii)
permitting any administrative expense or any claim (now existing or hereafter
arising, of any kind or nature whatsoever) to have administrative priority equal
or superior to the priority of the Lender in respect of the Obligations, except
for Carve-Out Expenses.

     

    (g)  an
application for any of the orders described in clauses (c), (d) or (f) above
shall be made by (i) either of the Borrowers or (ii) a person other than the
Borrowers and such application is not contested by the Borrowers in good faith
or the relief requested is granted in an order that is not stayed pending
appeal;

     

    (h)  any
material license, permit or other authorization by any federal, state or local
government or any lease relating to the Collateral which, in each case, is
necessary for the use or operation in the conduct of the businesses engaged in
by the Borrowers on the date hereof shall be revoked or canceled or otherwise
terminated; or

     

    (i)  one or
more judgments or decrees shall be entered against either Borrower involving a
liability (not paid or fully covered by insurance as to which the relevant
insurance company has acknowledged coverage) of $50,000 or more (other than the
allowances but not enforcement of claims in the Bankruptcy Cases), and all such
judgments or decrees shall not have been vacated, discharged, stayed (including
pursuant to Section 362 of the Bankruptcy Code) or bonded pending appeal within
15 days from the entry thereof;

     

    (j)  the Loan
Documents and the Orders shall, for any reason, cease to create a valid Lien on
any of the Collateral purported to be covered thereby or such Lien shall cease
to be a perfected Lien having the priority provided herein and in the Orders
pursuant to Section 364 of the Bankruptcy Code against the Borrowers, or either
Borrower shall so allege in any pleading filed in any court, or any provision of
any Loan Document shall, for any reason, cease to be valid and binding on either
Borrower or either Borrower shall so state in writing;

     

    (k)  any
Material Adverse Effect shall occur after the Loan Commencement
Date;

     

    (l)  the
bringing of a motion, taking of any action or the filing of any plan of
reorganization by either Borrower: (a) to obtain additional financing under
section 364(c) or (d) of the Bankruptcy Code or not otherwise permitted pursuant
to the Loan Documents except, with the consent of the Lender, in connection with
any financing the proceeds of which shall be used to repay in full the
Obligations; (b) to grant any Lien on any Collateral except as permitted
hereunder and under the other Loan Documents; (c) except as provided in the
Interim Order or Final Order, as the case may be, to use cash collateral of the
Lender under section 363(c) of the Bankruptcy Code without the prior written
consent of the Lender; or (d) which is materially 

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

       

      adverse
to the Lender or its rights and remedies hereunder or its interest in the
Collateral, including, without limitation, any such action or actions which seek
to reduce, set-off or subordinate the Obligations or challenge the Lender’s Lien
in any of the Collateral;

    

     

    (m)  the
filing by any Borrower of any plan of reorganization that does not provide for
full payment of the Obligations as required herein, on or prior to the effective
date of such plan of reorganization;

     

    (n)  the entry
of an order by the Bankruptcy Court granting relief from or modifying the
automatic stay of section 362 of the Bankruptcy Code (i) to allow any creditor
other than the Lender to execute upon or enforce a Lien on any Collateral in
excess of $50,000 in the aggregate, or (ii) with respect to any Lien of or the
granting of any Lien on any Collateral to any state or local environmental or
regulatory agency or authority that would have a Material Adverse
Effect;

     

    (o)  the entry
of an order in the Bankruptcy Cases avoiding or requiring repayment of any
portion of the payments made on account of the Obligations;

     

    (p)  the sale
without the consent of the Lender of all or substantially all of the Borrowers’
assets either through a sale under section 363 of the Bankruptcy Code, through a
confirmed plan of reorganization in the Bankruptcy Cases, or otherwise, that
does not provide for payment in full of the Obligations and termination of
Lender’s commitment to make Loans hereunder;

     

    (q)  the
Borrowers shall: (i) fail to perform or observe any other term, covenant or
agreement on its part to be performed or observed in any Loan Document,
including the covenants contained in Article VIII and Article IX above, and such
failure shall continue unremedied for ten (10) Banking Days after notice thereof
or (ii) fail to comply with any of the terms or provisions of the Interim Order
or the Final Order.

     

    10.2  Consequences of an Event of
Default.  Upon occurrence of an Event of Default, the Lender
may, at its option, (a) without further notice or demand, declare the
outstanding principal balance of and accrued but unpaid interest on this Note at
once due and payable, (b) pursue any and all other rights, remedies and
recourses available to the Lender, or (c) pursue any combination of the
foregoing.  The failure to exercise the option to accelerate the
maturity of this Note or any other right, remedy or recourse available to the
Lender hereof upon the occurrence of an Event of Default hereunder shall not
constitute a waiver of the right of the Lender of this Note to exercise the same
at that time or at any subsequent time with respect to such Event of Default or
any other Event of Default.  All undertakings of the Borrowers
contained in the Loan Documents shall survive any termination, and the Lender
shall retain its Liens in the Collateral and all of its rights and remedies
under the Loan Documents and the Orders until full payment of the
Obligations.  The rights, remedies and recourses of the Lender shall
be cumulative and concurrent and may be pursued separately, successively or
together as often as occasion therefor shall arise, at the sole discretion of
the Lender.  The acceptance by the Lender of any payment under this
Note which is less than the payment in full of all amounts due and payable at
the time of such payment shall not (i) constitute a waiver of or impair, reduce,
release or extinguish any right, remedy or recourse of the Lender hereof, or
nullify any prior exercise of any such right, 

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

       

      remedy or
recourse, or (ii) impair, reduce, release or extinguish the obligations of
Borrowers as provided herein.  If an Event of Default shall occur, in
order to pursue such remedies as the Lender deems advisable, the Lender may seek
from the Bankruptcy Court relief from the automatic stay and the Borrowers
consent to, and will not contest, the Lender’s request for relief from the
automatic stay on an expedited basis.

    

     

    ARTICLE
XI

     

    MISCELLANEOUS

     

    11.1  Amendments
and Waivers.  The
Borrowers and the Lender may from time to time enter into agreements amending,
modifying or supplementing this Agreement, the Note or any other Loan Documents,
and the Lender may from time to time grant waivers or consents to a departure
from the due performance of the Obligations of the Borrowers hereunder or
thereunder.  Any such agreement, waiver or consent must be in writing
and shall be effective only to the extent specifically set forth in such
writing.

     

    11.2  Survival of Representations and
Warranties.  All representations and warranties made herein, in
the other Loan Documents and in any document, certificate or statement delivered
pursuant hereto or in connection herewith shall survive the execution and
delivery of this Agreement and the making of the Loan hereunder.

     

    11.3  Binding
Effect and Assignability.  This
Agreement shall be binding upon and inure to the benefit of the Lender, the
Borrowers and their respective successors and assigns (including, except for the
right to request Loans, any trustee or examiner or other person with expanded
powers succeeding to the rights of the Borrowers or pursuant to any conversion
to a case under chapter 7 of the Bankruptcy Code).  The Borrowers may
not assign any of their rights or obligations under the Loan, this Agreement,
the Note and the other Loan Documents without the prior written consent of the
Lender and any such assignment without prior written consent shall be
void.  The Lender may assign its interest in the Loan and this
Agreement, the Note and the other Loan Documents without approval of the
Borrowers.

     

    11.4  Notices.  Any
notice required to be given under this Agreement shall be given in writing and
may be served either by personal delivery, facsimile, Federal Express or similar
over-night delivery or by depositing the same in first class mail, postage
prepaid, addressed to the respective parties as indicated below, or such
different address as a party may have fixed by notice hereunder:

     

    
      To
Lender:

       

    

    
                  Bruner Family
Trust

    

    
                  c/o Marc E. Bruner,
Co-Trustee

    

    
                  1331 17th Street,
Suite 1050

      
                    Denver, Colorado
80202

        
                      Telephone
No.:  (303) 293-2300

          
                        Facsimile
No.:  (303) 293-2417

          

        

      

    

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

                and

                Bruner Family
Trust

                c/o Cynthia L.
Gausvik, Co-Trustee

                8484 Westpark Drive,
Suite 900

                McLean,
Virginia  22102

                Telephone
No.:  (703) 744-8040

                Facsimile
No.:  (703) 744-8001

     

    with a
copy to:

    
       

                  Carl A. Eklund,
Esq.

    

    
                  Ballard Spahr Andrews
& Ingersoll, LLP

      
                    1225 17th Street,
Suite 2300

      

      
                    Denver,
Colorado  80202

      

      
                    Telephone No.: (303)
292-2400

      

    

                Facsimile No.: (303)
296-3956

     

    To
Borrowers:

     

                Galaxy Energy
Corporation

                Dolphin Energy
Corporation

    
      
                    1331 17th Street,
Suite 1050

        
                      Denver, Colorado
80202

          
                        Attn:  Marc E.
Bruner, President

                        Telephone
No.:  (303) 293-2300

            
                          Facsimile
No.:  (303) 293-2417

            

          

        

      

    with a copy to:

     

                Douglas W. Jessop,
Esq.

                Jessop & Company,
P.C.

                303 East 17th Avenue,
Suite 930

                Denver, Colorado
80203

                Telephone No.: (303)
860-7700

                Facsimile No.: (303)
860-7233

     

    Notices
delivered personally shall be effective upon delivery.  Notices
transmitted by facsimile or overnight delivery shall be effective when received
provided such are received during normal business hours, otherwise they shall be
effective the next business day.  Notices delivered by mail shall be
effective 72 hours after mailing.

     

    11.5  Headings.  The
headings and captions hereunder are for convenience only and shall not affect
the interpretation or construction of this Agreement.

     

    11.6  Severability.  The
provisions of this Agreement are intended to be severable.  If for any
reason any provision of this Agreement shall be held invalid or unenforceable in
whole 

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

      or in
part in any jurisdiction, such provision shall, as to such jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without in any
manner affecting the validity or enforceability thereof in any other
jurisdiction or the remaining provisions hereof in any
jurisdiction.

    

     

    11.7  Payment of
Expenses.  Borrowers agree to reimburse the Lender for all of
its out-of-pocket costs and expenses, including the reasonable fees and
disbursements of the Lender’s attorneys, accountants and other professionals,
incurred by the Lender in connection with this Loan, including all costs and
expenses incurred in connection with the development and preparation of this
Loan and the Loan Documents, the enforcement or preservation of any of the
Lender’s rights under any of the Loan Documents, and the administration of the
transactions contemplated hereby.

     

    11.8  Counterparts
and Facsimile.  This
Agreement may be executed in any number of counterparts, all of which taken
together shall constitute one and the same instrument, and any party hereto may
execute this Agreement by signing any such counterpart.  This
Agreement may also be executed via facsimile, provided the original signature
pages are executed and delivered within ten (10) days thereafter.

     

    11.9  Integration.  The
Loan Documents set forth the entire agreement between the parties hereto
relating to the transactions contemplated thereby and supersede any prior oral
or written statements or agreements with respect to such
transactions.  This Agreement shall therefore be deemed to have been
negotiated and prepared at the joint request, direction and construction of the
parties, at arm’s length, with the advice and participation of counsel, and will
be interpreted in accordance with its terms without favor to any
party.

     

    11.10  Governing
Law.  This
Agreement shall be governed by and interpreted in accordance with the laws of
the State of Colorado, except to the extent governed by the Bankruptcy Code and
without regard to Colorado conflict of laws provisions, and shall be deemed to
have been drafted by all parties hereto.

     

    [Remainder
of page intentionally left blank.]

     

    
      
        
           

        

         

      

      
        19

        
          

        

      

      
         

      

    

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

     

    GALAXY
ENERGY CORPORATION

    

    

    By:                                                                           

    Name:                                                                      

    Title:                                                                        

    

    

    

    DOLPHIN
ENERGY CORPORATION

    

    

    By:                                                                           

    Name:                                                                      

    Title:                                                                        

    

    

    

    BRUNER
FAMILY TRUST

    

    

    By:                                                                           

    Name:  Marc
E. Bruner

    Title:  Co-Trustee

    

    and

    

    By:                                                                           

    Name:  Cynthia
L. Gausvik

    Title:  Co-Trustee

    

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    EXHIBIT
1

     

    

     

    Budget

     

    

     

    See
attached.

     

    

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

       

       

       

       

       

       

    

    EXHIBIT
2

     

    

     

    Secured
Revolving Promissory Note

     

    

     

    See
attached.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SECURED
REVOLVING PROMISSORY NOTE

     

    $4,368,100.00                                                                                                                                  
April 14, 2008

     

    FOR VALUE
RECEIVED, the undersigned, Galaxy Energy Corporation, a Colorado corporation,
and Dolphin Energy Corporation, a Nevada corporation, (together, the
“Borrowers”), hereby jointly and severally promise to pay to the order of Bruner
Family Trust (the “Lender”), the principal sum of Four Million Three Hundred
Sixty-Eight Thousand One Hundred Dollars ($4,368,100.00), or so much thereof as
shall from time to time be advanced or readvanced to Borrowers in accordance
with the Loan Agreement dated of even date herewith (the “Loan Agreement”),
together with interest thereon on the unpaid principal balance thereof at an
annual rate of ten percent (10%) per annum.  Principal and interest
shall be payable as herein provided in lawful money of the United States of
America to Lender at 1331 17th Street,
Suite 1050, Denver, Colorado 80202, or at such other place as from time to time
may be designated by the holder of this Note.

     

    Interest
on this Note shall accrue from the date(s) of advance of funds hereunder through
the date(s) of payment.  The outstanding principal balance hereof from
time to time and all accrued interest thereon shall be due and payable on
November 15, 2008 or such earlier Maturity Date as provided in the Loan
Agreement, at which time the outstanding principal balance hereof and all
accrued and unpaid interest shall be due and payable in full.

     

    Advances
shall be made by Lender hereunder upon written request by Borrowers in a manner
consistent with the Loan Agreement, including a statement of the amount and
purpose of such request.  The aggregate outstanding amount of such
advances shall not exceed the principal amount of this Note.

     

    The
payment of this Note and all interest hereon is secured by the Loan Agreement
and by the Security Documents and the Orders (as such terms are defined in the
Loan Agreement).  Reference is made to the Loan Agreement and Security
Documents for a description of the collateral securing this Note.

     

    This Note
may be prepaid in full or in part at any time prior to maturity without premium
or penalty.

     

    Upon the
failure of the Borrowers to make any principal and interest payment when due and
payable on the Maturity Date or such earlier payment date required by the Loan
Agreement, or any part thereof, or in the performance of any of the terms,
agreements, covenants, or conditions contained in the Security Documents or the
Loan Agreement, the principal balance hereof and the interest accrued hereon
together with any additional sums to be paid under the Loan Agreement and
Security Documents or advanced by the holder hereof, at the election of the
holder hereof, may be declared to be forthwith due and payable and shall bear
interest at the rate of thirteen percent (13%) percent per annum.  The
failure to exercise this election upon a default shall not constitute a waiver
of the right to exercise this option in the event of any subsequent or
continuing default.

     

    Borrowers
and all parties now or hereafter liable for the payment hereof, primarily or
secondarily, directly or indirectly, and whether as endorser, guarantor, surety,
or otherwise, 

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

      hereby
severally waive demand, presentment, notice of dishonor or nonpayment, protest
and notice of protest, and diligence in collecting and consent to substitution,
release, or impairment of collateral, the taking of additional collateral,
extensions of time for payment, and acceptance of partial payments, whether
before, at, or after maturity.

    

     

    Each
Borrower and all parties now or hereafter liable for the payment hereof agree to
pay all costs and expenses, including reasonable attorneys’ fees, incurred in
collecting this Note or any part thereof and in preserving, securing possession
of, and realizing upon any security of this Note.

     

    This Note
may not be amended, modified, or changed, nor shall any waiver of any provision
hereby be effective except only by an instrument in writing and signed by the
party against whom enforcement of any waiver, amendment, change, modification or
discharge is sought.

     

    This Note
is made and shall be governed by and interpreted in accordance with the laws of
the State of Colorado and without regard to Colorado conflict of laws
provisions.

     

    GALAXY
ENERGY CORPORATION

    

    

    By:                                                                           

    Name:                                                                      

    Title:                                                                        

    

    

    

    DOLPHIN
ENERGY CORPORATION

    

    

    By:                                                                           

    Name:                                                                      

    Title:Exhibit
4.2

     

    
      	
              REGISTERED

            	 
      
	
              PRICING
      SUPPLEMENT No. 341

              CERTIFICATE
      NO. 1

            	
              CUSIP:
      25154H 55 8

               

               

            

    

     

    DB
Agriculture Double Long Exchange Traded Notes

    due
April 1, 2038

    

    Unless
this certificate is presented by an authorized representative of The Depository
Trust Company (55 Water Street, New York, New York) to the issuer or its agent
for registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or such other name as requested by an
authorized representative of The Depository Trust Company and any payment is
made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof,
Cede & Co., has an interest herein.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Deutsche
Bank AG, acting through its London Branch

    SERIES
A

     

    DB
Agriculture Double Long Exchange Traded Notes

    due
April 1, 2038 (the “Security”)

    

    
      	
              Original
      Issue Date

            	 	
              April
      17, 2008.

            
	 	 	 
	
              Final
      Valuation Date

            	 	
              March
      29, 2038.

            
	 	 	 
	
              Maturity
      Date

            	 	
              April
      1, 2038, subject to postponement in the event of a Market Disruption
      Event.

            
	 	 	 
	
              Specified
      Currency

            	 	
              $USD.

            
	 	 	 
	
              If
      Specified Currency Other Than U.S. Dollars,

              Option
      to Elect Payment in U.S. Dollars

            	 	
              N.A.

            
	 	 	 
	
              Face
      Amount

            	 	
              $25
      per Security.

            
	 	 	 
	
              Minimum
      Denominations

            	 	
              N.A.

            
	 	 	 
	
              Interest
      Rate

            	 	
              N.A.

            
	 	 	 
	
              Interest
      Payment Date(s)

            	 	
              N.A.

            
	 	 	 
	
              Interest
      Period(s)

            	 	
              N.A.

            
	 	 	 
	
              Interest
      Accrual Date

            	 	
              N.A.

            
	 	 	 
	
              Initial
      Redemption Date

            	 	
              N.A.

            
	 	 	 
	
              Redemption
      Dates

            	 	
              N.A.

            
	 	 	 
	
              Redemption
      Notice Period

            	 	
              N.A.

            
	 	 	 
	
              Initial
      Redemption Percentage

            	 	
              N.A.

            
	 	 	 
	
              Annual
      Redemption Percentage

            	 	
              N.A.

            
	 	 	 
	
              Optional
      Repayment Date(s)

            	 	
              N.A.

            
	 	 	 
	
              Applicability
      of Modified Payment Upon Acceleration

            	 	
              N.A.

            
	 	 	 
	
              Tax
      Redemption

            	 	
              N.A.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	
              Payment
      of Additional Tax Amounts

            	 	
              N.A.

            
	 	 	 
	
              Issue
      Price

            	 	
              100%

            
	 	 	 
	
              Other
      Provisions

            	 	
              See
      below. To the extent the Other Provisions are inconsistent with any other
      provision of this Security, the Other Provisions will
    control.

            

    

     

    Deutsche
Bank Aktiengesellschaft, a stock corporation (Aktiengesellschaft) organized
under the laws of the Federal Republic of Germany acting through its London
Branch, (together with its successors and assigns, the “Issuer”), for value received,
hereby promises to pay to Cede & Co., or registered assignees, the amount in
cash, as determined in accordance with the provisions set forth under “Payment
at Maturity” below, due with respect to the Current Outstanding Face Amount
specified on Schedule I hereto on the Maturity Date specified above (except to
the extent previously redeemed or repaid) and to pay interest, if applicable,
thereon at the Interest Rate per annum specified above from and including the
Interest Accrual Date specified above until but excluding the date the principal
amount is paid or duly made available for payment (except as provided below)
weekly, monthly, quarterly, semi-annually or annually in arrears on the Interest
Payment Dates specified above in each year commencing on the Interest Payment
Date next succeeding the Interest Accrual Date specified above, and at maturity
(or on any redemption or repayment date); provided, however, that if the Interest
Accrual Date occurs between a Record Date, as defined below, and the next
succeeding Interest Payment Date, interest payments will commence on the second
Interest Payment Date succeeding the Interest Accrual Date to the registered
holder of this Security on the Record Date with respect to such second Interest
Payment Date.

     

    If
applicable, interest on this Security will accrue from and including the most
recent Interest Payment Date to which interest has been paid or duly provided
for, or, if no interest has been paid or duly provided for, from and including
the Interest Accrual Date, until but excluding the date the principal hereof has
been paid or duly made available for payment (except as provided below). The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, subject to certain exceptions described herein, be paid to
the person in whose name this Security (or one or more predecessor Securities)
is registered at the close of business on the date 15 calendar days prior to
such Interest Payment Date (whether or not a Business Day (as defined on the
reverse of this Security)); provided, however, that interest
payable at maturity (or on any redemption or repayment date) will be payable to
the person to whom the principal hereof shall be payable.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Payment of
the principal of this Security, premium, if any, and interest, if applicable,
due at maturity on this Security (or any redemption or repayment date), unless
this Security is denominated in a Specified Currency other than U.S. dollars and
is to be paid in whole or in part in such Specified Currency, will be made in
immediately available funds upon surrender of this Security at the office or
agency of the Paying Agent, as defined on the reverse hereof, maintained for
that purpose in the Borough of Manhattan, the City of New York, or at such other
paying agency as the Issuer may determine, in U.S. dollars.  U.S.
dollar payments of interest, other than interest due at maturity or any date of
redemption or repayment, will be made by U.S. dollar check mailed to the address
of the person entitled thereto as such address shall appear in the Security
register.  A holder of U.S. $10,000,000 (or the equivalent in a
Specified Currency) or more in aggregate principal amount of Securities having
the same Interest Payment Date, the interest on which is payable in U.S.
dollars, will be entitled to receive payments of interest, other than interest
due at maturity or on any date of redemption or repayment, by wire transfer of
immediately available funds if appropriate wire transfer instructions have been
received by the Paying Agent in writing not less than 15 calendar days prior to
the applicable Interest Payment Date.

     

    If this
Security is denominated in a Specified Currency other than U.S. dollars, and the
holder does not elect (in whole or in part) to receive payment in U.S. dollars
pursuant to the next succeeding paragraph, payments of principal, premium, if
any, and interest with regard to this Security will be made by wire transfer of
immediately available funds to an account maintained by the holder hereof with a
bank located outside the United States if appropriate wire transfer instructions
have been received by the Paying Agent in writing not less than 15 calendar days
prior to the applicable payment date; provided, that if such wire
transfer instructions are not received, such payments will be made by check
payable in such Specified Currency mailed to the address of the person entitled
thereto as such address shall appear in the Security register; and provided, further, that
payment of the principal of this Security, any premium and the interest due at
maturity (or on any redemption or repayment date) will be made upon surrender of
this Security at the office or agency referred to in the preceding
paragraph.

     

    If so
indicated on the face hereof, the holder of this Security, if denominated in a
Specified Currency other than U.S. dollars, may elect to receive all or a
portion of payments on this Security in U.S. dollars by transmitting a written
request to the Paying Agent, on or prior to the fifth Business Day after such
Record Date or at least ten Business Days prior to the Maturity Date or any
redemption or repayment date, as the case may be. Such election shall remain in
effect unless such request is revoked by written notice to the Paying Agent as
to all or a portion of payments on this Security at least five Business Days
prior to such Record Date, for payments of interest, or at least ten calendar
days prior to the Maturity Date or any redemption or repayment date, for
payments of principal, as the case may be.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    If the
holder elects to receive all or a portion of payments of principal of, premium,
if any, and interest on this Security, if denominated in a Specified Currency
other than U.S. dollars, in U.S. dollars, the Exchange Rate Agent (as defined on
the reverse hereof) will convert such payments into U.S. dollars. In the event
of such an election, payment in respect of this Security will be based upon the
exchange rate as determined by the Exchange Rate Agent based on the highest bid
quotation in the City of New York received by such Exchange Rate Agent at
approximately 11:00 a.m., New York City time, on the second Business Day
preceding the applicable payment date from three recognized foreign exchange
dealers (one of which may be the Exchange Rate Agent unless such Exchange Rate
Agent is an affiliate of the Issuer) for the purchase by the quoting dealer of
the Specified Currency for U.S. dollars for settlement on such payment date in
the amount of the Specified Currency payable in the absence of such an election
to such holder and at which the applicable dealer commits to execute a contract.
If such bid quotations are not available, such payment will be made in the
Specified Currency. All currency exchange costs will be borne by the holder of
this Security by deductions from such payments.

     

    Denominations

     

    The
Securities will be denominated in U.S. dollars as specified above.

    

    OTHER
PROVISIONS

    

    
      	
              STATED
      PRINCIPAL AMOUNT:

            	 	
              $25.00
      per Security on the Inception Date.

               

              At
      any time, the aggregate outstanding Stated Principal Amount of this
      Security shall be the last amount set forth on Schedule I hereto under the
      heading “Current Outstanding Face Amount”.

               

              Securities
      represented by this Security may be issued after the date hereof upon
      notice by the Issuer to the Trustee, without the consent of the beneficial
      owners of the Securities then outstanding, and will have the same rights
      and privileges as Securities issued on the date hereof.

               

              Upon
      receipt of an Issuer Order instructing the Trustee to issue more
      Securities represented by this Security and delivery of such Securities
      through the DTC book-entry system, the Trustee shall make notations on
      Schedule I to evidence such issuance and the new aggregate Stated
      Principal Amount of Securities represented by this Security, provided,
      however, that in no event may the Current Outstanding Face
      Amount represented by this Security exceed $500,000,000.
    

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	 	 	
              The
      Issuer may also instruct the Trustee to cancel Securities held by the
      Issuer represented by this Security.  Upon delivery of the Securities
      to be cancelled through the DTC book-entry system, the Trustee shall make
      notations on Schedule I to evidence such cancellation and the new
      aggregate Stated Principal Amount of Securities represented by this
      Security.

               

              The
      Trustee may, as necessary, add additional pages of the same format to
      Schedule I, to evidence additional issuances, cancellations and the
      Current Outstanding Face Amount of Securities represented by this
      Security, which additional pages shall constitute part of this Security to
      the same extent as if they had been part of this Security at the initial
      issuance and authentication hereof.

            
	 	 	 
	
              INCEPTION
      DATE:

            	 	
              April
      14, 2008.

            
	 	 	 
	
              SUB-INDICES:

            	 	
              DB
      3-Month T-Bill Index (the “TBill
      Index”)

               

              Deutsche
      Bank Liquid Commodity Index – Optimum Yield AgricultureTM
      Excess Return (the “Agriculture
      Index”).

            
	 	 	 
	
              PAYMENT
      AT MATURITY:

            	 	
              At
      maturity, a holder of a Security will receive for each Security held on
      the Record Date, a payment at maturity per Security in U.S. dollars,
      calculated by the Calculation Agent equal to:

               

              the
      Current Principal Amount of the Security times the Index Factor
      on the Final Valuation Date times the Fee Factor on
      the Final Valuation Date

               

              where,

               

              “Current Principal
      Amount” means, for the period from the Inception Date to April 30,
      2008 (such period, the “Initial Calendar
      Month”),  $25.00 for each Security; and for each
      subsequent calendar month, the Current Principal Amount will be reset as
      follows on the Monthly Reset Date:

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	 	 	
              new Current Principal
      Amount =

               

              previous Current
      Principal Amount x Index Factor on the applicable Monthly Valuation Date x
      Fee Factor on the applicable Monthly Valuation Date,

               

              “Index Factor” means 1 +
      TBill Index Return + (2 x Agriculture Index Return),

               

              “Fee Factor” means 1 -
      [Investor Fee x Day Count Fraction],

               

              “Investor Fee” means
      0.75% per annum, and

               

              “Day Count Fraction”
      means, for each calendar month, a fraction, the numerator of which is the
      number of days elapsed from and including the Monthly Reset Date (or the
      Inception Date in the case of the Initial Calendar Month) to and including
      the Monthly Valuation Date (or the Trading Day, Valuation Date or Final
      Valuation Date, if applicable) and the denominator of which is
      365.

            
	 	 	 
	
              AGRICULTURE
      INDEX RETURN:

            	 	
              (Agriculture
      Index Closing Level
      minus Agriculture Index Monthly Initial Level)

               

              divided
      by

               

              Agriculture
      Index Monthly Initial Level

            
	 	 	 
	
              TBILL
      INDEX RETURN:

            	 	
              (TBill
      Index Closing Level minus TBill Index
      Monthly Initial Level)

               

              divided
      by

               

              TBill
      Index Monthly Initial Level

            
	 	 	 
	
              PAYMENT
      UPON REPURCHASE:

            	 	
              A
      holder of Securities may offer a minimum of 200,000 Securities and
      integral multiples of 50,000 Securities in excess thereof to Deutsche Bank
      for repurchase for an amount in U.S. dollars per Security equal to the
      Repurchase Value. If a holder complies with the Repurchase Procedures, the
      Issuer will be obligated to repurchase the offered Securities and pay to
      the holder the Repurchase Value for each offered Security on the
      applicable Repurchase Date.

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              REPURCHASE
      VALUE:

            	 	
              On
      each Trading Day, an amount in U.S. dollars for each Security, equal
      to:

              the
      Current Principal Amount times the Index Factor
      on the applicable Trading Day times the Fee Factor on
      such Trading Day.

            
	 	 	 
	
              REPURCHASE
      DATE:

            	 	
              The
      third Business Day following the applicable Valuation Date, subject to
      postponement in the event of a Market Disruption Event as described under
      “Market Disruption Events”.

            
	 	 	 
	
              VALUATION
      DATE:

            	 	
              In
      connection with a repurchase, the Trading Day on which effective notice is
      given to the Issuer of an offer of the Securities for
      repurchase.

            
	 	 	 
	
              ACCELERATION
      UPON ZERO REPURCHASE VALUE:

            	 	
              If
      the Repurchase Value on any day equals zero, the Maturity Date for the
      Securities will be automatically accelerated to that day and the holder of
      a Security will not receive any payment in respect of the
      Security.

            
	 	 	 
	
              AGRICULTURE
      INDEX MONTHLY INITIAL LEVEL:

            	 	
              For
      the Initial Calendar Month, the Agriculture Index Monthly Initial Level
      will equal       , the Agriculture
      Index Closing Level on the Inception Date. For each subsequent calendar
      month, the Agriculture Index Monthly Initial Level will equal the
      Agriculture Index Closing Level on the Monthly Reset Date for that
      calendar month.

            
	 	 	 
	
              AGRICULTURE
      INDEX CLOSING LEVEL:

            	 	
              The
      Agriculture Index Closing Level will equal the closing level of the
      Agriculture Index as reported on Bloomberg page “DBLCYEAG <Index>”,
      subject to the occurrence of a Market Disruption Event; provided that on
      any calendar day which is not a day on which the closing level of the
      Agriculture Index is published, the Agriculture Index Closing Level will
      equal such level on the immediately preceding Trading
  Day.

            
	 	 	 
	
              TBILL
      INDEX MONTHLY INITIAL LEVEL:

            	 	
              For
      the Initial Calendar Month, the TBill Index Monthly Initial Level will
      equal            ,
      the TBill Index Closing Level on the Inception Date. For each subsequent
      calendar month, the TBill Index Monthly Initial Level will equal the TBill
      Index Closing Level on the Monthly Reset Date for that calendar
      month.

            

    

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	
              TBILL
      INDEX CLOSING LEVEL:

            	 	
              The
      TBill Index Closing Level will equal the closing level of the TBill Index
      as reported on Bloomberg page "DBTRBL3M<INDEX>".

            
	 	 	 
	
              MONTHLY
      RESET DATE:

            	 	
              For
      each calendar month, the first calendar day of that month beginning on May
      1, 2008 and ending on March 1, 2038.

            
	 	 	 
	
              MONTHLY
      VALUATION DATE:

            	 	
              For
      each Monthly Reset Date, the last calendar day of the previous calendar
      month beginning on April 30, 2008 and ending on February 28,
      2038.

            
	 	 	 
	
              TRADING
      DAY:

            	 	
              Any
      day on which (i) the values of the Sub-Indices are published by
      Deutsche Bank AG, London Branch, (ii) trading is generally conducted
      on NYSE Arca and (iii) trading is generally conducted on the markets
      on which the futures contracts underlying the Agriculture Index are
      traded, in each case as determined by the Calculation Agent, in its sole
      discretion.

            
	 	 	 
	
              BUSINESS
      DAY:

            	 	
              A
      Monday, Tuesday, Wednesday, Thursday or Friday on which commercial banks
      and foreign exchange markets settle payments and are open for general
      business (including dealings in foreign exchange and foreign currency
      deposits) in New York City.

            
	 	 	 
	
              INDEX
      SPONSOR:

            	 	
              Deutsche
      Bank AG, London Branch

            
	 	 	 
	
              CALCULATION
      AGENT:

            	 	
              Deutsche
      Bank AG, London Branch

            
	 	 	 
	
              FORM:

            	 	
              Book-Entry.

            
	 	 	 
	
              RECORD
      DATE:

            	 	
              The
      Final Valuation Date, whether or not that day is a business
      day.

            
	 	 	 

    

     

    The Issuer
will irrevocably deposit with The Depository Trust Company (“DTC”) no later than the
opening of business on each Interest Payment Date, if applicable,
each Repurchase Date, if applicable, and on the Maturity Date funds sufficient
to make payments of the amount payable with respect to the Securities on such
date.  The Issuer will give DTC irrevocable instructions and authority
to pay such amount to the Holders entitled thereto.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
    

    Subject to
the foregoing and to applicable law (including, without limitation, United
States federal laws), the Issuer or its affiliates may, at any time and from
time to time, purchase outstanding Securities by tender, in open market or by
private agreement.

     

    Role
of Calculation Agent

     

    Deutsche
Bank AG, London Branch will serve as the Calculation Agent. The Calculation
Agent will, in its sole discretion, make all determinations regarding the value
of the Securities, including at maturity or upon repurchase by the Issuer,
Market Disruption Events, Business Days, Trading Days, the Current Principal
Amount, the Repurchase Value, the Fee Factor, the Index Factor, the Default
Amount, the closing levels of the Sub-Indices on any Valuation Date, the
Maturity Date, Repurchase Dates, the amount payable in respect of the Securities
at maturity or upon repurchase by Issuer and any other calculations or
determinations to be made by the Calculation Agent as specified herein. The
Calculation Agent will rely upon the published levels of the Sub-Indices. Absent
manifest error, all determinations of the Calculation Agent will be final and
binding on the Holders and the Issuer, without any liability on the part of the
Calculation Agent. Holders will not be entitled to any compensation from the
Issuer for any loss suffered as a result of any of the above determinations by
the Calculation Agent.

     

    Repurchase
Procedures

     

     

    To effect a repurchase, a holder of the
Securities must irrevocably offer at least 200,000 Securities (or an integral
multiple of 50,000 Securities in excess thereof) to Deutsche Bank Securities
Inc. (“DBSI”) no later
than 10:00 a.m., New York City time, beginning on April 17, 2008 and ending on
the Final Valuation Date, on the desired Valuation Date.

     

    A holder wishing to offer Securities to
the Issuer for repurchase must follow the following procedures:

     

    
      
        	
              	
                •

              	
                Cause
      its broker must deliver an irrevocable Offer for Repurchase, a form of
      which is attached as Annex A to this pricing supplement, to DBSI by
      10:00 a.m., New York City time, on the desired Valuation
      Date.  A holder must offer at least 200,000 Securities or an
      integral multiple of 50,000 Securities in excess thereof for repurchase by
      the Issuer on any repurchase date. DBSI must acknowledge receipt from such
      broker in order for the holder’s offer to be
  effective;

              

      

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    
      
        	
              	
                •

              	
                Cause
      its broker to book a delivery vs. payment trade with respect to the
      holder’s Securities on the applicable Valuation Date at a price equal to
      the applicable Repurchase Value, facing DBSI;
  and

              

      

    

     

    
      
        	
              	
                •

              	
                Cause
      its DTC custodian to deliver the trade as booked for settlement via DTC at
      or prior to 10:00 a.m. New York City time on the applicable Repurchase
      Date (the third Business Day following the Valuation Date, subject to
      postponement in the event of a Market Disruption
  Event).

              

      

    

     

    Any
repurchase instructions that received in accordance with the procedures
described above will be irrevocable.

    

    Market
Disruption Events

     

    A disrupted day is any Trading Day on
which a Market Disruption Event occurs or is continuing (a “Disrupted Day”).

    

    An index business day is any day (other
than a Saturday or Sunday) on which commercial banks and foreign exchange
markets settle payments are open for general business (including dealings in
foreign exchange and foreign currency deposits) in New York City (an “Index Business
Day”).

    

    An underlying futures contract is any
futures contract whose value is reflected in the Agriculture Index (an “Underlying Futures
Contract”).

    

    The index sponsor is Deutsche Bank AG,
London Branch (“Index
Sponsor”).

    

    If any Monthly Valuation Date,
Valuation Date or the Final Valuation Date (each, a “Reference Date”) is a
Disrupted Day with regard to any Underlying Futures Contract (a “Disrupted Futures Contract”),
the Calculation Agent will calculate the value of the Agriculture Index using
closing prices of the Underlying Futures Contracts as follows:

    

    (a) for
all non-Disrupted Futures Contracts, the closing price used by the Calculation
Agent will be the closing price of the non-Disrupted Futures Contract on the
scheduled Reference Date; and

    

    (b) for
all Disrupted Futures Contracts, the closing price used by the Calculation Agent
will be the closing price of each Disrupted Futures Contract on the next
succeeding Trading Day that is not a Disrupted Day with regard to that Disrupted
Futures Contract; provided that if the ten
successive scheduled Trading Days immediately following the scheduled Reference
Date are all Disrupted Days with regard to the specific Disrupted Futures
Contract, the Calculation Agent will determine, in its sole discretion, and use,
the closing price of such Disrupted Futures Contract on the tenth scheduled
Trading Day immediately following such Reference Date, notwithstanding that such
tenth scheduled Trading Day is a Disrupted Day with regard to such Disrupted
Futures Contract. 

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    For the purposes of calculating the
Agriculture Index in the case of a Market Disruption Event, the Calculation
Agent will use the weight of each Underlying Futures Contract within the
Agriculture Index as of the scheduled Reference Date, even if such Reference
Date is a Disrupted Day for the relevant Underlying Futures
Contract.

    

    If any Reference Date is a Disrupted
Day, no adjustment will be made to the TBill Index Closing Level which is used
for that Reference Date.

    

    If any Valuation Date or the Final
Valuation Date is a Disrupted Day and the date as of which the Calculation Agent
determines the Closing Level of the Agriculture Index falls less than three
Business Days prior to the scheduled Repurchase Date corresponding to such
Valuation Date or the Maturity Date, as applicable, such Repurchase Date or the
Maturity Date, as applicable, will be postponed to the third Business Day
following the date as of which the Calculation Agent has determined the Closing
Level of the Agriculture Index for such Valuation Date or the Final Valuation
Date, as applicable.

    

    Any of the following will be a Market
Disruption Event with respect to any Underlying Futures Contract:

    

    
      	
              •

            	
              a
      material limitation, suspension or disruption in the trading of the
      Underlying Futures Contract which results in a failure by the trading
      facility on which the relevant contract is traded to report a daily
      contract reference price (the price of the relevant contract that is used
      as a reference or benchmark by market
  participants);

            

    

    
      	
              •

            	
              the
      daily contract reference price for the Underlying Futures Contract is a
      “limit price”, which means that the daily contract reference price for
      such contract has increased or decreased from the previous day’s daily
      contract reference price by the maximum amount permitted under the
      applicable rules or procedures of the relevant trading
      facility;

            

    

    
      	
              •

            	
              failure
      by the Index Sponsor to publish the closing value of the Agriculture Index
      or of the applicable trading facility or other price source to announce or
      publish the daily contract reference price for the Underlying Futures
      Contract;

            

    

    
      	
              •

            	
              any
      other event, if the Calculation Agent determines in its sole discretion
      that the event materially interferes with the Issuer’s ability or the
      ability of any of the Issuer’s affiliates to unwind all or a material
      portion of a hedge with respect to the Securities that the Issuer or its
      affiliates have effected or may
effect.

            

    

    

    The following events will not be Market
Disruption Events:

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

       

    

    
      	
              •

            	
              a
      limitation on the hours or number of days of trading on a trading facility
      on which the Underlying Futures Contract is traded, but only if the
      limitation results from an announced change in the regular business hours
      of the relevant market; or

            

    

    
      	
              •

            	
              a
      decision by a trading facility to permanently discontinue trading in the
      Underlying Futures Contract.

            

    

    

    Interruption
of Agriculture Index Calculation

    

    Force
Majeure Event

    

    Calculation of the Agriculture Index
may not be possible or feasible under certain events or circumstances,
including, without limitation, a systems failure, natural or man-made disaster,
act of God, armed conflict, act of terrorism, riot or labor disruption or any
similar intervening circumstance, that is beyond the reasonable control of the
Index Sponsor and that the Index Sponsor determines affects the Agriculture
Index or one of the underlying commodities (a “Force Majeure Event”). Upon
the occurrence of any such Force Majeure Event, the Index Sponsor may, in its
discretion, elect one (or more) of the following options:

    

    
      	
              •

            	
              make
      such determinations and/or adjustments to the terms of the Agriculture
      Index as it considers appropriate to determine any closing level on any
      such appropriate Index Business Day;
and/or

            

    

    
      	
              •

            	
              defer
      publication of the information relating to the Agriculture Index until the
      next Index Business Day on which it determines that no Force Majeure Event
      exists; and/or

            

    

    
      	
              •

            	
              permanently
      cancel publication of the information relating to the Agriculture
      Index.

            

    

    

    Index
Disruption Event

    

    Additionally, calculation of the
Agriculture Index may be disrupted by an event that would require the Index
Sponsor to calculate the closing price in respect of an Underlying Futures
Contract on an alternative basis were such event to occur or exist on a day that
is a Trading Day for the Underlying Futures Contract on the relevant exchange
(an “Index Disruption
Event”). If such an Index Disruption Event in relation to an Underlying
Futures Contract as described in the prior sentence occurs and continues for a
period of five successive Trading Days on the relevant exchange, the Index
Sponsor will, in its discretion, either

    

    
      	
              •

            	
              continue
      to calculate the relevant closing price for a further period of five
      successive Trading Days on the relevant exchange;
  or

            

    

    
      	
              •

            	
              if
      such period extends beyond the five successive Trading Days, the Index
      Sponsor may elect to replace the affected Underlying Futures Contract and
      make all necessary adjustments to the methodology and calculation of the
      Agriculture Index as it deems
appropriate.

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        
 

    

    Additionally, Deutsche Bank AG, London
Branch, as calculation agent for the securities, has discretion to determine the
value of the Agriculture Index in the event of disruptions occurring with regard
to the Underlying Futures Contracts, as described above under “Market Disruption
Events”.

    

    Discontinuance
or Modification of the Sub-Indices

     

    If the
Index Sponsor discontinues compilation or publication of a Sub-Index and the
Index Sponsor or any other person or entity (including the Issuer) calculates
and publishes an index that the Calculation Agent determines is comparable to
such discontinued Sub-Index and approves as a successor index, then the
Calculation Agent will determine the level of the Sub-Index on any relevant date
and the amount payable at maturity or upon repurchase by the Issuer by reference
to such successor Sub-Index for the period following the discontinuation of the
Sub-Index.

     

    If the
Calculation Agent determines that the publication of a Sub-Index is discontinued
and that there is no applicable successor index, or that the closing level of
the Sub-Index is not available for any reason other than a Market Disruption
Event, on the date on which the level of the Sub-Index is required to be
determined, or if for any other reason (excluding a Market Disruption Event) the
Sub-Index is not available to the Issuer or the Calculation Agent on the
relevant date, the Calculation Agent will determine the amount payable by a
computation methodology that the Calculation Agent determines will as closely as
reasonably possible replicate such Sub-Index.

     

    If the
Calculation Agent determines that either or both Sub-Indices, the components
underlying either or both Sub-Indices (the “Index Components”) or the
method of calculating either or both Sub-Indices has been changed at any time in
any respect – including any addition, deletion or substitution and any
reweighting or rebalancing of Index Components, and whether the change is made
by the Index Sponsor under its existing policies or following a modification of
those policies, is due to the publication of a successor index, is due to events
affecting one or more of the Index Components, or is due to any other reason –
then the Calculation Agent will be permitted (but not required) to make such
adjustments to such Sub-Index or method of calculating such Sub-Index as it
believes are appropriate to ensure that the level of such Sub-Index used to
determine the amount payable on the Maturity Date or upon repurchase by the
Issuer is equitable.

     

    All
determinations and adjustments to be made by the Calculation Agent with respect
to the level of the Sub-Indices and the amount payable at maturity or upon
repurchase by the Issuer or otherwise relating to the level of the Sub-Indices
may be made in the Calculation Agent’s sole discretion.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    Payment
Upon an Event of Default

     

    If an
Event of Default (as defined in the Senior Indenture) occurs and the maturity of
the Securities is accelerated, the Issuer will pay the Default Amount in respect
of each Security.

     

    For the
purpose of determining whether the holders of the Issuer’s Series A Global
Notes, of which the Securities are a part, are entitled to take any action under
the Senior Indenture, the Issuer will treat the Stated Principal Amount of each
security outstanding as the principal amount of that security. Although the
terms of the Securities may differ from those of the other Series A Global
Notes, holders of specified percentages in principal amount of all Series A
Global Notes, together in some cases with other series of the Issuer’s debt
securities, will be able to take action affecting all the Series A Global Notes,
including the Securities. This action may involve changing some of the terms
that apply to the Series A Global Notes, accelerating the maturity of the Series
A Global Notes after a default or waiving some of the Issuer’s obligations under
the Senior Indenture.

     

    If a
holder of a Security accelerates the maturity of the Security upon an Event of
Default under the Senior Indenture, the amount payable upon acceleration will be
the Repurchase Value determined by the Calculation Agent on the next Trading Day
(the “Default
Amount”).

     

    Defeasance

     

    The
Securities will not be subject to the defeasance provisions contained in Article
10 of the Senior Indenture.

     

    REFERENCE
IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE
REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME
EFFECT AS IF SET FORTH AT THIS PLACE.

     

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

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    IN WITNESS
WHEREOF, the Issuer has caused this Security to be duly executed.

     

    
      	
              Dated:                        ,
      2008

            	 
      	
              DEUTSCHE
      BANK AG, LONDON BRANCH

            
	 	 	 
	 	 	 
	 
      	 
      	 
      	
              By:

            	 
      
	 
      	 
      	 
      	
               

            	
              
                Name:

              

            	 
      
	 
      	 
      	 
      	
               

            	
              
                Title:

              

            	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
              By:

            	 
      	 
      
	 
      	 
      	 
      	
               

            	
              Name:

            	 
      
	 
      	 
      	 
      	
               

            	
              
                Title:

              

            	 
      

    

    

    
      	
              TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION

               

              This
      is one of the Securities referred

              to
      in the within-mentioned

              Senior
      Indenture.

               

              LAW
      DEBENTURE TRUST COMPANY

              OF
      NEW YORK, as Trustee

            
	
              By:

            	 
      	 
      
	 
      	
              Authorized
      Officer

            

    

     

    
 

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    REVERSE
OF SECURITY

     

    This Note
is one of a duly authorized issue of Global Notes, Series A of the
Issuer.  The Notes are issuable under a Senior Indenture, dated as of
November 22, 2006, among the Issuer, Law Debenture Trust Company of New York, as
trustee (the “Trustee,”
which term includes any successor trustee under the Senior Indenture), and
Deutsche Bank Trust Company Americas (“DBTCA”), as issuing agent,
paying agent and registrar (as may be amended or supplemented from time to time,
the “Senior Indenture”),
to which Senior Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights, limitations of rights,
duties and immunities of the Issuer, the Trustee and holders of the Notes and
the terms upon which the Notes are, and are to be, authenticated and
delivered.  The Issuer has appointed DBTCA acting through its
principal corporate trust office in the Borough of Manhattan, the City of New
York, as its paying agent (the “Paying Agent”, which term
includes any additional or successor Paying Agent appointed by the Issuer) with
respect to the Notes.  The terms of individual Notes may vary with
respect to interest rates, interest rate formulas, issue dates, maturity dates,
or otherwise, all as provided in the Senior Indenture.  To the extent
not inconsistent herewith, the terms of the Senior Indenture are hereby
incorporated by reference herein.

     

    Unless
otherwise indicated on the face hereof, this Note will not be subject to any
sinking fund and, unless otherwise indicated on the face hereof in accordance
with the provisions of the following two paragraphs and except as set forth
below, will not be redeemable or subject to repayment at the option of the
holder prior to maturity.

     

    If so
indicated on the face hereof, this Note may be redeemed in whole or in part at
the option of the Issuer on or after the Initial Redemption Date specified on
the face hereof or on the Redemption Dates specified on the face hereof on the
terms set forth on the face hereof, together with interest accrued and unpaid
hereon to the date of redemption (except as indicated below).  If this
Note is subject to “Annual
Redemption Percentage Reduction,” the Initial Redemption Percentage
indicated on the face hereof will be reduced on each anniversary of the Initial
Redemption Date by the Annual Redemption Percentage Reduction specified on the
face hereof until the redemption price of this Note is 100% of the principal
amount hereof, together with interest accrued and unpaid hereon to the date of
redemption (except as provided below).  Notice of redemption shall be
mailed to the registered holders of the Notes designated for redemption at their
addresses as the same shall appear on the Note register not less than 30 nor
more than 60 calendar days prior to the date fixed for redemption or within the
Redemption Notice Period specified on the face hereof, subject to all the
conditions and provisions of the Senior Indenture.  In the event of
redemption of this Note in part only, a new Note or Notes for the amount of the
unredeemed portion hereof shall be issued in the name of the holder hereof upon
the cancellation hereof.

     

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    If so
indicated on the face of this Note, this Note will be subject to repayment at
the option of the holder on the Optional Repayment Date or Dates specified on
the face hereof on the terms set forth herein. On any Optional Repayment Date,
this Note will be repayable in whole or in part in increments of the Face Amount
(provided that any remaining principal amount hereof shall not be less than the
minimum authorized denomination hereof) at the option of the holder hereof at a
price equal to 100% of the principal amount to be repaid, together with interest
accrued and unpaid hereon to the date of repayment (except as provided below);
provided,
that if this Note is issued with original issue discount, this Note will be
repayable on the applicable Optional Repayment Date or Dates at the price(s)
specified on the face hereof.  For this Note to be repaid at the
option of the holder hereof, the Paying Agent must receive at its corporate
trust office in the Borough of Manhattan, the City of New York, at least 15 but
not more than 30 calendar days prior to the date of repayment, (i) this Note
with the form entitled “Option to Elect Repayment” below duly completed or (ii)
a telegram, telex, facsimile transmission or a letter from a member of a
national securities exchange or the National Association of Securities Dealers,
Inc. or a commercial bank or a trust company in the United States setting forth
the name of the holder of this Note, the principal amount hereof, the
certificate number of this Note or a description of this Note’s tenor and terms,
the principal amount hereof to be repaid, a statement that the option to elect
repayment is being exercised thereby and a guarantee that this Note, together
with the form entitled “Option
to Elect Repayment” duly completed, will be received by the Paying Agent
not later than the fifth Business Day after the date of such telegram, telex,
facsimile transmission or letter; provided,
that such telegram, telex, facsimile transmission or letter shall only be
effective if this Note and form duly completed are received by the Paying Agent
by such fifth Business Day.  Unless otherwise indicated on the face of
this Note, exercise of such repayment option by the holder hereof shall be
irrevocable. In the event of repayment of this Note in part only, a new Note or
Notes for the amount of the unpaid portion hereof shall be issued in the name of
the holder hereof upon the cancellation hereof.

     

    Interest
payments on this Note, if applicable, will include interest accrued to but
excluding the Interest Payment Dates or the Maturity Date (or any earlier
redemption or repayment date), as the case may be.  Unless indicated
otherwise on the face hereof, interest payments for this Note will be computed
and paid on the basis of a 360-day year of twelve 30-day months.

     

    In the
case where the calendar date indicated on the face hereof as the Maturity Date
does not fall on a Business Day or where the Maturity Date is otherwise
postponed according to the terms and procedures specified on the face hereof,
payment of premium, if any, or principal otherwise payable on such calendar date
need not be made on such date, but may be made on the Maturity Date as postponed
with the same force and effect as if made on the indicated calendar date, and no
interest on such payment shall accrue for the period from and after the
indicated calendar date to the Maturity Date as postponed.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    This Note
and all the obligations of the Issuer hereunder are direct, unsecured
obligations of the Issuer and rank without preference or priority among
themselves and pari
passu with all other existing and future unsecured and unsubordinated
indebtedness of the Issuer, subject to certain statutory exceptions in the event
of liquidation upon insolvency.

     

    This Note,
and any Note or Notes issued upon transfer or exchange hereof, is issuable only
in fully registered form, without coupons, and is issuable only in the minimum
denominations set forth on the face hereof or any amount in excess thereof which
is an integral multiple thereof.

     

    DBTCA has
been appointed registrar for the Notes, and DBTCA will maintain at its office in
the City of New York, a register for the registration and transfer of
Notes.  This Note may be transferred at either the aforesaid New York
office of DBTCA by surrendering this Note for cancellation, accompanied by a
written instrument of transfer in form satisfactory to the Issuer and the
Trustee and duly executed by the registered holder hereof in person or by the
holder’s attorney duly authorized in writing, and thereupon the Trustee shall
issue in the name of the transferee or transferees, in exchange herefor, a new
Note or Notes having identical terms and provisions and having a like aggregate
principal amount in authorized denominations, subject to the terms and
conditions set forth herein; provided, however, that the Trustee
will not be required (i) to register the transfer of or exchange any Note that
has been called for redemption in whole or in part, except the unredeemed
portion of Notes being redeemed in part, (ii) to register the transfer of or
exchange any Note if the holder thereof has exercised his right, if any, to
require the Issuer to repurchase such Note in whole or in part, except the
portion of such Note not required to be repurchased, or (iii) to register the
transfer of or exchange Notes to the extent and during the period so provided in
the Senior Indenture with respect to the redemption of Notes.  Notes
are exchangeable at said offices for other Notes of other authorized
denominations of equal aggregate principal amount having identical terms and
provisions.  All such registrations, exchanges and transfers of Notes
will be free of service charge, but the Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge in connection
therewith.  All Notes surrendered for exchange shall be accompanied by
a written instrument of transfer in form satisfactory to the Issuer and the
Trustee and executed by the registered holder in person or by the holder’s
attorney duly authorized in writing.  The date of registration of any
Note delivered upon any exchange or transfer of Notes shall be such that no gain
or loss of interest results from such exchange or transfer.

     

    In case
this Note shall at any time become mutilated, defaced or be destroyed, lost or
stolen, and this Note or evidence of the loss, theft or destruction thereof
(together with the indemnity hereinafter referred to and such other documents or
proof as may be required in the premises) shall be delivered to the Trustee, the
Issuer in its discretion may execute a new Note of like tenor in exchange for
this Note, but, in the case of any destroyed or lost or stolen Note, only upon
receipt of evidence satisfactory to the Trustee and the Issuer that this Note
was destroyed or lost or stolen and, if required, upon receipt also of indemnity
satisfactory to each of them.  All expenses and reasonable charges
associated with procuring such indemnity and with the preparation,
authentication and delivery of a new Note shall be borne by the owner of the
Note mutilated, defaced, destroyed, lost or stolen. 

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    If the
face hereof indicates that this Note is subject to “Tax Redemption,” this Note may
be redeemed, as a whole, at the option of the Issuer at any time prior to
maturity, upon the giving of a Notice of redemption as described below, at a
redemption price equal to 100% of the principal amount hereof, together with
accrued interest to the date fixed for redemption (except that if this Note is
subject to “Modified Payment
upon Acceleration or Redemption,” such redemption price would be limited
to the aggregate principal amount hereof multiplied by the sum of the Issue
Price specified on the face hereof (expressed as a percentage of the aggregate
principal amount) plus the original issue discount amortized from the Interest
Accrual Date to the date of redemption, which amortization shall be calculated
using the “interest
method” (computed in accordance with generally accepted accounting
principles in effect on the date of redemption)), if the Issuer determines that,
as a result of any change in or amendment to the laws, or any regulations or
rulings promulgated thereunder, of the Federal Republic of Germany, the
jurisdiction of incorporation of any successor to the Issuer, or the
jurisdiction of any issuing branch, or of any political subdivision or taxing
authority thereof or therein affecting taxation, or any change in official
position regarding the application or interpretation of such laws, regulations
or rulings, which change or amendment becomes effective on or after the Original
Issue Date hereof, the Issuer has or will become obligated to pay Additional Tax
Amounts, as defined below, with respect to this Note as described below. Prior
to the giving of any Notice of redemption pursuant to this paragraph, the Issuer
shall deliver to the Trustee (i) a certificate stating that the Issuer is
entitled to effect such redemption and setting forth a statement of facts
showing that the conditions precedent to the right of the Issuer to so redeem
have occurred, and (ii) an opinion of independent legal counsel satisfactory to
the Trustee to such effect based on such statement of facts; provided, that no such Notice
of redemption shall be given earlier than 60 calendar days prior to the earliest
date on which the Issuer would be obligated to pay such Additional Tax Amounts
if a payment in respect of this Note were then due.

     

    Notice of
redemption will be given not less than 30 nor more than 60 calendar days prior
to the date fixed for redemption or within the Redemption Notice Period
specified on the face hereof, which date and the applicable redemption price
will be specified in the Notice.

     

    Every net
payment of the principal of and interest on the Note and any other amounts
payable on the Note will be made without any withholding or deduction for or on
account of any present or future taxes, duties or governmental charges of any
nature whatsoever imposed, levied or collected by or on behalf of the Federal
Republic of Germany, the jurisdiction of incorporation of any successor to the
Issuer or the jurisdiction of any issuing branch, or by or on behalf of any
political subdivision or authority therein or thereof having the power to tax
(“withholding taxes”)
unless such deduction or withholding is required by law. In such event and if
specified on the face hereof, the Issuer will, subject to certain exceptions and
limitations set forth below, pay such additional tax amounts (the “Additional Tax Amounts”) to
the holder of this Note as may be necessary in order that every net payment of
the principal of and interest on this Note and any other amounts payable on this
Note, after withholding or deduction for or on account of any present or future
tax, assessment or governmental charge imposed upon or as a result of such
payment by the Federal Republic of Germany, the jurisdiction of incorporation of
any successor to the Issuer, or the jurisdiction of any issuing branch, or any
political subdivision or taxing authority thereof or therein, will not be less
than the amount provided for in this Note to be then due and payable. The Issuer
will not, however, make any payment of Additional Tax Amounts to any such holder
for or on account of:

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    (a)           any
present or future tax, assessment or other governmental charge that would not
have been so imposed but for (i) any withholding taxes that are payable by
reason of a holder or beneficial owner of the Notes having some connection with
the Federal Republic of Germany, the jurisdiction of incorporation of any
successor to the Issuer, or the jurisdiction of any issuing branch other than by
reason only of the mere holding or beneficial ownership of the Notes; or (ii)
the presentation by or on behalf of the holder of this Note for payment on a
date more than 15 calendar days after the date on which such payment became due
and payable or the date on which payment thereof is duly provided for, whichever
occurs later;

     

    (b)           any
estate, inheritance, gift, sales, transfer, excise or personal property tax or
any similar tax, assessment or governmental charge;

     

    (c)           any
tax, assessment or other governmental charge that is payable otherwise than by
withholding or deduction from payments on or in respect of this
Note;

     

    (d)           any
tax, assessment or other governmental charge required to be withheld by any
Paying Agent from any payment of principal of, or interest on, this Note, if
such payment can be made without such withholding by at least one other Paying
Agent;

     

    (e)           any
tax, assessment or other governmental charge that would not have been imposed
but for the failure to comply with certification, information or other reporting
requirements concerning the nationality, residence or identity of the holder or
beneficial owner of this Note, if such compliance is required by statute or by
regulation of the United States or of any political subdivision or taxing
authority thereof or therein as a precondition to relief or exemption from such
tax, assessment or other governmental charge;

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    (f)           any
combination of items listed above.

     

    In
addition, the Issuer shall not be required to make any payment of Additional Tax
Amounts (i) with respect to any withholding taxes which are deducted or withheld
pursuant to (A) European Council Directive 2003/48/EC or any other European
Union Directive or Regulation implementing the conclusions of the ECOFIN Council
meeting of 26-27 November 2000 on the taxation of savings income, or (B) any
international treaty or understanding entered into for the purpose of
facilitating cooperation in the reporting and collection of savings income and
to which (x) the United States, and (y) the European Union or Germany is a
party, or (C) any provision of law implementing, or complying with, or
introduced to conform with, such Directive, Regulation, treaty or understanding;
(ii) to the extent such deduction or withholding can be avoided or reduced if
the holder or beneficial owner of the note makes a declaration of non-residence
or other similar claim for exemption to the relevant tax authority or complies
with any reasonable certification, documentation, information or other reporting
requirement imposed by the relevant tax authority; provided, however, that the exclusion
in this clause will not apply if the certification, information, documentation
or other reporting requirement would be materially more onerous (in form,
procedure or substance of information required to be disclosed) to the holder or
beneficial owner of note than comparable information or other reporting
requirements imposed under U.S. tax law, regulation and administrative practice
(such as IRS Forms W-8 and W-9); or (iii) by or on behalf of a holder who would
have been able to avoid such withholding or deduction by presenting this Note or
the relevant coupon to another Paying Agent in a member state of the European
Union. Nor shall the Issuer pay Additional Tax Amounts with respect to any
payment on this Note to a holder who is a fiduciary or partnership or other than
the sole beneficial owner of such payment to the extent such payment would be
required by the laws of the United States (or any political subdivision thereof)
to be included in the income, for tax purposes, of a beneficiary or settlor with
respect to such fiduciary or a member of such partnership or a beneficial owner
who would not have been entitled to the Additional Tax Amounts had such
beneficiary, settlor, member or beneficial owner been the holder of this
Note.

     

    The Senior
Indenture provides that (a) if an Event of Default (as defined in the Senior
Indenture) due to the default in payment of principal, premium, if any, or
interest on, any series of debt securities issued under the Senior Indenture,
including the series of Senior Global Notes of which this Note forms a part, or
due to the default in the performance or breach of any other covenant or
warranty of the Issuer applicable to the debt securities of such series but not
applicable to all outstanding debt securities issued under the Senior Indenture,
shall have occurred and be continuing, either the Trustee or the holders of not
less than 331⁄3% in aggregate principal amount of the outstanding debt securities
of each affected series voting as one class, by notice in writing to the Issuer
and to the Trustee, if given by the securityholders, may then declare the
principal of all debt securities of all such series and interest accrued thereon
to be due and payable immediately and (b) if an Event of Default due to a
default in the performance of any other of the covenants or agreements in the
Senior Indenture applicable to all outstanding
debt securities issued thereunder, including this Note, or due to certain events
of bankruptcy, insolvency or reorganization of the Issuer, shall have occurred
and be continuing, either the Trustee or the holders of not less than 331⁄3% in
aggregate principal amount of all outstanding debt securities issued under the
Senior Indenture voting as one class, by notice in writing to the Issuer and to
the Trustee, if given by the securityholders, may declare the principal of all
such debt securities and interest accrued thereon to be due and payable
immediately, but upon certain conditions such declarations may be annulled and
past defaults may be waived (except a continuing default in payment of
principal, premium, if any, or interest on such debt securities) by the holders
of a majority in aggregate principal amount of the debt securities of all
affected series then outstanding.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    If the
face hereof indicates that this Note is subject to “Modified Payment upon Acceleration or
Redemption,” then (a) if the principal hereof is declared to be due and
payable as described in the preceding paragraph, the amount of principal due and
payable with respect to this Note shall be limited to the aggregate principal
amount hereof multiplied by the sum of the Issue Price specified on the face
hereof (expressed as a percentage of the aggregate principal amount) plus the
original issue discount amortized from the Interest Accrual Date to the date of
declaration, which amortization shall be calculated using the “interest method” (computed in
accordance with generally accepted accounting principles in effect on the date
of declaration), (b) for the purpose of any vote of securityholders taken
pursuant to the Senior Indenture prior to the acceleration of payment of this
Note, the principal amount hereof shall equal the amount that would be due and
payable hereon, calculated as set forth in clause (a) above, if this Note were
declared to be due and payable on the date of any such vote and (c) for the
purpose of any vote of securityholders taken pursuant to the Senior Indenture
following the acceleration of payment of this Note, the principal amount hereof
shall equal the amount of principal due and payable with respect to this Note,
calculated as set forth in clause (a) above.

     

    The Senior
Indenture permits the Issuer and the Trustee, with the consent of the holders of
not less than a majority in aggregate principal amount of the debt securities of
all series issued under the Senior Indenture then outstanding and affected
(voting as one class), to execute supplemental indentures adding any provisions
to or changing in any manner the rights of the holders of each series so
affected; provided,
that the Issuer and the Trustee may not, without the consent of the holder of
each outstanding debt security affected thereby, (a) extend the final maturity
of any such debt security, or reduce the principal amount thereof, or reduce the
rate or extend the time of payment of interest thereon, or reduce any amount
payable on redemption thereof, or change the currency of payment thereof, or
modify or amend the provisions for conversion of any currency into any other
currency, or modify or amend the provisions for conversion or exchange of the
debt security for securities of the Issuer or other entities or for other
property or the cash value of the property (other than as provided in the
antidilution provisions or other similar adjustment provisions of the debt
securities or otherwise in accordance with the terms thereof), or impair or
affect the rights
of any holder to institute suit for the payment thereof or (b) reduce the
aforesaid percentage in principal amount of debt securities the consent of the
holders of which is required for any such supplemental
indenture.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    Except as
set forth below, if the principal of, premium, if any, or interest on this Note
is payable in a Specified Currency other than U.S. dollars and such Specified
Currency is not available to the Issuer for making payments hereon due to the
imposition of exchange controls or other circumstances beyond the control of the
Issuer or is no longer used by the government of the country issuing such
currency or for the settlement of transactions by public institutions within the
international banking community, then the Issuer will be entitled to satisfy its
obligations to the holder of this Note by making such payments in U.S. dollars
on the basis of the Market Exchange Rate (as defined below) on the date of such
payment or, if the Market Exchange Rate is not available on such date, as of the
most recent practicable date; provided, however, that if the euro has
been substituted for such Specified Currency, the Issuer may at its option (or
shall, if so required by applicable law) without the consent of the holder of
this Note effect the payment of principal of, premium, if any, or interest on
any Note denominated in such Specified Currency in euro in lieu of such
Specified Currency in conformity with legally applicable measures taken pursuant
to, or by virtue of, the Treaty establishing the European Community, as
amended.  Any payment made under such circumstances in U.S. dollars or
euro where the required payment is in an unavailable Specified Currency will not
constitute an Event of Default.  If such Market Exchange Rate is not
then available to the Issuer or is not published for a particular Specified
Currency, the Market Exchange Rate will be based on the highest bid quotation in
the City of New York received by the Exchange Rate Agent (as defined below) at
approximately 11:00 a.m., New York City time, on the second Business Day
preceding the date of such payment from three recognized foreign exchange
dealers (the “Exchange
Dealers”) for the purchase by the quoting Exchange Dealer of the
Specified Currency for U.S. dollars for settlement on the payment date, in the
aggregate amount of the Specified Currency payable to those holders or
beneficial owners of Notes and at which the applicable Exchange Dealer commits
to execute a contract.  One of the Exchange Dealers providing
quotations may be the Exchange Rate Agent unless the Exchange Rate Agent is an
affiliate of the Issuer.  If those bid quotations are not available,
the Exchange Rate Agent shall determine the market exchange rate at its sole
discretion.

     

    The “Exchange Rate Agent” shall be
Deutsche Bank AG, London Branch, unless otherwise indicated on the face
hereof.

     

    All
determinations referred to above made by, or on behalf of, the Issuer or by, or
on behalf of, the Exchange Rate Agent shall be at such entity’s sole discretion
and shall, in the absence of manifest error, be conclusive for all purposes and
binding on holders of Notes and coupons.

     

    So long as
this Note shall be outstanding, the Issuer will cause to be maintained an office
or agency for the payment of the principal of and premium, if any, and interest
on this Note as herein provided in the Borough of Manhattan, the City
of New York, and an office or agency in said Borough of Manhattan for the
registration, transfer and exchange as aforesaid of the Notes.  If
this Note is listed on the London Stock Exchange plc and such exchange so
requires, the Issuer shall maintain a Paying Agent in London.  If any
European Union Directive on the taxation of savings comes into force, the Issuer
will, to the extent possible as a matter of law, maintain a Paying Agent in a
member state of the European Union that will not be obligated to withhold or
deduct tax pursuant to any such Directive or any law implementing or complying
with, or introduced in order to conform to, such Directive.  The
Issuer may designate other agencies for the payment of said principal, premium
and interest at such place or places outside the United States (subject to
applicable laws and regulations) as the Issuer may decide.  So long as
there shall be such an agency, the Issuer shall keep the Trustee advised of the
names and locations of such agencies, if any are so
designated.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    With
respect to moneys paid by the Issuer and held by the Trustee or any Paying Agent
for payment of the principal of or interest or premium, if any, on any Notes
that remain unclaimed at the end of two years after such principal, interest or
premium shall have become due and payable (whether at maturity or upon call for
redemption or otherwise), (i) the Trustee or such Paying Agent shall notify the
holders of such Notes that such moneys shall be repaid to the Issuer and any
person claiming such moneys shall thereafter look only to the Issuer for payment
thereof and (ii) such moneys shall be so repaid to the Issuer.  Upon
such repayment all liability of the Trustee or such Paying Agent with respect to
such moneys shall thereupon cease, without, however, limiting in any way any
obligation that the Issuer may have to pay the principal of or interest or
premium, if any, on this Note as the same shall become due.

     

    No
provision of this Note or of the Senior Indenture shall alter or impair the
obligation of the Issuer, which is absolute and unconditional, to pay the
principal of, premium, if any, and interest on this Note at the time, place, and
rate, and in the coin or currency, herein prescribed unless otherwise agreed
between the Issuer and the registered holder of this Note.

     

    Prior to
due presentment of this Note for registration of transfer, the Issuer, the
Trustee and any agent of the Issuer or the Trustee may treat the holder in whose
name this Note is registered as the owner hereof for all purposes, whether or
not this Note be overdue, and none of the Issuer, the Trustee or any such agent
shall be affected by notice to the contrary.

     

    No
recourse shall be had for the payment of the principal of, premium, if any, or
the interest on this Note, for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Senior Indenture or any indenture
supplemental thereto, against any incorporator, shareholder, officer or
director, as such, past, present or future, of the Issuer or of any successor
corporation, either directly or through the Issuer or any successor corporation,
whether by virtue of any constitution, statute or rule of law or by the
enforcement of any assessment or penalty or otherwise, all such liability being,
by the acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    This Note
shall for all purposes be governed by, and construed in accordance with, the
laws of the State of New York.

     

    As used
herein:

     

    (a)           the
term “Business Day”
means any day other than a day that (i) is a Saturday or Sunday, (ii) is a day
on which banking institutions generally, in New York City or London, England,
are authorized or obligated by law, regulation or executive order to close; or
(iii) is a day on which transactions in dollars are not conducted in New York
City or London, England; and, in addition, (x) for Notes having a specified
currency other than U.S. dollars only, other than Notes denominated in euros,
any day that in the principal financial center (as defined below) of the country
of the specified currency is not a day on which banking institutions generally
are authorized or obligated by law to close; and (y) for Notes denominated in
euros, a day on which TARGET is operating (a “TARGET Settlement
Day”);

     

    (b)           the
term “Market Exchange
Rate” means the noon U.S. dollar buying rate in the City of New York for
cable transfers of the Specified Currency indicated on the face hereof published
by the Federal Reserve Bank of New York;

     

    (c)           the
term “Notices” refers to
notices to the holders of the Notes at each holder’s address as that address
appears in the register for the Notes by first class mail, postage prepaid, and
to be given by publication in an authorized newspaper in the English language
and of general circulation in the Borough of Manhattan, the City of New York,
and London or, if publication in London is not practical, in an English language
newspaper with general circulation in Western Europe; provided, that notice may be
made, at the option of the Issuer, through the customary notice provisions of
the clearing system or systems through which beneficial interests in this Note
are owned.  Such Notices will be deemed to have been given on the date
of such publication (or other transmission, as applicable), or if published in
such newspapers on different dates, on the date of the first such
publication;

     

    (d)           the
term “principal financial
center” means the capital city of the country issuing the specified
currency. However, for Australian dollars, Canadian dollars and Swiss francs,
the principal financial center will be Sydney, Toronto and Zurich,
respectively;

     

    (e)           the
term “TARGET” means the
Trans-European Automated Real-time Gross Settlement Express Transfer System;
and

     

    (f)           the
term “United States”
means the United States of America (including the States and the District of
Columbia), its territories, its possessions and other areas subject to its
jurisdiction.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    All other
terms used in this Note which are defined in the Senior Indenture and not
otherwise defined herein shall have the meanings assigned to them in the Senior
Indenture.

     

    

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

     

    ABBREVIATIONS

     

    The
following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

     

    

    
      	 
      	
              TEN
      COM  --  

            	
              as
      tenants in common

            
	 
      	
              TEN
      ENT   --  

            	
              as
      tenants by the entireties

            
	 
      	
              JT
      TEN       --  

            	
              as
      joint tenants with right of survivorship and not as tenants in
      common

            

    

    

    UNIF GIFT
MIN ACT -- _____________________________Custodian
____________________

    (Minor)                                                  (Cust)

    

    Under
Uniform Gifts to Minors Act ______________________________________________________

    (State)

    

    Additional
abbreviations may also be used though not in the above list.

     

    

    
      	 
      

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
    

    

    FOR VALUE
RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto

     

    ______________________________

    [PLEASE
INSERT SOCIAL SECURITY OR OTHER

       IDENTIFYING
NUMBER OF ASSIGNEE]

     

    
      	 
      
	 
      
	 
      
	 
      

    

    [PLEASE
PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]

     

    the within
Note and all rights thereunder, hereby irrevocably constituting and appointing
such person attorney to transfer such note on the books of the Issuer, with full
power of substitution in the premises.

     

    Dated:____________________

     

    
      	
              NOTICE:

            	
              The
      signature to this assignment must correspond with the name as written upon
      the face of the within Note in every particular without alteration or
      enlargement or any change
whatsoever.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    OPTION
TO ELECT REPAYMENT

     

    The
undersigned hereby irrevocably requests and instructs the Issuer to repay the
within Note (or portion thereof specified below) pursuant to its terms at a
price equal to the principal amount thereof, together with interest to the
Optional Repayment Date, to the undersigned at

     

    
      	 
      
	 
      
	 
      
	 
      

    

    

    (Please
print or typewrite name and address of the undersigned)

     

    If less
than the entire principal amount of the within Note is to be repaid, specify the
portion thereof which the holder elects to have repaid:  ; and specify
the denomination or denominations (which shall not be less than the minimum
authorized denomination) of the Notes to be issued to the holder for the portion
of the within Note not being repaid (in the absence of any such specification,
one such Note will be issued for the portion not being repaid):

     

    
      	
              Dates:

            	 
      	 
      	 
      
	 
      	 
      	
              NOTICE:  The
      signature on this Option to Elect Repayment must correspond with the name
      as written upon the face of the within instrument in every particular
      without alteration or enlargement.

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
I

    

    The
Current Outstanding Face Amount indicated below shall not exceed
$500,000,000.

    

    
      	
              Date

            	
              Face
      Amount of Securities Issued

            	
              Face
      Amount of Securities Cancelled

            	
              Current
      Outstanding Face Amount

            	
              Initials
      of Trustee Officer

            
	 
      	
              $

            	
              --

            	
              $

            	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    FORM
OF OFFER FOR REPURCHASE

     

    [PART A:
TO BE COMPLETED BY THE BENEFICIAL OWNER]

     

    Dated:
[Desired Valuation Date]

    Deutsche
Bank Securities Inc., as Repurchase Agent (“DBSI”)

    Fax:
917-512-9226

     

    
      	
              Re:

            	
              ETNs
      linked to the Deutsche Bank Liquid Commodity Index – Optimum Yield
      AgricultureTM
      due April 1, 2038 issued by Deutsche Bank AG (the
  “ETNs”)

            

    

     

    
      	
               
      

            	
              

            	
              DB
      Agriculture Double Short Exchange Traded Notes (CUSIP Number: 25154H 56
      6)

            

    

     

    
      	
               
      

            	
              

            	
              DB
      Agriculture Double Long Exchange Traded Notes (CUSIP Number: 25154H 55
      8)

            

    

     

    
      	
               
      

            	
              

            	
              DB
      Agriculture Short Exchange Traded Notes (CUSIP Number: 25154H 54
      1)

            

    

     

    
      	
               
      

            	
              

            	
              DB
      Agriculture Long Exchange Traded Notes (CUSIP Number: 25154H 53
      3)

            

    

     

    (Please
check only one offering of ETNs)

     

    The
undersigned beneficial owner hereby irrevocably offers to Deutsche Bank AG
(“Deutsche Bank”) the right to repurchase the ETNs in the amounts and on the
date set forth below.

     

    Name of
beneficial holder:

     

    Stated
Principal Amount of ETNs offered for repurchase (You must offer at least 200,000
ETNs or an integral multiple of 50,000 ETNs in excess thereof for repurchase at
one time for your offer to be valid.):

     

    Applicable
Valuation Date:                     ,
20    

     

    Applicable
Repurchase Date:                     ,
20    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Contact
Name:

     

    Telephone
#:

     

    My ETNs
are held in the following DTC Participant’s Account (the following information
is available from the broker through which you hold your ETNs):

     

    Name:

    DTC
Account Number (and any relevant sub-account):

    Contact
Name:

    Telephone
Number:

     

    Acknowledgement:
In addition to any other requirements specified in the Pricing Supplement being
satisfied, I acknowledge that the ETNs specified above will not be repurchased
unless (i) this offer, as completed and signed by the DTC Participant
through which my ETNs are held (the “DTC Participant”), is delivered to DBSI by
10:00 a.m. on the desired Valuation Date, (ii) the DTC Participant has
booked a “delivery vs. payment” (“DVP”) trade on the applicable Valuation Date
facing DBSI, and (iii) the DTC Participant instructs DTC to deliver the DVP
trade to DBSI as booked for settlement via DTC at or prior to 10:00 a.m. on the
applicable Repurchase Date.

     

    The
undersigned acknowledges that Deutsche Bank and DBSI will not be responsible for
any failure by the DTC Participant through which such undersigned’s ETNs are
held to fulfill the requirements for repurchase set forth above.

     

     

     

    
      	 
      
	 
      
	 
      
	
              [Beneficial
      Holder]

            

    

     

    PART B OF
THIS NOTICE IS TO BE COMPLETED BY THE DTC PARTICIPANT IN WHOSE ACCOUNT THE ETNS
ARE HELD AND DELIVERED TO DBSI BY 10:00 a.m. ON THE DESIRED VALUATION DATE
 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    BROKER’S
CONFIRMATION OF REPURCHASE

     

    [PART B:
TO BE COMPLETED BY BROKER]

     

    Dated:
[Desired Valuation Date]

    Deutsche
Bank Securities Inc., as Repurchase Agent

     

    
      	
              Re:

            	
              ETNs
      linked to the Deutsche Bank Liquid Commodity Index – Optimum Yield
      AgricultureTM
      due April 1, 2038 issued by Deutsche Bank AG (the
  “ETNs”)

            

    

     

    
      	
               
      

            	
              

            	
              DB
      Agriculture Double Short Exchange Traded Notes (CUSIP Number: 25154H 56
      6)

            

    

     

    
      	
               
      

            	
              

            	
              DB
      Agriculture Double Long Exchange Traded Notes (CUSIP Number: 25154H 55
      8)

            

    

     

    
      	
               
      

            	
              

            	
              DB
      Agriculture Short Exchange Traded Notes (CUSIP Number: 25154H 54
      1)

            

    

     

    
      	
               
      

            	
              

            	
              DB
      Agriculture Long Exchange Traded Notes (CUSIP Number: 25154H 53
      3)

            

    

     

    (Please
check only one offering of ETNs)

     

    Dear
Sirs:

     

    The
undersigned holder of the ETNs checked above hereby irrevocably offers to
Deutsche Bank AG the right to repurchase, on the Repurchase Date of                     ,
with respect to the Stated Principal Amount of ETNs indicated below as described
in the pricing supplement relating to the ETNs (the “Pricing Supplement”). Terms
not defined herein have the meanings given to such terms in the Pricing
Supplement.

     

    The
undersigned certifies to you that it will (i) book a delivery vs. payment
trade on the Valuation Date with respect to the Stated Principal Amount of ETNs
specified below at a price per ETN equal to the Repurchase Value, facing
Deutsche Bank Securities Inc., DTC #0573 and (ii) deliver the trade as
booked for settlement via DTC at or prior to 10:00 a.m. New York City time on
the Repurchase Date.

     

    Very truly
yours,

    [NAME OF
DTC PARTICIPANT HOLDER]

     

                                          
                                        
                                        
                                        
                                        
                         

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Contact
Name:

    Title:

    Telephone:

    Fax:

    E-mail:

     

    Stated
Principal Amount of ETNs offered for repurchase (You must offer at least 200,000
ETNs or an integral multiple of 50,000 ETNs in excess thereof for repurchase at
one time for your offer to be valid.):

     

                                          
                                        
                                        
                                        
                                        
                         

     

    DTC # (and
any relevant sub-account):

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