Document:

Exhibit 10.4

 

CONTRACT MINING 

AGREEMENT

 

Between

 

Walker Lane Minerals Corp. and

 

Ledcor CMI Inc.

 

Dated as of November 14, 2018

 

Execution Copy 7.2018

 

    

    

    

 

CONTRACT MINING 

AGREEMENT

 

This CONTRACT MINING AGREEMENT ("Contract") entered
into on the 14th date of November 2018 ("Effective Date"):

 

BETWEEN:

 

Client, a company established in conformance with United
States laws, authorized to conduct business in the U.S. and having an office at:

 

Walker Lane Minerals

 Corp. 415 Hwy 95A Suite 

K-1101
Fernley, NV 89408

 

(hereinafter referred to as "Owner")

 

AND:

 

Ledcor CMI Inc. 

5370 Kietzke Lane Suite 204 

Reno, Nevada 89511 

Office: (775) 689-4928

 

(hereinafter referred to as "Contractor").

 

Owner and Contractor are sometimes together referred herein
as the "Parties", and individually as a "Party".

 

RECITALS

 

WHEREAS:

 

		A.	Owner intends to operate the Isabella Pearl project open-pit mine and leach facilities in Mineral
County, Nevada, (hereinafter referred to as the "Project") and wishes to engage Contractor to carry out the Work
and related activities as described in this Contract; and

 

		B.	Owner and Contractor wish to enter into this Contract to evidence their agreement with respect
to Contractor's performance of mining and related activities in connection with the Project and the compensation to be paid by
Owner to Contractor in connection therewith, all upon the terms specified herein.

 

NOW, THEREFORE, in consideration
of the mutual terms, covenants, and conditions contained herein, the Parties hereto agree as follows:

 

AGREEMENT

 

1.0            DEFINITIONS

 

Wherever the following words occur in this Contract, they shall
have the following meanings:

 

    	CONTRACT MINING AGREEMENT	I

    

    

 

		a)	"Amendment" - Means a written modification to the covenants, representations,
warranties, terms or conditions of this Agreement that is signed by both Parties.

 

		b)	"Applicable Laws" - Has the meaning given in Section 11.1 of this
Contract.

 

		c)	"Application for Payment" - Has the meaning given in Section 5.1 of
this Contract.

 

		d)	"Application for Final Payment" - Has the meaning given in Section 5.13
of this Contract.

 

		e)	"Article" - An Article is each separate numerical designation within this
Contract starting with Article 1.0 and continuing through Article 57.0. Numbered paragraphs within each Article are
referred to as "Sections."

 

		f)	"Books and Records" - Has the meaning given in Section 5.16 of this
Contract.

 

		g)	"Certificates of Insurance" - Guidelines, requirements, and definitions as given
under Article 41 of this Contract.

 

		h)	"Change Order" - The document, substantially in the form of Exhibit E
attached hereto, signed by Contractor and Owner to provide for additive or deductive changes in the Work or Extra Work and,
if appropriate, an increase or decrease in the Contract price and time of performance. A Change Order shall not change or alter
the covenants, representations, warranties, terms or conditions of this Agreement.

 

		i)	"Claims" - Has the meaning given in Section 40.1 of this Contract.

 

		j)	"Close of Finance" - intentionally deleted.

 

		k)	"Contract" - This Contract Mining Agreement, including all of Exhibits thereto
and any attachments to such exhibits, together with any subsequent written Change Orders or other written amendments signed by
Owner and Contractor.

 

		1)	"Contract Price" - The amount stipulated in the Schedule of Prices (Exhibit D)
subject to such additions or deductions as may be made under the terms and conditions of this Contract. All payments made to
Contractor shall be in US Dollars.

 

		m)	"Contract Specifications" - The contractual specifications contained in Exhibit A
to this Contract that provide additional definition for the Scope of Work and establish the responsibilities of Contractor
and Owner as related to the performance of the Work.

 

		n)	"Contract Unit Price(s)" or "Unit Price(s)" - The fixed unit price(s) or
rate(s) as set forth in Section 2.0 of the Schedule of Prices (Exhibit D), as the same may be modified
by valid Change Order(s).

 

		o)	"Contractor" - Has the meaning given in the preamble of this Contract.

 

		p)	"Contractor's HS&E Program" - Has the meaning given in Section 35.3
of this Contract.

 

		q)	"Design Drawings" - The technical drawings for the Project supplied by Owner and
attached hereto as Exhibit B that show, among other things, areas to be Excavated, the design for Excavation and the
locations for placement of ore and waste rock, as such technical drawings may be modified by Owner and supplied to Contractor from
time to time.

 

    	CONTRACT MINING AGREEMENT	2 

    

    

 

		r)	"Demobilization" - All dismantling, transportation, freight, shipping, and any other
materials or services required to remove Contractor's personnel, equipment and facilities off the Site and have all associated
trash and debris removed and disposed of pursuant to the terms of this Contract.

 

		s)	"Environmental Law" - Any statute, rule, regulation, code or order, issued by any
governmental authority pertaining to health, the environment, wildlife or natural resources in effect in or for the jurisdiction
in which the Site is located, including, without limitation, the Clean Air Act (Air Pollution Control Act), the Clean Water Act,
the Federal Water Pollution Act, the Rivers and Harbors Act of 1899 (collectively CWA), the Safe Drinking Water Act (SDWA), the
National Environmental Policy Act of 1969 (NEPA), the Endangered Species Act (ESA), Fish and Wildlife Conservation Act of 1980,
the Fish and Wildlife Coordination Act (FWCA), the Oil Pollution Act (OPA), the Comprehensive Environmental Response, Compensation
and Liability Act (CERCLA), the Superfund Amendments and Reauthorization Act of 1986 (SARA), the Resources, Conservation and Recovery
Act (RCRA), the Toxic Substance Control Act (TSCA), the Occupational, Safety & Health Act (OSHA), the Hazardous Materials
Transportation Act (HMTA), the Hazardous and Solid Waste Amendments of 1984 (HSWA), and any and all other past, present or future
federal, state and local laws, statutes, regulations, rules, orders, ordinances, permits, licenses or determinations whose purpose
is to conserve or protect health, the environment, wildlife or natural resources as any of the foregoing are now existing.

 

		t)	"Excavate" - The activities, duties, labor and responsibilities required to move
material from specified areas to designated areas. This may include, but not be limited to, drilling, blasting, loading and hauling.

 

		u)	"Extra Work" - Has the meaning given in Section 24.0.

 

		v)	"Final Acceptance" - Written final acceptance of the Work issued by Owner.

 

		w)	"Final Payment" - Has the meaning given in Section 5.13 of this Contract.

 

		x)	"First Extension" - Has the meaning given in Section 2.1 of this Contract.

 

		y)	"Lien Waiver" -Has the meaning given in Section 5.3.6 of this Contract.

 

		z)	"Mobilization" - All transportation, freight, shipping, erection, and any other
materials or services required to get Contractor's equipment and facilities to the Site in good working order and fully manned
for the prosecution of the Work pursuant to the terms of this Contract.

 

		aa)	"Owner's Environmental Policy" - Stated
in Exhibit I and may be amended from time to time under Section 36.1 of this Contract.

 

		bb)	"Notice of Correction" - Has the meaning
given in Section 5.6.2 of this Contract.

 

		cc)	"Notice of Final Acceptance" - Has the
meaning given in Section 18.2 of this Contract.

 

		dd)	"Notice of Withholding" - Has the meaning
given in Section 5.6.1 of this Contract.

 

		ee)	"Notice to Proceed" - The written notice
from Owner to Contractor to mobilize its employees and equipment to the Site and to commence the Work.

 

		ff)	"Notice of Rejection" - Has the meaning
given in Section 5.6.2 of this Contract.

 

		gg)	"Owner" - Has the meaning given in the
preamble of this Contract.

 

    	CONTRACT MINING AGREEMENT	3 

    

    

 

		hh)	"Owner Group" - Has the meaning given
in Section 40.1 of this Contract.

 

		ii)	"Party" and "Parties"-
Has the meaning given in the preamble of this Contract.

 

		jj)	"Project" - Has the meaning given in
Recital A of this Contract.

 

		kk)	"Release and Waiver of Claim" - Has
the meaning given in Article 19 of this Contract.

 

		II)	"ROM" or "Run-of-Mine" - Mined
ore of a size that can be processed without crushing.

 

		mm)	"Safety Representative" - Has the meaning
given in Section 35.6 of this Contract.

 

		nn)	"Schedule of Performance" - The monthly
Tonnes of mined material taken from the pit as specified in Attachment 1 of Exhibit A.

 

		oo)	"Scope of Work" -The description of
the Work to be carried out by Contractor referred to Exhibit A.

 

		pp)	"Site" - The lands provided by Owner
under, in or through which the Work is to be executed or carried out, and located in Nevada, USA at T 8N; R 34E; S 3; and T 9N;
R 34E; S 27, 34-35.

 

		qq)	"Subcontractor" - A third party which,
with prior written approval of Owner, has executed a subcontract with Contractor for part of the Work.

 

		rr)	"Superintendent" - Owner's Mine Superintendent
for the Project, acting personally, or through Owner's designated representatives.

 

		ss)	"Term" - Has the meaning given in Section 2.1
of this Contract.

 

		tt)	"Ton" - Short ton material volume having
a weight of 2,000 pounds.

 

		uu)	"Tonne" - Metric tonne material volume
having a weight of 2,204.6 pounds.

 

		vv)	Unit Price or Unit Rate- each refers to individual
rates as set out in Exhibit D Schedule of Prices.

 

		ww)	"Work" - The execution and performance
of all that is required to be done or performed by Contractor as set out in this Contract including, but not limited to that which
is set out in the Contract Specifications (Exhibit A), all in accordance with this Contract.

 

		2.0	TERM

 

		2.1	Term. The term of this Contract shall commence on the date the Contract is executed
and continue for an initial period of twenty-four (24) months (the "Term"). No later than three (3) months
prior to the end of the Term, the Parties shall commence negotiation of an extension of the Term based upon mutually agreed terms
and conditions, which shall be evidenced by amendment to the Contract. If the Parties fail to agree on terms and conditions within
said three (3) months, then further Work may continue based upon mutually agreed payment terms until such time as all contract
terms are agreed, or the contract is otherwise terminated by either Party. For clarity, if time and materials rates are selected
as the basis to continue Work pending finalization of Contract extension terms, then such rates must be revised to reflect indirect
costs consistent with terms described in Article 24.3

 

    	CONTRACT MINING AGREEMENT	4 

    

    

 

		3.0	WORK TO BE PERFORMED

 

		3.1	Contractor, for and in consideration of payments to be made by Owner, agrees to furnish all required
labor, material and equipment and do all things necessary or required to timely complete the Work specified in this Contract and
in accordance with the Contract Specifications (Exhibit A) and the Schedule of Performance (Attachment 1 to the
Contract Specifications).

 

		3.2	Contractor's organization and work schedules for Contractors' personnel shall be subject to approval
by Owner prior to commencement of the Work.

 

4.0          SCHEDULE

 

Contractor shall carry out the Work in accordance
with Exhibit A and the schedules attached thereto.

 

		5.0	COMPENSATION

 

Subject to deductions or offset authorized by this
Contract, Owner shall pay Contractor in accordance with the following:

 

		5.1	Standard Monthly Payments. Each month during the Term, Contractor shall submit to Owner
for approval and payment no more than one application for payment (each an "Application for Payment") for all
Work performed during a payment period as follows:

 

 5.1.1 Payment Amounts: Owner shall pay Contractor for the work in accordance with the provisions set forth in the Pricing Schedule presented to Owner as set forth in this Contract as Exhibit D.

 

		(a)	Invoices: Billing will occur on 30-day cycles. On or before the 10th day of each calendar
month, Contractor shall submit to the Owner a Pro-Forma invoice, supported by appropriate documents for the Work completed during
the prior billing cycle.

 

		(b)	Payment of Invoices: Pro-Forma invoices to be approved by Owner by the 15th day of each
month before an invoice ("Final Invoice") can be issued by the Contractor. The Pro-Forma invoice will be amended to incorporate
any mutually agreed upon corrections and changes prior to the foregoing final approval by the Owner. The Owner shall pay each Final
Invoice within fifteen (15) days of Owner's receipt of such invoice. Payment may be made by Electronic Fund Transfers.

 

5.1.2
An Application for Payment may not include any amounts that Contractor does not intend to pay to a Subcontractor or Vendor
because of a dispute or other reason.

 

5.1.3
If, because of a dispute or offset between its Subcontractors, Contractor intends to deduct sums from one Subcontractor and
pay them to another Subcontractor, Contractor must specifically so advise the Owner in its Application for Payment.

 

		5.2	Advance Payment Option. At its option, and upon reasonable advance notice to Contractor, Owner may elect to pay Contractor
in accordance with the following process:

 

    	CONTRACT MINING AGREEMENT	5 

    

    

 

		5.2.1	Advance Payment Amounts: Owner shall issue to Contractor a forecast for the monthly Work
anticipated for the next monthly period during the term of the project no later than 10 days before the start of the next monthly
period ("Monthly Forecast"). This forecast will be based on Owner's mine plan. Contractor will review and establish the
estimated compensation for the Work in the Monthly Forecast, by 12:00 p.m. Pacific Time on the last day of the previous month
and will deliver an invoice for the estimated compensation for the Work described in the Monthly Forecast ("Advance Invoice").
The Owner shall approve or reject the Advance Invoice within three (3) days of receipt. If the Advance Invoice amount has
been approved by both parties, Owner will advance the funds in accordance with the Advance Invoice amount based upon the timing
agreed in 5.2.l(b).

 

		(a)	The Advance Invoice amount will be supported by documentation to identify estimated quantities
and associated Unit Prices.

 

		(b)	Advance Invoices may be paid in bi-weekly installments on 1st of the month and 15th of the month.
or as otherwise mutually agreed upon by the Parties. If these days fall on the weekend, the payment can be postponed to the following
business day.

 

		(c)	Monthly Reconciliation: During such time as Advance Invoices are elected by Owner, by the
tenth (10th) business day of each month, Contractor will submit to Owner a reconciliation of the value of work performed against
the funds advanced by Owner to account for any surplus or deficiency, which will include tonnage volume from TPMS (Exhibit A,
section 17) results as well as any Extra Work or Work under Change Orders performed ("Monthly Reconciliation"). Once
Owner and Contractor agree to the reconciliation, which must occur within five (5) business days of submission of Contractor's
reconciliation, the amount due to Contractor or credited to Owner will be applied to the next payment. Upon termination of the
Contract or as part of Final Payment process at the end of the Term, whichever is earlier, any surplus or deficiency must be refunded
to Owner or paid to Contractor within fifteen (15) days of the termination date or end of Term, as the case maybe.

 

		(d)	Discount for Advances for Monthly Compensation: If and during the time the Advance Payment
option is selected, Contractor will provide the Owner a discount of two and a half percent (2.5%) of the value of the actual Unit
Price Work performed. This will be credited during the monthly reconciliation process, as outlined in Section 5.2.1 (c).

 

		5.3	Complete Monthly Reconciliation Application or Monthly Invoice. For a Monthly Reconciliation
or a monthly invoice to be deemed "complete" for the purposes of Article 5, it must separately identify,
itemize and include the following:

 

		5.3.1	a description of all Work performed and the amount allocated to such Work;

 

		5.3.2	the amount due for Work satisfactorily completed prior to the date of the Monthly Reconciliation
or monthly invoice, as the case may be;

 

		5.3.3	for each category and portion of the Work: (a) the amount requested on all previous Monthly
Reconciliations or monthly invoice; (b) the amount requested on the current Monthly Reconciliation or monthly invoice; and
(c) the estimated amount allocated to the Work yet to be completed.

 

    	CONTRACT MINING AGREEMENT	6 

    

    

 

		5.4	If any portion of the Monthly Reconciliation or a monthly invoice is not accurately prepared or
properly supported it will be deemed invalid and not compensable. Contractor will re-issue the portion of the reconciliation or
invoice, as the case may be, that is accurately prepared and properly supported and Owner will compensate Contractor for valid
portion of the reconciliation or invoice only. Contractor can submit the remaining portion of Monthly Reconciliation or monthly
invoice with support required by Exhibit A and Exhibit D. In addition, to the extent a portion of the Work
is performed as Extra Work, Contractor shall be paid pursuant to Section 24.1.

 

		5.5	Subject to valid adjustments or as otherwise provided in this Contract, Contractor agrees to accept
the Contract Price as full compensation for all Work.

 

		5.6	Withholdings. Owner may withhold from the next Monthly Payment or Advance Payment based
upon the Owner's Monthly Forecast and Contractor's Monthly Reconciliation only for the Work which Contractor has not performed
in accordance with the Contract. If Owner intends to withhold any amount under this Section, then the Parties hereto shall follow
the following procedures:

 

		5.6.1	Notice of Withholding. Owner must deliver to Contractor, on or before the date that payment
is due, a written notice ("Notice of Withholding"), signed by an authorized agent of Owner and including: Owner
shall advise the Contractor in writing (a) the amount that will be withheld from Contractor; and (b) a reasonably detailed
explanation of the reason for Owner withholding that amount, including, without limitation, Owner's determination of any Work that
has not been performed but for which payment is being sought by Contractor, and/or a specific reference to the provision or Section of
this Contract or the Applicable Laws or regulation with which Contractor has failed to comply with, if any.

 

		5.6.2	Correction of Withholding. Upon Contractor correcting any condition described in the Notice
of Withholding as the reason for withholding payment due to Contractor, Contractor shall deliver written notice ("Notice
of Correction") to Owner identifying the scope and manner of the corrective measures undertaken by Contractor. Upon Owner's
receipt of a Notice of Correction, Owner shall: (a) pay to Contractor the amount withheld on or before the date that the next
payment is due to Contractor hereunder, if the conditions for withholding payment have been corrected to Owner's reasonable satisfaction;
or (b) deliver to Contractor no later than the 15th day of the month a written notice objecting to the scope and
manner of the corrective measures taken by Contractor and including a detailed explanation for such objection ("Notice
of Rejection").

 

		5.6.3	Consent to Deduction. If Contractor does not dispute the amount the Owner is withholding
and authorizes the Owner to back-charge Contractor for such amount, the Owner and the Contractor shall execute a deductive Change
Order memorializing such withholding.

 

		5.6.4	Dispute Regarding Withholding. If the Contactor disputes the Owner's position in the Notice
of Rejection, Contractor shall file a Notice of Claim and submit such claim for Owner's review. If the Parties are not able to
resolve disputes concerning withholding within ten (10) days of first date of notice, the matter shall be resolved in accordance
with Article 27.

 

		5.6.5	Payments may be withheld by Owner on account of defective Work not remedied, invalid claims
                                                                 filed (or reasonable evidence indicating probability of filing of invalid claims) or failure of Contractor to make payments
                                                                 properly owing to its subcontractors, suppliers or for material or labor. If the foregoing causes for withholding payment are
                                                                 removed, the withheld payments will be made promptly thereafter. If the causes for withholding payment are not removed within
                                                                 ten (10) days following Contractor's
receipt of Owner's written notice, Owner may cause the same to be rectified at Contractor's expense,
provided however that if such matters cannot reasonably be resolved by Contractor within such 10-day period, Contractor shall be
deemed to be in compliance if Contractor has commenced removal of such causes within such 10-day period and diligently and timely
completes removal within such time as is reasonable. Should any valid indebtedness of Contractor to its suppliers or for material
or labor arise after final payment is made to Contractor under this Contract, Contractor shall reimburse Owner for costs reasonably
incurred by Owner in resolving such indebtedness if it may affect the title to the Work or Owner's property.

 

    	CONTRACT MINING AGREEMENT	7 

    

    

 

		5.7	Excluding where Owner has elected the Advance Payment option, failure or lack of cooperation by
Contractor to prepare or submit reports, progress schedules, or plans for changes contemplated in its operations, or to assist
in preparation of same, promptly as required under this Contract, shall be cause for Owner to withhold all or part of any pending
and/or future payment until such time as Contractor has met the requirements specified by this Contract.

 

		5.8	Monies due Owner under the terms of this Contract to compensate Owner for back-charges as provided
in Article 25 of this Contract or for other expenses incurred on behalf of Contractor as authorized under this Contract
will, whenever appropriate, be deducted as they occur from each periodic payment to Contractor.

 

		5.9	No payment, including the final payment, shall be construed to be an acceptance of defective Work
or improper material. The final payment shall not relieve Contractor from responsibility for the discharge of valid claims of Owner
or from making available to Owner for examination and audit all records reasonably requested and pertaining to the quality or quantities
of the Work and Contractor's compliance with its obligations under this Contract.

 

		5.10	Prior to Contractor's Mobilization to Site, Owner shall procure a Payment Bond naming Contractor
as beneficiary to secure payment for the Work, the form of which will be provided by Owner and approved by both parties. The Payment
Bond shall be for a face amount of Two Million Dollars ($2,000,000). Such Payment Bond shall be for the purpose of providing security
for Owner's payment obligations under this Contract until such time as Owner has paid all amounts due and owing to Contractor for
the Work. At any time that Owner fails to meet its payment obligations under the Contract, which it has failed to remedy within
ten (10) business days of written notice by Contractor to Owner of such failure, (i) Contractor shall be entitled to
stop Work; and (ii) Contractor shall be entitled to call and access the Bond funds.

 

		5.11	Certificate of Insurance. Contractor shall not commence the Work or allow any Subcontractor
to commence Work unless and until it provides the Owner complete and accurate Certificates of Insurance (defined in Article 41).

 

		5.12	Off-Site Equipment and Materials. If Contractor is requesting payment for materials and
equipment stored off-Site, the applicable Application for Payment or Monthly Reconciliation shall include date stamped photographs
of such materials and equipment stored off the Site, and payment for such materials and equipment shall be contingent upon Contractor
providing Owner with at least thirty (30) calendar days' advance written notice of Contractor's intention to request such payment
from Owner, together with appropriate information and documentation, satisfactory to Owner and evidencing the following:

 

		5.12.1	that the materials and equipment are suitably stored off the Site in a segregated area at a location
approved by Owner in writing;

 

    	CONTRACT MINING AGREEMENT	8 

    

    

 

		5.12.2	the materials and equipment shall have clearly visible markings identifying the materials and equipment
as belonging to Owner for use in connection with the Project;

 

		5.12.3	Owner's title to and interest in such materials and equipment is adequately protected; and

 

		5.12.4	applicable insurance (with coverage limits acceptable to Owner) for storage of the materials and
equipment at a location other than on the Site, and for the transportation of the materials and equipment to the Site, which insurance
shall be evidenced by a certificate of insurance showing Owner named as the loss payee.

 

		5.13	Final Payment. For the purposes of this Contract, "Final Payment" shall
mean the payment to Contractor of all amounts due and owing and remaining unpaid to Contractor under this Contract, based on an
application for final payment delivered by Contractor to Owner (the "Application for Final Payment"). Owner shall
make the Final Payment within thirty (30) calendar days after Owner's issuance of a Notice of Final Acceptance of the Work pursuant
to Article 18.

 

		5.14	Conditions to Final Acceptance. As a condition precedent to the Owner's issuance of the
Notice of Final Acceptance and Owner's obligation to make the Final Payment, Contractor must deliver the following to Owner together
with the Application for Final Payment:

 

		5.14.1	A certificate from Contractor that the following have been paid or otherwise satisfied in full:

		(a)	all payrolls (including all union dues, health, welfare, pension plan and other labor associated
contributions), invoices for all labor, materials and equipment and all other indebtedness connected with the Work for which Owner
may in any way be responsible, and for which Owner has paid to Contractor; and (b) all applicable taxes due and payable prior
to Final Payment and arising out of the Work.

 

		5.14.2	An unconditional Release and Waiver of Claim upon final payment in the form attached as Exhibit G,
signed (and notarized) by Contractor and all Subcontractors and Vendors and all other persons providing any services, labor,
materials or equipment in relation to the Work.

 

		5.14.3	A statement of all unresolved claims for which payment has been and/or shall be withheld by Owner.

 

		5.15	The making of any payment to Contractor or the issuance of any Notice of Final Acceptance shall
not constitute acceptance by Owner of the quality of the Work that is the subject of such payment, nor shall it be deemed a waiver
with respect to any Claims that Owner may have with respect to such Work. The making of Final Payment shall not constitute a waiver
of any Claims by Owner including, without limitation, any Claims arising from or relating to: (a) liens, claims, security
interests or encumbrances arising out of this Contract and which are unsettled; (b) the failure of the Work to comply with
the requirements of this Contract; and (c) the terms of any express or implied warranties, or special warranties required
by this Contract. Acceptance of Final Payment by Contractor, a Subcontractor or other third party vendor or contractor ("Vendor")
shall constitute a waiver of claims by that payee except those previously made in writing and identified by that payee as unsettled
in the Application for Final Payment.

 

		5.16	Books and Records. Contractor shall (and shall cause its Subcontractors) to maintain complete
and accurate, detailed records and reporting documentation (collectively, the "Books and Records") on the basis
of standard accounting procedures for all costs incurred and documents in connection with the Project.

 

    	CONTRACT MINING AGREEMENT	9 

    

    

 

6.0           INVOICING
INSTRUCTIONS

 

Contractor's
Application for Payment form and Monthly Reconciliation form as approved by Owner, Advance Invoices and all other required documentation
in support thereof shall be transmitted in the number of copies as requested to:

 

Walker Lane
Minerals Corp.

415 Hwy
95A Ste K-1101 

Fernley, Nevada 89408 

ATTENTION: Finance Manager

 

With
electronic copies to pwestwood@grcnevada .com and ap@goldresourcecorp.com, or
such other electronic mail addresses as may be provided from time to time.

 

The invoices for each
calendar month shall be submitted as provided in Section 5.1.1
or 5.2.

 

Owner's payment
of Contractor's monthly invoices, or Advance Invoice shall be

 

made to: Ledcor
CMI Inc. 

5370 Kietzke Lane, Suite 204 

Reno, Nevada 89511

 

ATTENTION:
Accounts

 

Payable

 

		7.0	CONTRACTUAL RELATIONSHIP

 

		7.1	In the performance of this Contract, Contractor shall operate as an independent contractor.

 

		7.2	This Contract shall not be construed as creating a relationship of
Joint Venture, principal and agent, or employer and employee,
between Owner and Contractor, or Contractor's or Subcontractor's agents, employees or Subcontractors. Contractor shall have no
authority to hire any person on behalf of Owner, and all persons employed by Contractor shall be deemed to be solely the employees
of Contractor.

 

		8.0	SUBCONTRACTS

 

		8.1	Contractor shall not subcontract any part of the Work without prior written approval of Owner,
and in each individual instance, the scope of the Work to be subcontracted will be subject to prior approval of Owner, which approval
may be withheld by Owner in its sole discretion, acting reasonably.

 

		8.2	Contractor agrees that it is responsible to Owner to the extent provided in this Contract for the
acts and omissions of its Subcontractors and of persons either directly or indirectly employed by them as it is for the acts and
omissions of persons directly employed by it.

 

		8.3	Nothing contained in this Contract shall create any contractual relationship
between any Subcontractor and Owner. Each subcontract shall
provide that it is subject to termination for the convenience of Owner.

 

		8.4	Flow-Down Provisions. This Contract shall be incorporated by
reference into all contracts relating to the Work. Contractor shall cause all contracts relating to the Work (including, without
limitation, all Subcontracts) to specifically include the
requirements of the following provisions of this Contract:

 

    	CONTRACT MINING AGREEMENT	10 

    

    

 

		8.4.1	Article 10.0

 

		8.4.2	Article 11.0

 

		8.4.3	Article 25.0

 

		8.4.4	Article 27.0

 

		8.4.5	Article 28.0

 

		8.4.6	Article 29.0

 

		8.4.7	Article 30.0

 

		8.4.8	Article 34.0

 

		8.4.9	Article 36.0

 

		8.4.10	Section 40.2.1.

 

		8.4.11	Article 53.0

 

		9.0	REPRESENTATIONS-ENFORCEABILITY

 

		9.1	Owner represents it has the power to execute and deliver this Contract; and, upon execution and
delivery of this Contract by the Parties, the same will be enforceable in accordance with its terms.

 

		9.2	Contractor represents it has the power to execute and deliver this Contract; that, upon execution
and delivery of this Contract by the Parties, the same will be enforceable in accordance with its terms.

 

		10.0	CONTRACTOR'S RESPONSIBILITY AND WARRANTIES

 

		10.1	Contractor shall furnish all labor, supervision, equipment, materials, supplies, services, and
incidentals necessary (except where specifically to be provided by Owner) to cany out the Work hereunder in accordance with the
terms of this Contract. If Contractor is aware of discrepancies in the Design Drawings or Contract Specifications, the matter shall
be submitted in writing, in the first instance, to Superintendent for interpretation.

 

		10.2	Contractor has reviewed the Design Drawings provided at the Effective Date, and represents that
it understands the design of the Project and can perform the Work specified in this Contract in accordance with Applicable Law,
the Contract Specifications and all requirements in this Contract.

 

		10.3	All Work shall be performed in accordance with the generally accepted current national standards
of professional care, skill, diligence and competence normally provided by a professional in the performance of services similar
to the Work. Contractor shall be properly qualified to perform the Work, shall possess all licenses and professional certificates
required by Applicable Laws and shall perform the Work in compliance with all Applicable Laws. Contractor warrants that all Work
and workmanship (including that of all Subcontractors) shall be of the elevation and quality specified in this Contract, shall
conform in all respects to the requirements of this Contract, and shall be performed in accordance with good, safe and workmanlike
practices.

 

    	CONTRACT MINING AGREEMENT	11 

    

    

 

 10.4 Contractor's responsibility shall include, but not be limited to: (a) transportation of its personnel, material, and equipment to and within the Site; (b) prompt unloading, handling, and storage of all material and equipment to be furnished or used by Contractor; (c) clean up and minimization of its debris and surplus material; (d) temporary construction facilities for its operations; (e) protection from weather and other protection for, and make good any damages or loss to the Work (and the materials and equipment required therefor) to the extent caused by or resulting from the fault of Contractor or its Subcontractors, until agreed to in a Notice of Final Acceptance (as specified in Article 18).

 

		10.5	Contractor shall provide experienced and efficient supervision of the Work and shall, during the
execution of the Work, maintain at the Site a competent full time representative and any necessary assistants. Owner shall have
the right, but not the obligation, to request that any individual be removed from the Site for any work-related reason including,
but not limited to: any violation of Applicable Laws, failure to abide by any Site policies, or disruption of Work.

 

		10.6	All workers will have sufficient skill and experience to properly perform the tasks assigned to
them. Workers engaged in special tasks or skilled tasks will have appropriate qualifications, permits or licenses, experience with
such tasks and the operation of equipment required to perform all such tasks properly and satisfactorily to completion. Contractor
shall remove from the Site any person employed by Contractor or by a Subcontractor who fails to perform tasks in a proper and skillful
manner, or who is intemperate or disorderly. Additionally, any such person shall, at the written request of Owner, be removed forthwith
by Contractor or Subcontractor employing such person and will not be employed again in any portion of the Work without the prior
written approval of Owner. Should Contractor fail to remove such person or persons as required above, or fail to furnish suitable
and sufficient personnel for proper execution of the Work, Owner may suspend the affected portion(s) of the Work by written
notice until such orders are complied with.

 

		10.7	Not used.

 

		10.8	Contractor shall minimize or avoid, if possible, causing risks incident to the Work.

 

		10.9	Contractor shall maintain all of its work areas in a neat and tidy condition. If, in the reasonable
opinion of Owner, any or all of Contractor's work areas are not maintained in a neat and tidy condition Contractor shall remedy
the situation at its sole cost and expense within 10 days following written notice from Owner to Contractor.

 

		11.0	COMPLIANCE WITH LAWS, PERMITS AND REGULATIONS

 

11.1    To
the extent applicable to the performance of the Work, Contractor at all times shall comply with (and shall require that all of
its Subcontractors comply with) any and all statutes, laws, rules, regulations, orders, stipulations, restrictions, conditions,
permits (including, but not limited to, obligations and restrictions under any record of decision relating thereto and those permits
in Attachment 3 to Exhibit A), ordinances, licenses, judgments, decrees, directives, instructions, and interpretations promulgated
by any federal, state or local governmental authority having jurisdiction over the Project or the Work including, but not limited
to, safety and accident prevention regulations and standards and recordkeeping requirements under MSHA (Mine Safety and Health
Act, as amended) and OSHA (Occupational Safety and Health Act, as amended), U.S Department of Labor regulations, U.S. Department
of Transportation regulations, building and electrical codes, wages, unemployment compensation, social security laws, and Environmental
Laws ("Applicable Laws"); and Contractor shall file all reports, pay all taxes, fees and charges required by such
Applicable Laws in connection with the Work. Contractor shall be liable for any fines, penalties, liabilities and costs associated
with Contractor's failure, or the failure of any Subcontractor, to comply with Applicable Laws except to the extent such failure
is caused by the Owner or those for whom Owner is responsible. Any regulatory civil penalties charged to Owner or other costs incurred
by Owner as a result of any failure of Contractor or a Subcontractor to comply with Applicable Laws will be back-charged to the
Contractor.

 

    	CONTRACT MINING AGREEMENT	12 

    

    

 

		11.2	Owner shall obtain and maintain in good standing all permits and licenses necessary for the performance
and completion of mining activities at the Site and Contractor shall obtain and maintain in good standing, and assure its subcontractors
obtain and maintain in good standing, all business, contracting and equipment operating permits and licenses necessary for its
performance and completion of the Work on behalf of Owner (including MSHA identification numbers and all required MSHA training).

 

		11.3	Contractor shall obtain and maintain in good standing all necessary permits and licenses, related
to transportation, storage, use or disposal of explosives and other supplies (excludes Ammonium Nitrate storage/silo). The forgoing
includes compliance with all applicable regulations.

 

		12.0	NOTICE TO PROCEED

 

		12.1	Contractor shall not commence the Work until a written Notice to Proceed has been received from
Owner, provided however that Owner shall issue the Notice to Proceed at least 15 days prior to commencement of Work.

 

		13.0	DESIGNATION OF REPRESENTATIVES

 

		13.1	Upon signing this Contract, (i) Contractor shall designate in writing competent representatives
acceptable to Owner who, on behalf of Contractor, will have complete charge of the Work and shall be authorized to make Project-specific
agreements binding Contractor. Contractor will not change its representatives without prior written notice to Owner, and the designation
of Contractor's representatives (or any replacement representative) shall be subject to approval in writing by Owner such approval
not to be unreasonably withheld. For specific cause, such approval may be withdrawn by Owner, in which event Contractor shall remove
the representative from the Site and shall designate in writing another representative acceptable to Owner. All expenses associated
with such removal or replacement shall be paid by Contractor; and (ii) Owner shall designate in writing a competent representative
who shall be authorized to act on behalf of the Owner.

 

		13.2	The Parties' designated representatives shall be available at all reasonable times and the Parties
will communicate through those representatives.

 

		14.0	SITE WORKING CONDITIONS AND REMOVAL OF ITEMS

 

		14.1	Contractor acknowledges it has had an opportunity to inspect observable conditions at the Site
and the conditions described in this Contract (including quantities, character, location and sources of Contractor supplied materials,
and of unloading, storing and handling facilities and of other observable conditions affecting the Work as of the time of Contractor's
execution of this Contract), and has done so to the extent that Contractor, in its sole judgment, deems appropriate.

 

		14.2	Reasonable working areas for storage, shops, equipment yards, stockpiles, etc., will be made
available to Contractor without charge. Reasonable grading, drainage work, etc. as shown in or reasonably inferable from this
Contract to maintain the working areas suitable for Contractor's needs will be paid by Contractor. Drainage work and earth works
outside the immediate Contractor working area will be paid by Owner. These areas and their usage will be subject to approval by
Owner and no other areas will be allowed to be occupied by Contractor without written consent of Owner. Contractor will exercise
caution at all times to avoid blocking roads or in any other way interfering with Owner's operations or presenting a hazard to
Owner's personnel or equipment, or to the public. Contractor will not erect any permanent or semi-permanent structures, including
but not limited to shops, warehouse, and office building without the prior written approval of Owner as to site, design and finishing,
such approval not to be unreasonably withheld. Owner will not be responsible for any costs associated with the erection of any
structure by or on behalf of Contractor; this includes, but is not limited to, engineering, permits and/or taxes as per Section 39.2.

 

    	CONTRACT MINING AGREEMENT	13 

    

    

 

		14.3	Contractor will, without charge, permit Owner and other contractors to use the roads, lighting
installations, and other facilities constructed or maintained by Contractor for its use in completing the Work; provided that such
usage will not unreasonably interfere with the Work or unreasonably increase Contractor's costs or its time for performance of
the Work.

 

		14.4	All materials on the Site, including but not limited to:

 

		(a)	rocks, ores, or mineral specimens;

 

		(b)	all artifacts;

 

		(c)	material purchased and/or paid for by Owner;

 

		(d)	any and all equipment or buildings belonging to Owner on the Site; and

 

		(e)	items other than equipment and material brought in by Contractor for its express use in the completion
of the Work;

 

are the property of Owner. Neither
Contractor, its agents, employees, or Subcontractors, shall remove any such property from the Site and Contractor shall take reasonable
steps to guard against loss of such property that is within Contractor's care custody and control due to theft or unauthorized
removal. Contractor shall promptly report to Owner any such losses.

 

		15.0	INSPECTION OF WORK

 

		15.1	Contractor shall identify any Work at the Site done by third parties, including other contractors
hired by Owner, which may affect Contractor's Work or to which its Work must be joined to ascertain its suitability for use in
relation to Contractor's Work and shall immediately advise Superintendent if Contractor discovers any deficiency required to be
corrected. Notwithstanding the foregoing, Contractor is not responsible for the work (including any deficiencies) of other contractors
hired by Owner.

 

		15.2	Inspection of all the Work will be carried out by Owner while such Work is in progress. Notwithstanding
such inspection, Contractor will be held responsible for the completion of the Work in accordance with the terms and conditions
of this Contract.

 

		15.3	Owner and its representatives will, at all times, have reasonable access to the Work whenever it
is in preparation or progress. Owner will perform said inspection in such manner as not to delay the Work unnecessarily.

 

		16.0	COMPLETION OF THE WORK

 

		16.1	The Work shall be completed by the time or times, and in the sequence, specified in this Contract
or in Change Order(s). If so directed by Owner, and subject to the provisions of Article 23 herein, Contractor shall
work such overtime and shall take such other action as is practicable to avoid or otherwise to minimize the effect of delays caused by or resulting
from the action or inaction of Contractor and its Subcontractors or Owner and its other contractors.

 

    	CONTRACT MINING AGREEMENT	14 

    

    

 

	17.0	CORRECTION OF DEFECTIVE WORK

 

		17.1	To the extent caused by or resulting from the action or inaction of Contractor or any Subcontractor,
any defective material or Work not performed in accordance with this Contract shall be replaced or corrected immediately without
unreasonable delay in the progress of the Work at no additional cost to Owner. Corrections to defective Work and material must
be done within the terms and conditions of this Contract.

 

	18.0	FINAL COMPLETION OF THE WORK

 

		18.1	At the expiration of the Term of this Contract, Owner will carry out an inspection of the Work.
The Work performed hereunder may be accepted as a whole or in separately defined parts. If all of the Work has been completed to
the satisfaction of Owner, Owner will provide written notice to Contractor ("Notice of Completion"). In the event
the notice includes only a portion of the Work, the notice will contain a list of items that must be completed in order to reach
Final Completion. The Final Completion period may extend past the end of the Term so as to allow Contractor to remedy any issues
described by the Owner in its partial notice. In the event that Contractor disagrees with the items listed, Contractor may exercise
its rights as defined elsewhere in this Contract.

 

	19.0	PARTIAL AND FINAL RELEASE AND WAIVER OF CLAIMS

 

		19.1	Owner will require as a prior condition to Final Payment a full Release and Waiver of Claims in
the form attached hereto as Exhibit G and reserves the right, at its discretion prior to any monthly payment(s) to
Contractor, to require a Release for Partial Payment for monies earned under this Contract through a specified date in the form
attached hereto as Exhibit F.

 

		19.2	If at any time there is a claim against Contractor arising out of or in connection with the performance,
or default in performance which Owner reasonably believes to be valid, of this Contract for which Owner might be or become liable,
then Owner shall have the right to discharge such claims and assess all costs thereof against the balance due Contractor, provided,
however, that Owner has provided ten (10) days prior written notice to Contractor.

 

	20.0	TITLE, ADVANCEPAYMENTS

 

		20.1	If payments are made by Owner for supplies or material prior to delivery or installation, or if
Owner supplies items required for the Work, Owner may require that the goods in process be marked or otherwise identified, and
Contractor shall execute such documents and take such action as in Owner's opinion are necessary to give Owner the exclusive right
to take possession and title thereto at any time, as well as a security interest therein.

 

		20.2	No advance payment shall operate to relieve Contractor of risk of loss or any other obligations
under this Contract.

 

	21.0	DESIGN DRAWINGS PREPARED BY THE OWNER

 

		21.1	The Design Drawings in effect as of the Effective Date of this Contract are contained in Exhibit B.
Additional Design Drawings issued by Owner will be supplied to Contractor as they become incorporated in Owner's mine plan,
subject to Article 23. Contractor is permitted to rely upon such Design Drawings and shall not be liable for any errors
or omissions therein.

 

    	CONTRACT MINING AGREEMENT	15 

     

    

 

	22.0	CHANGE ORDERS AND CONTRACT AMENDMENTS

 

		22.1	The Contract Price and Schedule established in this Contract is not subject to change except as
expressly provided in this Contract and by a written Change Order, signed by Contractor and Owner. A valid Change Order shall be
signed by the following authorized representatives:

 

	Owner's Designated Representative:	Robert Cassinelli, Project/General Manager

 

	Contractor's Designated Representative:	Jeff Larson, General Manager

 

		22.2	Any Amendment to this Contract shall bind the Parties only if made by a written document which
both states that it amends this Contract and is signed by Owner and Contractor. A valid Contract Amendment shall be signed by the
following authorized representatives:

 

	Owner's Designated Representative:	Robert Cassinelli, Project/General Manager

 

	Contractor's Designated Representative:	Jeff Larson, General Manager

                           Or

                           Randy Daggitt, Senior Vice President

 

	23.0	CHANGES

 

		23.1	The Parties agree that the Design Drawings and mine plan will be subject to alteration each day
depending upon expected conditions and daily activities. Alterations to the Design Drawings and mine plan are not
considered changes that merit a Change Order or Contract modification unless and until such change materially, including as defined
in Section 23.6, alters the Scope of Work described in this Contract and the baseline expectations outlined in the Mine Plan.

 

		23.2	Owner may order changes in the scope of the Work from time to time only by the issuance of written
notification to Contractor. If such changes materially affect the Work, Contractor shall promptly so advise Owner in writing in
such detail as reasonable, including an estimate of the effect of the change on time for performance and increased or decreased
Contract Price prior to beginning the changed Work but not later than ten (10) days after the change is ordered, if ordered
by written notice to Contractor.

 

		23.3	If such notice is given or if, in the opinion of Owner, such change involves a reduction in the
amount of expense of Contractor, Owner and Contractor shall negotiate in good faith with a view to reaching agreement upon an adjustment
to the affected terms of this Contract, including the Contract Price and the time for performance and completion of the Work. Subject
to Section 23.4, changes in the Contract Price or Contractor's obligations agreed to by Owner will only be effective
if made by a Change Order signed by Owner and Contractor. Excluding where a change may relate to Extra Work, the adjustment to
the Contract Price will be made on the following basis:

 

		(a)	To the extent applicable, such adjustment shall be made upon the basis of Contract Unit Prices
as set forth in the Unit Price Schedule contained in Exhibit D (Schedule of Prices).

 

    	CONTRACT MINING AGREEMENT	16 

     

    

 

		23.4	If so directed by Owner in writing, Contractor shall proceed with the changed Work or Extra Work
prior to the time the amount of any price or other required adjustment is determined and the Parties shall thereafter use their
best efforts to reach mutual agreement of the points on which they have not agreed. If the Parties are not able to reach agreement,
the matter may be resolved in accordance with Article 27.

 

    	CONTRACT MINING AGREEMENT	17 

     

    

 

		23.5	In the event Contractor's performance of the Work is affected by any Site or scheduling conditions
not under Contractor's control or by any changes directed by or on behalf of Owner which are not directed in writing, Contractor
shall be entitled to request a Change Order if such changed conditions given by or on behalf of Owner materially affect the Work.
If the Parties are not able to agree upon adjustments to be made to the Contract Price or the time for performance of the Work,
the matter shall be resolved in accordance with Article 27. Contractor shall be entitled to increase the Unit Prices
for its Work, including product or materials, if at any time the requirements of a new or amended law, taxes or regulation affecting
manufacturers or users of explosive products results in an increase of the cost to manufacture, package, store or transport the
products or materials constituent thereof.

 

		23.6	Materiality or a Material change shall include, but not be limited to, the following meaning and
occur under the following circumstances:

 

		(a)	The cumulative volume of material (measured in Tonnes) hauled pursuant to this Contract during
a rolling three (3) calendar month period is 10% less than shown in the existing applicable Mine Plan at time of bid contained
in Exhibit B.

 

	24.0	EXTRA WORK

 

		24.1	Any work that is not contemplated or contained in Exhibit A, excluding modifications
described Section 23.1, or related to the completion of the Work may be considered Extra Work. Extra Work may be requested
by Owner from time to time and completed by Contractor, wherein Contractor performs work that may otherwise be completed by Owner
using Contractor's labor force. If such Extra Work is requested, Contractor will be paid in accordance with the rates provided
in Attachments 4 and 5 in Exhibit D.

 

		24.2	Extra Work shall be approved in writing by Owner prior to commencement of such Extra Work. An Owner-signed
Change Order for Extra Work shall be included with the applicable monthly invoice, Advance Invoice or Monthly Reconciliation, as
the case may be. Owner shall not be obligated to pay for any unauthorized Extra Work.

 

		24.3	For clarity, Time and Material rates will apply while Work is performed concurrently with Unit
Rate Work. Where there is no Unit Rate Work being performed, an additional amount may be negotiated to cover project overheads
or in-directs.

 

	25.0	CORRECTIONS, BACK-CHARGES AND DEFECTIVE WORK

 

		25.1	Excluding for Work performed on a Time and Materials basis, the cost of corrections to Contractor's
defective Work, which are not made by Contractor's own work force and at its own cost, or Work that is performed by Owner or a
third party because Work is not being completed by Contractor in a timely manner, to the extent caused by or resulting from the
action or inaction of Contractor and following ten

 

		(10)	days written notice to Contractor to cure, and Contractor's
failure to cure during such 10-day period, or if cure cannot reasonably be completed in 10 days commencing to cure such matters
and diligently completing such cure thereafter, shall be handled as a back-charge against the Contract Price pursuant to the following
procedures:

 

		(a)	Contractor's representative will be notified in writing of the Work Owner intends to perform.

 

		(b)	All labor, equipment and services used to perform the Work, or the corrections or modifications
will be accounted for on an actual time expended basis. Labor will be charged to Contractor at the actual wage rate paid to each
worker, foreman, supervisor and timekeeper involved; plus, applicable taxes, compensation insurance and other payroll assessments
payable and prevailing at the Site.

 

    	CONTRACT MINING AGREEMENT	18 

     

    

 

		(c)	Permanent materials, consumable supplies and/or the cost of other contractors will be charged to
Contractor at Owner's actual cost delivered to the Site.

 

		(d)	The sum total of items (b) through (e) will be the amount applied as a back charge to
the Contract Price.

 

		25.2	All Work performed as a back-charge against this Contract in accordance with the amount calculated
under Section 25.1 will be recorded under a written back-charge notice issued to Contractor by Owner. In instances
where Contractor's representative is at the Site, the representative's signature will be requested. In no event shall the absence
of Contractor's representative or his refusal to sign the notice delay performance of the Work which Owner considers necessary
to the continuation and completion of the Work in accordance with this Contract.

 

		25.3	Whenever possible, Owner will substantiate costs of the error or defect and the corrective Work
performed by means of photographs or other documentary evidence. Separate time sheets and cost records will be maintained for each
back-charge notice and copies of all such records and photographs will be available at all times to Contractor.

 

		25.4	In the event Contractor disputes that its Work was defective or was not being performed in a timely
manner or that such matters were not caused by or the result of action or inaction of Contractor and therefore disputes Owner's
right to back-charge Contractor, the matter shall be resolved in accordance with Article 27.

 

	26.0	LOSS OR DAMAGE BY ACTIONS OF OTHERS

 

		26.1	Owner shall not be liable to the extent Contractor sustains damage or loss through any delay, default,
act or omission of any of its Subcontractors.

 

		26.2	If Contractor, to the extent of any default, negligence or willful misconduct on its part, damages
any other contractor, Contractor hereby agrees to be directly responsible to such other contractor for any such damage and to indemnify,
defend and hold Owner harmless for all such damages.

 

	27.0	DISPUTES

 

		27.1	Executive Meeting - If any dispute arising out of or relating to this Contract shall emerge,
between the Parties, the Parties shall first attempt in good faith to promptly resolve said dispute by negotiations. Either Party
may give the other Party written notice of any dispute not resolved in the ordinary course of business. Within five (5) days
after delivery of such notice, a representative with resolution authority from each Party shall meet at a mutually-acceptable time
and place (or, by mutual agreement, said meeting may be held via telephone or video-conference), and thereafter as often as necessary,
to e:x,change relevant information and to attempt to resolve the dispute. If the matter has not been resolved within ten (10) days
of the disputing Party's notice, or if the Parties fail to meet within ten (10) days, any Party may initiate mediation of
the controversy as provided in Section 27.2.

 

    	CONTRACT MINING AGREEMENT	19 

     

    

 

		27.2	Mediation - If any decisional deadlock or dispute cannot be settled through informal negotiation
as provided in Section 27.1 above, the Parties agree to try in good faith to settle the dispute by mediation before
resorting to arbitration. The mediation process shall be initiated after any relevant Party determines that the informal negotiations
pursuant to Section 27.1 above are not resolving the dispute and thus sends to the other Party written notice of same.
The Parties shall jointly retain, and split the costs of, a professional mediator or retired judge through JAMS. Subject to the
mediator's schedule and any agreement among the Parties, the Parties shall endeavor to complete any mediation within thirty (30)
days of the notice of same.

 

		27.3	Arbitration - If the Parties are unable to resolve the dispute through negotiation and/or
mediation as provided hereinabove, the dispute shall be resolved by binding arbitration. The process shall be initiated by written
notice served by any Party to the unsuccessful mediation. The arbitration shall occur before a single arbitrator on whom the Parties
can agree, administered by American Arbitration Association or JAMS.

 

		(a)	By including this Article 27, it is the Parties' intention that all disputes shall be resolved
by the quickest, fairest, and least expensive means reasonably available.

 

		(b)	The Parties agree that the arbitrator shall give effect to the laws of the State of Nevada, including
but not limited to conflicts of law provisions, statutes of limitation, and matters pertaining to the validity of this arbitration
clause in determining matters submitted to arbitration hereunder.

 

		(c)	The arbitrator is empowered and shall have the authority to award preliminary injunctive relief,
other provisional remedies, equitable relief and/or damages, compensatory damages, and such damages as shall be reasonable in an
amount in relation to the receiving Party's pecuniary loss, if any, and available under the laws applicable to the circumstances
of the dispute.

 

		(d)	The costs of the arbitration, including the fees and expenses of the arbitrator, the administration
fees, and the facility costs, if any, shall be borne by the Parties to the arbitration in equal shares, each Party bearing the
expense of its own counsel, experts, witnesses and preparation and presentation of proofs.

 

		(e)	Subject to the arbitrator's schedule, the arbitration shall occur within one-hundred twenty (120) days of service of the notice which initiated
the arbitration process.

 

		(f)	Unless otherwise ordered by the arbitrator, each Party shall be entitled to pursue all appropriate
methods of discovery. The Nevada rules of evidence shall govern the proceeding.

 

		27.4	Confidentiality- Except for Owner's obligations to report to as required by applicable governmental
and regulatory agencies, including stock exchanges where Owner maintains a listing, having jurisdiction over the Project, the Patties,
mediator(s) and/or arbitrator(s) shall treat all aspects of any dispute as strictly confidential; provided, however,
that any award or decision rendered by the arbitrator pursuant to Section 27.3 may be entered and recorded as a judgment
or order in any court of competent jurisdiction.

 

		27.5	Venue - The venue of any binding dispute resolution procedure, or court action appealing same or
brought for any other purpose, shall be Reno, Nevada.

 

    	CONTRACT MINING AGREEMENT	20 

     

    

 

	28.0	DELAYS AND FORCE MAJEURE

 

		28.1	Contractor shall, in writing, promptly and in no event later than three (3) days after Contractor
identifies the delay, advise, and thereafter keep advised, Owner concerning any delay or additional delay in the Work. If Contractor
fails to advise Owner within such 3-day period, Contractor shall not be granted schedule relief to the extent the failure prevented
Owner from mitigating the effects of the delay discovered by Contractor.

 

		28.2	Neither Party shall be liable for its failure to perform any of its obligations hereunder during
any period in which performance is delayed by force majeure events including fires, floods, earthquakes, or other natural disasters,
wars, strikes, labor lock-outs, union disputes, embargos, riots, the intervention of any government authority, or other event that
is out of the reasonable control of the affected Party excepting any obligation of either Party to make payments in connection
with the Work, provided that the Party suffering such delay immediately notifies the other Party in writing of the delay. Weather
that is not abnormally severe for the period of time when, and area where, such event occurs shall not be a force majeure event.
Neither Party shall be relieved of liability for failure of performance due to a claimed force majeure hereunder if such failure
is due to causes arising out of its own negligence or to removable or remediable causes that it fails to remove or remedy with
reasonable dispatch. If the performance of Contractor is delayed for force majeure for a period of thirty (30) consecutive days
or more, Owner may terminate this Contract by notice to Contractor and Contractor shall be paid for all Work executed through the
date of termination as per Schedule of Prices (Exhibit D) or Change Orders agreed, excluding any defective Work, and
for Demobilization as specified in the Schedule of Prices (Exhibit D) or a pro rata portion thereof if a part of this
Contract is terminated. In the event Owner does not terminate this Contract due to a force majeure, then (i) the time for
performance or cure will be extended for a period equal to the duration of the force majeure, (ii) Contractor shall be reimbursed
for all costs incurred pursuant to Section 29.3, and (iii) Contractor shall provide Owner with Contractor's plan
to proceed under the terms of this Contract notwithstanding the force majeure.

 

		28.2.1	Should any governmental agency intervene or suspend the Project due to Contractor's failure to
complete Work in accordance with this Contract, Contractor agrees that it shall remain on the Project until such time as the governmental
agency is satisfied with Contractor's performance. Any delays or suspensions related to Contractor's failure to perform shall not
constitute a force majeure event.

 

	29.0	SUSPENSION OR TERMINATION FOR CONVENIENCE

 

		29.1	Owner reserves the right to suspend or terminate this Contract, or any part thereof, upon notice,
at any time and for any reason it deems fit, including for its convenience (i.e., without cause). Such suspension or termination
will be made in writing and may include the whole or any specified part of this Contract.

 

		29.2	If during the Term Owner elects to terminate the Agreement for convenience, Owner will provide
Contractor with 30 days' prior notice. The purpose of the specified thirty-day notice is to allow the Parties sufficient time for
the Contractor to efficiently demobilize. For purposes of clarity, this Section 29.2 shall not prevent or restrict Owner from terminating the Agreement under Article 28 DELAYS AND FORCE MAJEURE.

 

		29.3	As full compensation for suspension or termination for convenience, Contractor will be reimbursed
for the following costs, reasonably incurred, in addition to compensation for Work executed, without duplication of any item, to
the extent that such costs result from such suspension of the Work:

 

		(a)	A standby charge to be paid to Contractor during the period of suspension which standby charge
will be sufficient to compensate Contractor for keeping, to the extent required in Owner's notice of suspensions, its organization,
labor, supervision and equipment committed to the Project in a standby status. Standby charges are limited to onsite costs only.

 

    	CONTRACT MINING AGREEMENT	21 

     

    

 

		(b)	All reasonable costs associated with the Demobilization as per schedule and reasonable costs associated
with remobilization of Contractor's plant, forces and equipment to the extent required in the notice.

 

		(c)	An equitable amount to reimburse Contractor for the cost of maintaining and protecting that portion
of the Project upon which Work has been suspended.

 

		29.4	Upon receipt of notice to resume suspended Work, Contractor will resume the suspended Work within
a reasonable time to the extent of the resumption of Work required in the notice. If, as a result of any such suspension of the
Work, the cost to Contractor of subsequently performing the Work is substantially increased or decreased, Owner will make an equitable
adjustment in its payment for any remaining portion of the Work. Further, the time of performance of this Contract will be subject
to extension as necessitated by the suspension, plus a reasonable additional period for remobilization. The Contract will, accordingly,
be amended by a Change Order, provided, however, that any claim by Contractor for an adjustment hereunder must be asserted within
thirty (30) calendar days after Contractor has determined its costs associated with performance of remaining portions of the Work.
In the event any Work is suspended for a total period of ninety (90) consecutive days or more, Contractor shall have the right,
but not the obligation, to terminate this Contract in which case Contractor shall be further compensated by Owner in accordance
with the amounts set forth in the Schedule of Prices (Exhibit D) or as modified by any Change Order. Should Contractor
elect such termination Contractor and Owner will use their best efforts to negotiate an equitable settlement beyond Demobilization
as specified in Exhibit D. If Contractor and Owner fail to agree on an equitable settlement, payment to Contractor
shall include the following:

 

		(a)	Demobilization as specified in the Schedule of Prices (Exhibit D) or a pro rata portion
thereof if a part of this Contract is terminated.

 

		(b)	The cost of termination and settlement of subcontracts properly chargeable to the terminated portion
of this Contract.

 

		(c)	Payment for materials and supplies already obtained or ordered and non-cancellable on the effective
date of Termination, including an additional 10% for warehousing, overhead and profit.

 

		(d)	Contractor's billable cost for accounting, legal, clerical and other overhead, which billable cost
shall not exceed 10% of the total of all other costs incurred through the effective date of Termination exclusive of the costs
enumerated in Sections 29.4 (a) through (d) inclusive; but Contractor shall not be paid and no claims shall be
made for special or consequential damages including loss of anticipated profit due to such termination.

 

		29.5	In case of termination for the Owner's convenience, the Owner fully releases the Contractor of
any and all obligations and liabilities and Contractor shall be entitled to the same right to compensation upon termination as
set out in Section 29.4 where Contractor elects to terminate.

 

	30.0	TERMINATION FOR CAUSE

 

		30.1	If either Party shall become bankrupt or insolvent, or
if either Party has reasonable grounds to believe that the other Party is bankrupt or insolvent or unable or unwilling to pay
its debts as they become due, including but not limited to payment for the Work performed under this Contract, the affected Party
may terminate for cause all or part of this Contract and/or its further obligations to perform hereunder, as such affected Party
may elect. The Party requesting such termination for cause shall deliver a Notice of Termination for Cause explaining the basis
for such termination and request the Party in default cure the default with ten (10) days from the date the Notice of Termination
for Cause is received. If the Party receiving the Notice of Termination for Cause, within a period of 10 days after delivery of
such notice, fails to failure to cure such default during the 10-day period, or if cure cannot reasonably be completed in 10 days
commencing to cure such default and diligently completing such cure thereafter in accordance therewith, the Party declaring that
a default has occurred may terminate the Contract.

 

    	CONTRACT MINING AGREEMENT	22 

     

    

 

		30.2	If, for any reason other than force majeure or as a result of action or inaction by Owner or those
for whom Owner is responsible at law, Contractor fails to commence the Work within the time specified and prosecute it continuously
with sufficient properly skilled workmen and equipment to ensure its completion within the specified time, or fails to perform
the Work in the manner required by this Contract, or fails to carry on Work in a reasonably acceptable manner, or defaults in any
of the obligations herein, Owner may elect to give notice in writing of such default, specifying the same and the corrective steps
to be taken. If Contractor, within a period of 10 days after delivery of such notice, fails to cure such default during the 10-day
period, or if cure cannot reasonably be completed in 10 days commencing to cure such default and diligently completing such cure
thereafter in accordance therewith, Owner may terminate Contractor's right to continue with the Work and may complete it with its
own forces, contract with third parties for its completion, or use such other measures as in Owner's opinion are necessary for
completion in accordance with this Contract. Selection of another contractor(s) for the purpose of completing the Work shall
be in Owner's sole discretion, and not necessarily by the lowest bid(s). The foregoing notwithstanding, under this agreement "Cause"
shall specifically, include but not be limited to, Contractor failing to meet the production schedule due to causes within Contractor's
control by more than 10% of scheduled production in any one quarter or 15% of scheduled production in any one month as compared
to the approved production schedule, unless such change in schedule was agreed by Owner.

 

		30.3	Intentionally left blank.

 

		30.4	In the event of termination for cause by Owner under Sections 30.1 and 30.2, and except
as otherwise provided in this Contract:

 

		(a)	Owner shall be entitled to deduct from any and all monies owing to Contractor hereunder damages
for additional expenses caused by or arising out of breach of warranties and guarantees hereunder by Contractor, or of any other
default by Contractor;

 

		(b)	If the expense of finishing the Work by the owner in accordance with 30.2 exceeds the pricing that
would have been paid to Contractor hereunder had it completed such Work, Contractor shall promptly pay the difference to Owner;
and

 

		(c)	Contractor shall not be entitled to receive any further payment until the Work is finished and
any such payments shall exclude all Claims and Contractor shall not be entitled to any claims for special or consequential damages,
including loss of anticipated profit due to such termination.

 

		30.5	No settlement payment will be made to Contractor hereunder, until Contractor has submitted:

 

		(a)	A final statement supported by vouchers; and

 

		(b)	A full Release and Waiver of Claim form or other evidence reasonably satisfactory to Owner that
Contractor has paid for all labor, materials, equipment, services, subcontracts, applicable taxes and other costs and assessments
payable by Contractor in connection with the Work it performed under this Contract.

 

		30.6	Failure of Owner to exercise any of the rights given under this Section shall not excuse Contractor
from compliance with the provisions of this Contract nor prejudice in any way Owner's right to exercise any such rights in respect
to any subsequent failure by Contractor.

 

		30.7	Upon termination of this Contract by Owner for cause under Sections 30.1, 30.2 and 30.3 it is agreed:

 

		(a)	That the obligation of Contractor shall continue as to Work already performed and to materials
furnished, and, as to bona fide obligations assumed by Contractor prior to the date of termination.

 

    	CONTRACT MINING AGREEMENT	23 

     

    

 

		(b)	That Contractor shall be entitled to compensation for Work already performed, including material
for which it has made firm contracts, it being understood that Owner shall be entitled to that material.

 

		30.8	Upon termination of this Contract by Contractor for cause under Section 30.1, Contractor shall
be entitled to the same right to compensation as set out in Section 29.4 for termination for Owner's convenience.

 

		30.9	In the event of termination for cause by either Party, written notice will be given to the Party
that caused the termination by means of certified letter addressed to the Party being terminated at the address set forth in this
Contract. Subject to the directions set forth in the termination notice, Contractor shall immediately discontinue Work and the
placing of orders for further services, material and equipment and shall, as directed, effect cancellation of all existing orders
and subcontracts and thereafter perform only such Work as may be necessary to preserve and protect the Work already in progress
for a period not exceeding fourteen (14) days from the date of the termination notice.

 

		30.10	The termination provision set forth in this Article shall be concurrent with and in addition
to, without prejudice to, and not in lieu of, or in substitution for, any other rights or remedies at law or in equity which Owner
or Contractor may have for the enforcement of its rights under this Contract and its remedies for any default of the other Party
under the conditions hereof.

 

	31.0	CLAIMS, GARNISHMENTS AND ATTACHMENTS

 

		31.1	In the event of any Claim, attachment or garnishment against Owner and to the extent caused by
or resulting from the action or inaction of Contractor, and assuming Owner is not in breach of its payment obligations to Contractor
hereunder, Owner shall have, in addition to any other rights under this Contract, the right to take one or more of the following
actions, provided, however, that Owner has given Contractor written notice and a reasonable time period in which to discharge any
such Claim, attachment or garnishment:

 

		(a)	To set off a counterclaim against Contractor or any garnish, claimant or other person or entity
with respect to the amount involved, notwithstanding the fact that such set off or counterclaim may arise out of a transaction
or occurrence unrelated to this Contract, whether it occurs or arises before or after the date of such garnishment, claim or notice
thereof;

 

		(b)	To recover in whole or in part as Owner may elect from Contractor or out of any amount claimed,
attached or garnished or out of any amount therefor or thereafter owed to Contractor all damages, costs, and expenses reasonably
incurred in relation to such claim, garnishment or attachment, including court costs and reasonable attorney's fees;

 

    	CONTRACT MINING AGREEMENT	24 

     

    

 

		(c)	To withhold any and all amounts claimed, attached or garnished until it is certain in its sole
judgment to whom such funds should be paid and without liability on the part of Owner in any event to pay such sum;

 

		(d)	To exercise each and every right stipulated in this Contract including the right to withhold; and

 

		(e)	To require as a condition of payment a full and complete release in favor of Owner, in form and
substance reasonably satisfactory to Owner, from each and every person or entity which in Owner's judgment, acting reasonably,
may be a claimant to such payment or any other payment therefor or thereafter paid or due to Contractor.

 

		31.2	Contractor shall have the option to post a bond with the appropriate party, as determined by Owner,
in the amount of the Claim, garnishment or attachment to avoid Owner making payments or settlements which are disputed.

 

	32.0	INTELLECTUAL PROPERTY; TITLE TO MATERIALS

 

		32.1	Contractor owns or has the right to use all patents, trademarks, copyrights, or other proprietary
rights, and has procured any necessary licenses or agreements for equipment, materials, methods, processes, or systems comprising
the Work. Contractor shall not incorporate into any part of the Work any materials, methods, processes or systems which involve
the use of any proprietary information which Contractor does not have the right to use or which may result in Claims or suits against
Owner for claims of infringement. If all or any part of the Work is enjoined or a claim of infringement (whether actual or threatened)
is made or brought with respect to all or any part of the Work, Contractor, at its expense, shall at Owner's election either procure
for Owner the right to continue to use or sell same or replace same with non-infringing materials and/or equipment of a grade and
quality to meet all specifications for their required use.

 

		32.2	The title to water, soil, rock, gravel, sand, minerals, timber and any other materials developed
or obtained in the excavation or other operations of Contractor or any of its Subcontractors at the Project is hereby expressly
reserved by Owner. Neither Contractor, its Subcontractors, nor any of their representatives or employees shall have any right,
title, or interest in said materials nor shall they assert or make any claim thereto. Contractor may, at the sole discretion of
Owner except as otherwise provided in this Contract, be permitted to use in the Work any such materials which meet the requirements
of this Contract.

 

	33.0	LOCAL LABOR/SUPPLIERS

 

		33.1	Insofar as it is not inconsistent with the other provisions of this Section, Contractor shall give
preference to local labor and local suppliers, as far as is reasonable, practicable, and cost effective for Contractor to do so.

 

	34.0	SECURITY AND CONFIDENTIALITY

 

		34.1	Entrance onto the Site by Contractor's employees and all other persons will be subject to strict
Site security rules and Contractor hereby agrees to comply and to cause strict compliance therewith by its Subcontractors.
Contractor shall deny all visitors' access to the Site, unless properly cleared in advance in writing with Owner. Without limiting
the foregoing, Contractor shall request Owner's approval before conducting any Site tours. All visitors to the Site must wear accepted
personal protective gear and have all applicable MSHA or other required training. No employee of Contractor or any visitor allowed
access to the Site by Contractor may
take any photographs or videos at the Site unless expressly authorized by Owner to do so. Owner shall be provided copies of any
authorized photographs or videos of the Site.

 

    	CONTRACT MINING AGREEMENT	25 

     

    

 

		34.2	Contractor shall obtain authorization from Owner to enter the Site with trucks and other vehicles and shall use only the entrances
designated by Owner for the use of contractors employed on the Project.

 

		34.3	Contractor shall require its employees and the employees of its Subcontractors to, at all times
while on the Site, wear such identification as may be required by Owner and furnished by Contractor. Contractor or its Subcontractors
will ensure all vehicles entering Site must be identified with Contractor's or Subcontractor's logo on vehicles.

 

		34.4	Publicizing the Work, or any part thereof, without prior written approval by Owner, in the form of public announcements, advertisements,
or publications, either verbal or in any other manner, is prohibited.

 

		34.5	Contractor and Subcontractors (if any) shall provide buses or vans to transport their employees on site, as personal vehicles
will not be allowed on the Site.

 

		34.6	Each Party agrees to receive and maintain all Confidential Information of the other Party in the
strictest confidence and shall not disclose Confidential Information of the other Party in any manner whatsoever and shall not
use the Confidential Information of the other Party, directly or indirectly, for any purpose whatsoever, other than in connection
with the Work and this Contract. If a Party hereto is required by law to disclose any of the Confidential Information of the other
Party, such disclosing Party shall provide the other Party with a prompt notice so that such other Party may seek either a protective
order or other appropriate remedy. In the event such protective order or other appropriate remedy is not obtained, the disclosing
Party shall furnish only that portion of the Confidential Information of the other Party which in the reasonable opinion of its
counsel is legally required.

 

		34.7	Each Party may only disclose the Confidential Information of the other Party to its employees,
officers, directors or advisors associated with the Project who have a need to know the Confidential Information. Each Party agrees
to be responsible for any breach of this Article 34 by any person to whom it has provided the Confidential Information.

 

		34.8	For the purposes of this Article, "Confidential Information" means all information of
a confidential nature (including information in writing or transmitted or acquired orally, visually or by other means) which the
Party, directly or indirectly, acquires from the other Party, including any information concerning or relating to a Party or the
Project, including their respective business affairs, financial position, assets, operations, activities, prospects or trade secrets,
together with all analyses, evaluations, compilations, notes, studies, but shall not include:

 

		1.	information which is or becomes available to the public, other than as a result of disclosure by
a Party or its employees, officers, directors, advisors, agents or subcontractors;

 

		2.	information which a Party can prove was, at the time of disclosure, already in the possession of
the such Party on a non-confidential and lawful basis; or

 

		3.	information that is rightfully received by a Party from a third party, without such Party's knowledge,
after due inquiry, of a breach of confidentiality agreement or other obligation of secrecy by such third party.

 

    	CONTRACT MINING AGREEMENT	26 

     

    

 

	35.0	HYGIENE, FIRST AID AND SAFETY

 

		35.1	Contractor agrees to comply with, at the minimum, Owner's Health and Safety Policy as stated in
Exhibit H and as amended from time to time, all safety provisions put into effect for the Project by Owner, and with
all applicable requirements and regulations of regulatory bodies. Should there be any difference between the requirements of Applicable
Laws and Owner's Health and Safety Policy, the more stringent requirement shall be adopted. Regarding, health and safety, Contractor
must abide by MSHA standards and any additional safety standards provided to Contractor that Owner may, from time to time, implement.

 

		35.2	In the event a situation occurs wherein life or valuable property are in apparent imminent danger,
Contractor is hereby authorized upon its discovery of such condition and without further special instructions from Owner to act
at its own discretion to prevent injury to persons or damage to property.

 

		35.3	Contractor bears responsibility under the law for the safety of its own personnel employed on the
Project Site and for persons entering the Site as agents or visitors of Contractor. Contractor shall, within 15 days of the Effective
Date, and in, any case before commencement of any Work, provide Owner with a written Health, Safety and the Environment program
("Contractor HS&E Program") for mine operations. The Contractor HS&E Program shall not be final until
approved in writing by Owner. Owner shall use its commercially reasonable efforts to approve, if sufficient, or to provide comments
on the Contractor HS&E Program within 10 days after its receipt thereof. Any changes in the Contractor HS&E Program shall
be submitted to Owner for approval. Such review and approval shall not relieve Contractor of its responsibility for occupational
health and safety or its obligations to undertake any action that may be necessary or required to establish and maintain healthy
and safe working conditions on the Site.

 

		35.4	Contractor shall notify Owner's representative immediately of any safety incident or accident that
results in equipment damage, death or injury to any employee, or has the potential to create harm to any employee. Contractor shall
cooperate fully with Owner in any incident investigation that Owner, in its discretion, desires to conduct with respect to any
safety incident or accident of which it is notified. Contractor shall furnish Owner's representative with a detailed written report
of all safety incidents or accidents no later than 24 hours after the time of said incident or accident. Contractor shall provide
Owner with a monthly detailed report of all such incidents or accidents - including corrective actions associated with each incident
or accident that have been corrected or are in the process of being corrected. In the event Contractor receives notice that an
inspection by any governmental authority will occur or is occurring, Contractor shall immediately provide notice to Owner in order
that Owner's representative may be present. Contractor shall supply Owner copies of all inspection reports by respective regulatory
agencies and Contractor's communications to regulatory agencies regarding correction of deficiencies.

 

		35.5	Contractor shall provide Owner written copies of the jointly approved Work procedures (i.e. blast
and dump procedures for example) that are communicated to its employees in order that Owner's personnel follow proper procedures.

 

		35.6	Contractor shall designate in writing a competent employee, acceptable to Owner, as Contractor's
"Safety Representative" for the Project. The Safety Representative shall be responsible, on behalf of Contractor,
for implementing, communicating, and enforcing Contractor's HS&E Program to Contractor's personnel and to Subcontractors and
their personnel. Contractor's Safety Representative is to be a fulltime staff person dedicated to occupational health and safety
with respect to the Project only.

 

		35.7	Contractor's onsite plant, facilities and structures and work practices, including those facilities
for which Contractor has been given the privilege to use by Owner, will undergo regular safety audits by Owner. Contractor will
make available, upon request, such senior management personnel as required by Owner to assist with and participate in
any such audit. The result of such audits will be supplied to Contractor. Within 48 hours of receiving such results, Contractor
shall provide a schedule to Owner in order to comply with the corrective actions required from the audit.

 

    	CONTRACT MINING AGREEMENT	27 

     

    

 

	36.0	ENVIRONMENTAL RESPONSIBILITIES

 

		36.1	Contractor shall comply with Owner's Environmental Policy as stated in Exhibit I and
as it may be amended from time to time and provided to Contractor.

 

		36.2	Contractor shall ensure that its supervisory personnel on the Site are familiar with the relevant
provisions of Owner's Environmental Policy, all applicable Environmental Laws and requirements (including the provisions of relevant
permits, licenses or other authorizations issued with respect to the operation) relating to the conduct of operations, protection
of the environment, health and safety and progressive reclamation of the Site and shall ensure that all such provisions are complied
with by all its personnel engaged in operations hereunder.

 

		36.3	If Contractor or any Subcontractor wishes to erect any temporary plant structures and/or facilities,
then Contractor shall submit such plans, specifications and/or descriptions to Owner for approval. The submission of such plans
shall be done in a timely manner so as to allow adequate time for Owner to review the proposals.

 

		36.4	Except as required for performance of the Work in accordance with this Contract, Owner may in its
sole discretion, approve all information submitted as provided in Section 36.3 prior to construction and/or installation
commencing. Any such construction and/or installation done by Contractor prior to receiving Owner's approval is at Contractor's
own risk. Any resulting modifications to the proposed structures and/or installations requested by Owner, due to neglect of Contractor,
shall be at Contractor's cost.

 

		36.5	When Contractor has completed construction of new structures and/or installations, said structures
or installations shall be subject to an environmental audit. The results of such audits shall be made available to Contractor.
Rectification of any defects found shall be at Contractor's cost.

 

		36.6	Contractor's onsite plant, facilities and structures and work practices, including those facilities
for which Contractor has been given the privilege to use by Owner, will undergo regular environmental audits by Owner. Contractor
will make available, upon request, such senior management personnel as required by Owner to assist with and participate in any
such audit. The result of such audits will be supplied to Contractor. Within 48 hours of receiving such results, Contractor shall
provide a schedule to Owner in order to comply with the corrective actions required from audit.

 

		36.7	Contractor shall at all times minimize the potential for contamination of soils, vegetation, surface
and ground water. Specifically Contractor shall ensure compliance with all Applicable Laws and:

 

		(a)	Maintain appropriate containment facilities, and construct such as required to the satisfaction
of Owner for all petroleum products, chemicals and other hazardous or contaminant material, as may be determined by Owner and stored
onsite by Contractor.

 

		(b)	Train and instruct all personnel employed by, contracted with, or acting as agent for Contractor
in the safe use, transport and storage of all such petroleum products, chemicals and other hazardous or contaminant materials to
the satisfaction of Owner.

 

    	CONTRACT MINING AGREEMENT	28 

     

    

 

		(c)	Ensure that Contractor's containment facilities and incorporated spill collection devices are at
all times functional such that any and all spills shall not violate any Environmental Laws or contaminate, pollute or otherwise
degrade the environment to the extent that the legal obligations of Owner are compromised or contradicted.

 

		(d)	Develop specific Emergency Response and Remediation (ERR) Criteria in the event that a spill may
occur in connection with the Work. The ERR Criteria are to be to the satisfaction of Owner.

 

		(e)	If, in the opinion of Owner, Contractor fails to take appropriate action in regard to any faults,
defects or incorrect operation of such containment facilities, Owner may take any steps it reasonably deems necessary to correct
such faults, defects or incorrect operation. Owner may back-charge Contractor any costs incurred to implement said steps, as provided
in Article 25.

 

		(f)	Maintain and regularly update, to the satisfaction of Owner, a full register of materials, volumes
of materials and location of materials within the containment facilities.

 

		(g)	Operate equipment, machinery, tools and other devices in such a manner as to comply with Owner's
Environmental Policy.

 

		(h)	Notify Owner of any and all spills of petroleum products, chemicals and other hazardous or contaminant
materials as provided in Section 13.2 of the Contract Specifications (Exhibit A).

 

		36.8	Contractor shall be responsible for and will pay all costs, subject to Contractor's limit of liability,
in connection with all investigations, studies, cleanup, corrective response, removal action or remedial action required by any
governmental entity, court or agency, or by any Applicable Laws in effect for Contractor's (and any Subcontractor's) bringing on
Site, generating, storing, or releasing of Contractor's solid wastes or hazardous wastes, substances, or materials, failure to
report any such release or generation, failure to have obtained permits or other authorization that Contractor is required to obtain
in connection with the Work (but specifically excluding any permits and authorizations that Owner 1s required to obtain), or failure
to comply with the requirements of this Contract.

 

		36.9	Contractor shall comply with all commitments made by Owner in the "permit conditions"
set forth in the documents listed in Attachment 4 to the Contract Specifications (Exhibit A), to the extent
related to the Work, except for such commitments for which Contractor has no control.

 

		36.10	Contractor must comply with all other environmental regulatory permits and any additional environmental
standards that Owner may, from time to time, implement, provided that such are promptly communicated to Contractor.

 

		36.11	Contractor shall notify Owner's representative immediately
of any environmental spill, incident or accident. Contractor shall cooperate fully with Owner in any incident investigation that
Owner, in its discretion, desires to conduct with respect to any environmental spill, incident or accident of which it is notified.
Contractor shall furnish Owner's representative with a detailed written report of all environmental spills, incidents or accidents
no later than 24 hours after the time of said incident or accident. Contractor shall provide Owner with a monthly detailed report
of all such spill, incidents or accidents - including corrective actions associated with each spill, incident or accident that
have been corrected or are in the process of being corrected. In the event Contractor receives notice that an inspection by any
governmental authority will occur or is occurring, Contractor shall immediately provide notice to Owner in order that Owner's
representative may be present. Contractor shall supply Owner copies of all inspection reports by respective regulatory agencies
and Contractor's communications to regulatory agencies regarding correction of deficiencies.

 

    	CONTRACT MINING AGREEMENT	29 

     

    

 

		37.0	MAINTENANCE AND CLEAN-UP OF FACILITIES; GARBAGE AND
                                         TRASH DISPOSAL

 

		37.1	Contractor shall keep all
                                         working areas free of all debris. Upon leaving any area, Contractor shall remove all
                                         rubbish and unused materials.

 

		37.2	Contractor will reduce
                                         the visual impact of the Work by promptly disposing of trash and other debris generated
                                         in its operations in a manner approved by Owner. Supplies, including usable scrap steel,
                                         pipe, etc., will be stored and sorted in an organized and neat manner.

 

		37.3	Waste materials generated
                                         by Contractor in the execution of the Work, such waste waters, chemicals and containers
                                         shall be recycled either onsite or offsite in compliance with Applicable Laws and Owner's
                                         Environmental Policy. Owner will be responsible for disposing of all hydrocarbon waste
                                         (other than material contaminated from any spill), chemicals and aerosol cans, offsite.
                                         All inert debris, paper, metal, wood, etc. products will be allowed into Owner Dumpsters.

 

		37.4	Contractor agrees to pick
                                         up all surface material, soil, or trash contaminated from any oil spill and confine it
                                         to an Owner approved and designated area. Contractor will be back-charged with the full
                                         cost and expense of removing all contaminated material resulting from any spill to the
                                         appropriate offsite location and disposing of same in compliance with Applicable Laws
                                         and Owner's Environmental Policy, to the extent such spill was caused by Contractor.

 

		37.5	On completion of the Work,
                                         Contractor shall leave the Site clean and orderly, and free of all equipment, waste materials,
                                         and rubbish. All trash and scrap shall be handled in accordance with Applicable Laws
                                         and subject to Owner's approval.

 

		37.6	Contractor shall not dispose
                                         of any hazardous substance, pollutant or contaminant except m strict compliance with
                                         Applicable Laws and subject to Owner's approval.

 

		38.0	MATERIAL AND MATERIAL CONTROL

 

		38.1	Contractor will control
                                         and handle all materials which it will install or use at the Site, including any such
                                         materials provided by Owner. Control and handling shall include, but not be limited to,
                                         receipt and offloading of material, its temporary storage and protection, and the transfer
                                         of material from points of unloading to points of installation.

 

		38.2	Contractor will store,
                                         handle and protect any material purchased by Contractor before Contractor's use of such
                                         material on Site.

 

		38.3	Contractor shall be solely
                                         responsible for the cost of repair or replacement of any of its materials or Owner's
                                         materials being used by Contractor that are lost, stolen or damaged that are not covered
                                         by insurance maintained by either Owner or Contractor.

 

    	CONTRACT MINING AGREEMENT	30 

     

    

 

		39.0	TAXES

 

		39.1	Unless otherwise specified
                                         in this Contract, all taxes which Contractor may be required to pay or collect are for
                                         the account of Contractor and shall be deemed to be included in the Contract Price or
                                         Contract Unit Prices, whether or not such taxes are required to be separately stated.

 

		39.2	Any and all taxes assessed
                                         against buildings and personal property brought onto the Site by Contractor for its convenience
                                         in the execution of the Work are for Contractor's account.

 

		40.0	INDEMNITY; WAIVER OF CONSEQUENTIAL DAMAGES; LIMITATION
                                         OF LIABILITY

 

		40.1	As used in this Article 40:
                                         (i) "Claims" means suits, actions, legal or administrative
                                         proceedings, claims, causes of action, demands, damages or every kind and type, liabilities,
                                         fines, penalties, losses, costs and expenses, including costs of defense and attorneys'
                                         fees and including claims for any bodily injury, death or damage to property, (ii) references
                                         to "Owner Group" shall include Owner, and each of its parent, partners,
                                         subsidiaries, affiliates, joint ventures, co-owners, contractors, and any and all of
                                         their respective directors, officers, employees, agents, invitees, and representatives,
                                         and (iii) references to "Contractor Group" shall include Contractor
                                         and each of its parent, partners, subsidiaries, affiliates, joint ventures, co-owners,
                                         subcontractors, and any and all of their respective directors, officers, employees, agents,
                                         invitees, and representatives.

 

		40.2	Contractual Indemnity:

 

		40.2.1	To the fullest extent permitted
                                         by law, Contractor shall protect, indemnify, defend and hold Owner Group harmless from
                                         and against any and all Claims occurring in the course of or in connection with the Work,
                                         however arising; but only to the extent caused in whole or in part by or resulting from
                                         Contractor's breach of this Contract, or the negligent acts or omissions or willful misconduct
                                         of Contractor Group. Nothing in this provision shall be construed to provide indemnification
                                         to Owner Group for Claims to the extent caused in whole or in part by or arising out
                                         of Owner Group's (other than Contractor's) negligent acts or omissions, or willful misconduct
                                         or breach of Contract by Owner. Such indemnification and hold harmless obligation shall
                                         include reasonable attorney's fees and other costs and expenses of defending any such
                                         Claim. Owner Group shall have the right to participate in or assume the defense for,
                                         and defend, any Claim covered by this Section, and in such event shall do so at its sole
                                         expense and shall bear all other costs and expenses related thereto.

 

		40.2.2	To the fullest extent permitted
                                         by law, Owner shall protect, indemnify, defend and hold Contractor Group harmless from
                                         and against any and all Claims occurring in the course of or in connection with the Work,
                                         however arising; but only to the extent caused in whole or in part by or resulting from
                                         breach of Contract by Owner, or the negligent acts or omissions, or willful misconduct
                                         of the Owner Group. Nothing in this provision shall be construed to provide indemnification
                                         to the Contractor Group for Claims to the extent caused in whole or in part by or arising
                                         out of the Contractor Group's negligent acts or omissions, or willful misconduct or breach
                                         of Contract by Contractor. Such indemnification and hold harmless obligation shall include
                                         reasonable attorney's fees and other costs and expenses of defending any such Claim.
                                         Contractor Group shall have the right to participate in or assume the defense for, and
                                         defend, any Claim covered by this Section, and in such event shall do so at its sole
                                         expense and shall bear all other costs and expenses related thereto.

 

		40.3	Subject to the limitations
                                         provided in Section 40.6, Contractor further agrees to indemnify and hold harmless
                                         and defend the Owner Group against Claims by Contractor's employees based on a theory
                                         that they are borrowed servants of Owner, or based on a theory of Owner's negligence
                                         in its failure to supervise or control their actions as their employer, including employee
                                         related claims of breach of any requirement imposed by applicable employment or workers
                                         compensation regulations.

 

    	CONTRACT MINING AGREEMENT	31 

     

    

 

		40.4	Contractor's obligations
                                         contained herein shall survive Owner's Final Acceptance of the Work and termination of
                                         the Contract except as otherwise provided in the Contract.

 

		40.5	Waiver of Consequential
                                         Damages. Notwithstanding any provision of this Contract to the contrary, neither
                                         Party shall be liable to the other Party for any special, incidental, indirect or consequential
                                         loss or damage of any kind whatsoever, including without limitation any claim, loss or
                                         damage arising from loss of use, loss of profit, lost revenue, business interruption,
                                         or otherwise.

 

		40.6	Limitation of Liability.
                                         Notwithstanding any provision of this Contract to the contra1y, Contractor's
                                         maximum aggregate liability under this Contract to Owner Group, and the obligations of
                                         Contractor to defend, indemnify, and hold harmless them from and against any and all
                                         Claims and liability of any kind whatsoever, whether as a result of breach of contract,
                                         tort (including without limitation, negligence and nuisance), strict liability, or any
                                         other legal theory, and whether arising (a) before or after the completion of the
                                         Work, or (b) out of, connected with or resulting from the Work, shall be limited
                                         to Fifteen Million Dollars ($15,000,000).

 

		41.0	CONTRACTOR'S INSURANCE

 

		41.1	Within five (5) days
                                         of signing of this Contract, and in any event prior to mobilization to the Site, Contractor
                                         shall submit all certificates of insurance required under this Article. Contractor shall
                                         not move onto the Site until all specified insurance coverage has been obtained by Contractor
                                         and provided to Owner.

 

		41.2	Contractor, prior to the
                                         commencement of any Work under this Contract, shall purchase, and until completion of
                                         the Work or any earlier termination of this Contract, maintain insurance with respect
                                         to Contractor's operations under this Contract, whether such operations be performed
                                         by himself or by any Subcontractor or by anyone directly or indirectly employed by any
                                         of them, or by anyone for whose acts any of them may be liable.

 

		41.3	The insurance required
                                         under this Article shall be written for the limits of liability specified in this
                                         Contract as follows. Said insurance shall be from insurance carriers with an AM Best
                                         rating of A- VIII.

 

		41.3.1	Insurance for liability
                                         under the worker's compensation or occupational disease laws of the jurisdiction in which
                                         the Work is performed or is otherwise applicable with respect to persons performing Work
                                         hereunder and Employer's liability insurance covering all claims by or in respect of
                                         the employees of Contractor, providing:

 

		(a)	Coverage
                                         for the statutory limits of all claims under the applicable worker's compensation act
                                         or acts. Contractor shall also provide to Owner Group a waiver of all subrogation rights
                                         with respect to losses paid under the worker's compensation or Employer's Liability coverage.
                                         Contractor shall also require its Subcontractors to provide such worker's compensation
                                         insurance with applicable waiver of subrogation rights.

 

		(b)	Employer's
                                         Liability insurance with an inclusive limit of US $1,000,000.

 

    	CONTRACT MINING AGREEMENT	32 

     

    

 

		41.3.2	Commercial General Liability insurance on an occurrence
                                         basis with an inclusive limit of US $1,000,000 per occurrence and $2,000,000
                                         aggregate. A combination of primary and excess policies to achieve said limits will
                                         be acceptable, and to include:

 

		(a)	Contractor
                                         coverage for ongoing and completed operations, blanket contractual liability, independent
                                         contractors, explosion, collapse, subsidence and underground hazards and broad form property
                                         damage. Coverage must include sudden and accidental pollution coverage on and offsite,
                                         of which coverage can be obtained through a separate pollution liability policy.

 

		(b)	To
                                         the extent of the risks and liabilities assumed under this Agreement, Contractor will
                                         also furnish a standard endorsement to its Commercial General Liability policy including
                                         Owner Group additional insureds under said policy with such additional insured coverage
                                         including coverage for the concurrent negligence of the additional insured and not being
                                         restricted (1) to "ongoing operations," or (2) to coverage for vicarious
                                         liability. The policy must also contain cross-liability and severability of interest
                                         clauses. Policies should also be primary and non-contributory of any other available
                                         insurance and provide a full waiver of any and all rights of subrogation.

 

		(c)	The
                                         policy deductible must not exceed $500,000 per occurrence unless a higher deductible
                                         is agreed to in writing by Owner prior to commencement of Work.

 

		41.3.3	Commercial automobile
                                         liability insurance covering all automotive equipment used in the operations, with an
                                         inclusive limit of US $1,000,000 per occurrence involving personal injuries, death
                                         and/or property damage. A combination of primary and excess policies to achieve the US$1,000,000
                                         limit will be acceptable. Policy should also be primary and non-contributory of any
                                         other available insurance and provide a full waiver of any and all rights of subrogation.
                                         The Policy shall include an MCS-90 filing/endorsement and the endorsement ISO CA9948
                                         Pollution Liability- Broadened Coverage for Covered Autos. Contractor has the right to
                                         maintain at its own expense any additional kinds of insurance or increase limits above
                                         those set forth in this Article.

 

		41.3.4	Umbrella Liability on
                                         a following fo1m basis or at least as broad as underlying with a limit per occurrence
                                         and aggregate as indicated below, to apply excess of all underlying coverages referenced
                                         above under sections 41.3.2, and 41.3.3. The limit for Umbrella Liability Coverage shall
                                         be $15,000,000.

 

		41.3.5	Contractor will permit
                                         no Subcontractor to enter upon or continue the performance of the Work unless such Subcontractor
                                         is and remains insured in accordance with requirements which shall be specified by Contractor
                                         in Subcontractor agreements, with insurance limits as determined by Contractor. Contractor
                                         shall indemnify and defend Owner Group for any loss suffered by it for Contractor's failure
                                         to require any such Subcontractor to be so insured subject to the indemnification provisions
                                         of this Contract.

 

		41.3.6	Certificates of insurance
                                         or other evidence of insurance acceptable to Owner (the "Certificates of Insurance")
                                         shall be filed with Owner prior to the commencement of the Work. The Certificates
                                         of Insurance shall contain a provision that coverage afforded under the policies will
                                         not be cancelled without a notification of Owner in accordance with policy provisions.
                                         Contractor shall provide Owner (30) days written notification of any material change
                                         or impairment of the insurance coverage required in this Section.

 

		41.3.7	The compliance by Contractor
                                         with insurance requirements in this Section shall not relieve Contractor from liability
                                         under any indemnification or other provisions of this Contract. Contractor shall also
                                         provide and procure insurance policies covering loss, damage and destruction associated
                                         with Contractor's own property, equipment and temporary structures used in conjunction
                                         with its Work.

 

    	CONTRACT MINING AGREEMENT	33 

     

    

 

		41.3.8	Contractor shall be
                                         obligated to pay for all insurance deductibles and self-insured retentions required under
                                         all insurance policies required under this Contract to the extent of its liability assumed
                                         under the Contract.

 

		42.0	NOTICES

 

Written notice or demands shall
be deemed to have been given when received by the representative named below or his duly appointed successor and personally delivered
or sent by registered mail, or private courier overnight service.

 

Notices to Owner shall be addressed to:

 

Walker Lane Minerals Corp.

415 Hey 95A Ste K-1101

Fernley, Nevada 89408

 

Attention: Robert Cassinelli, General Manager

 

Copy to: Gold Resource Corp., 2000 S. Colorado Blvd.
Suite 10200, Denver, CO 80222

 

Notices to Contractor shall
be addressed to:

 

Ledcor CMI Inc.

5370 Kietzke Lane, Suite 204

Reno, Nevada 89511

 

Attention: Jeff Larson, General Manager

 

Copy to: Legal Department: 6405 Mira Mesa Blvd, Suite 100,
San Diego, CA 92121

 

		43.0	INTEGRATION

 

This Contract embodies the entire
agreement between Owner and Contractor. Contractor and Owner represent that in entering into this Contract, it does not rely on
any previous oral, written or implied representation, inducement or understanding of any kind or nature.

 

		44.0	NON-WAIVER
                                         OF DEFAULT

 

Any failure by Owner or Contractor
at any time or from time to time to enforce or require the strict observance and performance of any of the terms and conditions
of this Contract shall not constitute a waiver of such terms or conditions, and shall not affect such terms or conditions in any
way, nor shall it affect or impair the right of either Party at any time to avail itself of such remedies as it may have for any
breach or default of such terms and conditions.

 

    	CONTRACT MINING AGREEMENT	34 

     

    

 

		45.0	ASSIGNMENT

 

		45.1	This Contract is for the
                                         personal services of Contractor in completing the Work, and Contractor may not assign
                                         this Contract, Contractor's right to monies coming due under this Contract, or Contractor's
                                         duty under this Contract. In the event Owner approves such assignment, Owner may require
                                         a hold harmless agreement, a full release and indemnity, and a bond satisfactory to Owner
                                         from Contractor.

 

		45.2	Contractor acknowledges
                                         and agrees with Owner that, without the consent of Contractor, (a) Owner may pledge,
                                         transfer or otherwise assign any or all right, title and interest in and to this Contract
                                         to any lending institution or trustee therefor in support of :financing for the Project,
                                         and (b) Owner may transfer or otherwise assign any or all right, title and interest
                                         in and to this Contract to any entity owned in whole or in part by Owner, or to any entity
                                         owning directly or indirectly a majority interest in Owner, provided that in the case
                                         of clause (a) and (b) the assignee specifically assumes in writing all obligations
                                         toward Contractor hereunder.

 

		46.0	GOVERNING
                                         LAW

 

This Contract shall in all respects
be interpreted and governed by the laws of the United States of America, and the State of Nevada.

 

		47.0	FAMILIARITY
                                         WITH CONTRACT WORK

 

Contractor acknowledges that
it has become familiar with all ordinances, rules, laws and regulations, and readily observable site conditions, including the
topography and surface conditions at the Site. Contractor is familiar with the Site and has taken all actions that a reasonable
and prudent person engaged in services of a similar nature would take to become informed regarding all reasonably anticipated
and expected conditions which during the performance of the Work could affect the performance of the Work to the extent under
Contractor's control. If Contractor encounters conditions at the Project that are materially different than the conditions set
forth in any Project information provided by Owner to Contractor, or that Contractor believes may interfere with or impede the
performance or cost of the Work, Contractor shall promptly inform Owner of such conditions. In addition, Contractor is familiar
with the proximity of the Work to human habitation and inherent problems pertaining to safety, blasting, dust control, and noise
control required by this Contract and Applicable Laws.

 

		48.0	COMMUNITY
                                         RELATIONS

 

Contractor shall implement rules of
conduct for their employees. Such rules of conduct shall prohibit Contractor's employees, whether on duty or off duty, from
negligently or intentionally taking actions or making statements that reasonably would be expected to harm Owner's reputation.

 

		49.0	SEVERABILITY

 

The partial or complete invalidity
of any one or more provisions of this Contract shall not affect the validity or continuing force and effect of any other provision.

 

		50.0	TITLES
                                         AND GROUPINGS

 

The titles
given to the articles are for ease of reference only and shall not be relied upon or cited for any other purpose.

 

    	CONTRACT MINING AGREEMENT	35 

     

    

 

		51.0	INCORPORATION OF EXHIBITS; CONFLICTS

 

		51.1	All exhibits attached to
                                         this Contract, together with all attachments thereto, are hereby incorporated as a part
                                         of this Contract by reference, to the same extent as if they were fully set forth herein.

 

		51.2	Should there be any conflict
                                         between the text of this Contract and any of the exhibits hereto, the terms of this Contract
                                         shall control. Also, the Contract Specifications (Exhibit A) shall control
                                         over the Design Drawings (Exhibit B).

 

		52.0	JOINT
                                         DRAFTING

 

The Parties expressly agree
that this Contract was jointly drafted, and that both Parties had opportunity to negotiate its te1ms and to obtain the assistance
of counsel in reviewing its terms prior to execution. Therefore, this Contract shall be construed neither against nor in favor
of either Party, but shall be construed in a neutral manner.

 

		53.0	FURTHER
                                         ASSURANCES

 

Each Party shall execute such
further documents, papers and instruments, and take such further action as is necessary or appropriate as the other Party hereto
may reasonably request in order to carry out the purposes, intent and spirit of this Contract. Whenever this Contract requires
or allows for or requires the other Party's approval, acceptance, satisfaction, consent, opinion, or that any similar determination
be made or given, and where this Contract authorizes a Party to provide directions, instructions, authorizations, its discretion
or similar directives to the other Party, all such matters shall be conducted in good faith and shall require each Party to act
reasonably.

 

		54.0	COUNTERPARTS

 

The Parties may execute this
Contract in any number of counterparts, each of which shall be deemed an original instrument, but all of which together shall
constitute but one and the same instrument.

 

		55.0	Not
                                         applicable

 

		56.0	NO HIRING OF CURRENT OR FORMER EMPLOYEES. Owner
                                         and Contractor agree that each will not knowingly or unknowingly hire a current or former
                                         employee of the other during the Term of this Agreement and for a period of six (6) months
                                         thereafter, unless the parties mutually otherwise agree in writing.

  

    	CONTRACT MINING AGREEMENT	36 

     

    

 

		57.0	EXHIBITS
                                         AND ATTACHMENTS

 

The following Exhibits and
Attachments referenced therein are an integral part of the Contract and are made part of the Contract by this reference:

 

	EXHIBIT A-	CONTRACT SPECIFICATIONS DESIGN DRAWINGS	A-1
	EXHIBIT B-	MOBILIZATION SCHEDULE SCHEDULE OF PRICES	B-1
	EXHIBIT C-	FORM OF CHANGE ORDER	C-1
	EXHIBIT D-	FORM OF AFFIDAVIT, AGREEMENT, RELEASE AND	D-1
	EXHIBIT E-	WAIVER OF	E-1
	EXHIBIT F-	LIEN (Partial Release Form)	F-1
	 	FORM OF AFFIDAVIT, AGREEMENT, RELEASE AND	 
	EXHIBIT G-	WAIVER OF 	G-1
	 	LIEN (Partial Release Form)	 
	EXHIBIT H-	HEALTH AND SAFETY POLICY
	H-1
	EXHIBIT I	ENVIRONMENTAL POLICY
	I-1

 

Executed by the Parties as of the day and year first above
written.

 

CONTRACTOR: LEDCOR CMI Inc.

 

	By:	/s/
                                         Randy Daggitt	 
	 	Name: Randy Daggitt	 
	 	Title: Senior Vice President	 
	 	Date: November 16, 2018	 

 

OWNER: WALKER LANE MINERALS CORP.

 

	By:	/s/
                                         Jason Reid	 
	 	Name: Jason Reid	 
	 	Title: CEO/President	 
	 	Date: November 16, 2018	 

 

    	CONTRACT MINING AGREEMENT	37 

     

    

 

EXHIBIT A

to

Contract Mining Agreement

 

CONTRACT SPECIFICATIONS AND SCOPE OF

WORK

 

Exhibit A Consists of the Following:

		•	Sections
                                         1 through 19
		•	Attachment
                                         1 - Schedule of Performance
		•	Attachment
                                         2 -List of Contractor's Supervisory Personnel and Organizational Chart
		•	Attachment
                                         3 - List of Documents Comprising Plan of Operations

 

    
	CONTRACT MINING AGREEMENT

Contract Specifications - Exhibit A 
	1 of 17

 

     

    

 

		1.0	INTRODUCTION

 

		1.1	These Contract Specifications
                                         and Scope of Work define the Scope of Work and establish the responsibilities of Contractor
                                         and Owner as related to the performance of the Work.

 

		1.2	Capitalized words used herein and not otherwise defined
                                         shall have the meanings given in the Contract.

 

		1.3	Owner reserves the right
                                         to revise the Work or add to or delete from the Work at any time as conditions of the
                                         Project may require. Such revision, if required, will be effected by Change Order(s) signed
                                         by Owner and Contractor.

 

		1.4	The Project is located approximately
                                         7 miles north of the city of Luning, Mineral County in the state of Nevada, USA.

 

		1.5	Access to the Project from
                                         Luning is via paved Highway 361, then approximately 1 miles west on gravel road.

 

		1.6	All references herein to
                                         terrain, climate and weather conditions, soil cover and bedrock characteristics are general
                                         information only and if any conditions at the Site are or become materially different
                                         from those described herein or those that were observable by a surface inspection performed
                                         prior to award of this Contract to Contractor such that Contractor's costs, schedule
                                         or efficiency are impacted, then Contractor and Owner shall negotiate in good faith a
                                         Change Order in order to account for such differing conditions.

 

		2.0	GENERAL PROVISIONS

 

		2.1	Contractor will furnish
                                         and perform all the Work as required by the Contract. The Scope of Work for the Project
                                         includes but is not limited to the following:

 

		2.1.1	Upon receipt of a Notice to Proceed,
                                         Contractor shall procure, mobilize, and erect all necessary mining equipment, administration,
                                         manpower, lubricants, blasting materials (excluding Ammonium Nitrate) and any other items
                                         necessary construct access and haulage roads, and mine material from the open pit area
                                         to various destinations as described in the Contract and shown in the Design Drawings.

 

		2.1.2	Not Used.

 

		2.1.3	Drill, blast, load and haul rock
                                         in a workmanlike manner in the sequence and as specified by the Contract and excavate
                                         and transport material in accordance with applicable Design Drawings, Contract Specifications
                                         and Schedule of Performance described therein.

 

		2.1.4	If requested by Owner, reclaim
                                         disturbed areas in accordance with Owner's mining and reclamation permits on an Extra
                                         Work basis.

 

		2.2	Work Included. The Work shall include, but is not limited
                                         to, Contractor's obligations to:

 

		2.2.1	Plan and organize the Work according
                                         to the Owners mine plan and Schedule of Performance.

 

		2.2.2	Mobilization at the Site
                                         of all materials, equipment, supplies, explosives, facilities and labor necessary to
                                         accomplish the Work on the Production or Work Schedule and in accordance with the Contract,
                                         including the Design Drawings and Contract Specifications, as more specifically detailed
                                         in Section 3 of this Exhibit A. Mobilization shall occur in accordance
                                         with the Mobilization Schedule contained in Exhibit C.

 

    
	CONTRACT MINING AGREEMENT

Contract Specifications - Exhibit A 
	2 of 17

 

     

    

 

		2.2.3	Receive, provide temporary storage
                                         protection for, and transport to the Site, as required, all equipment and materials furnished
                                         by Owner to be used by Contractor to accomplish the Work.

 

		2.2.4	Notify Owner immediately of any
                                         discrepancy encountered in any Design Drawings, Contract Specifications, survey locations
                                         or major survey control points.

 

		2.2.5	Coordinate with any of Owner's
                                         employees, consultants, or other contractors to maintain production schedules, safety,
                                         controlled traffic flows, and an efficient and orderly working environment.

 

		2.2.6	Excavate all areas as specified
                                         by the Design Drawings and field control staking. Drill, blast, load and haul rock when
                                         and as required in a workmanlike manner in accordance with the Contract.

 

		2.2.7	Sampling - Contractor to supply
                                         sampling bags and collect blast hole samples and deliver them to the Clients assay lab
                                         to analysis. Contractor and Owner will work jointly to develop a standard operating procedure
                                         around proper sample collection technique.

 

		2.3	Exclusions from Scope of Work:

 

	 	2.3.1	Surveying - Owner shall be responsible for all day-to-day surveying including, but not limited
    to, bench toe, bench crest, bench grade, dump toe, ore control, face advance, elevation stake, and ramp locations.
	 	 	 
	 	2.3.2	Ore Control - Owner shall be responsible for classifying materials at the mine Site. This
    may include field staking or by electronic means.
	 	 	 
	 	2.3.3	Feeding Crusher - Owner shall be responsible for feeding ore through the primary crusher.
    Contractor will stockpile ore for Owner in crusher area at Owner's direction.
	 	 	 
	 	2.3.3	Fuel and Ammonium Nitrate Supply - Owner shall be responsible for entering into supply contracts
    for fuel and for Ammonium Nitrate ("AN") for blasting purposes. Contractor will be responsible for keeping
    track of usage of fuel and AN and for maintaining inventories of such materials at sufficient levels to perform the Work (including
    ordering such products from Owner's suppliers, arranging for such materials to be delivered to the Site, reporting to Owner
    and providing documentation relating to use of materials ordered).
	 	 	 
	 	2.3.4	Owner will supply Red-dyed or off-road diesel fuel to Owner supplied tanks.
	 	 	 
	 	2.3.5	Owner will furnish Design Drawings identifying the benches and blocks to be mined for Contractor
    to undertake the Work.
	 	 	 
	 	2.3.6	Owner will provide analytical facilities for assay purposes.
	 	 	 
	 	2.3.7	Owner will provide a source of non-potable water sufficient for Contractor's needs for dust
    suppression and other needs of Contractor in executing the Work. Owner to provide standpipe for loading Contractor's water
    truck.
	 	 	 
	 	2.3.8	Owner will provide and hook-up electrical power for Contractor's use in the mining facilities.
    Electrical power supplied will be 480V, 3-Phase, 400 amps.
	 	 	 
	 	2.3.9	Owner will provide a primary fuel storage facility.
	 	 	 
	 	2.3.10	Owner will provide at least one phone line and data hook-up at this time, space may be limited.
	 	 	 
	 	2.3.11	Owner will provide an equipment wash area.

 

		3.0	MOBILIZATION AND DEMOBILIZATION

 

		3.1	Contractor shall mobilize
                                         at the Site all materials, equipment, supplies, explosives, facilities and labor necessary
                                         to accomplish the Work. Contractor shall mobilize in accordance with the Mobilization
                                         Schedule attached hereto as Exhibit C. All transportation, freight, shipping,
                                         erection, and any other materials or services required to get Contractor's equipment
                                         and facilities to the Site in good working order and fully manned for the prosecution
                                         of the Work pursuant to the Contract 1s included m Mobilization, and will be included
                                         in the Unit Price for Mobilization.

 

    
	CONTRACT MINING AGREEMENT

Contract Specifications - Exhibit A 
	3 of 17

 

     

    

 

		3.2	Contractor shall Demobilize
                                         or remove from Site all materials, equipment, supplies, explosives, facilities and labor
                                         used in accomplishing the Work. All dismantling, transportation, freight, shipping, and
                                         any other materials or services required to remove Contractor's equipment and facilities
                                         off the Site and removal and disposal of all associated trash and debris pursuant to
                                         the Contract is included in Demobilization and will be included in the Unit Price for
                                         Demobilization.

 

		3.3	Demobilization schedule
                                         must be agreed to by the Parties prior to commencement of Demobilization, but shall be
                                         completed not less than three (3) months from such commencement or other mutually
                                         agreed time line.

 

		4.0	CLEARING AND GRUBBING

 

		4.1	Contractor will bulldoze,
                                         cut, scrape, or otherwise remove all trees, brush, and surface debris in the areas including
                                         open pit and waste dump footprints. This work is included in the unit prices, and will
                                         be performed as the pits and dumps advance.

 

		4.2	All costs associated with
                                         clearing and grubbing, including those for construction and maintenance of required temporary
                                         and permanent haulage and access roads, shall be performed as hourly work and pursuant
                                         to a written Change Order.

 

		5.0	TOPSOIL REMOVAL AND STRIPPING

 

		5.1	Upon receipt of a written
                                         Change Order, after Work areas are cleared of trees, brush, and surface debris, Owner
                                         shall evaluate thickness and quality of topsoil.

 

		5.2	Following completion of
                                         Owner's topsoil evaluation, topsoil and growth medium shall be stripped and stockpiled
                                         by Contractor in those areas designated by Owner. A maximum depth of 8" (20.0 cm)
                                         is included in the unit prices within the final pit boundary and waste dump.

 

All costs for topsoil removal
and stockpiling, including those for construction and maintenance of required temporary and permanent haulage and access roads,
shall be performed as hourly work and pursuant to a written Change Order.

 

		6.0	MINING AND PIT AREAS

 

		6.1	Blasthole Drilling and Sampling

 

		6.1.1	Contractor shall be responsible
                                         for blasthole drilling and Owner shall approve the drill and/or sampling system being
                                         utilized for sampling.

 

		6.1.2	Owner and Contractor will work
                                         together to design the optimal blast pattern spacing for the designated material. Typical
                                         pattern specification shall be holes which are 20 feet (6.096m) deep with 3 feet (0.914m)
                                         of sub-drill with spacing of 12 feet by 12 feet (3.6576m x 3.6576m) or 12 feet by 15
                                         feet (3.6576m x 4.572m). Hole diameter shall be 5.5 inch in diameter (13.97 cm).

 

		6.1.2.1	Contractor shall provide a
                                         drill control system and drill patterns will be uploaded to drill's onboard GPS system
                                         and Owner, at its election, may mark patterns in the field. This provision is only applicable
                                         on the CAT5150 machines.

 

    
	CONTRACT MINING AGREEMENT

Contract Specifications - Exhibit A 
	4 of 17

 

     

    

 

		6.1.2.2	If a drill control system is
                                         not available, Owner will be responsible for marking the pattern comers and Contractor
                                         will be responsible for marking the remaining pattern.

 

		6.1.3	If adjustments to the blast patterns
                                         are needed to prevent back break into high walls or designed catch benches, Owner and
                                         Contractor shall work together to modify pattern specifications and Unit Prices will
                                         be adjusted accordingly. Option 1 is the preferred blast pattern and pricing option.
                                         The price reduction contemplated for Option 2 will be implemented provided Contractor
                                         has no impacts as a result of change in blast pattern (lower powder factor). These impacts
                                         would be reduced lower productivity, including but not limited to, larger waste material
                                         and increased ripping.

 

		6.1.4	Adequate dust suppression shall
                                         be employed on all drills or field personnel shall use proper PPB to be provided by Contractor.

 

		6.1.5	If necessary to maintain ultimate
                                         pit walls, Owner may require and request Contractor to provide wall control blasting
                                         which may include pre-splitting and/or trim blasting. Procedures, pattern layout and
                                         powder factors shall be jointly agreed upon by Owner and Contractor. Any pre-splitting
                                         , trim row, shear row blasting will be billed on a drilled per meter basis as provided
                                         in Attachment 1 (Schedule of Price); Section 4.1, plus blasting supplies (other
                                         than AN), labor and equipment which will be billed at cost plus 10%, when used. Prior
                                         to commencement, Contractor shall provide an estimate of the cost to Owner of the pre-splitting
                                         or shear row blasting to be undertaken and obtained authorization to proceed.

 

		6.1.6	Contractor shall be responsible
                                         for collecting samples from holes drilled. Owner shall provide standard procedures for
                                         collecting samples and in the event Owner in its sole discretion determines that Contractor's
                                         sampling method does not meet Owner's specifications or obligations, Owner may elect
                                         to have Owner's personnel perform sampling. Contractor shall be responsible for providing
                                         sample bags. Owner shall be responsible for providing sample numbers. Contractor shall
                                         deliver samples to the lab daily.

 

		6.2	Blasting

 

		6.2.1	Contractor shall be responsible
                                         for all phases of blast hole loading and detonation and shall ensure that jointly agreed
                                         upon blasting procedures and practices are adhered to.

 

		6.2.2	Prior to commencement of the
                                         Work, blasting procedures, including all safety procedures, must be submitted by Contractor
                                         for Owner's approval. These procedures must be adhered to during all blasting operations.

 

		6.2.3	Contractor shall consult with
                                         Owner in order to ensure that Contractor's blasting schedule is consistent with Owner's
                                         operations. In the event that Contractor believes that Owner's operations or schedules
                                         are unreasonably interfering with Contractor's performance of the Work, Contractor shall
                                         notify Owner, in writing, within 48 hours of alleged unreasonable interference.

 

		6.2.4	Blasting price is for dry hole
                                         application only; wet hole product will be billed separately at cost including applicable
                                         taxes, plus 10%.

 

    
	CONTRACT MINING AGREEMENT

Contract Specifications - Exhibit A 
	5 of 17

 

     

    

 

		6.3	Ore Control

 

		6.3.1	After blasting and lab results
                                         are complete, within a reasonable period agreed by the pa1ties, Owner shall mark blasted
                                         material to designate what material is waste and what material is ore.

 

		6.3.2	If material is dumped in the
                                         wrong location due to fault of Contractor, Contractor will re-handle material at its
                                         expense to the right location.

 

		6.3.3	Placement of waste and ore
                                         shall be controlled and delineated by Owner. Any material deviation from Owner's field
                                         control shall be immediately corrected by Contractor at Contractor's expense.

 

		6.3.4	Owner will designate its personnel
                                         who shall have the right to stop, direct or redirect the Work to other areas to manage
                                         proper ore control and ensure material is delivered to appropriate dumping locations
                                         through designated Contractor's site management.

 

		6.3.5	In areas of ore mining, Contractor
                                         will adjust working faces and operating procedures to minimize ore dilution.

 

		6.4	Excavation

 

		6.4.1	The mining sequence is set forth in the Schedule of Performance
                                         (Attachment 1) attached hereto.

 

		6.4.2	Mining benches shall be Excavated
                                         in accordance with the design established on the Design Drawings. Owner and Contractor
                                         will work together to remedy any conditions that result in over excavation.

 

		6.4.4	Contractor shall maintain pit floor
                                         elevations within 2 feet (0.6 m) of the designed bench elevation. Owner shall supply
                                         survey control points on each bench for Contractor to establish level elevations from.
                                         If remedial work is required to bring pit floors to this specification, Contractor will
                                         request Owner re-mark ore zones.

 

		6.4.5	Working bench faces that must stand
                                         for greater than six months shall be scaled and free of loose rock or material. Bench
                                         faces must be approved by Owner representative before further mining may occur in said
                                         area and be maintained as per MSHA regulations.

 

		6.5	For purposes of establishing
                                         Contractor's compensation under Unit Prices listed in the Schedule of Prices (Exhibit D)
                                         to the Contract, Unit Prices for Mining shall cover all of the following activities by
                                         Contractor: (i) Maintenance of any permanent or temporary haulage roads required
                                         for mining or between or within the open pit, waste dump, heap leach pad (which may include
                                         reasonable ripping activities pertaining to the immediate scope of work), coarse ore
                                         stockpile, and Contractor's maintenance or administration facilities, (ii) construction
                                         and maintenance of all in pit and haul road drainage, (iii) drilling, sampling,
                                         blasting, loading, hauling, placement, and all other costs associated with the mining
                                         of ore and waste as detailed in the Contract. Contractor will be responsible for construction
                                         of in-pit haul roads and ramps. Any ripping of the ROM placed on the leach pad will be
                                         completed as hourly work.

 

		7.0	WASTE ROCK DISPOSAL

 

		7.1	Waste rock shall be placed
                                         by Contractor in waste sites according to the Design Drawings maintaining a minimum 100ft
                                         (30.0 m) wide dump face. Site location controls shall be provided by Owner.

 

		7.2	Owner reserves the right
                                         to redesign the waste rock disposal area(s) maintaining a minimum 100ft (30.0 m)
                                         wide dump face. In such event, Contractor shall carry out the Work in accordance with
                                         such new design and any new Design Drawings provided by Owner. Any such design changes
                                         that do not result in a material difference in haulage profile (i.e., do not result in
                                         the need for Contractor to use additional equipment in order to meet the Contract Specifications
                                         and Schedule of Performance) will be carried out by Contractor at no extra cost to Owner.

 

    
	CONTRACT MINING AGREEMENT

Contract Specifications - Exhibit A 
	6 of 17

 

     

    

 

		7.3	Dump Disposal Techniques

 

		7.3.1	Contractor
                                         and Owner to jointly agree on approved dumping procedures.

 

		7.3.2	Dumps
                                         will be constructed as determined by Owner to allow for settling and drainage control
                                         and be maintained at plus or minus 3 feet (0.90 m) and as specified in the permits.

 

		7.3.3	All
                                         dumps will have a safety berm on the outside edge as specified by applicable regulations.

 

		7.3.4	In
                                         the event of local dump stability considerations, Owner may require revised dump construction
                                         procedures.

 

Material will be dumped to angle of repose. Any additional
sloping for reclamations will be using hourly rates.

 

		8.0	LEACH PAD AND ORE HANDLING

 

		8.1	Material designated as ore
                                         by the Owner shall be handled with due care. Owner will direct all ore control activities
                                         and ore handling. Lime will be added to each ROM truckload of ore by an Owner-provided
                                         lime silo. Lime silo will be placed within existing haul route.

 

		8.2	Ore-to-Leach - Ore will
                                         be stacked in approximate 15-foot lifts and graded to in accordance with Design Drawings
                                         once final elevation has been achieved.

 

		8.3	Ore-to-Stockpile - Ore stockpile
                                         locations will be designated by Owner. Contractor may stockpile ore only in locations
                                         approved by the Owner for that purpose. Contractor, at its expense, will re-handle stockpiled
                                         ore to an approved location if Contractor stockpiles ore in a location that has not been
                                         approved by Owner. Contractor will be compensated for any changes in stockpile locations
                                         directed by Owner via a Change Order.

 

		9.0	ROADS

 

		9.1	The location of all main
                                         haul roads required to provide access to mining, stockpiles and dump areas shall be designated
                                         by Owner and constructed and maintained as agreed upon by Contractor in accordance with
                                         the Design Drawings. Contractor will maintain haul roads outside all dump and pit footprints.

 

		9.2	Contractor shall at its
                                         expense maintain all permanent and temporary haulage and access roads used for transportation
                                         of Excavated material within designated mining areas, ore stockpiles, topsoil stockpiles,
                                         waste dump, and Contractor's maintenance and administration facilities. Such road work
                                         shall be within the Scope of Work for mining, and Contractor's sole provision to cover
                                         such costs will be through Unit Prices for mining. Construction of initial haulage and
                                         access roads shall be done as Extra Work.

 

		9.3	Contractor shall, at its
                                         sole expense, construct and maintain any and all permanent and temporary access and haulage
                                         roads required for Contractor's administration or maintenance facilities, employee parking,
                                         or use by Subcontractors.

 

    
	CONTRACT MINING AGREEMENT

Contract Specifications - Exhibit A 
	7 of 17

 

     

    

 

		9.4	Contractor road maintenance
                                         shall include grading and ditching of all temporary and permanent haulage and access
                                         roads required for the Work or Extra Work to minimize the effects of run-off and surface
                                         erosion.

 

		9.5	Contractor shall condition
                                         road surfaces using either water sprays or graded crushed rock as required from time
                                         to time to mitigate dust and unsafe operating conditions.

 

		9.6	Contractor shall provide
                                         at the Owner's expense, using hourly rates, a motor grader when necessary or when requested
                                         by Owner to assure safe travel from Highway 361 to the Site via the Mine access road.

 

		9.7	Contractor shall not build
                                         any temporary or permanent roads not proposed by Owner without first obtaining Owner's
                                         approval. Any roads built without Owner's approval will be backfilled or otherwise removed
                                         and reclaimed at Owner's direction by Contractor at Contractor's expense.

 

		9.8	All haul roads shall be built to the following criteria,
                                         unless otherwise agreed to by Owner in writing.

 

		9.8.1	Width: Haul roads constructed will
                                         be designed and constructed to a minimum operating width of 79 feet (24.0m) except where
                                         designed as one-way roads or as otherwise specified.

 

		9.8.2	Grades: Haul road grades shall
                                         be a maximum of 10 percent.

 

		9.8.3	Berms: Haul roads widths include
                                         a safety berm on the outside edge as specified by the applicable mining regulations.

 

		9.8.4	Drainage: Haul roads are to be
                                         graded to drain at a one percent slope away from centerline. If completed grading work
                                         reveals the presence of un-drained areas, it shall be re-graded or drainage otherwise
                                         provided in and beyond Contractor's area.

 

		9.9	All haul roads and roads
                                         used by Contractor, suppliers to Contractor and Subcontractors associated with Contractor
                                         shall be maintained (including berms, drainage facilities and dust control) by Contractor
                                         in a good and safe condition. All haul roads will meet MSHA specifications as a minimum.

 

		9.10	Contractor will provide
                                         and is responsible for other berms such as barricades or warning signs as may be necessary
                                         to make the Work safe by night as well as by day. Contractor will have a sufficient number
                                         of watchmen, flagmen, signs or warning lights to control traffic whenever free passage
                                         would be interfered with by Contractor's operations.

 

		9.11	The following traffic regulations must be obeyed by
                                         Contractor's employees while on the Site:

 

		9.11.1	All vehicular equipment will be
                                         operated within posted speed limits. Mining Area will be posted at max 35 mph and 20
                                         mph for 10% ramps.

 

		9.11.2	All vehicular equipment will be
                                         operated only within areas designated by Owner.

 

		9.11.3	Traffic flow patterns shall be
                                         left hand traffic.

 

		9.11.4	Contractor's employees shall not
                                         be permitted to drive personal vehicles into working areas at the. Site, including any
                                         portion of the pit or dumps, without permission of the Owner's representative.

 

		9.11.5	Contractor shall be responsible
                                         for any damage to its property and to the property of third parties to the extent arising
                                         out of the improper use or operation of Contractor's vehicles and equipment by Contractor.

 

		10.0	MINE DRAINAGE

 

		10.1	Subject to Contractor's
                                         obligations in Section 9.4, Contractor shall at Owner's expense (i) maintain
                                         drainage ditches following initial construction and provide storm water controls such
                                         as straw bales, waddles and sediment traps to minimize erosion damage within all active
                                         mine and waste rock disposal areas; and (ii) complete other repair and maintenance
                                         of drainage in Owner facility areas and elsewhere.

 

    
	CONTRACT MINING AGREEMENT

Contract Specifications - Exhibit A 
	8 of 17

 

     

    

 

		10.2	Contractor shall at Contractor's expense: (i) maintain haul roads, Contractor's facility yards,
parking lots, and storage yards; and (ii) observe and alert Owner to potential drainage or hydrological conditions to protect
inactive mining and waste disposal areas, and assist Owner, at Owner's request, on an Extra Work basis.

 

		11.0	CONTRACTOR'S EQUIPMENT FLEET

 

		11.1	All of Contractor's vehicles and equipment used in the performance of the Work will be maintained
in good working order and fully manned for the performance of the Work or any Extra Work.

 

		11.2	Contractor shall maintain all mining equipment and equipment accessories in proper working condition
in compliance with MSHA regulations

 

		12.0	CONTRACTOR'S SUPERVISORY PERSONNEL

 

		12.1	Attachment 2 to these Contract Specifications contains a list of all of Contractor's on-site
and off-site supervisory personnel who will be involved in the Project, including their responsibilities, and to whom they report,
directly and indirectly. Attachment 2 also contain an organizational chart detailing the overall structure of Contractor's
supervisory personnel for the Project. Prior to any changes to the supervisory personnel listed on this Attachment 2 the
Owner will be notified.

 

		12.2	Contractor agrees to commit to the Project the persons listed in Attachment 2, for
                                                                       such percentage of their time as is specified for each of the listed persons on said schedule, for the duration of the
                                                                       Project, subject to (a) their continued employment with Contractor, and (b) the provisions of Sections 10.5 and 10.6 of the Contract relating
to removal of personnel.

 

		13.0	CONTRACTOR'S RESPONSIBILITY

 

		13.1	In addition to Contractor's responsibilities set forth in Article 10 of the Contract,
Contractor shall provide services, facilities and equipment including, but not limited to:

 

		a.	All temporary facilities as required, including but not limited to: explosives storage.

		b.	All normal expendable or consumable construction items and supplies.

		c.	All small tools.

		d.	An adequate stock of spare parts necessary to avoid unreasonable downtime.

		e.	An adequate supply of portable sanitary facilities that comply with applicable regulations to service
Contractor's or Subcontractor's personnel at the Site and an adequate supply of potable water for such personnel.

 

		13.2	Contractor shall ensure that all above-ground tanks, including 55-gallon drums, are contained within
diked/bermed and synthetically lined areas that will contain any spill resulting from tank rupture. Contractor shall endeavor to
recycle waste materials as much as possible. Storage of waste materials designated for recycle shall follow the rules as set
forth for storage of fresh materials. Signs will be installed at all storage sites to alert users of the contents. Waste including
but not limited to contaminated soil, crankcase oil and filters, barrels, rags etc., will be disposed of by Contractor at an Owner
supplied waste discharge facility. Routine integrity checks of storage sites will be required. Contractor shall ensure that all
handling, storage and use of supplies are done in compliance with Environmental Laws and within governmental and environmental
guidelines and regulations. Contractor shall report all spills outside of secondary containment of fuel, lubricant, petroleum products,
chemicals and other hazardous or contaminant materials to Owner's Environmental Coordinator and Mine Manager immediately after
the spill occurs. Contractor shall immediately perform corrective action to contain and properly clean-up spills caused by Contractor
or its Subcontractors in accordance with Environmental Laws and shall bear all costs associated with fully remediating any spills
of petroleum products, chemicals and other hazardous or contaminant materials by Contractor or its Subcontractors. Owner shall
be responsible for reporting such spills to the proper Federal, state and local agencies as required by permit. Contractor will
maintain on Site a list of names and telephone numbers and appropriate procedures required for such corrective action and reporting.

 

    
	CONTRACT MINING AGREEMENT

Contract Specifications - Exhibit A 
	9 of 17

 

     

    

 

		13.3	Contractor shall ensure that the location and design of powder magazines, the methods of transporting,
storing, handling and use of explosives, and the precautions taken to prevent accidents and theft are in accordance with the provision
of all Applicable Laws. Contractors shall, at Owner's request and at Contractor's expense, discontinue or modify any method of
transportation, storage, handling, or use of explosives which in the opinion of Owner, is dangerous to the public or potentially
destructive to public or private property. Contractor shall maintain a current inventory for storage and withdrawal of powder stock
and detonators. Contractor shall provide such reasonable and adequate protection measures as may be necessary to prevent theft
of explosives and to minimize hazards to any property. Only licensed personnel shall be permitted to store and handle explosives.
Owner shall be notified immediately of any loss or theft of explosives.

 

		13.4	Contractor shall remove all ground water, if any, required to be removed for the purpose of carrying
out mining and shall comply with the terms of the contract in handling, storing and/or discharging such ground water. Removal of
ground water encountered will be billed as Extra Work but surface run-off is to be included in unit rate pricing of material as
long as such run-off is within Contractor's Work-scope area. Designated areas will be supplied for contractor to pump water, if
necessary.

 

		13.5	Contractor shall maintain all of Owner's facilities which have been made available to Contractor
and its personnel as if these facilities were Contractor's facilities. Contractor shall ensure that these facilities are maintained
neat and tidy and in a functional condition as pertained to their original purpose.

 

		14.0	ENVIRONMENTAL PROTECTION

 

Contractor shall exercise care
to preserve the natural landscape and shall conduct its operations so as to prevent any undue or unnecessary destruction, scarring,
or defacing of the natural surroundings in the vicinity of the Work and shall comply with all commitments made by Owner in the
Plan of Operations for the Project and applicable license and permits, which is comprised of the documents listed in Attachment
4 to these Contract Specifications, copies of which documents will be made available by Owner to Contractor prior to execution
of this Contract and may be amended. Owner shall promptly provide to Contractor written notice of any changes that are made to
the commitments made in the Plan of Operations from time to time. Movement of crews and equipment shall be restricted to routes
provided for access to the Work so as to prevent damage to adjacent land or property.

 

		14.1	Contractor shall become familiar with all Environmental Laws and documents applicable to the Project.
Contractor will make every reasonable effort to see that the Work is done within the guidelines of such documents. Contractor and
its employees will strictly observe any mitigating measures stipulated in the approvals for the Project. Repeated or willful violations
of such mitigating measures by Contractor or its employees shall be grounds for termination of the Contract for cause under Article 30.

 

		14.2	Contractor shall provide adequate firefighting equipment for each of its employees on the jobsite.
This may include hand tools (shovels, hoes) and/or fire extinguisher. All Contractor vehicles (other than light vehicles) and equipment
shall be equipped with adequate fire extinguishers. Water trucks shall be equipped with fire suppression equipment (e.g. water
cannons).

 

    
	CONTRACT MINING AGREEMENT

Contract Specifications - Exhibit A 
	10 of 17

 

     

    

 

		15.0	EXISTING PROPERTY

 

		15.1	Contractor shall in no event disturb existing property without first obtaining written approval
from Owner.

 

		15.2	Contractor, in all instances, will be responsible for losses or injuries to the extent caused by
or resulting from the negligent action or inaction of Contractor, any Subcontractors, and its or their employees to property or
livestock owned by third parties.

 

		16.0	REPORTING TO OWNER

 

		16.1	Daily Blasting Report - Contractor shall provide a daily blasting report to Owner. The blasting
report shall list the time, location, pattern size, amount of explosives, initiation type, timing, etc. for any blast to occur
on that day and the following day. Within 24 hours after a blast, Contractor shall provide Owner with a report documenting the
blast in a form mutually agreed upon by Owner and Contractor.

 

		16.2	Daily Production Report - Contractor shall provide Owner each day with a report setting forth the
previous day's production statistics (e.g., acreage cleared and grubbed, BCM topsoil excavated and stockpiled, truck count and
Tonnes of ore and waste by dump location, pit area and bench mined), and Extra Work performed the previous day.

 

		16.3	Monthly Owner's Reports - Contractor shall provide Owner each month with a draft Application for
Payment and a final Application for Payment as provided in Section 5.1.1 or Advance Invoice as provided in Section 5.2
of the Contract. Tonnage calculations on which unit prices for Work during the prior month are calculated will be provided to Owner
on or before the tenth (10) day of the month.

 

		17.0	PAYMENT CONTROL PROCEDURES

 

The following
procedures shall be followed relative to the control and recording of work performed by Contractor in the field and the submittal
of invoices to Owner. Owner may revise, in collaboration with the Contractor these procedures as may be required to improve the
overall control system.

 

		17.1	Field Records: Owner and Contractor shall establish a system of daily report forms to be used to
monitor all major equipment and support personnel which are chargeable at an hourly or a daily rate basis. All daily report forms
will be signed by a field representative of Contractor and the Superintendent at the end of each shift. Such forms shall be maintained
in a business-like and legible condition, subject at all times to audit by Owner's representatives.

 

		17.2	Payable Hours: Owner will consider payable hours for equipment to include only the actual hours
worked at the Site for Extra Work payable under pricing of Attachments 4 and 5 of Exhibit  D. Downtime caused by weather or
equipment repair will not be recorded as payable hours nor will standby charges apply.

 

		17.3	Prices: The fixed rates, Unit Prices and lump sum amounts established in the Schedule of Prices
(Exhibit D - Attachment 1) to this Contract shall be strictly adhered to for the computation of Contractor's
compensation under this Contract. In the event it is necessary to perform work for which no existing rate or Unit Price applies,
the Contractor will propose a new rate or lump sum amount to Owner, prior to the work being performed. All new rates of lump sum
payments are to be evidenced by Change Order(s).

 

    
	CONTRACT MINING AGREEMENT

Contract Specifications - Exhibit A 
	11 of 17

 

     

    

 

		17.4	Payments: Owner and Contractor recognize that the principal basis for Contractor's compensation
under this Contract will be the determination of the number of units of material mined and hauled. The measurement procedures set
forth below shall be strictly adhered to:

 

		17.4.1	Owner and Contractor will jointly decide upon a topographic base from which to work. This will
either be based on aerial photography or surveyed field sections. The base will be decided and verified prior to the commencement
of Work.

 

		17.4.2	Owner shall conduct check surveys as deemed appropriate by Owner. Contractor's daily reports and
Owner's check surveys shall be for the purpose of assuring Contractor's compliance with the Schedule of Performance.

 

		17.4.3	Weight calculations on which payment will be calculated within 10 business days of the end of each
month. Payable Tonnes will be based on truck load count, truck payload monitoring system (TPMS), and reconciled to Owner survey.

 

		17.4.4	The amount of each payment for the Work completed, which is subject to this Contract Price and
Owner survey reconciliation, shall be determined by multiplying the applicable Contract Unit Price by the applicable weight of
material mined during the previous month.

 

		17.4.5	Payments by Owner to Contactor with respect to lump sum items shall be on the basis of invoices
submitted to Owner and/or percent completion.

 

		17.4.6	All payments to Contractor hereunder shall be in accordance with the provisions of Articles
5 and 6 of the Contract.

 

		17.4.7	Contractor will present Owner with the Application for Payment or Advance Invoice, or Monthly Reconciliation,
as the case may be, which shall detail all Work performed at a Fixed Rate (lump sum) and Unit Rate, and all Extra Work

 

		17.4.8	Any mutually-agreed back-charges and deductions by Owner will be applied to Contractor's monthly
Final Invoice.

 

		17.5	Calibration of Truck Weight and Verification of Tonnes.

 

		17.5.1	All Contractor-operated trucks used to haul ore or waste must have a calibrated payload system
capable of accurately measuring the number of Tonnes moved. The payload system must be checked and verified accurate to manufacturer's
specifications but not less than in six (6) month intervals from the commencement of Work.

 

		17.5.2	Data will be downloaded from each truck by Contractor and provided to Owner no less frequently
than monthly.

 

		17.5.3	A certified weight study will be conducted semi-annually by the Owner to audit payload system calibration.
Following any such study, the truck payload system promptly will be recalibrated to correspond with actual weight.

 

		17.5.4	If, as a result of a weight study conducted pursuant to Section 17.5.3, the variance between
the arithmetic average payload system weight and certified scale weight is within 3%, no adjustment to prior billings will occur.
If the certified scale weight is more or less than 3% less than the arithmetic average payload system weight, Owner shall back-charge
Contractor, or Contractor may request increased compensation through a Change Order, with respect to the Tonnes under or overpaid,
based on Tonnes moved since the last weight determination or such applicable shorter period if the Parties can reasonably determine
when the discrepancy occurred.

 

		17.5.5	A fleet management system may be installed at Owner's expense. If such a system is installed, Contractor
will provide electronic payload data input to the system. Owner will pay for normal maintenance and wear and tear to the system, and Contractor
will be responsible for any damage to the system to the extent caused by negligence or willful misconduct of Contractor.

 

    
	CONTRACT MINING AGREEMENT

Contract Specifications - Exhibit A 
	12 of 17

 

     

    

 

		17.5.6	In the event that any surveys of the Site conducted by or on behalf of Owner from time to time
show a reasonable likelihood that the number of Tonnes moved differed from the number of Tonnes on which payment was based, then
the Parties shall undertake weight studies to determine if there is a variance between Tonnes moved and Tonnes on which payment
was based.

 

		18.0	COMPLIANCE WITH SCHEDULE OF PERFORMANCE

 

		18.1	Contractor acknowledges that timely performance of the Work is critical to Owner's operations and
that time is of the essence. Contractor hereby agrees to meet or exceed the monthly production rates set forth in the Schedule
of Performance to the extent doing so is within Contractor's control and provided that Contractor's performance of the Work is
not hindered, obstructed or delayed by Owner, or Owner's engineer, other contractors or representatives, or by any force majeure
conditions. If any of the foregoing occurs or applies, the production rates set forth in the Schedule of Performance shall be equitably
adjusted to account for matters not within Contractor's control as well as such conditions, obstructions and delays affecting Contractor's
ability to meet or exceed the original monthly production rates set forth in the Schedule of Performance.

 

		18.2	Subject to Section 18.1 hereof, in the event that Contractor shall fall more than 10 percent
behind the Schedule of Performance (following completion of the start-up period established under Section 18.3 of the Specifications)
and remain 10 percent or more behind schedule for over a three month average, for reasons within Contractor's control, Contractor
shall, without additional cost to Owner, mobilize additional personnel or equipment to the Work as may be necessary to bring Contractor's
performance into full compliance with the Schedule of Performance by the end of the following month.

 

		18.3	Owner and Contractor will agree in writing, on a reasonable start-up period.

 

		19.0	MISCELLANEOUS PROVISIONS

 

		19.1	Contractor and Owner will meet at least weekly to establish a mutually acceptable mine work plan
and schedule. This schedule will be adhered to by Contractor and Owner. In case of bad weather delays, Contractor will attempt
to work make-up days in order to remain on schedule. Excluding where work is performed on a time and materials basis, there will
be no additional cost to Owner for this make-up work.

 

		19.2	Contractor shall cooperate with Owner in the planning and scheduling of other contractor work on
the Project. Owner will attempt to schedule the work of other contractors so that delays to Contractor are avoided or minimized.

 

		19.3	Contractor shall be responsible for having a radio communications system that is compatible with
a mutually agreed upon system and frequencies. There will be no additional cost to Owner for establishing and maintaining this
radio communications system. Radios must be installed and operational on all loading and hauling equipment.

 

    
	CONTRACT MINING AGREEMENT

Contract Specifications - Exhibit A 
	13 of 17

 

     

    

 

Attachment 1

 

SCHEDULE
OF PERFORMANCE

(Material Placement
Schedule)

 

Isabella
Pearl - Mine Schedule

 

	 	 	ISABELLA PEARL· MINING SCHEDULE
	Item	 	Month 1	 	Month 2	 	Month 3	 	Month 4	 	Month 5	 	Month 6	 	Month 7	 	Month 8	 	Month 9	 	Month 10	 	Month 11	 	Month 12
	Waste Tonnes	 	128,907	 	224,266	 	321,258	 	246,015	 	314,992	 	446,143	 	448,652	 	493,452	 	462,514	 	516,111	 	472,594	 	501,005
	Rom Tonnes	 	54,166	 	6,434	 	16,520	 	53,534	 	98,656	 	87,700	 	30,080	 	38,784	 	60,320	 	29,431	 	55,493	 	65,121
	Crushed Tonnes	 	47,388	 	4,300	 	7,222	 	45,451	 	26,351	 	77,788	 	73,708	 	79,394	 	69,066	 	66,088	 	63,813	 	45,503
	Total Tonnes Moved	 	230,461	 	235,000	 	345,000	 	3<15,000	 	440,000	 	611,630	 	552,440	 	611,630	 	591,900	 	611,630	 	591,900	 	611,630

 

	 	 	ISABELLA PEARL· MINING SVHEDULE
	Item	 	Month
    13	 	Month
    14	 	Month
    15	 	Month
    16	 	Month
    17	 	Month
    18	 	Month
    19	 	Month
    20	 	Month
    21	 	Month
    22	 	Month
    23	 	Month
    24
	Waste
    Tonnes	 	499,225	 	494,456	 	517,500	 	522,642	 	593,811	 	585,488	 	521,634	 	516,901	 	562,497	 	578,301	 	554,937	 	593,932
	Rom
    Tonnes	 	35,878	 	37,169	 	32,028	 	15,757	 	1,650	 	6,026	 	12,811	 	16,782	 	3,504	 	7,783	 	4,473	 	47
	Crushed
    Tonnes	 	76,
    5 27	 	60,275	 	62,103	 	53,501	 	16,169	 	20,117	 	37,726	 	77,947	 	25,898	 	25,542	 	32,490	 	17,651
	Total
    Tonnes Moved	 	611,630	 	591,900	 	611,630	 	591,900	 	611,
    630	 	611,630	 	572,170	 	611,630	 	591,900	 	611,630	 	591,900	 	611,630

 

Bench-By-Bench
Schedule:

 

MiningContract_I

P_1

70918.xlsx

 

    
	CONTRACT MINING AGREEMENT

Contract Specifications - Exhibit A 
	14 of 17

 

     

    

 

Attachment 2

 

SCHEDULE OF CONTRACTOR'S SUPERVISORY 

PERSONNEL
AND ORGANIZATIONAL CHART

  

    
	CONTRACT MINING AGREEMENT

Contract Specifications - Exhibit A 
	15 of 17

 

     

    

 

 

LEOCOR   29
August 201
8

 

    
	CONTRACT MINING AGREEMENT

Contract Specifications - Exhibit A 
	16 of 17

 

     

    

 

Attachment 3

 

LIST OF DOCUMENTS COMPRISING PLAN OF OPERATIONS

 

	1.	Walker Lane Minerals Corp. Plan of Operations Approved July 10, 2017 NVN8663

 

	2.	Walker Lane Minerals Corp. Environmental Assessment Approved May 11, 2018 DOI-BLM-NV-COl0-2018-
0007-EA

 

Other applicable permits and licenses to be provided
by Owner include, but are not limited to:

 

	Permit	Status	Approval Date	Permit Number
	Reclamations	Approved	05/21/2018	#0387
	Water Pollution Control	Approved	05/21/2018	NEV 2009102
	National Pollution Control	Approved	04/27/2015	NVG201000
	General Storm Water	Approved	05/25/2017	NVR300000 MSW-43292
	Air Quality Class II	Approved	06/30/2017	AP1041-3853
	Air Quality Mercury Permit to Construct	Approved	11/17/2017	AP1041-3895
	Air Quality Class I to Construct	Approved	01/19/2018	AP1041-3897
	Water Rights	Approved	06/28/2018	79096, 82498,83484,83485
	Industrial Artificial Pond	Approved	08/07/2017	BL 17-5387
	Mineral County Business License	Current	07/01/2018	17288
	Mineral County Special Use Permit	Approved	06/14/2017	165957
	Hazardous Waster Generator	Approved	08/11/2017	NVR 000092916
	MSHAID#	Active	04/18/2017	026-02812
	MSHA Training Plan	Approved	04/18/2017	026-02812

 

    
	CONTRACT MINING AGREEMENT

Contract Specifications - Exhibit A 
	17 of 17

 

     

    

 

EXHIBITB

to

Contract Mining

 

Agreement
DESIGN

 

DRAWINGS

 

 

 

    	CONTRACT MINING AGREEMENT 
 Design Drawings - Exhibit B	18 of 6

    

    

 

 

 

    	CONTRACT MINING AGREEMENT 
 Design Drawings - Exhibit B	19 of 6

    

    

 

 

 

MINE SCHEDULE- MONTH
12

 

    	CONTRACT MINING AGREEMENT 
 Design Drawings - Exhibit B	20 of 6

    

    

 

 

 

MINE SCHEDULE- MONTH
18

 

    	CONTRACT MINING AGREEMENT 
 Design Drawings - Exhibit B	21 of 6

    

    

 

 

 

MINE SCHEDULE- MONTH
24

 

    	CONTRACT MINING AGREEMENT 
 Design Drawings - Exhibit B	22 of 6

    

    

 

 

 

    	CONTRACT MINING AGREEMENT 
 Design Drawings - Exhibit B	23 of 6

    

    

 

EXHIBITC

to

Contract Mining Agreement

 

MOBILIZATION

 

SCHEDULE

 

    	CONTRACT MINING AGREEMENT 
 Mobilization Schedule - Exhibit C	1 of 1

    

    

 

EXHIBIT D

to

Contract Mining Agreement

 

SCHEDULE OF
PRICES

 

		1.0	PREAMBLE

 

		1.1	The Contract Specifications (Exhibit A) and Design Drawings (Exhibit B) to
the Contract collectively describe the Scope of Work to be performed, and the Schedule of Prices as set forth in Section 2.0
hereof shall establish the prices to be paid for such Work.

 

		1.2	Payment to perform the Work will be on a Fixed Rate (lump sum) or Unit Price basis as set forth in Attachment 1 -the
Schedule of Prices.

 

		1.3	Fixed Rate and Unit Prices listed include all labor, overtime premium, burden, materials, services,
equipment, tools, support and maintenance facilities, transportation, power, water, permanent and temporary utilities, connections,
provisions for safety, overhead, profit, and all incidental and other things necessary to complete the applicable Work as described
in the Contract. Fixed Rate and Unit Prices will be Contractor's only provision for payment by Owner for Work conducted within
the contract Scope of Work except as otherwise provided under the Contract.

 

		1.4	Unless a lump sum price or unit price is specified in the Schedule of Prices or is agreed upon
in advance by Owner and Contractor, compensation for Extra Work will be on a time and material basis as set forth below.

 

		1.5	The quantities in Section 2.0 hereof are approximate, based on the information available
at the time and are subject to change. Period totals (all material types) as stated in the mine plan are subject to a 10% variation
and material types during each period as specified by Owner, with no change in unit price, subject to an adjustment based upon
a quarterly assessment of actual cumulative impact to Contractual baseline quantities. Actual requirements will be determined by
Owner in the field during the progress of the Work. Owner may find it advisable or necessary and has the right in its sole discretion
to change locations of portions of the Work and to omit portions of the Work, upon completion of a Change Order.

 

		1.6	Unit Rate and Hourly rates will be subject to a fixed escalation or de-escalation according to

 

Attachment 6 as well as additional permitted
adjustments specified in the Contract.

 

2.0          Contract
Price

 

Contract Price:

Attachment 1 - Contract Price

Attachment 2 - Equipment
Listing

Attachment 3 - Standby Rates

 

3.0          Extra
Work

 

Attachment 4- Extra Work Equipment Hourly

Rates Attachment
5 - Extra Work Pricing Labor

 

    	CONTRACT MINING AGREEMENT 
 Schedule of Prices-Exhibit D	1 of 11

    

    

 

		4.0	Rate Adjustments

 

Attachment 6 - Escalation / De-escalation Rate Adjustment

 

    	CONTRACT MINING AGREEMENT 
 Schedule of Prices-Exhibit D	2 of 11

    

    

 

Attachment 1

 

Contract Price (1 of
3)

 

	ISABELLA PEARL MINING CONTRACT (Month 1 through 24)
	LEDCOR  - 100T TRUCKS
	Item#	Description	Quantity	Unit	Unit Cost	Total Cost	 
	1 	Mobilization	 
	1.1	Mobilization	1	LS	$     260,000.00	$ 260,000.00	 
	1.2 	Maintenance Tent	 	1	LS	$     400,000.00	 	 
	2 	Demobilization	 
	2.1	Demobilization -4 to 12 months	1	LS	$     260,000.00	 	 
	2.2	Demobilization 13 to 24 months	1	LS	$    175,000.00	 	 
	2.3	Demobilization 25 to 36 months	1	LS	$      88,000.00	 	 
	2.4	Demobilization after 36 months	1	LS	$      40,000.00	 	 
	3	 Drilling - Trim
Rows, Presplit, Sampling	 
	3.1 	Drilling 5.5"	1	LM	$             10.66	 	 
	4 	Drill & Blast Ore & Waste* 12x12
Pattern with 5.5" Drill Holes (Option 1)
	 	(3.6576m x 3.6576m x 5.5") with 6.096m benches
	4.1	Isabella/Civit Cat 1760-1718	729,177	BCM	$              1.42	$ 1,035,072.08	 
	4.2	Isabella/Civit Cat 1712-1670	827,025	BCM	$              1.42	$ 1,173,966.88	 
	4.3	Isa bella/Civit Cat 1664-1652	63,627	BCM	$              1.42	$      90,318.67	 
	4.4	PearlPHl 1766-1700	1,353,735	BCM	$              1.42	$ 1,921,636.01	 
	4.5	PearlPHI 1694-1646	1,744,262	BCM	$              1.42	$ 2,475,991.09	 
	4.6	Pearl PHI 1640-1610	204,813	BCM	$              1.42	$   290,732.87	 
	4.7	PearlPH21772-1700	797,053	BCM	$              1.42	$ 1,131,421.65	 
	4.8	Pearl PH2 1694-1676	189,127	BCM	$              1.42	$   268,467.09	 
	4.9	Pearl PH2 1670-1598	-	BCM	$              1.42	$                    -	 
	Subtotal	5,908,819	BCM	 	$ 8,387,606.33	 
	5 	Drill & Blast Ore & Waste* 12x15 Pattern with 5.5" Drill Holes (Option 2)
	 	(3.6576m x 4.5720m x 5.5") with 6.096m benches
	5.1	Isabella/Civit Cat 1760-1718	729,177	BCM	$              1.20	$ 872,938.39	 
	5.2	Isabella/Civit Cat 1712-1670	827,025	BCM	$              1.20	$ 990,076.70	 
	5.3	Isabella/Civit Cat 1664-1652	63,627	BCM	$              1.20	$    76,171.15	 
	5.4	Pearl PHI 1766-1700	1,353,735	BCM	$              1.20	$ 1,620,630.94	 
	5.5	Pearl PHI 1694-1646	1,744,262	BCM	$              1.20	$ 2,088,151.84	 
	5.6	Pear!PHI 1640-1610	204,813	BCM	$              1.20	$ 245,192.47	 
	5.7	PearlPH2 1772-1700	797,053	BCM	$              1.20	$ 954,195.76	 
	5.8	Pearl PH2 1694-1676	189,127	BCM	$              1.20	$ 226,414.40	 
	5.9	Pearl PH2 1670-1598	-	BCM	$              1.20	$                       -	 
	 	Subtotal	5,908,819	BCM	 	$ 7,073,771.67	 
	6 	Loading & Hauling Pit ROM to Leach Pad
	6.1	Pit ROM Isabella/Civit Cat 1760-1718	343,715	TONNES	$              1.61	$ 553,165.76	 
	6.2	Pit ROM lsabe lla /C ivit Cat 1712-1670	330,965	TONNES	$              1.31	$ 434,143.29	 
	6.3	Pit ROM Isa bella/Civit Cat 1664-1652	5,275	TONN ES	$              1.58	$    8,315.78	 
	6.4	Pit ROM Pearl PHI 1766-1700	34,230	TONNES	$              1.49	$  50,938.66	 
	6.5	Pit ROM Pearl PHl 1694-1646	35,429	TONNES	$              1.14	$   40,225.16	 
	6.6	Pit ROM Pearl PHI 1640-1610	11,108	TONNES	$              1.32	$ 14,693.06	 
	6.7	PitROMPearlPH21772-1700	9,423	TONNES	$              1.60	$ 15,061.64	 
	6.8	Pit ROM Pearl PH2 1694-1676	-	TONNES	$              1.23	$                       -	 
	6.9	Pit ROM Pearl PH2 1670-1598	-	TONNES	$              1.34	$                       -	 
	 	Subtotal	770,146	TONNES	 	$ 1,116,543.36	 

 

    	CONTRACT MINING AGREEMENT 
 Schedule of Prices-Exhibit D	3 of 11

    

    

 

Attachement 1

 

Contract Price (2 of
3)

 

	ISABELLA PEARL MINING CONTRACT (Month 1 through 24)
	LEDCOR - lO0T TRUCKS
	Item#	Description	Quantity	Unit	Unit Cost	Total Cost
	7 	Loading & Hauling Pit Ore to Crusher	 
	7.1	Pit Ore Isabella/Civit Cat 1760-1718	301,775	TONNES	$ 1.40	$      422,465.29
	7.2	Pit Ore Isabe lla/Civit Cat 1712-1670	511,368	TONNES	$ 1.06	$      541,139.05
	7.3	Pit Ore Isabella/CivitCat 1664-1652	10,055	TONNES	$ 1.58	$        15,850.21
	7.4	Pit Ore Pearl PHI 1766-1700	21,737	TONNES	$ 1.17	$        25,398.13
	7.5	Pit Ore Pearl PHI 1694-1646	126,386	TONNES	$ 1.01	$      128,171.38
	7.6	Pit Ore Pearl PHI 1640-1610	135,863	TONNES	$ 1.30	$      176,720.49
	7.7	Pit Ore Pear1PH2 1772-1700	4,172	TONNES	$ 1.03	$          4,276.49
	7.8	Pit Ore PearlPH2 1694-1676	661	TONNES	$ 1.03	$             677.36
	7.9	Pit Ore Pearl PH2 1670-1598	-	TONNES	$ 1.27	$                        -
	Subtotal	1,112,017	TONNES	 	$ 1,314,698.39
	8 	Loading & Hauling Waste to Waste Dump
	8.1	Pit Waste Isabella/Civit Cat 1760-1718	958,700	TONNES	$ 1.62	$ 1,553,473.26
	8.2	Pit Waste Isabella/Civit Cat 1712-1670	977,121	TONNES	$ 1.22	$ 1,195,569.68
	8.3	Pit Waste Isabella/Civit Cat 1664-1652	124,648	TONNES	$ 1.51	$      188,239.28
	8.4	Pit Waste Pearl PHI 1766-1700	2,922,251	TONNES	$ 1.30	$ 3,801,046.90
	8.5	Pit Waste Pearl PHI 1694-1646	3,675,561	TONNES	$ 1.18	$ 4,335,220.39
	8.6	Pit Waste Pearl PHI 1640-1610	303,617	TONNES	$ 1.30	$   394,922.51
	8.7	Pit Waste Pearl PH2 1772-1700	1,739,921	TONNES .	$ 1.37	$  2,378,236.58
	8.8	Pit Waste Pearl PH2 1694-1676	415,419	TONNES	$ 1.18	$  489,974.70
	8.9	Pit Waste Pearl PH2 1670-1598	-	TONNES	$ 1.36	$                        -
	Subtotal	11,117,238	TONNES	 	$ 14,336,683.30
	9	 Site Maintenance	 
	9.1	 Maintain pit, Roads, Stockpiles
and Dumps	12,999,401	TONNES	$ 0.53	$    6,878,097.36
	9.2	Storm Water Controls	12,999,401	TONNES	$      -	$                        -
	 	TOTAL Opt.1	$ 32,293,628.75
	TOTAL Opt. 2	$ 30,979,794.08

 

	 	*  	Prices exclude fuel and AN
	 	**  	Prices include clearing, grubbing and growth material striping Maintenance facility provided by contractor
	 	 	Tonnes are Metric Tonnes

 

    	CONTRACT MINING AGREEMENT 
 Schedule of Prices-Exhibit D	4 of 11

    

    

 

Attachment 1

Contract Price (3 of
3)

 

Isabella Pearl Contract Mining: Qualifications
to Pricing

 

		1.	Pricing is contingent upon negotiation of a mutually acceptable contract with equitable terms and
conditions.
		2.	All permits provided by client.
		3.	Red-dye Diesel provided by client.
		4.	Survey, engineering, and ore control provided by client.
		5.	Sampling and sample bags included in drilling unit rate pricing. If sampling is provided by client,
Drilling and Blasting unit prices can be reduced by $0.05/BCY ($0.07 $/BCM).
		6.	Initial haul road development to mining areas, not included in unit pricing. Work is proposed to
be performed on T&M, estimated costs attached.
		7.	Pricing based upon mine plan and pit design provided in RFP. Pricing assumes that actual yearly
quantity mined is not under 10% of yearly quantity bid.
		8.	100-ton (90 tonne) pricing is based on using 992 loaders and 100-ton (90-tonne) trucks mining on
a 20 ft (6m) bench.
		9.	Pricing does not include feeding material through crusher. Pricing assumes all crusher ore is stockpiled
next to crusher.
		10.	Pricing is based upon an average bank density of 1.85 short tons per bank cubic yard or 2.2 metric
tonne per cubic meter.
		11.	Drilling and Blasting pricing assumes dry holes.
		12.	ROM pricing does not include any leach pad ripping.
		13.	Pricing assumes water storage is installed and available from client, when mining starts.
		14.	Pricing assumes that dumpsters and a bio bin will be available for contractor to put trash in.
		15.	Clearing and Grubbing includes grubbing up to 8" (0.20m) of topsoil. Clearing and grubbing
of waste dump is built into the support fee. Clearing and grubbing of mining areas is included in the loading and hauling unit
rates and assumes that any grubbed material will be charged at the appropriate cost per tonne to haul to stockpile or dump.
		16.	Pricing include maintaining the waste dump within the permitted boundary, and dumping the material
to angle of repose. No additional money has been included for sloping dumps to final reclamation angle.
		17.	Storm water controls are included in support pricing. Pricing includes grading of work areas and
establishing berms to contain run-off. No money has been included for materials (straw bales, waddles, etc.) or pumping of
excess water.

 

    
	CONTRACT MINING AGREEMENT	 
	Schedule of Prices - Exhibit D	 5 of 11

    

    

 

Attachment 2

Equipment

Listing

 

	Contractor
shall list below the plant and equipment to be committed to the Contract. Equipment shall be suitable for the proposed job and
owner reserves the right to request Contractor provide other Equipment if Equipment provided has been demonstrated to be unsuitable
for the proposed job and within the proposed timeframe. If alternate equipment is proposed beyond the list below then Contractor
shall be entitled to Change Order. For each item listed, a detailed "Equipment Inspection Report" shall be completed
prior to any operation on Project site.
	 	 	 	 	Proposed	 
	Ledcor

Unit

Number	Description	Model	Est.

Fuel

Use

GPH	Start Date	Finish Date	Duration in Years
	 	 	 	 	 	 	 
	52028	Dozer D1OT Cat	Dozer D1OT Cat	22	Sep-18	Dec-20	2
	52082	Dozer D9T Cat	Dozer D9T Cat	19	Sep-18	Dec-20	2
	62040	Grader 16M Cat	Grader 16M Cat	10	Sep-18	Dec-20	2
	62049	Grader 14M Cat	Grader 14M Cat	7	Sep-18	Dec-20	2
	64043	Wheel Loader 992G Cat	Wheel Loader 992G Cat	27	Sep-18	Dec-20	2
	64139	Loader
IT28G Cat	Loader IT28G Cat	7	Sep-18	Dec-20	2
	64150	WheeILoader992K Cat	Wheel Loader 992K Cat	27	Sep-18	Dec-20	2
	64289RP	Skidsteer
262D Cat	Skidsteer 262D Cat	4	Sep-18	Dec-20	2
	82010	Rock Truck 777D Cat	Rock Truck 777D Cat	19	Sep-18	Dec-20	2
	82011	Rock Truck 777D Cat	Rock Truck 777D Cat	19	Sep-18	Dec-20	2
	82012	Rock Truck 777D Cat	Rock Truck 777D Cat	19	Sep-18	Dec-20	2
	82015	Rock Truck 777D Cat	Rock Truck 777D Cat	19	Sep-18	Dec-20	2
	82016	Rock Truck 777D Cat	Rock Truck 777D Cat	19	Sep-18	Dec-20	2
	82123	Water Truck 769D Cat	Water Truck 769D Cat	12	Sep-18	Dec-20	2
	82199	Water Truck 769D Cat	Water Truck 769D Cat	12	Sep-18	Dec-20	2
	83033	Rock Drill HD5150C Cat	Rock Drill HD5150C Cat	15	Sep-18	Dec-20	2
	83034	Rock Drill HD5150C Cat	Rock Drill HD5150C Cat	15	Sep-18	Dec-20	2
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

 

    
	CONTRACT MINING AGREEMENT	 
	Schedule of Prices - Exhibit D	 6 of 11

    

    

 

Attachment 3

 

Stand-by Equipment and Labor Rates

 

	Ledcor CMI 

Inc.
	Schedule F - Standby Equipment Rates
	 
	
        Item

        No
	Description	Hourly
	1	CAT DlO Dozer	$	108.00
	2	CATD9 Dozer	$	96.00
	3	CATD8 Dozer	$	78.00
	4	CAT 992 Loader	$	168.00
	5	Hitachi EX1200	$	129.00
	6	Hitachi EX850	$	114.00
	7	CAT 988 Loader	$	100.00
	8	100-ton Haul Truck	$	117.00
	9	40-ton Articulated Truck	$	65.00
	10	60-ton Articulated Truck	$	94.00
	11	CAT l\ID5150 Drill	$	153.00
	12	CAT 769 Water Truck	$	63.00
	13	CAT 14M Grader	$	63.00
	 
	Schedule F - Standby Labor Rates
	
        A.11 on-site standby labor hours
        will be paid according to the Hourly Labor Rates in Schedule D.

        For standby shifts that employees are not on-site,
        they will be paid $100.00

        per day.

 

Extra

 Work

 

The following additional Unit Prices are for Owner areas of
Extra Work including:

 

		A.	Clearing, Grubbing, and Topsoil Removal of lnitial Haul Road: Paid on an Hourly Rate Basis

 

		B.	Construction of Initial Haul Road to Mining Areas: Paid on an Hourly Rate Basis (T&M Estimate
and Proposed Design Attached)

 

    
	CONTRACT MINING AGREEMENT	 
	Schedule of Prices - Exhibit D	 7 of 11

    

    

 

 

 

    
	CONTRACT MINING AGREEMENT	 
	Schedule of Prices - Exhibit D	 8 of 11

    

    

 

 

Attachment 4

Extra Work Pricing 

 

Equipment Equipment
Hourly

 

Rates

 

Contractor shall supply a schedule of hourly, daily, and monthly
Equipment Hourly Rates for all equipment listed in the Dedicated Equipment Fleet. The Equipment Hourly Rates shall include all,
supervision, maintenance, parts, materials, freight, and profit.

 

	Ledcor CMI Inc.
	Schedule D- Hourly Equipment Rates
	Eq. Hourly Rates

 Exclude Operator
	
        Item

        No
	Description	Hourly
	1	CAT Dl0 Dozer	$	180.00
	2	CATD9Dozer	$	160.00
	3	CATD8Dozer	$	130.00
	4	CAT 992 Loader	$	280.00
	5	Hitachi EX1200	$	215.00
	6	Hitachi EX850	$	190.00
	7	CAT 988 Loader	$	168.00
	&	100-ton Haul Truck	$	195.00
	9	40-ton Articulated Truck	$	109.00
	10	60-ton Articulated Truck	$	157.00
	11	CAT 1-ID5150 Drill	$	255.00
	12	CAT 769 Water Truck	$	105.00
	13	CAT 14MGrader	$	105.00

 

    
	CONTRACT MINING AGREEMENT	 
	Schedule of Prices - Exhibit D	 9 of 11

    

    

 

Attachment 5

Extra Work Pricing Labor

 

	
         

        Schedule D - Hourly Labor

 Rates

	
         

        Item
	
         

         

        Classification
	 

                                                                                Hourly Rate - $/hr.

	Straight 

Time	OT
	l	Equipment Operator	$ 46.00	$ 63.00

 

    
	CONTRACT MINING AGREEMENT	 
	Schedule of Prices - Exhibit D	 10 of 11

    

    

 

Attachment 

6 Escalation

 

Isabella Pearl Project -Rate Adjustments - Ledcor CMI
Inc.

 

All unit prices and hourly rates will be subject to a fixed
escalation:

 

	April 15, 

2019	2.5%
	 	 
	April 15, 

2020	2.0%

 

 

    
	CONTRACT MINING AGREEMENT	 
	Schedule of Prices - Exhibit D	 11 of 11

    

    

 

EXHIBIT E

to 

Contract Mining

Agreement

 

FORM OF CHANGE
ORDER

 

	 	Contract
    No.	 
	 	 	 
	 	Change
    Order No.	 

  

	CONTRACT TITLE	 	 

 

 1. The subject Agreement is modified by this Change Order for the compensation as indicated below.

 

 2. The Contract Price, completion date, and all other terms, conditions and provisions of the subject Agreement are not affected by this Change Order except as specifically provided on the attached Attachment 1.

 

Signed for and on behalf of:

 

Contractor:

 

Ledcor CMI Inc.

 

	Signature:	 	 
	 
	Capacity:	 	 
	 
	Date:	 	 

 

 

Signed for and on behalf of:

 

Owner:

 

Client

 

	Signature:	 	 
	 
	Capacity:	 	 
	 
	Date:	 	 

 

	CONTRACT MINING AGREEMENT	 
	Change Order - Exhibit E	1 of 2

     

    

    

Attachment

1 to 

 

CHANGE ORDER NO.                       

 

The Work covered hereby shall
be completed by:

 

Effect on Contract completion date (if any):

 

 

	PREVIOUS CONTRACT PRICE:	 	$
	 	 	 
	INCREASE (DECREASE) BY THIS CHANGE AGREEMENT:	 	$
	 	 	 
	REVISED CONTRACT PRICE:	 	$

 

DESCRIPTION OF CHANGED WORK OR CONDITIONS:

 

	CONTRACT MINING AGREEMENT	 
	Change Order - Exhibit E	2 of 2

     

    

    

EXHIBIT F 

to 

Contract Mining Agreement

 

FORM OF 

AFFIDAVIT, AGREEMENT, RELEASE, AND WAIVER
OF

 LIEN 

(Partial Release Form)

 

                                   ,
being first duly sworn, says that: He is the                                    
of Ledcor CMI Inc. (the "Contractor") and is authorized to bind Contractor by this instrument. He is familiar with
Contractor's performance and action in connection with this Contract (Purchase Order) No. ______ dated [January _,
2014], between Contractor and Owner (the "Owner").

 

He has investigated the matter and to
the best of his knowledge Contractor has properly performed all services and furnished all materials required by the Contract
through                                    ,20___ and on behalf of Contractor warrants that it has done so.

 

To the
best of his knowledge and on behalf of Contractor he warrants that Contractor has paid in full all amounts owing by Contractor
for all services and material and has settled all claims for which payment is now owing as of the date of submission of this instrument.

 

Provided that Owner
has complied with its payment obligations under the Contract, to the best of his knowledge and on behalf of Contractor he
warrants that no one has any right as of the date of submission of this instrument to file or to enforce a lien on account of
furnishing such services or material. On behalf of Contractor, he agrees that in consideration of and upon Owner's payment in
the sum of
$                                   
as partial payment under the Contract, Contractor does hereby, for itself and for all who furnish or furnished any services
or materials in connection therewith, waive and release any and all rights with respect to payment for Work performed through
the date mentioned in the second preceding paragraph excepting any unresolved claims of Contractor under the Contract, to
file liens and to assert any and all claims against Owner, or its parents, subsidiaries and affiliates, and the property of
any of them relating to partial payment for Contractor's performance of the Work up to the date specified above, and that if
any such claim for payment is asserted or lien is filed or enforced, Contractor will indemnify and save harmless Owner and
its engineer, their parents, affiliates and subsidiaries, from any loss, damage, or expense arising therefrom including court
costs and attorneys' fees.

 

Acceptance
of this instrument and payment by Owner shall not be deemed to release Contractor or Owner from any contractual obligations.

 

		 	 

 

On his behalf and on behalf of Contractor

  

Certification of Notary: 

Subscribed and sworn to before me this       day
of                      20

 

 

		 	 

Notary Public

 

	CONTRACT MINING AGREEMENT 	 
	Affidavit, Agreement, Release, and Waiver of Lien (Partial Release Form)-Exhibit F	1 of 1

     

    

    

EXHIBIT G 

to 

Contract Mining Agreement

 

FORM OF 

AFFIDAVIT, AGREEMENT, RELEASE, AND WAIVER
OF LIEN 

(Final Release Form)

 

STATE OF NEVADA

 

UNITED STATES OF AMERICA)

 

                                 ,
being first duly sworn, says that: He is the                                 of
Ledcor CMI Inc. (the "Contractor") and is authorized to bind Contractor by this instrument. He is familiar with
Contractor's performance and action in connection with the Contract
No.                               dated                             ,
20_, between Contractor and Owner (the "Owner").

 

He has
investigated the matter and to the best of his knowledge Contractor has properly and completely performed all services and furnished
all materials required by the Contract and on behalf of Contractor warrants that it has done so.

 

To the best of his knowledge and on behalf
of Contractor he warrants that Contractor has paid in full all amounts now or previously owing by Contractor for all services
and material and has settled all claims for which payment is or will be due and owing.

 

Provided that Owner
has complied with its payment obligations under the Contract, to the best of his knowledge and on behalf of Contractor he
warrants that no one has any right to file or to enforce a lien on account of furnishing such services or material. On behalf
of Contractor, he agrees that in consideration of and upon Owner's payment in the sum of
$                   as final payment under the Contract Contractor does hereby, for itself and for all
who furnish or furnished any services or materials in connection therewith, waive and release any and all rights to file
liens and to assert any and all claims for payment of the Contract Price against Owner, or its parents, subsidiaries and
affiliates, and the property to any of them, relating to payment for Contractor's performance of the Work and that if any
such payment claim is asserted or lien is filed or enforced Contractor will indemnify and save harmless Owner, and its
parents, affiliates, and subsidiaries, from any loss, damage, or expenses arising therefrom including court costs and
attorneys' fees.

 

Acceptance
of this instrument and final payment by Owner shall not be deemed to release Contractor or Owner from any contractual obligations.

 

 

On his behalf and on behalf of Contractor

 

Certification of Notary:

 

Subscribed and sworn to before me this        day
of                       
, 20

 

		 	 

Notary
Public

 

 

	CONTRACT MINING AGREEMENT 
 Affidavit, Agreement, Release, and Waiver of Lien (Final Release Form)- Exhibit G	1 of 1

     

    

    

EXHIBIT H 

to 

Contract Mining Agreement

 

HEALTH AND SAFETY POLICY

 

The Owner's policy is to provide safe
and healthy working conditions, to develop, maintain and promote safe and productive work practices in all aspects of its business,
and to comply with all occupational health and safety laws and regulations governing its activities. Owner considers the safety
and health of its employees and its contractors' employees to be of utmost importance in the efficient conduct of its business
and believes that management and each and every employee have a shared responsibility in the application of this policy.

 

To implement this policy in connection
with the Project, Owner will do, and will require that Contractor do, the following:

 

		A.	Include
                                         safety and occupational health consideration as an integral part of its exploration,
                                         design, planning, purchasing, construction, production and maintenance policies.

 

		B.	Require
                                         that safe work practices and procedures be established for each activity where potential
                                         risks occur.

 

		C.	Provide
                                         each employee with appropriate information, training and protective equipment so that
                                         assigned work can be carried out in a safe and productive manner.

 

		D.	Require
                                         that each employee follow established work practices and procedures, comply with all
                                         government laws and regulations and not expose themselves, other employees or the assets
                                         of the Company to undue risk.

 

		E.	Take
                                         all reasonable and practicable measures to ensure that potentially hazardous agents and
                                         conditions in the workplace which could result in personal injury, illness, property
                                         damage or fire and security loss, are identified and managed in a safe manner.

 

		F.	Provide
                                         the means by which all employees can be effectively involved in the implementation of
                                         this policy, and encourage them in this activity.

 

		G.	Appoint
                                         safety personnel at each operation as required providing for the full implementation
                                         of this policy and providing the resources required for the conduct of their duties.

 

		H.	Maintain
                                         procedures for the investigation of all serious accidents and near-miss incidents and
                                         the implementation of corrective action.

 

		I.	Conduct
                                         audits, inspections and other activities with the objective of ensuring the application
                                         of this policy.

 

		J.	Maintain
                                         procedures and employ trained individuals or teams capable of dealing with emergency
                                         situations and provide first aid and medical services as required by local conditions.

 

		K.	Require
                                         that contractors comply with applicable aspects of this policy and comply with all laws
                                         and regulations related to their activities.

 

		L.	Work
                                         with other companies, industry associations, government officials and other organizations
                                         in the development of effective occupational health and safety laws and regulations.

 

	CONTRACT MINING AGREEMENT 
 Health and Safety Policy - Exhibit H	1 of 1

     

    

    

EXHIBIT I 

to 

Contract Mining Agreement

 

ENVIRONMENTAL POLICY

 

Owner is committed to balancing good
stewardship in the protection of human health and the natural environment with the need for economic growth. Diligent
application of technically proven and economically feasible environment protection measures will be exercised throughout the
exploration, development, mining, processing and decommissioning stages to ensure best management practices are used to
address Owner's ethical and legislative requirements. To implement this policy, Owner will:

 

		A.	Recognize
                                         environmental management as a corporate priority and establish policies, programs and
                                         practices for conducting business in an environmentally sound manner.

 

		B.	Assess,
                                         design, construct, operate and close facilities in compliance with Owner's policy and
                                         all applicable legislation providing for the protection of the environment, employees
                                         and the public.

 

		C.	Integrate
                                         environmental policies, programs and practices into each business activity as an essential
                                         element of project management at every level of the organization.

 

		D.	Assess
                                         environmental risks and impacts for all activities and employ appropriate environmental
                                         practice to minimize environmental impact.

 

		E.	Continue
                                         to improve corporate policies, programs and environmental performance, taking into account
                                         legal requirements, technical developments, scientific understanding and community expectations.

 

		F.	Develop,
                                         design and operate facilities in an environmentally sound manner taking into consideration
                                         the efficient use of energy and materials, and the generation and safe disposal of wastes
                                         and by-products.

 

		G.	Provide
                                         adequate resources, personnel and requisite training so that all employees are aware
                                         of and able to fulfill their environmental responsibilities.

 

		H.	Develop,
                                         maintain and test emergency preparedness plans in conjunction with emergency services,
                                         relevant authorities and the local communities.

 

		I.	Foster
                                         openness and work proactively with employees, government and the public in the development
                                         of environmental priorities and address potential hazards and impacts through the use
                                         of known technology.

 

		J.	Advise
                                         and, where relevant, educate customers, distributors and the public in the safe use,
                                         transportation, storage, recycling and disposal of metals or mineral products provided.

 

		K.	Plan
                                         for closure early in the design stage of each project and ensure that adequate financial
                                         resources are or will be available to meet reclamation and environmental control obligations.

 

		L.	Maintain
                                         an active, self-monitoring and auditing program to ensure compliance with both Owner's
                                         and legal requirements and principles of the Environmental Policy, and establish appropriate
                                         means of communicating the results.

 

	CONTRACT MINING AGREEMENT 
 Environmental Policy - Exhibit I	1 of 1

     

    

    

	

                                                                                 
	 RFC No.: Date: Pricing Method: Ledcor Project No.: 22 October 15, 2020 Unit Rate 6031092 RFC 22 One Year Mining Contract Extension Description of Change Detailed description of change including related MOC documents and reference to relevant Contract Change provisions Walker Lane Minerals Corp and Ledcor CMI Inc. agree to extending the current contract agreement for one year. The term is from November 1, 2020 through October 31, 2021. Volumes are set at a planned minimum of 580K Tonnes per month as per the attached Mining Contract Extension Pricing. Escalation Rate Adjustments for all unit prices and hourly rates will be subject to a fixed escalation of 2% on May 01, 2021. Pricing includes a factor for the low density of the material and would not require monthly/quarterly reconciliation for low density. Mining schedule is based on 11 shifts per week (7 dayshifts and 4-night shifts) utilizing 3 crews. All other terms and conditions in the Contract Mining Agreement remain unchanged. Contract Change Impact Impact to Cost: Impact to Schedule: Extension (or decrease) Calendar: 365 days Proposed Completion Date: 31-Oct-21 Description of Impact / Affected Schedule Activities No Impact Contract Change Attachments List any drawings, RFIs, LEMs, Estimates, etc. that will be included to support the Request for Change. Mining Contract Extension Pricing Authorization By signing this Contract Request for Change, the Client and Contractor agree to make the adjustments in the cost and/or schedule of this project as stated in this notice. The Contractor shall complete the works as outlined in this proposal according to the requirements set out in the Contract. This Contract Request for Change does not account for the cumulative effect of individual changes on indirect costs or schedule. 1 of 1 

     

     

    

 

		 RFC No.: Date: Pricing Method: Ledcor Project No.: 22 November16,2020 Unit Rate 6031092 RFC 22 One Year Mining Contract Extension Description of Change Detailed description of change including related MOC documents and reference to relevant Contract Change provisions Walker Lane Minerals Corp and Ledcor CMI Inc. agree to the contract be amended stating “the Payment Bond Requirement as refenced in contract section 5.10 is terminated effective on 10/31/2020 and clause 5.10 is deleted in its entirety for any and all contract extension thereafter”. This amendment to the contract will require section 5.2.1 for prepayments to be made on the first day of the month. Contract Change Impact Impact to Cost: Impact to Schedule: Extension (or decrease) Calendar: 365 days Proposed Completion Date: 31-Oct-21 Description of Impact / Affected Schedule Activities No Impact Contract Change Attachments List any drawings, RFIs, LEMs, Estimates, etc. that will be included to support the Request for Change. Mining Contract Extension Pricing Authorization By signing this Contract Request for Change, the Client and Contractor agree to make the adjustments in the cost and/or schedule of this project as stated in this notice. The Contractor shall complete the works as outlined in this proposal according to the requirements set out in the Contract. This Contract Request for Change does not account for the cumulative effect of individual changes on indirect costs or schedule. 1 of 1Document

Exhibit 4.20

INFRASTRUCTURE AND ENERGY ALTERNATIVES, INC.,1
AS ISSUER

AND

THE SUBSIDIARY GUARANTORS NAMED HEREIN,
AS SUBSIDIARY GUARANTORS

TO

[TRUSTEE’S NAME],
AS TRUSTEE

SENIOR INDENTURE

DATED AS OF __________, 20__ 

1 IEA Energy Services, LLC may co-issue the debt securities under this indenture. 

Table of Contents
Page
						
	Article 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	1

	Section 101    Definitions.
	
	Section 102    Compliance Certificates and Opinions.
	
	Section 103    Form of Documents Delivered to Trustee.
	
	Section 104    Acts of Holders; Record Dates.
	
	Section 105    Notices, Etc., to Trustee and Company.
	
	Section 106    Notice to Holders; Waiver.
	
	Section 107    Conflict with Trust Indenture Act.
	
	Section 108    Effect of Headings and Table of Contents.
	
	Section 109    Successors and Assigns.
	
	Section 110    Separability Clause.
	
	Section 111    Benefits of Indenture.
	
	Section 112    Governing Law.
	
	Section 113    Legal Holidays.
	
	Section 114    No Recourse Against Others.
	
		
	Article 2 SECURITY FORMS
	10

	Section 201    Forms Generally.
	
	Section 202    Form of Face of Security.
	
	Section 203    Form of Reverse of Security.
	
	Section 204    Form of Subsidiary Guarantee.
	
	Section 205    Form of Legend for Global Securities.
	
	Section 206    Form of Trustee’s Certificate of Authentication.
	
	Section 207    Form of Conversion Notice.
	
		
	Article 3 THE SECURITIES
	18

	Section 301    Amount Unlimited; Issuable in Series.
	
	Section 302    Denominations.
	
	Section 303    Execution, Authentication, Delivery and Dating.
	
	Section 304    Temporary Securities.
	
	Section 305    Registration, Registration of Transfer and Exchange.
	
	Section 306    Mutilated, Destroyed, Lost and Stolen Securities.
	
	Section 307    Payment of Interest; Interest Rights Preserved.
	
	Section 308    Persons Deemed Owners.
	
	Section 309    Cancellation.
	
	Section 310    Computation of Interest.
	
		

						
		
	Article 4 SATISFACTION AND DISCHARGE
	25

	Section 401    Satisfaction and Discharge of Indenture.
	
	Section 402    Application of Trust Money.
	
		
	Article 5 REMEDIES
	26

	Section 501    Events of Default.
	
	Section 502    Acceleration of Maturity; Rescission and Annulment.
	
	Section 503    Collection of Indebtedness and Suits for Enforcement by Trustee.
	
	Section 504    Trustee May File Proofs of Claim.
	
	Section 505    Trustee May Enforce Claims Without Possession of Securities.
	
	Section 506    Application of Money Collected.
	
	Section 507    Limitation on Suits.
	
	Section 508    Unconditional Right of Holders to Receive Principal, Premium and Interest    .
	
	Section 509    Restoration of Rights and Remedies.
	
	Section 510    Rights and Remedies Cumulative.
	
	Section 511    Delay or Omission Not Waiver.
	
	Section 512    Control by Holders.
	
	Section 513    Waiver of Past Defaults.
	
	Section 514    Undertaking for Costs.
	
	Section 515    Waiver of Usury, Stay or Extension Laws.
	
		
	Article 6 THE TRUSTEE
	32

	Section 601    Certain Duties and Responsibilities.
	
	Section 602    Notice of Defaults.
	
	Section 603    Certain Rights of Trustee.
	
	Section 604    Not Responsible for Recitals or Issuance of Securities.
	
	Section 605    May Hold Securities.
	
	Section 606    Money Held in Trust.
	
	Section 607    Compensation and Reimbursement.
	
	Section 608    Conflicting Interests.
	
	Section 609    Corporate Trustee Required; Eligibility.
	
	Section 610    Resignation and Removal; Appointment of Successor.
	
	Section 611    Acceptance of Appointment by Successor.
	
	Section 612    Merger, Conversion, Consolidation or Succession to Business.
	
	Section 613    Preferential Collection of Claims Against Company and Subsidiary Guarantors.    
	
	Section 614    Appointment of Authenticating Agent.
	
		
	Article 7 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	38

						
	Section 701    Company to Furnish Trustee Names and Addresses of Holders.
	
	Section 702    Preservation of Information; Communications to Holders.
	
	Section 703    Reports by Trustee.
	
	Section 704    Reports by Company and Subsidiary Guarantors.
	
		
	Article 8 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	39

	Section 801    Company May Consolidate, Etc., Only on Certain Terms.
	
	Section 802    Subsidiary Guarantors May Consolidate, Etc., Only on Certain Terms.
	
	Section 803    Successor Substituted.
	
		
	Article 9 SUPPLEMENTAL INDENTURES
	40

	Section 901    Supplemental Indentures Without Consent of Holders.
	
	Section 902    Supplemental Indentures With Consent of Holders.
	
	Section 903    Execution of Supplemental Indentures.
	
	Section 904    Effect of Supplemental Indentures.
	
	Section 905    Conformity with Trust Indenture Act.
	
	Section 906    Reference in Securities to Supplemental Indentures.
	
		
	Article 10 COVENANTS
	43

	Section 1001    Payment of Principal, Premium and Interest.
	
	Section 1002    Maintenance of Office or Agency.
	
	Section 1003    Money for Securities Payments to Be Held in Trust.
	
	Section 1004    Statement by Officers as to Default.
	
	Section 1005    Existence.
	
	Section 1006    Maintenance of Properties.
	
	Section 1007    Payment of Taxes and Other Claims.
	
	Section 1008    Maintenance of Insurance.
	
	Section 1009    Waiver of Certain Covenants.
	
		
	Article 11 REDEMPTION OF SECURITIES
	45

	Section 1101    Applicability of Article.
	
	Section 1102    Election to Redeem; Notice to Trustee.
	
	Section 1103    Selection by Trustee of Securities to Be Redeemed.
	
	Section 1104    Notice of Redemption.
	
	Section 1105    Deposit of Redemption Price.
	
	Section 1106    Securities Payable on Redemption Date.
	
	Section 1107    Securities Redeemed in Part.
	
		
	Article 12 [INTENTIONALLY OMITTED]
	48

		

						
	Article 13 SUBSIDIARY GUARANTEES
	48

	Section 1301    Applicability of Article.
	
	Section 1302    Subsidiary Guarantees.
	
	Section 1303    Execution and Delivery of Subsidiary Guarantees.
	
	Section 1304    Release of Subsidiary Guarantors.
	
	Section 1305    Additional Subsidiary Guarantors.
	
	Section 1306    Limitation on Liability.
	
		
	Article 14 [INTENTIONALLY OMITTED]
	50

		
	Article 15 DEFEASANCE AND COVENANT DEFEASANCE
	51

	Section 1501    Company’s Option to Effect Defeasance or Covenant Defeasance.
	
	Section 1502    Defeasance and Discharge.
	
	Section 1503    Covenant Defeasance.
	
	Section 1504    Conditions to Defeasance or Covenant Defeasance.
	
	Section 1505    Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions.
	
	Section 1506    Reinstatement.
	
		
	Article 16 SINKING FUNDS
	54

	Section 1601    Applicability of Article.
	
	Section 1602    Satisfaction of Sinking Fund Payments with Securities.
	
	Section 1603    Redemption of Securities for Sinking Fund.
	

INFRASTRUCTURE AND ENERGY ALTERNATIVES, INC.

RECONCILIATION AND TIE OF CERTAIN SECTIONS OF THIS INDENTURE RELATING TO SECTIONS 310 THROUGH 318, INCLUSIVE, OF THE TRUST INDENTURE ACT OF 1939:

									
	TRUST INDENTURE
ACT SECTION		INDENTURE
SECTION
			
	Section 310(a)(1)		609
	(a)(2)		609
	(a)(3)		Not Applicable
	(a)(4)		Not Applicable
	(b)		608, 610
	Section 311 (a)		613
	(b)		613
	Section 312(a)		701,702
	(b)		702
	(c)		702
	Section 313(a)		703
	(b)		703
	(c)		703
	(d)		703
	Section 314(a)		704
	(a)(4)		101, 1004
	(b)		Not Applicable
	(c)(1)		102
	(c)(2)		102
	(c)(3)		Not Applicable
	(d)		Not Applicable
	(e)		102
	Section 315(a)		601
	(b)		602
	(c)		601
	(d)		601
	(e)		514
	Section 316(a)		101
	(a)(1)(A)		502,512
	(a)(1)(B)		513
	(a)(2)		Not Applicable
	(b)		508
	(c)		104
	Section 317(a)(1)		503
	(a)(2)		504
	(b)		1003
	Section 318(a)		107

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

INDENTURE, dated as of _________, 20__ , among Infrastructure and Energy Alternatives, Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”), having its principal office at 6325 Digital Way, Suite 460, Indianapolis, Indiana, each of the Subsidiary Guarantors (as hereinafter defined) and [TRUSTEE’S NAME], a [_________] duly organized and existing under the laws of [_________], as Trustee (herein called the “Trustee”).

RECITALS OF THE COMPANY AND THE SUBSIDIARY GUARANTORS

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

The Company and the Subsidiary Guarantors are members of the same consolidated group of companies. The Subsidiary Guarantors will derive direct and indirect economic benefit from the issuance of the Securities. Accordingly, each Subsidiary Guarantor has duly authorized the execution and delivery of this Indenture to provide for its full, unconditional and joint and several guarantee of the Securities to the extent provided in or pursuant to this Indenture.

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

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows:

ARTICLE 1
DEFINITIONS AND OTHER PROVISIONS
OF GENERAL APPLICATION

Section 101Definitions.
For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:

i.the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;
i.all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;
ii.all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted at the date of this instrument;
iii.unless the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may be, of this Indenture; and
1

iv.the words “herein,” “hereof’, “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.
“Act,” when used with respect to any Holder, has the meaning specified in Section 104.

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing; provided that direct or indirect beneficial ownership of 10% or more of the Voting Stock of a Person shall be deemed to be control.

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

“Board of Directors” means, with respect to the Company, either the board of directors of the Company or any committee of that board duly authorized to act for it in respect hereof, and with respect to any Subsidiary Guarantor, either the board of directors of such Subsidiary Guarantor or any committee of that board duly authorized to act for it in respect hereof.

“Board Resolution” means, with respect to the Company or a Subsidiary Guarantor, a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company or such Subsidiary Guarantor, as the case may be, to have been duly adopted by its Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee.

“Business Day,” when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment are authorized or obligated by law or executive order to close.

“Capital Stock” of any Person means any and all shares, interests, participations or other equivalents (however designated) of corporate stock or other equity participations, including partnership interests, whether general or limited, of such Person.

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

“Common Stock” means the common stock, par value $0.0001 per share, of the Company as the same exists at the date of execution and delivery of this Indenture or other Capital Stock of the Company into which such common stock is converted, reclassified or changed from time to time.

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

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

2

“Conversion Agent” means any Person authorized by the Company to convert any Securities on behalf of the Company.

“Corporate Trust Office” means the principal office of the Trustee in [ , ] at which at any particular time its corporate trust business shall be administered, such office being located on the date hereof at [TRUSTEE’S ADDRESS].

“corporation” means a corporation, association, limited liability company, joint-stock company or business trust.

“Covenant Defeasance” has the meaning specified in Section 1503.

“Debt” of any Person at any date means any obligation created, assumed or guaranteed by such Person for the repayment of borrowed money.

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

“Defeasance” has the meaning specified in Section 1502.

“Depositary” means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 301.

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

“Exchange Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.

“Expiration Date” has the meaning specified in Section 104.

“Global Security” means a Security that evidences all or part of the Securities of any series and bears the legend set forth in Section 205 (or such legend as may be specified as contemplated by Section 301 for such Securities).

“Holder” means a Person in whose name a Security is registered in the Security Register.

“Indenture” means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated by Section 301.

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

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

“Investment Company Act” means the Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time.
3

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

“Notice of Default” means a written notice of the kind specified in Section 501(5).

“Officers’ Certificate” means a certificate signed by the Chairman of the Board of Directors, a Vice Chairman of the Board of Directors, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Company or a Subsidiary Guarantor, as the case may be, and delivered to the Trustee. One of the officers signing an Officers’ Certificate given pursuant to Section 1004 shall be the principal executive, financial or accounting officer of the Company.

“Opinion of Counsel” means, as to the Company or a Subsidiary Guarantor, a written opinion of counsel, who may be counsel for the Company or such Subsidiary Guarantor, as the case may be, and who shall be acceptable to the Trustee.

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

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

i.Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;
ii.Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;
iii.Securities as to which Defeasance has been effected pursuant to Section 1502; and
iv.Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company;
provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the principal thereof which would be due and payable as of such date upon acceleration of the Maturity thereof to such date pursuant to Section 502, (B) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 301, (C) the principal amount of a Security denominated in one or more foreign currencies or currency units which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by Section 301, of the principal amount of such Security (or, in the case of a Security described in clause (A) or (B) above, of the amount determined as provided in such clause), and (D) Securities owned by the Company, any Subsidiary Guarantor or any other obligor upon the Securities or any Affiliate of the Company, any Subsidiary Guarantor or of such other obligor shall be disregarded and deemed not to 
4

be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company, a Subsidiary Guarantor or any other obligor upon the Securities or any Affiliate of the Company, a Subsidiary Guarantor or of such other obligor.

“Paying Agent” means any Person authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the Company.

“Person” means any individual, corporation, partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof.

“Place of Payment,” when used with respect to the Securities of any series, means the place or places where the principal of and any premium and interest on the Securities of that series are payable as specified as contemplated by Section 301.

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.

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

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

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

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

“Securities Act” means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.

“Security Register” and “Security Registrar” have the respective meanings specified in Section 305.

“Significant Subsidiary” means, at any date of determination, any Subsidiary that represents 10% or more of the Company’s consolidated total assets at the end of the most recent fiscal quarter for which financial information is available or 10% or more of the Company’s consolidated net revenues or consolidated operating income for the most recent four quarters for which financial information is available.

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

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

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“Subsidiary” of any Person means (1) a corporation more than 50% of the combined voting power of the outstanding Voting Stock of which is owned, directly or indirectly, by such Person or by one or more other Subsidiaries of such Person or by such Person and one or more Subsidiaries thereof or (2) any other Person (other than a corporation) in which such Person, or one or more other Subsidiaries of such Person or such Person and one or more other Subsidiaries thereof, directly or indirectly, has at least a majority ownership and power to direct the policies, management and affairs thereof.

“Subsidiary Guarantees” means the guarantees of each Subsidiary Guarantor as provided in Article Thirteen.

“Subsidiary Guarantors” means (i) the subsidiaries listed in Schedule I hereto; (ii) any successor of the foregoing; and (iii) each other Subsidiary of the Company that becomes a Subsidiary Guarantor in accordance with Section 1305 hereof, in each case (i), (ii) and (iii) until such Subsidiary Guarantor ceases to be such in accordance with Section 1304 hereof.

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

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

“U.S. Government Obligation” has the meaning specified in Section 1504.

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

“Voting Stock” of any Person means Capital Stock of such Person which ordinarily has voting power for the election of directors (or persons performing similar functions) of such Person, whether at all times or only so long as no senior class of securities has such voting power by reason of any contingency.

“Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person or by such Person and one or more Wholly Owned Subsidiaries of such Person.

Section 102Compliance Certificates and Opinions.
Upon any application or request by the Company or any Subsidiary Guarantor to the Trustee to take any action under any provision of this Indenture, the Company and/or such Subsidiary Guarantor, as appropriate, shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an Officers’ Certificate, if to be given by an officer of the Company or a Subsidiary Guarantor, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture.

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

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i.a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;
ii.a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;
iii.a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and
iv.a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.
Section 103Form of Documents Delivered to Trustee.
In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

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

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

Section 104Acts of Holders; Record Dates.
Whenever in this Indenture it is provided that the Holders of a specified percentage in aggregate principal amount of the Securities of any or all series may take action (including the making of any demand or request, the giving of any direction, notice, consent or waiver or the taking of any other action) the fact that at the time of taking any such action the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed in writing, (b) by the record of the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with procedures approved by the Trustee, (c) by a combination of such instrument or instruments and any such record of such a meeting of Holders or (d) in the case of Securities evidenced by a Global Security, by any electronic transmission or other message, whether or not in written format, that complies with the Depositary’s applicable procedures. Such evidence (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the relevant Holders. Proof of execution of any such instrument or of a writing appointing any such agent or proxy shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.

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

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

The Company may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106.

The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 502, (iii) any request to institute proceedings referred to in Section 507(2) or (iv) any direction referred to in Section 512, in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106.

With respect to any record date set pursuant to this Section, the party hereto which sets such record dates may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 106, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect 
8

to any record date set pursuant to this Section, the party hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date.

Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount.

Section 105Notices, Etc., to Trustee and Company.
Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with:
i.the Trustee by any Holder or by the Company or any Subsidiary Guarantor shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing in the English language to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Department; or
ii.the Company or any Subsidiary Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing in the English language and mailed, first-class postage prepaid, in the case of the Company addressed to it at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company and, in the case of any Subsidiary Guarantor, to it at the address of the Company’s principal office specified in the first paragraph of this instrument, Attention: Chief Financial Officer, or at any other address previously furnished in writing to the Trustee by such Subsidiary Guarantor.
Section 106Notice to Holders; Waiver.
Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing in the English language and mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

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

Section 107Conflict with Trust Indenture Act.
If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act which is required under such Act to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.
Section 108Effect of Headings and Table of Contents.
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The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.
Section 109Successors and Assigns.
All covenants and agreements in this Indenture by the Company and any Subsidiary Guarantor shall bind its successors and assigns, whether so expressed or not.
Section 110    Separability Clause.
In case any provision in this Indenture, the Securities or the Subsidiary Guarantees shall be invalid, illegal or unenforceable, the validity, legality and enforce ability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 111    Benefits of Indenture.
Nothing in this Indenture, the Securities or the Subsidiary Guarantees, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.
Section 112    Governing Law.
This Indenture, the Securities and the Subsidiary Guarantees shall be governed by and construed in accordance with the law of the State of New York.
Section 113    Legal Holidays.
In any case where any Interest Payment Date, Redemption Date, purchase date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date or purchase date, or at the Stated Maturity.
Section 114    No Recourse Against Others.
The directors, officers, employees and stockholders of the Company and, if applicable, the Subsidiary Guarantors, as such, shall have no liability for any obligations of the Company or any Subsidiary Guarantor under the Securities, any Subsidiary Guarantees of this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting a Security, each Holder shall be deemed to have waived and released all such liability. The waiver and release shall be a part of the consideration for the issue of the Securities.

ARTICLE 2
SECURITY FORMS

Section 201Forms Generally.
The Securities of each series and, if applicable, the Subsidiary Guarantees to be endorsed thereon shall be in substantially the form set forth in this Article, or in such other form as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be 
10

required to comply with the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be determined by the officers executing such Securities or Subsidiary Guarantees, as the case may be, as evidenced by their execution thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities.

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

Section 202Form of Face of Security.
[Insert any legend required by the Internal Revenue Code and the regulations thereunder.]

Infrastructure and Energy Alternatives, Inc.

												
	No.			$

Infrastructure and Energy Alternatives, Inc., a corporation duly organized and existing under the laws of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to , or registered assigns, the principal sum of Dollars on [if the Security is to bear interest prior to Maturity, insert —, and to pay interest thereon from or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on and in each year, commencing , at the rate of % per annum, until the principal hereof is paid or made available for payment, provided that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the or (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture].

[If the Security is not to bear interest prior to Maturity, insert — The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any overdue premium shall bear interest at the rate of % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment. Interest on any overdue principal or premium shall be payable on demand. Any such interest on overdue principal or premium which is not paid on demand shall bear interest at the rate of % per annum (to the extent that the payment of such interest on interest shall be legally enforceable), from the date of such demand until the amount so demanded is paid or made available for payment. Interest on any overdue interest shall be payable on demand.]

Payment of the principal of (and premium, if any) and [if applicable, insert — any such] interest on this Security will be made at the office or agency of the Company maintained for that purpose in , in such coin or 
11

currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

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

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

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

															
	Dated:			INFRASTRUCTURE AND ENERGY ALTERNATIVES, INC.
		
		By:	
		
	[Attest:	]		

Section 203Form of Reverse of Security.
This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of _________, 20__ (herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), among the Company, the Subsidiary Guarantors named therein and [TRUSTEE’S NAME], as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Subsidiary Guarantors, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof [if applicable, insert — , limited in aggregate principal amount to $ ].

[If applicable, insert — The Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’ notice by mail, [if applicable, insert — (1) on in any year commencing with the year and ending with the year through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] at any time [if applicable, insert — on or after , 20 ], as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [if applicable, insert — on or before , %, and if redeemed] during the 12-month period beginning of the years indicated, and thereafter at a Redemption Price equal to % of the principal amount, together in the case of any such redemption [if applicable, insert — (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

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	Redemption		Redemption	
	Year		Price		Year		Price	
								
								
								

 
[If applicable, insert — The Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’ notice by mail, (1) on in any year commencing with the year and ending with the year through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below, and (2) at any time [if applicable, insert — on or after ], as a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning of the years indicated, and thereafter at a Redemption Price equal to % of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

																		
	Year		Redemption Price For Redemption
Through Operation of the Sinking Fund		Redemption Price For Redemption
Otherwise Than Through Operation
of the Sinking Fund	
						
						
						

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

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

[If the Security is subject to redemption of any kind, insert — In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.]

[If the Security is subject to conversion, insert — Subject to the provisions of the Indenture, each Holder has the right to convert the principal amount of this Security into fully paid and nonassessable shares of Common Stock of the Company at the initial conversion price per share of Common Stock of $ (or $ in principal amount of Securities for each such share of Common Stock), or at the adjusted conversion price then in effect, if adjustment has been made as provided in the Indenture, upon surrender of the Security to the Conversion Agent, together with a 
13

fully executed notice in substantially the form attached hereto and, if required by the Indenture, an amount equal to accrued interest payable on this Security.]

[If applicable, insert — As provided in the Indenture and subject to certain limitations therein set forth, the obligations of the Company under this Security are guaranteed pursuant to the Subsidiary Guarantees endorsed hereon. The Indenture provides that a Subsidiary Guarantor shall be released from its Subsidiary Guarantee upon compliance with certain conditions.]

[If applicable, insert — The Indenture contains provisions for Defeasance at any time of [the entire indebtedness of this Security] [or] [certain restrictive covenants and Events of Default with respect to this Security] [, in each case] upon compliance with certain conditions set forth in the Indenture.]

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

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

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable security or indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein [if applicable, insert — or the right to convert this Security in accordance with its terms].

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium 
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and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed [insert if applicable — and to convert this Security in accordance with its terms].

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

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

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

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

Section 204Form of Subsidiary Guarantee.
SUBSIDIARY GUARANTEE

For value received, each of the Subsidiary Guarantors named (or deemed herein to be named) below hereby jointly and severally fully and unconditionally guarantees to the Holder of the Security upon which this Subsidiary Guarantee is endorsed, and to the Trustee on behalf of such Holder, the due and punctual payment of the principal of (and premium, if any) and interest on such Security when and as the same shall become due and payable, whether at the Stated Maturity, by acceleration, call for redemption, offer to purchase or otherwise, according to the terms thereof and of the Indenture referred to therein and to cover all the rights of the Trustee under Section 607. In case of the failure of the Company punctually to make any such payment, each of the Subsidiary Guarantors hereby jointly and severally agrees to cause such payment to be made punctually when and as the same shall become due and payable, whether at the Stated Maturity or by acceleration, call for redemption, offer to purchase or otherwise, and as if such payment were made by the Company.

Each of the Subsidiary Guarantors hereby jointly and severally agrees that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, the validity, regularity or enforceability of such Security or the Indenture, the absence of any action to enforce the same or any release, amendment, waiver or indulgence granted to the Company or any other guarantor, or any consent to departure from any requirement of any other guarantee of all or of any of the Securities of this series, or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor; provided, however, that, notwithstanding the foregoing, no such release, amendment, waiver or indulgence shall, without the consent of such Subsidiary Guarantor, increase the principal amount of such Security, or increase the interest rate thereon, or alter the Stated Maturity thereof. Each of the Subsidiary Guarantors hereby waives the benefits of diligence, presentment, demand of payment, any requirement that the Trustee or any of the Holders protect, secure, perfect or insure any security interest in or other lien on any property subject thereto or exhaust any right or take any action against the 
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Company or any other Person or any collateral, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest or notice with respect to such Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants that this Subsidiary Guarantee will not be discharged except by complete performance of the obligations contained in such Security and in this Subsidiary Guarantee. Each Subsidiary Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default with respect to Securities of this series, the Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to accelerate the maturity of the Securities of this series, to collect interest on the Securities of this series, or to enforce or exercise any other right or remedy with respect to the Securities of this series, such Subsidiary Guarantor agrees to pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders.

No reference herein to the Indenture and no provision of this Subsidiary Guarantee or of the Indenture shall alter or impair the Subsidiary Guarantee of any Subsidiary Guarantor, which is absolute and unconditional, of the due and punctual payment of the principal (and premium, if any) and interest on the Security upon which this Subsidiary Guarantee is endorsed.

Each Subsidiary Guarantor shall be subrogated to all rights of the Holder of this Security against the Company in respect of any amounts paid by such Subsidiary Guarantor on account of this Security pursuant to the provisions of its Subsidiary Guarantee or the Indenture; provided, however, that such Subsidiary Guarantor shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation until the principal of (and premium, if any) and interest on this Security and all other Securities of this series issued under the Indenture shall have been paid in full.

This Subsidiary Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any part of the Company’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Securities of this series is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any Holder of the Securities of this series, whether as a “voidable preference,” “fraudulent transfer,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Securities of this series shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

The Subsidiary Guarantors or any particular Subsidiary Guarantor shall be released from this Subsidiary Guarantee upon the terms and subject to certain conditions provided in the Indenture.

By delivery to the Trustee of a supplement to the Indenture referred to in the Security upon which this Subsidiary Guarantee is endorsed in accordance with the terms of the Indenture, each Person that becomes a Subsidiary Guarantor after the date of first issuance of the Securities of this series will be deemed to have executed and delivered this Subsidiary Guarantee for the benefit of the Holder of the Security upon which this Subsidiary Guarantee is endorsed with the same effect as if such Subsidiary Guarantor were named below and had executed and delivered this Subsidiary Guarantee.

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

This Subsidiary Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Security upon which this Subsidiary Guarantee is endorsed shall have been executed by the Trustee under the Indenture by manual signature.
Reference is made to the Indenture for further provisions with respect to this Subsidiary Guarantee.
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This Subsidiary Guarantee shall be governed by and construed in accordance with the laws of the State of New York.

IN WITNESS WHEREOF, each of the Subsidiary Guarantors has caused this Subsidiary Guarantee to be duly executed.

									
		[Insert Names of Subsidiary Guarantors]
		
		
		By:	
		Title:	

Section 205Form of Legend for Global Securities.
Unless otherwise specified as contemplated by Section 301 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form:

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

Section 206Form of Trustee’s Certificate of Authentication.
The Trustee’s certificates of authentication shall be in substantially the following form:
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

									
		[TRUSTEE’S NAME],
		As Trustee
		
		
		By:	
			Authorized Officer

Section 207Form of Conversion Notice.
Each convertible Security shall have attached thereto, or set forth on the reverse of the Security, a notice of conversion in substantially the following form:

Conversion Notice

To: Infrastructure and Energy Alternatives, Inc.

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The undersigned owner of this Security hereby: (i) irrevocably exercises the option to convert this Security, or the portion hereof below designated, for shares of Common Stock of Infrastructure and Energy Alternatives, Inc. in accordance with the terms of the Indenture referred to in this Security and (ii) directs that such shares of Common Stock deliverable upon the conversion, together with any check in payment for fractional shares and any Security(ies) representing any unconverted principal amount hereof, be issued and delivered to the registered holder hereof unless a different name has been indicated below. If shares are to be delivered registered in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto. Any amount required to be paid by the undersigned on account of interest accompanies this Security.

															
	Dated:			Signature	

Fill in for registration of shares if to be delivered, and of Securities if to be issued, otherwise than to and in the name of the registered holder.

									
			
			Social Security or other Taxpayer
			Identification Number
			
			
	(Name)		
			
			
			
	(Please print name and address)		
			
	Principal amount to be converted: (if less than all)		
			
	$		
			
	Signature Guarantee*		
			
			
			

* Participant in a recognized Signature Guarantee Medallion Program (or other signature acceptable to the Trustee).

ARTICLE 3
THE SECURITIES

Section 301Amount Unlimited; Issuable in Series.
The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.

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The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution and, subject to Section 303, set forth, or determined in the manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series,

(1)the title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series);
(2)whether or not the Securities of the series will have the benefit of the Subsidiary Guarantees of the Subsidiary Guarantors or be co-issued by one or more co-issuers;
(3)any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, Section 305, Section 306, Section 906 or Section 1107 and except for any Securities which, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder);
(4)the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;
(5)the date or dates on which the principal of any Securities of the series is payable;
(6)the rate or rates at which any Securities of the series shall bear interest, if any, the date or dates from which any such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any such interest payable on any Interest Payment Date;
(7)the place or places where the principal of and any premium and interest on any Securities of the series shall be payable;
(8)the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which any election by the Company to redeem the Securities shall be evidenced;
(9)the obligation, if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous provisions or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;
(10)if other than denominations of $1,000 and any integral multiple thereof, the denominations in which any Securities of the series shall be issuable;
(11)if the amount of principal of or any premium or interest on any Securities of the series may be determined with reference to an index or pursuant to a formula, the manner in which such amounts shall be determined;
(12)if other than the currency of the United States of America, the currency, currencies or currency units in which the principal of or any premium or interest on any Securities of the series shall be payable and the manner of determining the equivalent thereof in the currency of the United States of America for any purpose, including for purposes of the definition of “Outstanding” in Section 101;
(13)if the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Company or the Holder thereof, in one or more currencies or currency units other than that or those in which such Securities are stated to be payable, the currency, currencies or currency units in which the principal of or 
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any premium or interest on such Securities as to which such election is made shall be payable, the periods within which and the terms and conditions upon which such election is to be made and the amount so payable (or the manner in which such amount shall be determined);
(14)if other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502;
(15)if the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner in which such amount deemed to be the principal amount shall be determined);
(16)if applicable, that the Securities of the series, in whole or any specified part, shall be defeasible pursuant to Section 1502 or Section 1503 or both such Sections and, if other than by a Board Resolution, the manner in which any election by the Company to defease such Securities shall be evidenced;
(17)if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the respective Depositories for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 205 and any circumstances in addition to or in lieu of those set forth in clause (2) of the last paragraph of Section 305 in which any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof;
(18)any addition to or change in the Events of Default which applies to any Securities of the series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 502;
(19)any addition to or change in the covenants set forth in Article Ten which applies to Securities of the series;
(20)whether the Securities of the series will be convertible into Common Stock (or cash in lieu thereof) and, if so, the terms and conditions upon which such conversion will be effected; and
(21)any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 901(5)).
All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to Section 303) set forth, or determined in the manner provided, in the Officers’ Certificate referred to above or in any such indenture supplemental hereto.

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

The Securities of each series shall have the benefit of the Subsidiary Guarantees unless the Company elects otherwise upon the establishment of a series pursuant to this Section 301.

Section 302Denominations.
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The Securities of each series shall be issuable only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section 301. In the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $1,000 and any integral multiple thereof.
Section 303Execution, Authentication, Delivery and Dating.
The Securities shall be executed on behalf of the Company by its Chairman of the Board of Directors, its Vice Chairman of the Board of Directors, its President or one of its Vice Presidents. If its corporate seal is reproduced thereon, then it shall be attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile.
Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities.

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company and, if applicable, having endorsed thereon the Subsidiary Guarantees executed as provided in Section 1303 by the Subsidiary Guarantors to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have been established by or pursuant to one or more Board Resolutions as permitted by Section 201 and Section 301, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating,

(1)if the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 201, that such form has been established in conformity with the provisions of this Indenture;
(2)if the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 301, that such terms have been established in conformity with the provisions of this Indenture; and
(3)that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, and, if applicable, the Subsidiary Guarantees endorsed thereon will constitute valid and legally binding obligations of the Subsidiary Guarantors, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.
If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

Notwithstanding the provisions of Section 301 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officers’ Certificate otherwise required pursuant to Section 301 or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued.

Each Security shall be dated the date of its authentication.
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No Security or Subsidiary Guarantee shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 309, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

Section 304Temporary Securities.
Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities and, if applicable, having endorsed thereon the Subsidiary Guarantees in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities and, if applicable, Subsidiary Guarantees may determine, as evidenced by their execution of such Securities and Subsidiary Guarantees.

If temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount and, if applicable, having endorsed thereon Subsidiary Guarantees executed by the Subsidiary Guarantors. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series and tenor.

Section 305Registration, Registration of Transfer and Exchange.
The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided.
    
Upon surrender for registration of transfer of any Security of a series at the office or agency of the Company in a Place of Payment for that series, the Company shall execute, if applicable the Subsidiary Guarantors shall execute the Subsidiary Guarantees endorsed thereon and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount.

At the option of the Holder, Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute, if applicable the Subsidiary Guarantors shall execute the Subsidiary Guarantees endorsed thereon and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.

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All Securities and, if applicable, the Subsidiary Guarantees endorsed thereon issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company and, if applicable, the respective Subsidiary Guarantors, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities and Subsidiaries Guarantees surrendered upon such registration of transfer or exchange.

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

No service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, Section 906, Section 1107 or otherwise not involving any transfer.

If the Securities of any series (or of any series and specified tenor) are to be redeemed in part, the Company shall not be required (A) to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for redemption under Section 1103 and ending at the close of business on the day of such mailing, or (B) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.

The provisions of clauses (1), (2), (3) and (4) below shall apply only to Global Securities:
 
(1)Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture.
(2)Notwithstanding any other provision in this Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless (A) such Depositary (i) has notified the Company that it is unwilling or unable to continue as Depositary for such Global Security or (ii) has ceased to be a clearing agency registered under the Exchange Act, and in either case the Company fails to appoint a successor Depositary within 90 days, (B) there shall have occurred and be continuing an Event of Default with respect to such Global Security and the Depositary shall have notified the Trustee of its decision to exchange such Global Security for Securities in certificated form or (C) there shall exist such circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated by Section 301.
(3)Subject to clause (2) above, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct.
(4)Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to this Section, Section 304, Section 306, Section 906 or Section 1107 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary for such Global Security or a nominee thereof.
Section 306Mutilated, Destroyed, Lost and Stolen Securities.
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If any mutilated Security is surrendered to the Trustee, the Company shall execute, if applicable the Subsidiary Guarantors shall execute the Subsidiary Guarantees endorsed thereon and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless from any loss that any of them may suffer if a Security is replaced, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute, if applicable the Subsidiary Guarantors shall execute the Subsidiary Guarantees endorsed thereon and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable or is to be converted, the Company in its discretion may, instead of issuing a new Security, pay or authorize the conversion of such Security (without surrender thereof save in the case of a mutilated Security).

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

Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security, and, if applicable, the Subsidiary Guarantees endorsed thereon, shall constitute an original additional contractual obligation of the Company and, if applicable, the respective Subsidiary Guarantors, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder.
The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement, payment or conversion of mutilated, destroyed, lost or stolen Securities.

Section 307Payment of Interest; Interest Rights Preserved.
Except as otherwise provided as contemplated by Section 301 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest.

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

i.The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the 
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Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such series in the manner set forth in Section 106, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2).
ii.The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.
iii.Subject to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.
Section 308Persons Deemed Owners.
Prior to due presentment of a Security for registration of transfer, the Company, the Subsidiary Guarantors, the Trustee and any agent of the Company, the Subsidiary Guarantors, or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Section 307) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, any Subsidiary Guarantor, the Trustee nor any agent of the Company, any Subsidiary Guarantor, or the Trustee shall be affected by notice to the contrary.

Section 309Cancellation.
All Securities surrendered for payment, redemption, purchase, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of as directed by a Company Order.
Section 310    Computation of Interest.
Except as otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.

ARTICLE 4
SATISFACTION AND DISCHARGE

Section 401Satisfaction and Discharge of Indenture.
This Indenture shall upon Company Request cease to be of further effect with respect to the Securities of any series, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

(1)either
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(A)all Securities of such series theretofore authenticated and delivered (other than (i) Securities of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306 and (ii) Securities of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or
(B)all such Securities of such series not theretofore delivered to the Trustee for cancellation
1.have become due and payable, or
2.will become due and payable at their Stated Maturity within one year, or
3.are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company,
and the Company or, if applicable, a Subsidiary Guarantor, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money in an amount sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

(2)the Company or a Subsidiary Guarantor has paid or caused to be paid all other sums payable hereunder by the Company and the Subsidiary Guarantors with respect to the Securities of such series; and
(3)the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Securities of such series have been complied with.
Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607, the obligations of the Company with respect to the Securities of such series under Section 304, Section 305, Section 306, Section 1002 and Section 1003, any surviving rights of conversion, the obligations of the Trustee to any Authenticating Agent under Section 614 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive.

Section 402Application of Trust Money.

Subject to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with the Trustee.

ARTICLE 5
REMEDIES

Section 501Events of Default.
“Event of Default,” wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected 
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by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

(1)default in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default for a period of 30 days; or
(2)default in the payment of the principal of or any premium on any Security of that series at its Maturity; or
(3)default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series; or
(4)default in the performance, or breach, of any covenant of the Company or, if the Subsidiary Guarantors have issued Subsidiary Guarantees with respect to the Securities of such series, any Subsidiary Guarantor in Article Eight of this Indenture; or
(5)default in the performance, or breach, of any covenant or warranty of the Company or, if the Subsidiary Guarantors have issued Subsidiary Guarantees with respect to the Securities of such series, any Subsidiary Guarantor in this Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or
(6)the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company, any Significant Subsidiary or, if the Subsidiary Guarantors have issued Subsidiary Guarantees with respect to the Securities of such series, any Subsidiary Guarantor in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company, any Significant Subsidiary or any such Subsidiary Guarantor a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company, any Significant Subsidiary or any such Subsidiary Guarantor under any applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company, any Significant Subsidiary or any such Subsidiary Guarantor or of any substantial part of its or their property, or ordering the winding up or liquidation of its or their affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or
(7) the commencement by the Company, any Significant Subsidiary or, if the Subsidiary Guarantors have issued Subsidiary Guarantees with respect to the Securities of such series, any Subsidiary Guarantor of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it or them to the entry of a decree or order for relief in respect of the Company, any Significant Subsidiary or any such Subsidiary Guarantor in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it or them, or the filing by it or them of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it or them to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company, any Significant Subsidiary or any such Subsidiary Guarantor or of any substantial part of its or their property, or the making by it or them of an assignment for the benefit of creditors, or the admission by it or them in writing of its or their inability to pay its or their debts generally as they become due, or the taking of corporate action by the Company, any Significant Subsidiary or any such Subsidiary Guarantor in furtherance of any such action; or
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(8)in the event the Subsidiary Guarantors have issued Subsidiary Guarantees with respect to the Securities of such series, the Subsidiary Guarantee of any Subsidiary Guarantor is held by a final non-appealable order or judgment of a court of competent jurisdiction to be unenforceable or invalid or ceases for any reason to be in full force and effect (other than in accordance with the terms of this Indenture) or any Subsidiary Guarantor or any Person acting on behalf of any Subsidiary Guarantor denies or disaffirms such Subsidiary Guarantor’s obligations under its Subsidiary Guarantee (other than by reason of a release of such Subsidiary Guarantor from its Subsidiary Guarantee in accordance with the terms of this Indenture); or
(9)any other Event of Default provided with respect to Securities of that series.
Section 502Acceleration of Maturity; Rescission and Annulment.
If an Event of Default (other than an Event of Default with respect to the Company specified in Section 501(6) or Section 501(7)) with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount of all the Securities of that series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof) to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount), together with any accrued and unpaid interest thereon, shall become immediately due and payable. If an Event of Default with respect to the Company specified in Section 501(6) or Section 501(7) with respect to Securities of any series at the time Outstanding occurs, the principal amount of all the Securities of that series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof), together with any accrued and unpaid interest thereon, shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable.

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

(1)the Company or, if applicable, any Subsidiary Guarantor has paid or deposited with the Trustee a sum sufficient to pay
(A)all overdue interest on all Securities of that series,
(B)the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities,
(C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and
(D)all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and
(2)all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series which has become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513.
No such rescission shall affect any subsequent default or impair any right consequent thereon.

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Section 503Collection of Indebtedness and Suits for Enforcement by Trustee.
The Company covenants that if

(1)default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or
(2)default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.
If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

Section 504Trustee May File Proofs of Claim.
In case of any judicial proceeding relative to the Company, any Subsidiary Guarantor or any other obligor upon the Securities, or the property or creditors of the Company, any Subsidiary Guarantor or any other obligor upon the Securities, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607.

No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or any Subsidiary Guarantee or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee.

Section 505Trustee May Enforce Claims Without Possession of Securities.
All rights of action and claims under this Indenture or the Securities or any Subsidiary Guarantee may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.
Section 506Application of Money Collected.
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Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

FIRST: To the payment of all amounts due the Trustee under Section 607;

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

THIRD: The balance, if any, to the Company or to such other Person as a court of competent jurisdiction shall direct.

Section 507Limitation on Suits.
No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless

(1)such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series;
(2)the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;
(3)such Holder or Holders have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities to be incurred in compliance with such request;
(4)Trustee for 60 days after its receipt of such notice, request and offer of security or indemnity has failed to institute any such proceeding; and
(5)no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series;
it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders.

Section 508Unconditional Right of Holders to Receive Principal, Premium and Interest.
Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Section 307) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption or offer by the Company to purchase the Securities pursuant to the terms of this Indenture, on the Redemption Date or purchase date, as applicable) and, if applicable, to convert such Security in accordance with its terms, and to institute suit for the enforcement of any such right, and such rights shall not be impaired without the consent of such Holder.
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Section 509Restoration of Rights and Remedies.
If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Subsidiary Guarantors, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.
Section 510    Rights and Remedies Cumulative.
Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.
Section 511    Delay or Omission Not Waiver.
No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.
Section 512    Control by Holders.
The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that
i.such direction shall not be in conflict with any rule of law or with this Indenture, and
ii.the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.
Section 513    Waiver of Past Defaults.
The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except a default

iii.in the payment of the principal of or any premium or interest on any Security of such series (including any Security which is required to have been purchased by the Company pursuant to an offer to purchase by the Company made pursuant to the terms of this Indenture), or
iv. in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series.
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Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

Section 514    Undertaking for Costs.
In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided, however, that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Company or any Subsidiary Guarantor.
Section 515    Waiver of Usury, Stay or Extension Laws.
Each of the Company and the Subsidiary Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and each of the Company and the Subsidiary Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

ARTICLE 6
THE TRUSTEE

Section 601Certain Duties and Responsibilities.
The duties and responsibilities of the Trustee shall be as expressly set forth in this Indenture and as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section.
Section 602Notice of Defaults.
If a default occurs hereunder with respect to Securities of any series, the Trustee shall give the Holders of Securities of such series notice of such default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any default of the character specified in Section 501(5) with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series.
Section 603Certain Rights of Trustee.
Subject to the provisions of Section 601:
(1)the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;
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(2) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution;
(3)whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate;
(4)the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;
(5)the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;
(6)the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney; and
i.the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder.
Section 604Not Responsible for Recitals or Issuance of Securities.
The recitals contained herein and in the Securities and the Subsidiary Guarantees, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company or the Subsidiary Guarantors, as the case may be, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities or the Subsidiary Guarantees endorsed thereon. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.
Section 605May Hold Securities.
The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company or any Subsidiary Guarantor, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Section 608 and Section 613, may otherwise deal with the Company and any Subsidiary Guarantor with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.
Section 606Money Held in Trust.
Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company or any Subsidiary Guarantor, as the case may be.
Section 607Compensation and Reimbursement.
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The Company and each Subsidiary Guarantor jointly and severally agree
 
(1)to pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(2)except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and
(3)to indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder.
Section 608Conflicting Interests.
If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by such Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series.
Secton 609Corporate Trustee Required; Eligibility.
There shall at all times be one (and only one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such, and has a combined capital and surplus of at least $50,000,000. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to the Securities of any series shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.
Section 610    Resignation and Removal; Appointment of Successor.
No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611.
The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

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

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If at any time:

i.the Trustee shall fail to comply with Section 608 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or
ii.the Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Company or by any such Holder, or
iii.the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then, in any such case, (A) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (B) subject to Section 514, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.

If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 611, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 106. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.

Section 611    Acceptance of Appointment by Successor.
In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company, the Subsidiary Guarantors and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.

In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the Subsidiary Guarantors, the retiring Trustee and each successor Trustee with 
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respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.
Upon request of any such successor Trustee, the Company and the Subsidiary Guarantors shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be.

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

Section 612    Merger, Conversion, Consolidation or Succession to Business.
Any Person into which the Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Person succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such Person shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. As soon as practicable, the successor Trustee shall mail a notice of its succession to the Company and the Holders of the Securities then Outstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.
Section 613    Preferential Collection of Claims Against Company and Subsidiary Guarantors.
If and when the Trustee shall be or become a creditor of the Company, any Subsidiary Guarantor or any other obligor upon the Securities, the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company, such Subsidiary Guarantor or any such other obligor.
Section 614    Appointment of Authenticating Agent.
The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer, conversion or partial redemption thereof or pursuant to Section 306, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, 
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such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a Person organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.
Any Person into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Person succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such Person shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give notice of such appointment in the manner provided in Section 106 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

The Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section, and the Trustee shall be entitled to be reimbursed for such payments, subject to the provisions of Section 607.
If an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form:

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

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		[TRUSTEE’S NAME],
		As Trustee
		
		
		By:	
			
			As Authenticating Agent
			
			
		By:	
			Authorized Officer

ARTICLE 7
HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 701Company to Furnish Trustee Names and Addresses of Holders.
The Company will furnish or cause to be furnished to the Trustee with respect to the Securities of each series:

i.not more than 10 days after each record date with respect to the payment of interest, if any, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of such record date, and
ii. at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;
excluding from any such list names and addresses received by the Trustee in its capacity as Security Registrar.

Section 702Preservation of Information; Communications to Holders.
The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt of a new list so furnished. The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act.
Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company, the Subsidiary Guarantors nor the Trustee nor any agent of any of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act.
Section 703Reports by Trustee.
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The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto.
A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission and with the Company and with the Subsidiary Guarantors. The Company will notify the Trustee when any Securities are listed on any stock exchange.

Section 704Reports by Company and Subsidiary Guarantors.
The Company and each of the Subsidiary Guarantors shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is filed with the Commission.

ARTICLE 8
CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

Section 801Company May Consolidate, Etc., Only on Certain Terms.
The Company shall not, in a single transaction or a series of related transactions, consolidate with or merge into any other Person or permit any other Person to consolidate with or merge into the Company or, directly or indirectly, transfer, convey, sell, lease or otherwise dispose of all or substantially all of its assets, unless:

(1)in a transaction in which the Company does not survive or in which the Company transfers, conveys, sells, leases or otherwise disposes of all or substantially all of its assets, the successor entity (for purposes of this Article Eight, a “Successor Company”) shall be a corporation, partnership, trust or other entity organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia, and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be performed or observed;
(2)immediately before and after giving pro forma effect to such transaction and treating any indebtedness which becomes an obligation of the Company or any Subsidiary as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing;
(3)if, as a result of any such consolidation or merger or such transfer, conveyance, sale, lease or other disposition, properties or assets of the Company would become subject to a mortgage, pledge, lien, security interest or other encumbrance which would not be permitted by this Indenture, the Company or the Successor Company, as the case may be, shall take such steps as shall be necessary effectively to secure the Securities equally and ratably with (or prior to) all indebtedness secured thereby;
(4)any other conditions provided pursuant to Section 301 with respect to the Securities of a series are satisfied; and
(5)the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, transfer, conveyance, sale, lease or other disposition and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with.
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Section 802Subsidiary Guarantors May Consolidate, Etc., Only on Certain Terms.
Except in a transaction resulting in the release of a Subsidiary Guarantor in accordance with the terms of this Indenture, each Subsidiary Guarantor shall not, and the Company shall not permit any Subsidiary Guarantor to, in a single or a series of related transactions, consolidate or merge with or into any Person (other than the Company or another Subsidiary Guarantor) or permit any Person (other than another Subsidiary Guarantor) to consolidate or merge with or into such Subsidiary Guarantor or, directly or indirectly, transfer, convey, sell, lease or otherwise dispose of all or substantially all of its assets unless, in each case:

(1)in a transaction in which such Subsidiary Guarantor does not survive or in which all or substantially all of the assets of such Subsidiary Guarantor are transferred, conveyed, sold, leased or otherwise disposed of, the successor entity (the “Successor Subsidiary Guarantor”) shall be a corporation, partnership, trust or other entity organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia, and shall expressly assume by an indenture supplemental hereto executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of all obligations of such Subsidiary Guarantor under its Subsidiary Guarantee and this Indenture and the performance of every covenant of this Indenture on the part of such Subsidiary Guarantor to be performed or observed; and
(2)the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, transfer, conveyance, sale, lease or other disposition and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with.
Section 803Successor Substituted.
(a)     Upon any consolidation of the Company with, or merger of the Company into, any other Person or any transfer, conveyance, sale, lease or other disposition of all or substantially all of the assets of the Company in accordance with Section 801, the Successor Company shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities.

(b)     Upon any consolidation of a Subsidiary Guarantor with, or merger of such Subsidiary Guarantor into, any other Person or any transfer, conveyance, sale, lease or other disposition of all or substantially all of the assets of such Subsidiary Guarantor in accordance with Section 802, the Successor Subsidiary Guarantor shall succeed to, and be substituted for, and may exercise every right and power of, such Subsidiary Guarantor under this Indenture with the same effect as if such successor Person had been named as a Subsidiary Guarantor herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and its Subsidiary Guarantee.

ARTICLE 9
SUPPLEMENTAL INDENTURES

Section 901Supplemental Indentures Without Consent of Holders.
Without the consent of any Holders, the Company, when authorized by a Board Resolution, the Subsidiary Guarantors, when authorized by their respective Board Resolutions, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

(1)to evidence the succession of another Person to the Company or any Subsidiary Guarantor and the assumption by any such successor of the covenants of the Company or any Subsidiary Guarantor herein and in the Securities or Subsidiary Guarantees, as the case may be; or
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(2)to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company; or
(3)to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series); or
(4)to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form; or
(5)to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such Security with respect to such provision or (B) shall become effective only when there is no such Security Outstanding; or
(6)to secure the Securities; or
(7)to establish the form or terms of Securities of any series as permitted by Section 201 and Section 301; or
(8)to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 611; or
(9)to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein; or
(10)to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to this clause (10) shall not adversely affect the interests of the Holders of Securities of any series in any material respect; or
(11)to add new Subsidiary Guarantors.
Section 902Supplemental Indentures With Consent of Holders.
With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Company, the Subsidiary Guarantors and the Trustee, the Company, when authorized by a Board Resolution, the Subsidiary Guarantors, when authorized by their respective Board Resolutions and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby:

(1)change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of an Original Issue Discount Security or any other Security which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change any Place of Payment where, or the coin or currency in which, any Security or any premium 
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or interest thereon is payable, or impair the right to institute suit for the enforcement of (a) any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date or in the case of an offer to purchase Securities which has been made pursuant to a covenant contained in this Indenture, on or after the applicable purchase date) or (b) any conversion right with respect to any Security, or modify the provisions of this Indenture with respect to the conversion of the Securities, in a manner adverse to the Holders, or release any Subsidiary Guarantee other than as provided in this Indenture; or
(2)reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture; or
(3)modify any of the provisions of this Section, Section 513 or Section 1009, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 1009, or the deletion of this proviso, in accordance with the requirements of Section 611 and Section 901(8); or
(4)following the making of an offer to purchase Securities from any Holder which has been made pursuant to a covenant contained in this Indenture, modify the provisions of this Indenture with respect to such offer to purchase in a manner adverse to such Holder.
A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.

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

After a supplemental indenture under this Section 902 requiring the consent of the Holders of any series of Debt Securities is approved, the Company shall mail to Holders of that series of Debt Securities a notice briefly describing any amendment or supplement hereto effected by such supplemental indenture. The failure to give such notice to any such Holders, or any defect therein, shall not impair or affect the validity of any amendment or supplement hereto effected by such supplemental indenture with respect to other Holders.

Section 903Execution of Supplemental Indentures.
In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

Section 904Effect of Supplemental Indentures.
Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.
Section 905Conformity with Trust Indenture Act.
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Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act.
Section 906Reference in Securities to Supplemental Indentures.
Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company, if applicable the Subsidiary Guarantees may be endorsed thereon and such new Securities may be authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.

ARTICLE 10
COVENANTS

Section 1001Payment of Principal, Premium and Interest.
The Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 11:00 A.M., New York City time, on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due.
Section 1002Maintenance of Office or Agency.
The Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment or, if applicable, for conversion, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company or any Subsidiary Guarantor in respect of the Securities of that series or any Subsidiary Guarantee and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company and each Subsidiary Guarantor hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.
The Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.
Section 1003Money for Securities Payments to Be Held in Trust.
If the Company or any Subsidiary Guarantor shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act.
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Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, prior to 11:00 A.M., New York City time, on each due date of the principal of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.
The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default by the Company, the Subsidiary Guarantors, if applicable, or any other obligor upon the Securities of that series in the making of any payment in respect of the Securities of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series.
The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.
Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.
Section 1004Statement by Officers as to Default.
(a)     The Company and the Subsidiary Guarantors will deliver to the Trustee, within 90 days after the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate, stating whether or not to the best knowledge of the signers thereof the Company or any Subsidiary Guarantor, as the case may be, is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company or any Subsidiary Guarantor shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge.
 (b)     The Company and each Subsidiary Guarantor shall deliver to the Trustee, as soon as possible and in any event within five days after the Company or such Subsidiary Guarantor becomes aware or should reasonably become aware of the occurrence of an Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’ Certificate setting forth the details of such Event of Default or default, and the action which the Company or such Subsidiary Guarantor proposes to take with respect thereto.

Section 1005Existence.
Subject to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect the existence, rights (charter and statutory) and franchises of the Company; provided, however, that the Company shall not be required to preserve any such right or franchise if it shall determine that the 
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preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not disadvantageous in any material respect to the Holders.
Section 1006Maintenance of Properties.
The Company will cause all properties used or useful in the conduct of its business or the business of any Subsidiary to be maintained and kept in good condition, repair and working order (reasonable wear and tear excepted) and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section shall prevent the Company from discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or the business of any Subsidiary and not disadvantageous in any material respect to the Holders.
Section 1007Payment of Taxes and Other Claims.
The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments and governmental charges levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary, and (2) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the property of the Company or any Subsidiary; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings.

Section 1008Maintenance of Insurance.
The Company shall, and shall cause its Subsidiaries to, keep at all times all of their properties which are of an insurable nature insured against loss or damage with insurers believed by the Company to be responsible to the extent that property of similar character is usually so insured by corporations similarly situated and owning like properties in accordance with good business practice.
Section 1009Waiver of Certain Covenants.
Except as otherwise specified as contemplated by Section 301 for Securities of such series, the Company may, with respect to the Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in any of Sections 1005 through 1008 or in any covenant provided pursuant to Section 301(21), Section 901(2) or Section 901(7) for the benefit of the Holders of such series if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect.

ARTICLE 11
REDEMPTION OF SECURITIES

Section 1101Applicability of Article.
Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for such Securities) in accordance with this Article.
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Section 1102Election to Redeem; Notice to Trustee.
The election of the Company to redeem any Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities. In case of any redemption at the election of the Company of less than all the Securities of any series (including any such redemption affecting only a single Security), the Company shall, at least five Business Days prior to giving notice of such redemption (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction.
Section 1103Selection by Trustee of Securities to Be Redeemed.
If less than all the Securities of any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected by the Trustee, from the Outstanding Securities of such series not previously called for redemption, (i) in compliance with the requirements of the principal national securities exchange on which such Securities are listed, if such Securities are listed on any national securities exchange, and (ii) if such Securities are not so listed, on a pro rata basis, by lot or by such other method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Security of such series, provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. If less than all the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected by the Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance with the preceding sentence.
The Trustee shall promptly notify the Company in writing of the Securities selected for redemption as aforesaid and, in case of any Securities selected for partial redemption as aforesaid, the principal amount thereof to be redeemed.
The provisions of the two preceding paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security.
For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. If any Security selected for partial redemption is surrendered for conversion after such selection, the converted portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Upon any redemption of less than all the Securities of a series, for purposes of selection for redemption the Company and the Trustee may treat as Outstanding Securities surrendered for conversion during the period of 15 days next preceding the mailing of a notice of redemption, and need not treat as Outstanding any Security authenticated and delivered during such period in exchange for the unconverted portion of any Security converted in part during such period.
Section 1104Notice of Redemption.
Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register; provided, however, notice of redemption may be given more than 60 days prior to the Redemption Date if the notice is issued in connection with a satisfaction and discharge pursuant to Article Four.
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All notices of redemption shall state:
(1)the Redemption Date,
(2)the Redemption Price, if then determinable and otherwise the method of its determination,
(3)if less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the identification (and, in the case of partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed and, if less than all the Outstanding Securities of any series consisting of a single Security are to be redeemed, the principal amount of the particular Security to be redeemed,
(4)that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date,
(5)the place or places where each such Security is to be surrendered for payment of the Redemption Price,
(6)that the redemption is for a sinking fund, if such is the case; and
(7)if applicable, the conversion price then in effect and the date on which the right to convert such Securities will expire.
Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company and shall be irrevocable. If any Security called for redemption is converted pursuant hereto, any money deposited with the Trustee or any Paying Agent or so segregated and held in trust for the redemption of such Security shall be paid to the Company upon delivery of a Company Request to the Trustee or such Paying Agent, or, if then held by the Company, shall be discharged from such trust.

Section 1105Deposit of Redemption Price.
Prior to 11:00 A.M., New York City time, on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date.
Section 1106Securities Payable on Redemption Date.
Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section 301, installments of interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307.

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

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Section 1107Securities Redeemed in Part.
Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, if applicable to Subsidiary Guarantors shall execute the Subsidiary Guarantee endorsed thereon, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

ARTICLE 12
 [INTENTIONALLY OMITTED]

ARTICLE 13
SUBSIDIARY GUARANTEES

Section 1301Applicability of Article.
Unless the Company elects to issue any series of Securities without the benefit of the Subsidiary Guarantees, which election shall be evidenced in or pursuant to the Board Resolution or supplemental indenture establishing such series of Securities pursuant to Section 301, the provisions of this Article shall be applicable to each series of Securities except as otherwise specified in or pursuant to the Board Resolution or supplemental indenture establishing such series pursuant to Section 301.
Section 1302Subsidiary Guarantees.
Subject to Section 1301, each Subsidiary Guarantor hereby, jointly and severally, fully and unconditionally guarantees to each Holder of a Security authenticated and delivered by the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest on such Security when and as the same shall become due and payable, whether at the Stated Maturity, by acceleration, call for redemption, offer to purchase or otherwise, in accordance with the terms of such Security and of this Indenture, and each Subsidiary Guarantor similarly guarantees to the Trustee the payment of all amounts owing to the Trustee in accordance with the terms of this Indenture. In case of the failure of the Company punctually to make any such payment, each Subsidiary Guarantor hereby, jointly and severally, agrees to cause such payment to be made punctually when and as the same shall become due and payable, whether at the Stated Maturity or by acceleration, call for redemption, offer to purchase or otherwise, and as if such payment were made by the Company.

Each of the Subsidiary Guarantors hereby jointly and severally agrees that its obligations hereunder shall be absolute, unconditional, irrespective of, and shall be unaffected by, the validity, regularity or enforceability of such Security or this Indenture, the absence of any action to enforce the same or any release, amendment, waiver or indulgence granted to the Company or any other guarantor or any consent to departure from any requirement of any other guarantee of all or any of the Securities of such series or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor; provided, however, that, notwithstanding the foregoing, no such release, amendment, waiver or indulgence shall, without the consent of such Subsidiary Guarantor, increase the principal amount of such Security, or increase the interest rate thereon, or alter the Stated Maturity thereof. Each of the Subsidiary Guarantors hereby waives the benefits of diligence, presentment, demand for payment, any requirement that the Trustee or any of the Holders protect, secure, perfect or insure any security interest in or other lien on any property subject thereto or exhaust any right or take any action against the Company or any other Person or any collateral, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest or notice with respect to such Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants that this Subsidiary Guarantee not be discharged in respect of such Security except by complete performance of the obligations 
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contained in such Security and in such Subsidiary Guarantee. Each Subsidiary Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to accelerate the maturity of the Securities of a series, to collect interest on the Securities of a series, or to enforce or exercise any other right or remedy with respect to the Securities of a series, such Subsidiary Guarantor agrees to pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders.

Each Subsidiary Guarantor shall be subrogated to all rights of the Holders of the Securities upon which its Subsidiary Guarantee is endorsed against the Company in respect of any amounts paid by such Subsidiary Guarantor on account of such Security pursuant to the provisions of its Subsidiary Guarantee or this Indenture; provided, however, that no Subsidiary Guarantor shall be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation until the principal of (and premium, if any) and interest on all Securities of the relevant series issued hereunder shall have been paid in full.

Each Subsidiary Guarantor that makes or is required to make any payment in respect of its Subsidiary Guarantee shall be entitled to seek contribution from the other Subsidiary Guarantors to the extent permitted by applicable law; provided, however, that no Subsidiary Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of contribution until the principal of (and premium, if any) and interest on all Securities of the relevant series issued hereunder shall have been paid in full.

Each Subsidiary Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any part of the Company’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Securities of a series, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any Holder of the Securities, whether as a “voidable preference,” “fraudulent transfer,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Securities shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

Section 1303Execution and Delivery of Subsidiary Guarantees.
The Subsidiary Guarantees to be endorsed on the Securities shall include the terms of the Subsidiary Guarantee set forth in Section 1302 and any other terms that may be set forth in the form established pursuant to Section 204. Subject to Section 1301, each of the Subsidiary Guarantors hereby agrees to execute its Subsidiary Guarantee, in a form established pursuant to Section 204, to be endorsed on each Security authenticated and delivered by the Trustee.

The Subsidiary Guarantee shall be executed on behalf of each respective Subsidiary Guarantor by any one of such Subsidiary Guarantor’s Chairman of the Board of Directors, Vice Chairman of the Board of Directors, Chief Executive Officer, President, one of its Vice Presidents, or its Secretary. The signature of any or all of these persons on the Subsidiary Guarantee may be manual or facsimile.

A Subsidiary Guarantee bearing the manual or facsimile signature of individuals who were at any time the proper officers of a Subsidiary Guarantor shall bind such Subsidiary Guarantor, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of the Security on which such Subsidiary Guarantee is endorsed or did not hold such offices at the date of such Subsidiary Guarantee.

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The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Subsidiary Guarantee endorsed thereon on behalf of the Subsidiary Guarantors and shall bind each Subsidiary Guarantor notwithstanding the fact that Subsidiary Guarantee does not bear the signature of such Subsidiary Guarantor. Each of the Subsidiary Guarantors hereby jointly and severally agrees that its Subsidiary Guarantee set forth in Section 1302 and in the form of Subsidiary Guarantee established pursuant to Section 204 shall remain in full force and effect notwithstanding any failure to endorse a Subsidiary Guarantee on any Security.

Section 1304Release of Subsidiary Guarantors.
Unless otherwise specified pursuant to Section 301 with respect to a series of Securities, each Subsidiary Guarantee will remain in effect with respect to the respective Subsidiary Guarantor until the entire principal of, premium, if any, and interest on the Securities to which such Subsidiary Guarantee relates shall have been paid in full or otherwise satisfied and discharged in accordance with the provisions of such Securities and this Indenture and all amounts owing to the Trustee hereunder have been paid; provided, however, that if (i) such Subsidiary Guarantor ceases to be a Subsidiary in compliance with the applicable provisions of this Indenture, (ii) either Defeasance or Covenant Defeasance occurs with respect to such Securities pursuant to Article Fifteen or (iii) all or substantially all of the assets of such Subsidiary Guarantor or all of the Capital Stock of such Subsidiary Guarantor is sold (including by sale, merger, consolidation or otherwise) by the Company or any Subsidiary in a transaction complying with the requirements of this Indenture, then, in each case of (i), (ii) or (iii), upon delivery by the Company of an Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent herein provided for relating to the release of such Subsidiary Guarantor from its obligations under its Subsidiary Guarantee and this Article Thirteen have been complied with, such Subsidiary Guarantor shall be released and discharged of its obligations under its Subsidiary Guarantee and under this Article Thirteen without any action on the part of the Trustee or any Holder, and the Trustee shall execute any documents reasonably required in order to acknowledge the release of such Subsidiary Guarantor from its obligations under its Subsidiary Guarantee endorsed on the Securities of such series and under this Article Thirteen.

Section 1305Additional Subsidiary Guarantors.
Unless otherwise specified pursuant to Section 301 with respect to a series of Securities, the Company will cause any domestic Wholly Owned Subsidiary of the Company that becomes a Subsidiary after the date the Securities of a series are first issued hereunder to become a Subsidiary Guarantor as soon as practicable after such Subsidiary becomes a Subsidiary. The Company shall cause any such Wholly Owned Subsidiary to become a Subsidiary Guarantor with respect to the Securities by executing and delivering to the Trustee (a) a supplemental indenture, in form and substance satisfactory to the Trustee, which subjects such Person to the provisions (including the representations and warranties) of this Indenture as a Subsidiary Guarantor and (b) an Opinion of Counsel to the effect that such supplemental indenture has been duly authorized and executed by such Person and such supplemental indenture and such Person’s obligations under its Subsidiary Guarantee and this Indenture constitute the legal, valid, binding and enforceable obligations of such Person (subject to such customary exceptions concerning creditors’ rights and equitable principles as may be acceptable to the Trustee in its discretion).
Section 1306Limitation on Liability.
Any term or provision of this Indenture to the contrary notwithstanding, the maximum amount of the Subsidiary Guarantee of any Subsidiary Guarantor shall not exceed the maximum amount that can be hereby guaranteed by such Subsidiary Guarantor without rendering such Subsidiary Guarantee voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

ARTICLE 14
 [INTENTIONALLY OMITTED]
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ARTICLE 15
DEFEASANCE AND COVENANT DEFEASANCE

Section 1501Company’s Option to Effect Defeasance or Covenant Defeasance.
The Company may elect, at its option at any time, to have Section 1502 or Section 1503 applied to any Securities or any series of Securities, as the case may be, designated pursuant to Section 301 as being defeasible pursuant to such Section 1502 or Section 1503, in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth below in this Article. Any such election shall be evidenced in or pursuant to a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities.

Section 1502Defeasance and Discharge.
Upon the Company’s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, the Company shall be deemed to have been discharged from its obligations, and each Subsidiary Guarantor shall be deemed to have been discharged from its obligations with respect to its Subsidiary Guarantees of such Securities, as provided in this Section on and after the date the conditions set forth in Section 1504 are satisfied (herein called “Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the following which shall survive until otherwise terminated or discharged hereunder: (1) the rights of Holders of such Securities to receive, solely from the trust fund described in Section 1504 and as more fully set forth in such Section, payments in respect of the principal of and any premium and interest on such Securities when payments are due, or, if applicable, to convert such Securities in accordance with their terms, (2) the Company’s and each Subsidiary Guarantor’s obligations with respect to such Securities under Section 304, Section 305, Section 306, Section 1002 and Section 1003, and, if applicable, their obligations with respect to the conversion of such Securities, (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (4) this Article. Subject to compliance with this Article, the Company may exercise its option (if any) to have this Section applied to any Securities notwithstanding the prior exercise of its option (if any) to have Section 1503 applied to such Securities.
Section 1503Covenant Defeasance.
Upon the Company’s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, (1) the Company shall be released from its obligations under Section 801(3), Sections 1005 through 1008, inclusive, and any covenants provided pursuant to Section 301(21), Section 901(2) or Section 901(7) for the benefit of the Holders of such Securities, and (2) the occurrence of any event specified in Section 501(5) (with respect to any of Section 801(3), Sections 1006 through 1008, inclusive, and any such covenants provided pursuant to Section 301(21), Section 901(2) or Section 901(7), Section 501(6), Section 501(7)), Section 501(10) and Section 501(11) shall be deemed not to be or result in an Event of Default and ((3) the provisions of Article Thirteen shall cease to be effective, in each case with respect to such Securities and Subsidiary Guarantees as provided in this Section on and after the date the conditions set forth in Section 1504 are satisfied (herein called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company and the Subsidiary Guarantors, as applicable, may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section (to the extent so specified in the case of Section 501(5)) or Article Thirteen, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or Article or by reason of any reference in any such Section or Article to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.
Section 1504Conditions to Defeasance or Covenant Defeasance.
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The following shall be the conditions to the application of Section 1502 or Section 1503 to any Securities or any series of Securities, as the case may be:
(1)The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the requirements contemplated by Section 609 and agrees to comply with the provisions of this Article applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefits of the Holders of such Securities, (A) money in an amount, or (B) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (C) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and discharge, the principal of and any premium and interest on such Securities on the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities. As used herein, “U.S. Government Obligation” means (x) any security which is (i) a direct obligation of the United States of America for the payment of which the full faith and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt.
(2)In the event of an election to have Section 1502 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date of this instrument, there has been a change in the applicable Federal income tax law, in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Defeasance were not to occur.
(3)In the event of an election to have Section 1503 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur.
(4)The Company shall have delivered to the Trustee an Officers’ Certificate to the effect that neither such Securities nor any other Securities of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit.
(5)No event which is, or after notice or lapse of time or both would become, an Event of Default with respect to such Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Section 501(6), at any time on or prior to the 121st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such 121st day).
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(6)Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in default within the meaning of such Act).
(7)Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company or any Subsidiary is a party or by which it is bound.
(8)The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that such deposit shall not cause either the Trustee or the trust so created to be subject to the Investment Company Act of 1940.
(9)Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with.
Section 1505Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions.
Subject to the provisions of the last paragraph of Section 1003, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 1506, the Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 1504 in respect of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and any premium and interest, but money so held in trust need not be segregated from other funds except to the extent required by law.

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 1504 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of Outstanding Securities.

Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations held by it as provided in Section 1504 with respect to any Securities which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such Securities.

Section 1506Reinstatement.
If the Trustee or the Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and such Securities from which the Company has been discharged or released pursuant to Section 1502 or Section 1503 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 1505 with respect to such Securities in accordance with this Article; provided, however, that if the Company makes any payment of principal of or any premium or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust.
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ARTICLE 16
SINKING FUNDS

Section 1601Applicability of Article.
The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified as contemplated by Section 301 for such Securities.

The minimum amount of any sinking fund payment provided for by the terms of any Securities is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of such Securities is herein referred to as an “optional sinking fund payment.” If provided for by the terms of any Securities, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1602. Each sinking fund payment shall be applied to the redemption of Securities as provided for by the terms of such Securities.

Section 1602Satisfaction of Sinking Fund Payments with Securities.
The Company (1) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of a series which have been (x) converted or (y) redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such Securities as and to the extent provided for by the terms of such Securities; provided, however, that the Securities to be so credited have not been previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at the Redemption Price, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

Section 1603Redemption of Securities for Sinking Fund.
Not less than 35 days prior to each sinking fund payment date for any Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities pursuant to Section 1602 and will also deliver to the Trustee any Securities to be so delivered. Not less than 32 days prior to each such sinking fund payment date, the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 1106 and Section 1107. This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.
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IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, all as of the day and year first above written.

									
		ISSUER:
			
		INFRASTRUCTURE AND ENERGY ALTERNATIVES, INC.
			
			
		By:	
		Name:	
		Title:	
			
			
		
		SUBSIDIARY GUARANTORS:
			
		[INSERT SUBSIDIARY GUARANTORS]
			
			
		By:	
		Name:	
		Title:	
			
		
		
		TRUSTEE:
			
		[TRUSTEE’S NAME],
		as Trustee
			
			
		By:	
		Name:	
		Title:	

[Signature Page to Senior Indenture]
    

SCHEDULE I
SUBSIDIARY GUARANTORS

									
	SUBSIDIARY		STATE OF ORGANIZATION
			
	[Insert Subsidiary Guarantors]		

[Signature Page to Senior Indenture]

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