Document:

Unassociated Document

    Special
Loan Contract of Energy Saving and Emission Reduction

     

    (Model
Text)

    

    Number :
Xing Yin Shan Jing Kai Jie Neng Zi 2010 No. 002

    

    
      Lender:
Industrial Bank Co., Ltd. Xi'an branch

       

    

    
      Place of
Registration: 258
Dongxin Street

       

    

    
      Legal
representative/responsible person:_____________________

       

    

    
      Contact
Person:  Jiao
Feng       Title:_____________

       

    

    
      Address:
No.122 Weiyang
Road

       

    

    
      Postcode:
  710016           Telex:
_____________ 

       

    

    
      Contact
Number: 86518411
     Fax: _____________

       

    

    
      Borrower: Xi’an TCH Energy Technology
Co.,Ltd

       

    

    
      Place of
Registration : No.86
Gaoxin Road

       

    

    
      Legal
representative/responsible person:  Ku
Guohua

       

    

    
      Contact
Person: He Xiaoshan
   Title: _____________

       

    

    
      Address:
12/F, Chang An
International Building, No.88 Nan Guan Zheng Jie, Xi’an

       

    

    
      Postcode:
  710068           Telex:
_____________

       

    

    
      Contact
Number: 87651098
     Fax: _____________

       

      Signing
Address:   Xi’an

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    According
to The Borrower’s application, The Lender agrees to supply a loan funds to The
Borrower as a special loan for its energy saving and emission reduction project.
In order to specify two parties’ rights and obligations and make two parties
obey them, The Lender and The Borrower enter into this contract complying with
applicable laws and regulations of the People's Republic of China (the "PRC")
through equal negotiation.

    
      

    

    
      Term
1 Definition and Interpretation

       

    

    Unless
other written engagement defined by the two parties, or the following
expressions shall have the following meanings and interpretations:

     

    1. The
“Special Loan of Energy Saving and Emission Reduction” refers to a loan that The
Lender offers to The Borrower, which is used for the projects of energy
efficiency, energy recycling and absolute emission reduction, with the purpose
of improving energy efficiency as well as reducing greenhouse gas
discharge.

     

    The
“Energy Efficiency Project” refers to an energy saving project, which uses the
way of equipment updating, design optimizing and energy recycling for the
purpose of saving the primary energy of coal, gas, natural gas and the secondary
energy of power and steam etc..

     

    The
“Energy Efficiency Project” refers to the production and the use of non-fossil
energy of wind energy, solar energy, water energy, biomass energy, geothermal
energy and ocean energy etc..

    The
“Absolute Emission Reduction Project” refers to a project that is conducted
under the clean energy mechanism structure with the purpose of greenhouse gases
discharge reduction. Proceeds of this project are mainly from selling verified
reduction volume of greenhouse gases discharge.

     

    2. “Fixed
Assets Loan” refers to an RMB loan, which is provided by a lender to a business/
institution entity or other organizations that could act as a borrower according
to state stipulation for fixed asset investment.

     

    The
“Project Financing Loan” refers to an RMB financing loan used for the borrower
to establish one or a cluster of big production equipment, infrastructure, real
estate project or other projects, including a loan of refinancing for a being
constructed project or a completed project. This project financing loan is
provided by a lender for a borrower basing on the borrower’s
application.

     

    3.
“Creditor’s right” or principal creditor’s right is formed by a financing which
is provided by a lender (creditor) to a borrower (debtor) according to the
borrower’s reviewed and approved application. The creditor’s rights include
principal, interest, penalty interest, compound interest, penal sum, damages and
expenditures used for realizing creditor’s right etc. The creditor’s right due
to the lender by the borrower and the debt due to the borrower by the lender
under this contract should be consistent.

     

    “The fees
for realizing creditor’s right” includes but not limited to litigation cost,
arbitration fee, property preservation fee, application enforcement fee,
attorney fee, court fee, announcement fee, assessment fee, appraisal fee,
auction fee, selling fee, telecommunication fee, travel fee and disposal
fee.

     

    4. The
“major transaction” in term 15 under this contract refers to, including but not
limited to any defined or possible transactions that may have an adverse effect
on the borrower’s basic business structure, change of stockholder, contingent
liability, cash flow, capacity of profiability, core trade secret, core
competitiveness, important asset, major credit and debt, debt payment ability,
ability of contract implementation, or other transactions may be considered as a
major transaction from lender/borrower's perspective.

     

    5. The
“major event” in term 15 under this contract refers to (including but not
limited to) any defined or possible event that may have an adverse effect on the
ability of the borrower’s top management to implement their obligations,
establishment or termination of an contract with key employees, core trade
secret, core competitiveness, basic structure, change of stockholder, contingent
liability, company continuance, validity of the business, stability,
development, profit ability, debt payment ability and ability of implementing
this contract, or other events may be considered as a major event in
lender/borrower's perspective.

     

    6. The
“working days” in this contract refers to the working days of the borrower’s
loan bank. During implementation of this contract, if any withdrawal or
repayment day is not the business day, the withdrawal or repayment shall be
postponed to the next business day.

    

    Term
2 Amount of the loan

     

    The
lender agrees that it provide a loan of RMB (in capital letters) thirty million to the
borrower.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Term
3 Application of the loan

     

    This loan
shall be used by the borrower for paying relative funds that
have been paid by the contractor. The concrete application of this loan
are as the following:

     

    
      	
              Concrete
      application of this loan

            	 	
              Amount

            	 
	
              1.
      Construction

            	 	 	/	 
	
              2.
      Equipment

            	 	
              RMB
      30,000,000

            	 
	
              3.
      Others

            	 	 	 	 

    

     

    Without
the lender’s written approval, the borrower shall not use this loan for other
purposes.

    

    
      Term
4 Term of the loan

      

      1. Term
of this loan is 36
months, from April (month) 6 (day) 2010 (year) to April (month) 6 (day) 2013
(year).

      

      2.
Provided that it is one-time offering,the date of the
money-offering shall be based on the actual offering date recorded on the loan
certificate and the loan note; The loan expiration date shall be postponed to
the next day if the actual date of money offering is later than its recorded
date.

      

      3. The
loan shall be drawn by plan as the following:

       

      
                million
on        
(month)
         (day),
         (year);
        million on        
(month)
         (day),
         (year);

        

                million
on        
(month)
         (day),
         (year);
        million on        
(month)
         (day),
         (year);

        

                million
on        
(month)
         (day),
         (year);
        million on        
(month)
         (day),
         (year);

        

                million
on        
(month)
         (day),
         (year);
        million on        
(month)
         (day),
         (year);

        

                million
on        
(month)
         (day),
         (year);
        million on        
(month)
         (day),
        
(year);

      The
Borrower shall apply for withdrawal procedure three days before every withdrawal
date or comply with the proposed date of The Lender’s written
requirement.

      

      If The
Borrower doesn’t withdraw in accordance with above mentioned separate use term,
The Lender shall be entitled to require The Borrower to pay____of the loan
amount as the compensation at the date when The Borrower should take
withdrawal.

      

      4. The
Lender has the right to modulate the loan plan properly by determining whether
the loan projects meet the requirements of relative laws, regulations, rules,
withdrawal preconditions, payment conditions, related factors of signing
corresponding guarantee agreement and guarantee procedure of this contract and
other factors required by The Lender. If The Borrower couldn’t meet engagement
withdrawal preconditions or other loan funds repayment conditions of this
contract, The Lender shall be entitled to stop offering money, loan funds or
dismissing this contract, and The Borrower shall undertake relative violation
obligations.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      5. The
loan that are used by several times shall have the same expiration day, i.e.,
the expiration day of the first time loan offering recorded on the loan
certificate or loan note shall be the same with that of other separate
withdrawals.

      

      6. If The
Lender terminates its loan in advance complying with the engagement of this
contract, the loan expiration date shall be arranged forward.

      

      Term
5 Interest rate of the loan

      

      1.
Interest rate of loan under this contract shall adopt the second one as the
following:

      

      (First)
Fixed interest rate, annual interest rate is / %. If the state
benchmark interest rate of the nation is changed after the offering date set in
this contract and before the actual exercise day of the loan under this
contract, the fixed rate should be increased by___%, i.e. the benchmark interest
rate with the same type in the exercise day of the loan, and the real interest
rate equals to the benchmark interest rate, with the same time period and type,
multiply by a parameter /. During the loan
term, the fixed interest rate shall not change in accordance with the changes of
state benchmark interest rate

      

      (Second)
Floating rate, defined by quarter
(month/quarter/half year/year/other periods), the annual interest rate is 10% higher than the
same time period and type of state benchmark interest rate, i.e. actual interest
rate equals to state benchmark interest rate multiplying by a parameter of 1.1 . Interest rate
of the first term equals to the same time period and type of state benchmark
interest (on the date of actual loan offering) multiplying above parameter. The
interest rate is defined by a quarter, from the loan offering date to the end of
the quarter
(month/quarter/half year/year/other periods). Interest rate of the next term
shall be determined basing on the same time period and type of state benchmark
interest multiplying the above defined parameter.

      

      (Third)
Other interest rate method:                                                                    .

      

      The
borrower will not be notified if there is change to the state benchmark interest
rate during the loan term.

      

      2. The
same time period and type of state benchmark interest on the loan’s actual
offering date shall be the interest rate standard of loans offered in batches
under this contract.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      3. In
case of cancellation of sate benchmark interest rate, the lender shall has the
right to re-define the interest rate in accordance with the national interest
rate policy at the same period basing on the principles of equity and good
faith, the industrial practice and interest rate conditions. If having
objections, the borrower should negotiate with the lender immediately. If the
negotiation fails, the lender shall have the right to receive loan in advance,
and the borrower should settle the remaining principal and
interest.

      

      Term
6 Penalty interest and compound interest

      

      1. If The
Borrower has not used this loan in accordance with the contract’s stipulation,
The Lender shall be entitled to take penalty interest on the embezzled loan, and
the penalty interest rate shall be 100 % higher than the
loan interest rate. If The borrower doesn’t repay the loan on required date and
doesn’t agree with The Lender on the extension of the loan term, The Lender
shall have the right to take penalty interest on the delayed loan, the penalty
interest rate shall be 50% higher than the
loan interest rate; If the interest is not paid on time, The Lender shall have
the right to take compound interest on the delayed penalty interest rate of the
loan according to the contract’s stipulation.

      

      2. If the
loan interest rate adopts the fixed interest rate, the penalty interest rate
should also adopt the fixed interest rate. If the loan interest rate adopts the
floating interest rate, the penalty interest rate shall adopt the floating
interest rate and the floating cycle shall be in accordance with the loan
floating cycle.

      

      3.
Calculation method of the penalty interest rate and the compound interest shall
be in accordance with the loan interest calculation method of the
contract.

      

      Term
7 Preconditions of withdrawal

      

      1. After
meeting the following required preconditions of withdrawal, The Lender can offer
money to the Borrower under this contract:

      

      1.1 The
Borrower has sent the following documents to The Lender:

      

      1.1.1 The
Borrower’s Company Charter, Business License, Organization Code Certificate,
specimen signature of legal representative and directors registered and recorded
in the industrial and commercial administrative department, Capital Verification
Report, original copies of the legal representative and his authorized
representative;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      1.1.2 The
original copies of resolution of board of shareholders and resolution of board
of directors given by The Borrower, which is held according to the legal
procedure and approved by vote of the quorum of directors and shareholders. The
true, legal and effective resolution can be used to apply for the loan under
this contract by accepting the required loan conditions of The
Lender;

      

      1.1.3 If
the loan project under this contract should be reported according to relative
state department’s regulations and requirements, and The Borrower has provided
the true and valid original approval documents for The Lender, the documents
includes but not limited to,

      

      (1)
Required government approval documents (related to the establishment project
approved by government) complying with the state or local
regulations

      

      (2)
Environment evaluation report(r related to required project) complying with the
state or local regulations.

      

      (3) Power
generation project shall obtain the on-grid approval from power department;
thermoelectricity and heat network project shall obtain the approval of heat
supply franchise right; if relating to the franchise license operation, such as
fuel gas supply and clean fuel motor etc., the franchise operation approval have
to be provided.

      

      1.1.4 If
a third party guarantee exists, the guarantor’s written approval of Company
Charter, Business License, specimen signature of legal representative and
directors shall be provided. A true, legal and valid resolution made by the
guarantor’s authoritative organization shall be provided, which agrees to
provide guarantee to the loan under this contract.

      

      1.1.5
Legal representative, shareholder (natural person) and director’s statement and
guarantee of no criminal record.

      

      1.1.6
Statement of the borrower having no excluding activities when withdrawing loan
or during loan existence term. And the loan project shall be in accordance with
the statement of the state environment, health, safety and social security laws
and regulations.

      

      1.1.7
Recent certificate of tax payment.

      

      1.1.8
Financial statement of recent two years audited by authorized local auditor and
recent financial statement ( of the business enterprise); statement of financial
income and expense of recent two years and recent statement of financial income
and expense (of legal person in institution).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      1.1.9
Project feasibility study report of the absolute emission reduction project
could be replaced by project design documents.

      

      1.1.10
Project investment plan shall be detailed in issues such as the available
measure, correlative cost, capital resource, expected energy, cost saving,
implementation plan and technique maintenance.

      

      1.1.11
Other materials required by The Lender, if applicable.

      

      1.2 The
Borrower applying for special loan of energy saving and emission reduction shall
comply with the following requirements:

      

      1.2.1 The
Borrower shall be a qualified one to do energy saving and emission reduction
project, and projects of The Borrower shall be qualified and in accordance with
other requirements of The Lender.

      

      1.2.2 The
Borrower has opened an account at The Lender’s bank according to The Lender’s
requirements.

      

      1.2.3 The
Borrower’s internal management and financial status are normal with good credit
record and repayment ability.

      

      1.2.4 If
The Borrower is a legal person of a new establishment project, its shareholders
should be with good credit and without bad significant records.

      

      1.2.5 The
Borrower shall comply with investment qualification and business qualification
of the investment project, which is to be established by the state, if
applicable.

      

      1.2.6 The
Borrower shall comply with correlative project investment capital principles of
the state. The capital amount is fully funded in the same proportion of the
loan, and the actual progress of the project matches the investment
capital.

      

      1.2.7 The
Borrower has not ever been included in the risk-focus enterprise list by the Tax
Authority, Industrial and Commercial Bureau, Customs, and the State
Administration of Foreign Exchange.

      

      1.2.8
Legal representative, shareholder (natural person) and directors have no
criminal record.

      

      1.2.9 If
an enterprise has been established for about 2 years, its recent 2 years’ net
profit should be positive or the income and expense should be balanced; If an
enterprise has been established for more than 1 year but less than 2 years, the
net profit of the last fiscal year should be positive or the income and expense
should be balanced, and the cash flow should be stable; If an enterprise is
established less than 1 year, there shall be no enforced requirement for the
profit level, and the market prospect, future cash flow as well as the
background of its shareholder shall be intensively analyzed.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      1.2.10
The Borrower’s own fund shall be not less than 20% of the projects’ total
cost.

      

      1.2.11
Asset-liability ratio of last year shall be in accordance with the following
regulations: asset-liability ratio of the manufacturing enterprise shall not be
more than 70%; asset-liability ratio of the trading enterprise shall not be more
than 80%; asset-liability ratio of the energy-saving enterprise shall not be
more than 90%.

      

      1.2.12
The Borrower has established a carbon contract with a foreign customer on
absolute emission reduction project and the National Development and Reform
Commission has approved it.

      

      1.2.13
The investment recovery period of energy efficiency project, recycling energy
project and the absolute emission reduction project is respectively less than 6
years, 15 years and 4 years.

      

      1.2.14
Unless obtaining the lender’s written approval, the borrower applying for the
project of energy efficiency loan shall comply with the following
requirements:

      

      (1) The
project shall use mature technology, and the project was made by proper energy
audit or feasibility study, including the project of energy saving monitoring
plan.

      

      (2)
Comply with the national environment, health, safety and social security
laws.

      

      (3) The
new project shall not be allowed to repay for the old one or be replaced for
other loan.

      

      (4)
Energy saving ratio of the energy efficiency project shall be more than
10%.

      

      1.2.15
Other requirements required by the lender

      

      1.3 If
mortgage/pledge exists, the borrower shall do proper registration procedure for
the mortgage/pledge according to relative laws and regulations. The original
copy of correlative property documentary evidence and registration documentary
evidence shall be kept by the lender.

      

      1.4 If
the borrower is required to insure the mortgaged goods, the borrower shall obey
the lender’s requirements and send the original copy of the insurance to the
lender. The lender shall be the first beneficiary of the insurance.

      

      1.5 The
borrower has paid the lender correlative fees under this contract according to
the lender’s requirements.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      1.6 Other
requirements by the lender.

      

      2.
Meeting conditions of term 7.1 is the lender’s precondition to implement
obligations under this contract. According to the above withdrawal
preconditions, the lender is entitled to reduce or give up partial withdrawal
preconditions without the borrower’s approval, and the borrower or the guarantor
shall not take it as a case for counterpleading the lender.

      

      3. If the
loan is withdrawn by several times, the last withdrawal’s interest payment date
shall not be later than 5 years of the first withdrawal date.

      

      4.
According to the borrower’s implementation status of correlative laws,
regulations, rules, preconditions required by the lender, signing of matched
Guarantee Contract, time of conducting guarantee procedure etc., the lender has
the right to properly modulate the loan. If the borrower couldn’t meet the
preconditions of withdrawal under this contract, the lender shall have the right
to stop the borrower’s loan application or stop this contract. Any
responsibilities or damages caused should be born by the borrower.

      

      5. If the
borrower meets the withdrawal preconditions of this contract and is audited by
the lender, the lender shall pay loan capital according to term 8 of this
contract.

      

      Term
8 Account Monitoring and Payment of Loan Funds

      

      According
to the requirements of Project Financing Business Guide and Interim Measures on
Management of Fixed Assets Loans issued by CBRC, the borrower promises to accept
the lender’s management and control of the payment of loan funds and supervision
of the application of the loan funds in accordance with the
contract.

      

      Account
monitoring and loan funds payment of this contract shall be conducted in
accordance with the
second convention.

      

      (First)
Special Loan of Energy Saving and Emission Reduction of this contract belong to
the Fixed Assets Loans, and the following A, B, and D rules shall be
applied;

      

      (Second)
Special Loan of Energy Saving and Emission Reduction of this contract belongs to
Project Financing Loans, and the following A, B, C, D rules shall be
applied;

      

      (Third)
Special Loan of Energy Saving and Emission Reduction of this contract neither
belongs to Fixed Assets Loans nor Project Financing Loans, and the following A,
B, C, D rules shall not be applied. After being approved by the lender and when
the borrower meets the withdrawal preconditions under this contract, the lender
shall pay loan funds in accordance with term 4 of this contract.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      A. Loan
Account

      

      The
borrower shall open a loan account according to the lender’s requirement. The
borrower agrees that the loan offering and payment shall be transacted by this
account and this loan account shall be only used for loan offering and funds
payment signed. Other transactions relating to funds payment or settlement
excluded in this contract shall not use this account. In addition, this account
shall not have a function of external internet banking payments. The borrower
authorizes the lender an irrevocable right to offer the loan funds to the
following account:

      

      Name:
___________________________   Account No.:
___________________________

      

      Account
Bank: ___________________________

       

      B.
Reserve Account of Repayment

      

      The
borrower shall open a reserve account of repayment according to the lender’s
requirement, and this account shall not have a function of external internet
banking payments:

      

      Name:
___________________________  Account No.:
___________________________

      

      Account
Bank: ___________________________

      

      The
borrower guarantees that the deposit proportion of the reserve account from
investment projects’ fixed assets or the borrower’s income cash will not be
lower than  / , the average
deposit funds in the account will not be less than   /   
..

      

      C.
Revenue Account of Projects

      

      1. The
borrower irrevocably promises that all projects’ revenue shall be deposited in
the following account:

      

      Name: Xi’an TCH Energy Technology
Co., Ltd.  Account No.:456850100100078215

      

      Account
Bank: Industrial
Bank,  Xi’an Economy Development Zone Branch

      

      The
borrower promises that the lender has the right to deduct the principal and
interest of the funds that deposited in the project revenue account according to
the conventions in the contract. The lender has the right to supervise the
borrower to do external balance and payment in accordance with the conditions
and methods signed in advance. The project revenue account shall not have a
function of external internet banking payments.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      2. The
lender has the right to do dynamic monitoring to the project revenue account. If
the cash flow of the account appears abnormal, the borrower shall explain
reasons by the lender’s requirements, and the lender has the right to adopt
corresponding solutions according to article 2 of 16 of the
contract.

      

      D. Loan
Funds Payment

      

      1. The
lender has the right to manage and control loan funds by the way of entrusted
payment (by the lender) and self-payment (by the borrower).

      

      1.1
Entrusted payment (by the lender) means that the borrower authorizes the lender
to pay the loan funds to the transaction counterpart of the borrower, which is
in accordance with the convention of the contract.

      

      Adopting
the entrusted payment (by the lender), the borrower shall provides relevant
transaction materials complying with the convention of this contract before the
loan funds offered, and after approved by the lender, the loan funds shall be
paid to the transaction counterpart of the borrower by the borrower’s loan
account.

      

      Adopting
the entrusted payment (by the lender), after the loan funds being paid to the
borrower’s transaction counterpart and if the loan funds being returned because
of the contract’s cancellation, termination or invalidation etc., the lender
shall be entitled to recover the returned loan funds in advance according to
term 14 of the contract.

      

      Adopting
the entrusted payment (by the lender), the lender may require the borrower,
independent intermediary organization and contractor to inspect equipments
construction or project progress together, if necessary, and to pay loan funds
according to the common verification note in accordance with the convention
conditions of the contract.

      

      1.2
“Self-payment (by the borrower)” means that after the lender transfers the loan
funds to the borrower’s loan account, the borrower shall pay the funds to its
counterpart himself, which is in accordance with the convention purpose of the
contract.

      

      Adopting
the self-payment (by the borrower), the borrower shall report the payment status
of the loan funds to the lender periodically, and the lender shall judge whether
the loan payment is in accordance with the stipulated application by account
analysis, note check and site investigation etc..

      

      2. If a
single amount is more than 5% of the total investment of the project or is more
than RMB 5 million of the loan funds payment, the entrusted payment (by the
lender) shall be adopted.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      3. When
the borrower encounters the following situations during the process of loan
funds offering and payment, the borrower shall be asked to supplement the
conditions of loan offering and payment, and the lender shall has the right to
adopt stricter loan funds offering and payment conditions, stop the loan funds
offering and take proper measures according to article 2 of 16

      

      3.1
Decline of the credibility;

      

      3.2
Disobey the loan funds payment convention of the contract;

      

      3.3
Project progress is later than the funds application progress

      

      3.4
Disobey stipulations of the contract to avoid entrusted payment (by the lender)
by breaking up the whole into parts.

      

      Term
9 Principal and interest repayment of the loan.

      

      1.
Repayment date

      

      Unless
stipulated by this contract, or the borrower should repay the funds at the
convention repayment date. The repayment date under this contract shall adopt
the   /   
way of the following:

      

      (First)
The payment due date is every____ (dd/mm) of the calendar since the following
___month (season) after the loan funded and the day of maturity of the
loan.

      

      (Second)
The repayment date of this contract during the loan term is the same day with
the loan term’s starting day. If a month doesn’t have the same day with the loan
term’s starting day, the repayment date shall be the last day of the month. The
borrower should pay the principal and interest to the lender at the repayment
date monthly, and settle other rest principal and interest at the loan term
expiration date.

      

      (Third)
Other methods ___________________________.

      

      2.
Repayment way of the principal and interest.

      

      The
borrower agrees to repay the principal and interest by the /  way
until it repays all principal and interest:

      

      (First)
Repayment of equal principal and interest:

      

      1. If the
interest rate of this loan is a floating rate, every term’s repayment principal
and interest shall be calculated according to the rest principal, interest rate
level and rest repayment terms. Every term’s actual repayment principal and
interest shall rely on the calculated result by the lender according to the
contract rules.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      2. If the
interest rate of this loan is a fixed rate, the principal and interest of   /  
RMB shall be paid at every repayment date.

      

      (Second)
Repayment of equal principal

      

      Repay
principal of   /   RMB
at every repayment date and settle the interest of the term together. Every
term’s interest shall be calculated according to the rest principal, interest
rate level and rest repayment terms. Every term’s actual repayment principal and
interest shall rely on the calculated result by the lender according to the
contract rules.

      

      (Third)
Take a lump-sum settlement to the principal at the loan term expiration. The
loan interest shall be paid by the following ____convention, and settle all rest
interest at the loan term expiration.

      

      a. ____
(day) at every
month;            b.____
(day) at the end month of a quarter

      

      3.
Repayment account

      

      The
borrower has opened an account at the lender’s bank (Account Number: 456850100100078215).
After loan funds offering, the borrower should deposit enough money in the above
account before every repayment date. The borrower shall irrevocably entrust the
lender to deduct correlative funds directly from that account at the repayment
date until the borrower repay all principal and interest of the loan and
implement all obligations and responsibilities under this contract.

      

      4.
Advanced payment

      

      The
borrower should repay the principal and interest of the loan at the agreed date
under this contract.

      

      If the
borrower requires repaying partial or full of the loan’s principal and interest
in advance, the lender must be notified 10 working days in advance and the
lender’s written approval must be obtained. With the lender’s written approval
and after the borrower repays partial of the  principal and interest
in advance, the borrower and the lender should conclude a further repayment
terms, date and amount by negotiation. Interest of the principal repaid in
advance shall be calculated by its actual use term and the loan interest rate of
the contract. The lender shall not modulate the loan interest that has been
calculated and taken by the lender before the advanced payment.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      If the
borrower asks to repay in advance, the lender has the right to require the
borrower to make compensation by________.

      

      5. The
borrower shall irrevocably authorize the lender to deduct funds (including but
not limited to the principal and interest of the loan as well as other fees)
from any account of the borrower directly without the judicial practice if the
borrower doesn’t implement or disobey the contract’s stipulations.

      

      Term
10 Arrangement fees of financing

      

      By mutual
voluntary negotiation, the borrower agrees to pay principal and interest to the
lender on time according to the contract’s stipulations; in addition, the
borrower shall pay the financing arrangement fees of____% of the loan to the
lender at the loan offering date at one time.

      

      Term
11 Guarantee

      

      1. The
following contracts are all that guarantee this contract:

      

      (1)
Contract No.: Xing Yin
Shan Jing Kai Zui Gao Di Zi (2010), No. 002-2,

      

      Contract
Name: Maximum Amount
Mortgage Contract,

      

      Guarantee
Method: Mortgage, Warrantor:
XI’an TCH Energy
Technology Co.,Ltd

      

      (2)
Contract No.: Xing Yin
Shan Jing Kai Zui Gao Di Zi (2010), No. 002-1

      

      Contract
Name: Max Amount
Mortgage Contract,

      

      Guarantee
Method: Mortgage, Warrantor:
Shaanxi Shengwei Group
Co.,Ltd

      

      (3)
Contract No.: Xing Yin
Shan Jing Kai Ge Bao Zi (2010), No. 001

      

      Contract
Name: Statement of
Personal Guarantee

      

      Guarantee
Method: Mortgage, Warrantor:
Ku
Guohua

      

      2. Before
these guarantee contracts and guarantee procedures being signed and being
finalized, the lender has the right not to implement obligations under this
contract temporarily.

      

      Term
12 Rights and obligations of the two parties

      

      1. Rights
and obligations of the lender

      

      1.1
Rights of the lender

      

      1.1.1 The
lender is entitled to require the borrower to repay principal and interest on
time;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      1.1.2 The
lender is entitled to require the borrower to provide all materials related to
the loan;

      

      1.1.3 The
lender is entitled to know the borrower’s operation and financial
status;

      

      1.1.4 The
lender is entitled to monitor if the borrower use the loan funds according to
the contract’s stipulation;

      

      1.1.5 The
lender is entitled to propose suggestions and requirements to the project’s
progress

      

      1.1.6 The
lender is entitled to deduct funds (including but not limited to the principal
and interest of the loan as well as other fees) from any account of the borrower
directly without the judicial practice

      

      1.1.7 The
lender is entitled to transfer the contract’s full or partial creditor’s rights
and security interest to the third party at any time without the borrower’s
agreement. The borrower shall still bear all obligations under this contract
when the lender transfers the creditor’s rights and security interest of this
contract;

      

      1.1.8 If
the borrower fails to repay the principal and interest of this loan or implement
issues related to the repayment in accordance with the contract’s stipulation,
the lender shall has the right to disclose the borrower’s violation to the
Credit Reference Center of the People’s Bank of China or the news media, and
take related legal measures of clearance, lawsuit or legal arbitration
etc.

      

      1.1.9 The
lender is entitled to entrust or require the borrower to entrust a qualified
independent intermediary institution, if applicable, to provide legal, tax,
insurance, technology, environment and monitoring suggestions and services.
Expenses and fees occurred shall be paid by the borrower.

      

      1.1.10
The lender is entitled to share the rights of laws, rules and regulations and
other rights under this contract.

      

      1.2
Obligations of the lender

      

      1.2.1 The
lender shall offer and pay loan funds according to this contract’s
stipulation

      

      1.2.2 The
lender shall keep confidentiality of the borrower’s debt, finance, production
and business. But the following situations are excluded:

      

      (1)
Stipulations of laws and regulations

      

      (2)
Stipulations and requirements of the monitoring institution

      

      (3)
Disclosure to the borrower’s cooperation party

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      2. Rights
and obligations of the borrower

      

      2.1
Rights of the borrower:

      

      2.1.1 The
borrower is entitled to withdraw and use all loan funds according to the
contract’s stipulation

      

      2.1.2 The
borrower is entitled to require the lender to bear confidential obligations of
the provided materials according to the contract’s stipulation

      

      2.2
Obligations of the borrower

      

      2.2.1 The
borrower shall provide the documents, names of banks with accounts opened,
account numbers, balance of deposit and loan by the lender’s requirements, and
cooperate with the lender to take investigation, examination and
inspection.

      

      2.2.2 The
borrower shall accept the lender to monitor the application status of the loan
funds, the production, operation and financial activities. When the loan funds
are used for project construction, the borrower shall cooperate with the lender
to inspect correlative projects, and take proper measures according to the
lender’s suggestions and requirements.

      

      2.2.3 The
borrower shall not use the loan funds for other purpose. The loan funds shall be
used in accordance with the contract’s stipulation. The borrower ensures that
the loan funds shall not be used for capital and equity investment and
speculating securities, futures and real estate. The borrower shall not use the
loan for loan activities among enterprises and for other forbidden illegal
actives, or embezzle the loan by other ways.

      

      2.2.4 The
borrower shall accept the lender to monitor its accounts and the payment of the
loan funds in accordance with term 8 of this contract

      

      2.2.5 The
borrower shall repay full principal and interest of this loan in accordance with
the contract’s stipulation

      

      2.2.6 The
borrower shall not transfer partial or full amount of the debt of this contract
to a third party without the lender’s written approval

      

      2.2.7 The
borrower shall bear all fees related to the repayment of this contract,
including but not limited to the notary service, appraisal, registration and the
lender’s credit realization fees.

      

      2.2.8 The
borrower shall not reduce its registered capital by any method

      

      2.2.9 The
borrower should get the lender’s written approval and actively implement all
guarantee measures related to the repayment of the principal and interest when
undergoing material events related to mergers, divisions, transfer of shares,
foreign investment and materially increaseing of debt financing, which including
but not limited to,

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      (1).
Activities that shall influence the repayment of the loan’s principal and
interest, such as apply for loan or debt to a bank or a third party, offer loan
to a third party, provide guarantee for a third party’s debt by increasing debt
financing;

      

      (2).
Undergoing a significant change of property right and modulation of operation
method (including but not limited to signing joint-venture or cooperation
contract with a foreign businessman or a businessman from Hong Kong, Macao and
Taiwan; cancellation, close, production-stop and conversion of production;
division, merger, combination or being acquired; transfer of equity; reform,
establishing or changing into a shareholding company; foreign investment; use of
tangible assets of house and machine equipment or use of intangible assets of
brand, patent, special technology and land-use right to be a shareholder or
investing a shareholding company or investing a company; transfer of property
right and management right by lease, contract, pool and entrust)

      

      2.2.10
The borrower should immediately notify the lender and implement guarantee
measures related to the principal and interest of this contract by the lender’s
requirements if the following events happen:

      

      (1) The
borrower undergoes significant financial loss, asset loss or other financial
crisis;

      

      (2) The
borrower undergoes shutout, revocation /cancellation of business license,
voluntary or forced bankrupt and dissolution;

      

      (3) The
borrower’s shareholder or operation and finance of its affiliated company
encounters significant crisis, which influences the borrower’s normal
operation;

      

      (4)
Change of the borrower’s legal representative, directors or key top management,
which may influence the borrower’s normal operation

      

      (5)
Change of the borrower’s shareholder or shareholding

      

      (6) The
borrower and its shareholders and other affiliated company generates significant
associated transactions, which may influence the borrower’s normal
operation

      

      (7) Any
lawsuit, arbitration, criminal or administrative penalty, which may have
material adverse effects on the borrower’s operation or financial
status.

      

      (8)
Significant events that may have material effects on the borrower’s repayment
ability.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      2.2.11 By
the lender’s requirements ( which should be properly proposed by the lender and
be notified to the borrower in advance, unless the lender couldn’t notify the
borrower in advance because of violation or potential violation events or other
certain environment), the following activities are allowed by the borrower’s
representative at the normal working time:

      

      (1)
Access to the borrower’s operation place

      

      (2) Check
the place, facilities, factory and equipment of the borrower

      

      (3)
Inquiry the account book records and other records of the borrower

      

      (4)
Inquiry borrower’s employee, agent, contractor and subcontractor that they know
or may know some information that required by the lender

      

      2.2.12
The borrower ensures that during the loan term, the financial status of floating
asset and net asset value, asset-to-debt ratio as well as proportion of asset
flow shall be respectively maintained within the required scope of 500 million, 80% and
2.5.

      

      2.2.13
According to the lender’s requirement, the borrower shall use the way of asking
projects’ related party to sign general contract, buying commercial insurance,
establishing warranty money of project completion, providing guarantee of
project completion and implementing guarantee letter to minimize the project
construction risks.

      

      2.2.14
According to the lender’s requirement, the borrower shall adopt signing long
term supply contract, using financial derivative instrument or financial gap
guarantee method (offered by the sponsor) to disperse project operation risks
effectively.

      

      2.2.15
The borrower should sign the letters or documents (asking for payment) sent by
the lender by mail or other ways, and then send the receipt to the
lender.

      

      Term
13 Statement and commitment of the borrower

      

      The
borrower makes the following statement and commitment voluntarily to and bears
legal obligations to the factuality of them:

      

      1. The
Borrower is a legally existing business entity established in pursuant with the
laws of People’s Republic of China, with full capacity of civil acts. The
Borrower ensures that it shall provide related certification, permission,
certificate and other required documents for the Lender according to the
lender’s requirements.

      

      2. The
Borrower has enough ability to implement all obligations and responsibilities
under this contract. Any command, change of financial status or signing
contracts with any enterprise shall not reduce or cancel any settlement
obligations of the Borrower.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      3. The
borrower has full right, authorization and legal right to sign this contract,
and the borrower has got and finished all internal approval, authorization and
other procedures that required for signing and implementation this contract. The
borrower has also got and finished all necessary approval, registration,
authorization, agreement, permission and other procedures required for this
contract from the government department and other authorities. All the approval,
registration, agreement, permission, authorization and other related procedures
required for signing this contract are legal and valid.

      

      4. The
borrower signed this contract complying with the borrower’s related
constitutions, internal decision and resolution of shareholder meeting and board
of directors. And this contract is not conflicting or disobeying any
constitutions, internal decisions and resolution of shareholder meeting and
board of directors of the borrower.

      

      5.
Signing and implementing this contract is based on the true purpose of the
borrower. The loan project and events are in accordance with legal laws and
regulations, and above contract signing and implementation are in accordance
with laws, regulations, rules and stipulations of the contract binding to the
borrower. This contract is a legal and valid one that could be enforced
implementation. If there are some defects of the borrower’s right to sign and
implement this contract and make this contract invalid, the borrower shall
immediately compensate the lender’s full damages unconditionally.

      

      6. All
documents, financial statement and other materials that offered by the borrower
are true, complete, accurate and valid, and the borrower shall continuously keep
each financial target according to the lender’s requirements

      

      7. The
borrower agrees that the related business of the loan under this contract shall
be constrained by the lender’s rules and conventions, and the lender shall have
the power to interpret it.

      

      8. If the
borrower couldn’t implement obligations according to the contract’s
stipulations, the borrower hereby authorizes the lender to deduct related money
directly from any account of the borrower at the lender’s bank or at the
lender’s system.

      

      9. If the
borrower provides any documents (the borrower ensures all these documents are
true) of concrete transaction for the lender to review, whether before or after
the contract’s signing, the lender shall only make decision upon the appeared
true transaction documents. The lender shall not join or know any concrete
transaction of the borrower and shall not bear any obligations.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      10. The
borrower confirms that besides the written disclosure offered to the lender, the
following events (happed or may happen) are not hidden by the borrower, which
may make the lender disagree to lend money to the borrower:

      

      (1) Debt
or contingent liability borne by the borrower, including but not limited to any
pledge, mortgage, detention and other liabilities that established at the
borrower’s assets or proceeds, which are not disclosed to the
lender;

      

      (2) Major
violating discipline, lawbreaking or being claimed events that relating to the
borrower or the borrower’s key management

      

      (3) The
borrower violates debtor-creditor contract that signed by the borrower and any
creditor

      

      (4) The
borrower haven’t got or had any pending lawsuit, arbitration or administrative
lawsuit; and the borrower haven’t got any liquidation, out of business or other
similar process that asked by a third or by the borrower itself
voluntarily.

      

      (5) Any
situation that may have an effect on the borrower’s financial status and
repayment ability

      

      11. The
borrower ensures that it shall use the loan funds in accordance with the
stipulated purpose under this contract, and shall not divert it or use it for
any other purpose that violate the contract’s convention. The borrower shall
cooperate with the lender to do supervision, inspection and inventory to the
borrower’s loan funds application status, production operation, financial
activity, material stock, asset-liabilities, bank deposit and cash stock, and
cooperate to do what required by the lender.

      

      12. The
borrower shall provide enough, valid and other proper guarantee for the
lender

      

      13. The
borrower shall not reduce its registered capital by any method. Without the
lender’s prior written approval, the borrower shall not transfer partial or full
of its liabilities under this contract to a third party. Before repaying all
liabilities of this contract, the borrower shall not repay any liabilities to
the lender or other creditors in advance without the lender’s written
approval.

      

      14.
Before repaying all liabilities of this contract, the project loan and project
construction capital of the borrower or financed by the borrower shall be only
used for project development and construction, and shall not be embezzled or
spirited away by any reason or method.

      

      15. The
borrower shall immediately notify the lender if significant adverse events
happened, which may have an effect on the borrower’s repayment ability; the
borrower shall not take events of merger, division, transfer of shareholding,
foreign investment and material increase of debt financing except getting the
lender’s written approval.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      16. If
the borrower encounters lawsuit or other disputes with the lender or a third
party relating to the lender during the contract implementation term, and makes
the lender involved in the dispute between the borrower and a third party, the
borrower shall bear the lender’s fees of lawsuit, arbitration, legal expenses
and other fees that relating to the disputes

      

      17. The
borrower promises that it shall accept the lender’s monitoring and shall not use
the loan funds by internet bank, entrusted collection and universal cash saving
and withdrawing. Account settlement business under this contract shall be
processed by the account opened at the lender’s bank. The loan account shall be
only used for the loan funds offering and payment stipulated in the contract,
the loan account shall not be used for other payment, settlement or other
purpose outside of the contract’s stipulation. The borrower shall not open the
foreign payment function of web bank for the repayment reserve account and
project proceeds account.

      

      Term
14 Collect loan funds in advance

      

      1. If the
borrower or the warrantor (guarantor, mortgagor or pledger) undergoes the
following situations during the loan term, the lender shall has the right to
stop offering the rest loan funds and to collect partial or full principal and
interest and installment loans in advance, and the lender could collect loan
funds in advance in accordance with the contract, and other unexpired loan funds
shall be deemed to be early maturity.

      

      1.1 The
borrower offers false materials or hides important financial events to the
lender, or materials offered by the borrower are proved to be false, accurate
and complete, and are not in accordance with certification, documents, statement
and commitment of this contract, or the materials offered by the borrower are
intentionally fallacious.

      

      1.2 The
borrower changes the original purpose of the loan funds without the lender’s
approval, or the loan funds are embezzled, or used for illegal or irregular
transactions.

      

      1.3 The
borrower uses a false contract between it and its affiliated party, or uses
obligatory right of notes receivable or account receivable with no actual
trading background to ask for discount or mortgage from the lender, or to get
capital or credit from the lender

      

      1.4 The
borrower refuses to accept the lender to supervise and inspect the loan funds
application and related financial activities.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      1.5 The
borrower undergoes merger, division, purchasing, recombination, transfer of
shares, foreign investment and materially increase of debt financing, or other
events may be considered having an effect on security of the loan from
lender/borrower's perspective.

      

      1.6 The
borrower intentionally avoids the lender’s obligatory right.

      

      1.7 The
borrower’s credibility becomes worse and the repayment ability (including
contingent debt) weakened obviously

      

      1.8 The
borrower or its affiliated enterprise and the guarantor or the guarantor’s
affiliated enterprise has cross-defaulting stipulated in term 10 of this
contract.

      

      1.9 The
borrower doesn’t repay principal, interest and expense of any financing under
this contract on time

      

      1.10 The
borrower stops repaying its debt, couldn’t or expresses that it can’t repay the
expiration debt on time

      

      1.11The
borrower undergoes shutout, being named in the gazette, dissolution,
revocation/cancellation of business license, or the borrower involves in
significant economic dispute or its financial status becomes worse.

      

      1.12 The
borrower doesn’t implement its obligations in accordance with term 12 and 15 of
this contract and other obligations, or the guarantor doesn’t implement the
obligations of the guarantee contract

      

      1.13
Value of the mortgage and pledge has or may become less. Or the right of the
pledge should be realized before the loan expiration.

      

      1.14
Other events stipulated in this contract, or other events that may endangers or
damages or possibly endangers or damages the lender’s rights and
benefits.

      

      2. If
collection of the loan funds in advance appears, the lender could decide whether
or not to give the borrower a certain period of grace unilaterally. If the
lender gives a period of grace to the borrower, and the borrower doesn’t take
any remedial measures or the remedial measures doesn’t meet the lender’s
requirements, the lender has the right to collect its loan funds unilaterally.
The lender also could decide not to give the borrower a period of grace and
collect loan funds directly.

      

      3. When
collecting loan funds in advance, the lender has the right to take correlative
measures in accordance with article 2 of 16 under this contract.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Term
15 Obligations of the borrower to disclose major transaction and significant
events to the lender

      

      1. The
borrower should notify the lender what major transactions or significant events
took place in documents

      

      2. If the
borrower is a group customer, the borrower should promptly report the
transaction to the lender if the affiliated transactions’ assets are more than
10% in accordance with related regulations, which including but not limited
to

      

      (1)Affiliated
relationships of the transaction parties

      

      (2)
Project and nature of the transaction

      

      (3)
Amount and corresponding ratio of the transaction

      

      (4)
Pricing policy (including transaction without amount or transaction with nominal
amount)

      

      Term
16 Liability for breach of contract

      

      1. When
this contract comes into effect, the borrower and the lender should implement
their obligations under this contract. Both partues shall bear their default
responsibilities if they failed to implement or fully implement the stipulated
obligations under this contract.

      

      2.
Provided that the borrower failed to use this loan funds in accordance with the
contract’s convention purposes, or failed to draw this loan funds in accordance
with the stipulated method, the lender shall has the right to adopt the
following measures:

      

      2.1
Require the borrower to correct violations within a term

      

      2.2 Stop
offering the rest loan and paying unpaid loan funds under this
contract.

      

      2.3
Require the borrower to make a supplementary provision of loan offering and
payment terms to meet the lender’s requirements

      

      2.4
Decide the full or partial debt to be expired unilaterally.

      

      2.5
Terminate this contract unilaterally, and require the borrower to repay the
principal and interest of the expired or unexpired loan, and pay or compensate
related damages and fees

      

      2.6 If
the loan is overdue, the lender shall require the borrower to pay the overdue
interest. If the borrower embezzles the loan, the lender shall require the
borrower to pay penalty interest of embezzlement; and the lender shall also
require the borrower to pay the compound interest of the unpaid
interest.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      2.7
Require the borrower to add or change guarantor, mortgage, and
pledge/right.

      

      2.8
Implement or realize every rights of the guarantee that related to the
loan

      

      2.9
Deduct principal and interest from any account of the borrower at the lender’s
bank (excluding of the non-profit account of accumulation fund and labor-union
capital), entrust the borrower’s account-open bank to deduct principal and
interest of the loan, including but not limited to the principal and interest of
the loan and all the costs stipulated in the contract. If the currency of the
account is different from the loan currency, the lender is entitled to deduct
the loan currency converted by foreign exchange premium on the day the lender
bought to repay principal and interest of the loan.

      

      2.10
Provided that the lender used method of lawsuit or arbitration to ask the
borrower to repay principal and interest, related fees for the lender to realize
its obligation right shall be borne by the borrower.

      

      2.11 Any
movable or unmovable visible/incorporeal property of the borrower controlled or
occupied by the lender shall be distrained, retained or be kept by other
measures the lender considers to be applicable.

      

      2.12
Measures that stipulated by laws, regulations or the contract’s conventions, or
being considered to be applicable by the lender.

      

      3. When
the preconditions of withdrawal and repayment of loan funds are satisfied, the
lender shall compensate the borrower’s all direct economic loss caused by
failing to offer the loan to the borrower in accordance with the promissory date
and amount. Anyway, the indirect predictable/unpredictable losses from above
situations shall not be borne by the lender, and the lender shall not compensate
the borrower these losses.

      

      4. If a
guarantor (warrantor, mortgagor and pledger) under this contract undergoes the
following events, the lender shall have the right to take measures according to
article 2 of 16.

      

      4.1 The
guarantor fails to implement the contract’s convention, or the credit status of
the guarantor becomes worse or other events that reduce the guarantee
ability.

      

      4.2 The
mortgagor fails to implement the stipulations of the mortgage contract, or
intentionally to damage the mortgage goods, or the value of mortgage goods may
reduce or has reduced obviously, or other situations that damages the lender’s
mortgage rights.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      4.3 The
pledger fails to implement the pledge contract’s stipulation, or value of the
pledge has reduced or may reduce obviously, or rights of the pledge have to be
realized before the loan is discharged or other events that damage the lender’s
rights of pledge.

      

      Term
17 Cross-default

      

      If the
borrower or its affiliated enterprises undergoes the following events, they
shall be considered to be violation of this contract, and the lender shall
collect loan in advance in accordance with term 14 of this contract and require
the borrower to bear violation responsibilities in accordance with article 2 of
16 of this contract

      

      1. Any
loan, financing or debt undergoes or possibly undergoes violation or is
announced to be expiration in advance.

      

      2. Any
guarantee or similar obligation is not fulfilled, or there is the possibility of
not fulfilling.

      

      3. Fail
to implement or violate legal documents or contract’s debt guarantee and other
similar obligations, or there is the possibility of not fulfilling or
violation

      

      4. There
is or there may be a situation that the borrower couldn’t repay the expired
debt, loan or financing

      

      5. The
borrower is declared or to be declared bankrupt by legal procedures

      

      6. The
borrower transfers its assets or property to other creditors

      

      7. Other
situations that may have an adverse effect on the principal and interest of the
loan under this contract.

      

      Term
18 Continuity of obligations

      

      All
obligations of the borrower under this contract have continuity; they shall have
the same and equal binding effect to the borrower’s successor, agent, receiver,
grantee and their transactions such as merger, reconstruction and change of
name.

      

      Term
19 Expiration-accelerating clauses of the principal and interest and other
fees

      

      The
borrower agrees that once it violates the obligations of statement and
commitment under this contract, or it fails to implement any obligation under
this contract, the lender shall has the right to decide that any of the
borrower’s obligation to the lender is expired. Those obligations include the
matured or unexpired debt principal, interest (including penalty interest and
compound interest) and corresponding fees.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Term
20 Applicable laws, jurisdiction and dispute solution

      

      1.
Signing, effectiveness, implementation, termination, interpretation and disputes
solution shall be in accordance with the laws and regulations of People’s
Republic of China and related judicial interpretation.

      

      2. Any
dispute caused by this contract shall be solved by the lender and the borrower
through friendly negotiation. If the two parties couldn’t solve problems by
negotiation, they all agree to solve problems by the First
way:

      

      (First)
Lodge a complaint to a local People’s Courts of the lender. Court fees,
reasonable legal expenses and other fees arising from the litigation process
including but not limited to the property preservation fees, travel charge,
notarial certification fees, translation fee as well as appraisal and auction
fees, which shall be borne by the losing party.

      

      (Second)
Apply to______arbitration commission for arbitration; the arbitration shall be
in accordance with the valid arbitration result. This arbitration shall be the
final one and have binding effect to both parties. The arbitration shall be done
at the______arbitration court. Arbitration fees and reasonable legal fees and
other fees arising from the arbitration term shall be borne by the losing party.
These fees include but not limited to the property preservation fees, travel
charge, notarial certification fees, translation fee and appraisal and auction
fees.

      

      (Third)
Other methods:______________________________.

      

      3. During
a process of solving disputes by litigation, arbitration or other methods or
terms that do not related to disputes shall be implemented normally. The
borrower shall not refuse to implement obligations under this contract by the
excuse of dispute solution.

      

      Term
21 Document, communication and notice

      

      1 Any
notice or communication contact under this contract shall be sent to the other
side by the address, telex number and other contact information recorded on the
cover of this contract.

      

      2 Changes
of contact information should be immediately sent to the other side when the
contact information of either party under this contract changed.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      3 If
delivered by above address, each notice or communication contact shall be
considered to be received on the following date:

      

      3.1 If
delivered by letter, five working days after a registered letter seems that the
letter has been received.

      

      3.2 If
delivered by telex, the day on which the sender receives the response code from
the the other party

      

      3.3. If
delivered by hand, date of signing in the receipt shall be deemed to be the
arrival date.

      

      4. If the
borrower’s name, legal representative and address changed and the borrower fails
to notify them to the lender with a written notice, all notices and documents
sent by the lender according to the recorded information of this contract shall
be deemed to be arrived.

      

      5. The
borrower and the lender both agree that their Company Official Seal, Office
Seal, Financial Special Seal, and the Special Seal of the lender’s credit
operations are all the two parties’ effective seal for their notice,
communication and related letters. Responsible person of a department or other
persons are all entitled to sign letters.

      

      Term
22 Effective date of the contract and other events

      

      1. This
contract shall come into effect after being signed and sealed by the borrower
and the lender.

      

      2. During
the effective period of this contract, any tolerance, grace period, preference,
or delayed implementation of the rights and benefits and rights in this contract
of the lender shall not damage, influence or limit the lender’s rights and
benefits and rights in accordance with relevant laws, administrative regulations
and the Contract. All the rights and benefits and rights of the lender shall not
be regarded as waived. And these rights and benefits shall not affect any
obligation of the borrower under this contract.

      

      3. If any
term under this contract becomes illegal, invalid or non-executable at any time,
the legality, validity and performance of other terms shall not be influenced or
reduced.

      

      4. The
subtitle of this contract is used for convenient reading; it shall not be used
for the interpretation or other purpose of this contract.

      

      5.
Attachment of this contract shall be the inalienable part and have the equal
legal force with this contract.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      6. This
contract is in quintuplicate. The lender and borrower shall keep______copy,
copied ones shall be added by needs. The two parties should keep them well. If
this contract is notarized, the notary organization shall keep one
copy.

      

      Term
23 Notary and voluntary enforcement

      

      1. If the
lender asks for notarization, this contract shall be notarized at the
state-specified notary organization

      

      2.
Notarized contract shall have the enforcement effectiveness. If the borrower
fails to implement the debt obligations and casue the lender fail to realize its
obligation right according to laws and regulations, the lender shall have the
right to apply for enforcement at a court for jurisdiction
directly.

       

      Term
24 Supplementary terms

      

      1.
Repayment term of this loan is 6 months. From 6 months after the loan offering,
each repayment of every quarter shall not be less than RMB 3
million.

      

      2.
Interest calculation method: by quarter.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      
      

       

      
        	The Lender (Official
      seal)	 	
                Responsible person
      or authorized person (Signature)

              
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	
                ______Day______Month______Year

              

      

       

       

       

       

      
        
          	The Borrower
      (Official seal)	 	
                  Legal representative
      or authorized person (Signature)

                
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	
                  ______Day______Month______YearUnassociated Document

    Exhibit
4.7

     

    
      

    

     

    CHINA
CORD BLOOD CORPORATION

     

    FORM
OF

     

    SENIOR
DEBT SECURITIES INDENTURE

     

    Dated as
of
[                                ],
201[ ]

     

    [                      ]

     

    Trustee

     

    
      
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      Exhibit
4.7

       

    

    TABLE OF
CONTENTS

     

    
      	 
      	 
      	 	
              PAGE

            	 
	
              ARTICLE
      I DEFINITIONS AND INCORPORATION BY REFERENCE

            	 	 	1	 
	
              SECTION
      1.01

            	
              Definitions.

            	 	 	1	 
	
              SECTION
      1.02

            	
              Other
      Definitions.

            	 	 	4	 
	
              SECTION
      1.03

            	
              Incorporation
      by Reference of Trust Indenture Act.

            	 	 	4	 
	
              SECTION
      1.04

            	
              Rules
      of Construction.

            	 	 	4	 
	
              ARTICLE
      II THE SECURITIES

            	 	 	5	 
	
              SECTION
      2.01

            	
              Issuable
      in Series.

            	 	 	5	 
	
              SECTION
      2.02

            	
              Establishment
      of Terms of Series of Securities.

            	 	 	5	 
	
              SECTION
      2.03

            	
              Execution
      and Authentication.

            	 	 	7	 
	
              SECTION
      2.04

            	
              Registrar
      and Paying Agent.

            	 	 	8	 
	
              SECTION
      2.05

            	
              Paying
      Agent to Hold Money in Trust.

            	 	 	8	 
	
              SECTION
      2.06

            	
              Securityholder
      Lists.

            	 	 	8	 
	
              SECTION
      2.07

            	
              Transfer
      and Exchange.

            	 	 	8	 
	
              SECTION
      2.08

            	
              Mutilated,
      Destroyed, Lost and Stolen Securities.

            	 	 	9	 
	
              SECTION
      2.09

            	
              Outstanding
      Securities.

            	 	 	9	 
	
              SECTION
      2.10

            	
              Treasury
      Securities.

            	 	 	10	 
	
              SECTION
      2.11

            	
              Temporary
      Securities.

            	 	 	10	 
	
              SECTION
      2.12

            	
              Cancellation.

            	 	 	10	 
	
              SECTION
      2.13

            	
              Defaulted
      Interest.

            	 	 	10	 
	
              SECTION
      2.14

            	
              Global
      Securities.

            	 	 	11	 
	
              SECTION
      2.15

            	
              CUSIP
      Numbers.

            	 	 	12	 
	
              ARTICLE
      III REDEMPTION

            	 	 	12	 
	
              SECTION
      3.01

            	
              Notice
      to Trustee.

            	 	 	12	 
	
              SECTION
      3.02

            	
              Selection
      of Securities to be Redeemed.

            	 	 	13	 
	
              SECTION
      3.03

            	
              Notice
      of Redemption.

            	 	 	13	 
	
              SECTION
      3.04

            	
              Effect
      of Notice of Redemption.

            	 	 	13	 
	
              SECTION
      3.05

            	
              Deposit
      of Redemption Price.

            	 	 	13	 
	
              SECTION
      3.06

            	
              Securities
      Redeemed in Part.

            	 	 	13	 
	
              ARTICLE
      IV COVENANTS

            	 	 	14	 
	
              SECTION
      4.01

            	
              Payment
      of Principal and Interest.

            	 	 	14	 
	
              SECTION
      4.02

            	
              SEC
      Reports.

            	 	 	14	 
	
              SECTION
      4.03

            	
              Compliance
      Certificate.

            	 	 	14	 
	
              SECTION
      4.04

            	
              Stay,
      Extension and Usury Laws.

            	 	 	15	 
	
              SECTION
      4.05

            	
              Corporate
      Existence.

            	 	 	15	 
	
              SECTION
      4.06

            	
              Taxes.

            	 	 	15	 
	
              SECTION
      4.07

            	
              Additional
      Interest Notice.

            	 	 	15	 
	
              SECTION
      4.08

            	
              Further
      Instruments and Acts.

            	 	 	16	 
	
              ARTICLE
      V SUCCESSORS

            	 	 	16	 
	
              SECTION
      5.01

            	
              When
      Company May Merge, Etc.

            	 	 	16	 
	
              SECTION
      5.02

            	
              Successor
      Corporation Substituted.

            	 	 	16	 
	
              ARTICLE
      VI DEFAULTS AND REMEDIES

            	 	 	16	 
	
              SECTION
      6.01

            	
              Events
      of Default.

            	 	 	16	 
	
              SECTION
      6.02

            	
              Acceleration
      of Maturity; Rescission and Annulment.

            	 	 	18	 
	
              SECTION
      6.03

            	
              Collection
      of Indebtedness and Suits for Enforcement by Trustee.

            	 	 	19	 
	
              SECTION
      6.04

            	
              Trustee
      May File Proofs of Claim.

            	 	 	19	 
	
              SECTION
      6.05

            	
              Trustee
      May Enforce Claims Without Possession of Securities.

            	 	 	20	 

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
      6.06

            	
              Application
      of Money Collected.

            	 	 	20	 
	
              SECTION
      6.07

            	
              Limitation
      on Suits.

            	 	 	20	 
	
              SECTION
      6.08

            	
              Unconditional
      Right of Holders to Receive Principal and Interest.

            	 	 	21	 
	
              SECTION
      6.09

            	
              Restoration
      of Rights and Remedies.

            	 	 	21	 
	
              SECTION
      6.10

            	
              Rights
      and Remedies Cumulative.

            	 	 	21	 
	
              SECTION
      6.11

            	
              Delay
      or Omission Not Waiver.

            	 	 	21	 
	
              SECTION
      6.12

            	
              Control
      by Holders.

            	 	 	21	 
	
              SECTION
      6.13

            	
              Waiver
      of Past Defaults.

            	 	 	21	 
	
              SECTION
      6.14

            	
              Undertaking
      for Costs.

            	 	 	22	 
	
              ARTICLE
      VII TRUSTEE

            	 	 	22	 
	
              SECTION
      7.01

            	
              Duties
      of Trustee.

            	 	 	22	 
	
              SECTION
      7.02

            	
              Rights
      of Trustee.

            	 	 	23	 
	
              SECTION
      7.03

            	
              Individual
      Rights of Trustee.

            	 	 	24	 
	
              SECTION
      7.04

            	
              Trustee’s
      Disclaimer.

            	 	 	24	 
	
              SECTION
      7.05

            	
              Notice
      of Defaults.

            	 	 	24	 
	
              SECTION
      7.06

            	
              Reports
      by Trustee to Holders.

            	 	 	24	 
	
              SECTION
      7.07

            	
              Compensation
      and Indemnity.

            	 	 	24	 
	
              SECTION
      7.08

            	
              Replacement
      of Trustee.

            	 	 	25	 
	
              SECTION
      7.09

            	
              Successor
      Trustee by Merger, Etc.

            	 	 	26	 
	
              SECTION
      7.10

            	
              Eligibility;
      Disqualification.

            	 	 	26	 
	
              SECTION
      7.11

            	
              Preferential
      Collection of Claims Against Company.

            	 	 	26	 
	
              ARTICLE
      VIII SATISFACTION AND DISCHARGE; DEFEASANCE

            	 	 	26	 
	
              SECTION
      8.01

            	
              Satisfaction
      and Discharge of Indenture.

            	 	 	26	 
	
              SECTION
      8.02

            	
              Application
      of Trust Funds; Indemnification.

            	 	 	27	 
	
              SECTION
      8.03

            	
              Legal
      Defeasance of Securities of any Series.

            	 	 	27	 
	
              SECTION
      8.04

            	
              Covenant
      Defeasance.

            	 	 	28	 
	
              SECTION
      8.05

            	
              Repayment
      to Company.

            	 	 	29	 
	
              ARTICLE
      IX AMENDMENTS AND WAIVERS

            	 	 	29	 
	
              SECTION
      9.01

            	
              Without
      Consent of Holders.

            	 	 	29	 
	
              SECTION
      9.02

            	
              With
      Consent of Holders.

            	 	 	30	 
	
              SECTION
      9.03

            	
              Limitations.

            	 	 	30	 
	
              SECTION
      9.04

            	
              Compliance
      with Trust Indenture Act.

            	 	 	31	 
	
              SECTION
      9.05

            	
              Revocation
      and Effect of Consents.

            	 	 	31	 
	
              SECTION
      9.06

            	
              Notation
      on or Exchange of Securities.

            	 	 	31	 
	
              SECTION
      9.07

            	
              Trustee
      Protected.

            	 	 	32	 
	
              SECTION
      9.08

            	
              Effect
      of Supplemental Indenture.

            	 	 	32	 
	
              ARTICLE
      X MISCELLANEOUS

            	 	 	32	 
	
              SECTION
      10.01

            	
              Trust
      Indenture Act Controls.

            	 	 	32	 
	
              SECTION
      10.02

            	
              Notices.

            	 	 	32	 
	
              SECTION
      10.03

            	
              Communication
      by Holders with Other Holders.

            	 	 	33	 
	
              SECTION
      10.04

            	
              Certificate
      and Opinion as to Conditions Precedent.

            	 	 	33	 
	
              SECTION
      10.05

            	
              Statements
      Required in Certificate or Opinion.

            	 	 	33	 
	
              SECTION
      10.06

            	
              Record
      Date for Vote or Consent of Holders.

            	 	 	34	 
	
              SECTION
      10.07

            	
              Rules
      by Trustee and Agents.

            	 	 	34	 
	
              SECTION
      10.08

            	
              Legal
      Holidays.

            	 	 	34	 
	
              SECTION
      10.09

            	
              No
      Recourse Against Others.

            	 	 	34	 
	
              SECTION
      10.10

            	
              Counterparts.

            	 	 	34	 
	
              SECTION
      10.11

            	
              Governing
      Laws and Submission to Jurisdiction.

            	 	 	34	 
	
              SECTION
      10.12

            	
              No
      Adverse Interpretation of Other Agreements.

            	 	 	35	 
	
              SECTION
      10.13

            	
              Successors.

            	 	 	35	 
	
              SECTION
      10.14

            	
              Severability.

            	 	 	35	 
	
              SECTION
      10.15

            	
              Table
      of Contents, Headings, Etc.

            	 	 	35	 

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
      10.16

            	
              Judgment
      Currency.

            	 	 	35	 
	
              SECTION
      10.17

            	
              Compliance
      with Applicable Anti-Terrorism and Money Laundering
      Regulations.

            	 	 	35	 
	
              ARTICLE
      XI SINKING FUNDS

            	 	 	36	 
	
              SECTION
      11.01

            	
              Applicability
      of Article.

            	 	 	36	 
	
              SECTION
      11.02

            	
              Satisfaction
      of Sinking Fund Payments with Securities.

            	 	 	36	 
	
              SECTION
      11.03

            	
              Redemption
      of Securities for Sinking Fund.

            	 	 	36	 

    

     

    This
Table of Contents does not constitute part of the Indenture and shall not have
any bearing on the interpretation of any of its terms or
provisions.

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    Reconciliation
and tie between Trust Indenture Act of 1939 and Indenture,

     

    Dated as
of
[                                ],
201[ ]

    

    
      	
              Section
      310(a)(1)

            	
              7.10

            
	
              (a)(2)

            	
              7.10

            
	
              (a)(3)

            	
              Not
      Applicable

            
	
              (a)(4)

            	
              Not
      Applicable

            
	
              (a)(5)

            	
              7.10

            
	
              (b)

            	
              7.10

            
	
              (c)

            	
              Not
      Applicable

            
	
              Section
      311(a)

            	
              7.11

            
	
              (b)

            	
              7.11

            
	
              (c)

            	
              Not
      Applicable

            
	
              Section
      312(a)

            	
              2.06

            
	
              (b)

            	
              10.03

            
	
              (c)

            	
              10.03

            
	
              Section
      313(a)

            	
              7.06

            
	
              (b)(1)

            	
              7.06

            
	
              (b)(2)

            	
              7.06

            
	
              (c)(1)

            	
              7.06

            
	
              (d)

            	
              7.06

            
	
              Section
      314(a)

            	
              4.02,
      10.05

            
	
              (b)

            	
              Not
      Applicable

            
	
              (c)(1)

            	
              10.04

            
	
              (c)(2)

            	
              10.04

            
	
              (c)(3)

            	
              Not
      Applicable

            
	
              (d)

            	
              Not
      Applicable

            
	
              (e)

            	
              10.05

            
	
              (f)

            	
              Not
      Applicable

            
	
              Section
      315(a)

            	
              7.01

            
	
              (b)

            	
              7.05

            
	
              (c)

            	
              7.01

            
	
              (d)

            	
              7.01

            
	
              (e)

            	
              6.14

            
	
              Section
      316(a)(1)(A)

            	
              6.12

            
	
              (a)(1)(B)

            	
              6.13

            
	
              (a)(2)

            	
              Not
      Applicable

            
	
              (b)

            	
              6.13

            
	
              (c)

            	
              10.06

            
	
              Section
      317(a)(1)

            	
              6.03

            
	
              (a)(2)

            	
              6.04

            
	
              (b)

            	
              2.05

            
	
              Section
      318(a)

            	
              10.01

            

    

     

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

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

    Indenture dated as of
[                                                      ],
201[ ] between China Cord Blood Corporation, a company organized under the laws
of the Cayman Islands (the “Company”) and [ ] (the “Trustee”).

     

    Each party agrees as follows for the
benefit of the other party and for the equal and ratable benefit of the Holders
of the Securities issued under this Indenture.

     

    ARTICLE
I

     

    DEFINITIONS
AND INCORPORATION BY REFERENCE

     

    SECTION
1.01    Definitions.

     

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

     

    “Affiliate” of any specified
person means any other person directly or indirectly controlling or controlled
by or under direct or indirect common control with such specified
person.  For the purposes of this definition, “control” (including,
with correlative meanings, the terms “controlled by” and “under common control
with”), as used with respect to any person, shall mean the possession, directly
or indirectly, of the power to direct or cause the direction of the management
or policies of such person, whether through the ownership of voting securities
or by agreement or otherwise.

     

    “Agent” means any Registrar or
Paying Agent.

     

    “Bankruptcy Law” means Title 11
of the United States Code (or any successor thereto) or any similar federal or
state law for the relief of debtors.

     

    “Board of Directors” means the
board of directors of the Company or any duly authorized committee
thereof.

     

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

     

    “Business Day” means any day
other than a (x) Saturday, (y) Sunday or (z) day on which state or federally
chartered banking institutions in New York, New York are not required to be
open.

     

    “Capital Stock” of any Person
means any and all shares, interests, rights to purchase, warrants, options,
participations or other equivalents of or interests in (however designated)
equity of such Person, but excluding any debt securities convertible into such
equity.

     

    “Certificated Securities” means
Securities in the form of physical, certificated Securities in registered
form.

     

    “Company” means the party named
as such above until a successor replaces it in accordance with the terms of this
Indenture and thereafter means the successor.

     

    “Company Order” means a written
order signed in the name of the Company by two Officers, one of whom must be the
Company’s principal executive officer, principal financial officer or principal
accounting officer.

     

    “Company Request” means a
written request signed in the name of the Company by its Chairman of the Board,
the Company’s principal executive officer, a President or a Vice President, and
by its Chief Financial Officer, its Secretary or an Assistant Secretary, and
delivered to the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Corporate Trust Office” means
the office of the Trustee at which at any particular time its corporate trust
business shall be principally administered which office at the date of the
execution of this Indenture is [ ], Attention: [ ], or at such other
address as the Trustee may designate from time to time.

     

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

     

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

     

    “Default Rate” means the
default rate of interest specified in the Securities.

     

    “Depository” means, with
respect to the Securities of any Series issuable or issued in whole or in part
in the form of one or more Global Securities, the person designated as
Depository for such Series by the Company, which Depository shall be a clearing
agency registered under the Exchange Act; and if at any time there is more than
one such person, “Depository” as used with respect to the Securities of any
Series shall mean the Depository with respect to the Securities of such
Series.

     

    “Discount Security” means any
Security that provides for an amount less than the stated principal amount
thereof to be due and payable upon declaration of acceleration of the maturity
thereof pursuant to Section 6.02.

     

    “Dollars” means the currency of
The United States of America.

     

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

     

    “Foreign Currency” means any
currency or currency unit issued by a government other than the government of
The United States of America.

     

    “Foreign Government
Obligations” means with respect to Securities of any Series that are
denominated in a Foreign Currency, (i) direct obligations of the government that
issued or caused to be issued such currency for the payment of which obligations
its full faith and credit is pledged or (ii) obligations of a person controlled
or supervised by or acting as an agency or instrumentality of such government
the timely payment of which is unconditionally guaranteed as a full faith and
credit obligation by such government, which, in either case under clauses (i) or
(ii), are not callable or redeemable at the option of the issuer
thereof.

     

    “Global Security” or “Global Securities” means a
Security or Securities, as the case may be, in the form established pursuant to
Section 2.02 evidencing all or part of a Series of Securities, issued to the
Depository for such Series or its nominee, and registered in the name of such
Depository or nominee.

     

    “Holder” or “Securityholder” means a person
in whose name a Security is registered.

     

    “Indenture” means this
Indenture as amended and supplemented from time to time and shall include the
form and terms of particular Series of Securities established as contemplated
hereunder.

     

    “Interest,” in respect of the
Securities, unless the context otherwise requires, refers to interest payable on
the Securities, including any additional interest that may become payable
pursuant to Section 6.02(b).

     

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

     

    “Officer” means the Chairman of
the Board, the Company’s principal executive officer, the President, any
Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any
Assistant Secretary of the Company.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “Officers’ Certificate” means a
certificate signed by two Officers, one of whom must be the Company’s principal
executive officer, principal financial officer or principal accounting
officer.

     

    “Opinion of Counsel” means a
written opinion of legal counsel who is, and which opinion is, acceptable to the
Trustee and its counsel.  Such legal counsel may be an employee of or
counsel to the Company or the Trustee.

     

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

     

    “Principal” or “principal” of a Security means
the principal of the Security plus, when appropriate, the premium, if any, on,
and any Additional Amounts in respect of, the Security.

     

    “Responsible Officer” means any
officer of the Trustee in its Corporate Trust Office and also means, any vice
president, managing director, director, associate, assistant vice president, or
any other officer of the Trustee customarily performing functions similar to
those performed by any of the above designated officers and also, with respect
to a particular corporate trust matter, any other officer to whom any corporate
trust matter is referred because of his or her knowledge of and familiarity with
a particular subject.

     

    “SEC” means the Securities and
Exchange Commission.

     

    “Security” or “Securities” means the
debentures, notes or other debt instruments of the Company of any Series
authenticated and delivered under this Indenture.

     

    “Series” or “Series of Securities” means
each series of debentures, notes or other debt instruments of the Company
created pursuant to Sections 2.01 and 2.02 hereof.

     

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

     

    “Subordinated Indebtedness”
means any indebtedness which is expressly subordinated to the indebtedness
evidenced by Securities.

     

    “Subsidiary” means, in respect
of any Person, any corporation, association, partnership or other business
entity of which more than 50% of the total voting power of shares of Capital
Stock or other interests (including partnership interests) entitled (without
regard to the occurrence of any contingency) to vote in the election of
directors, managers, general partners or trustees thereof is at the time owned
or controlled, directly or indirectly, by (i) such Person; (ii) such Person and
one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of
such Person.

     

    “TIA” means the Trust Indenture
Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of
this Indenture; provided, however, that in the event the Trust Indenture Act of
1939 is amended after such date, “TIA” means, to the extent required by any such
amendment, the Trust Indenture Act as so amended.

     

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

     

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

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    SECTION
1.02    Other
Definitions.

    

    
      	
              TERM

            	 	
              DEFINED
      IN SECTION

            
	
              “Applicable
      Law”

            	 	
              10.18

            
	
              “Event
      of Default”

            	 	
              6.01

            
	
              “Instrument”

            	 	
              6.01

            
	
              “Journal”

            	 	
              10.16

            
	
              “Judgment
      Currency”

            	 	
              10.17

            
	
              “Legal
      Holiday”

            	 	
              10.08

            
	
              “mandatory
      sinking fund payment”

            	 	
              11.01

            
	
              “Market
      Exchange Rate”

            	 	
              10.16

            
	
              “New
      York Banking Day”

            	 	
              10.17

            
	
              “optional
      sinking fund payment”

            	 	
              11.01

            
	
              “Paying
      Agent”

            	 	
              2.04

            
	
              “Registrar”

            	 	
              2.04

            
	
              “Required
      Currency”

            	 	
              10.17

            
	
              “successor
      person”

            	 	
              5.01

            
	
              “Temporary
      Securities”

            	 	
              2.11

            

    

     

    SECTION
1.03    Incorporation by Reference
of Trust Indenture Act.

     

    Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture.  This Indenture
shall also include those provisions of the TIA required to be included herein by
the provisions of the Trust Indenture Reform Act of 1990.  The
following TIA terms used in this Indenture have the following
meanings:

     

    “indenture securities” means
the Securities.

     

    “indenture security holder”
means a Securityholder.

     

    “indenture to be qualified”
means this Indenture.

     

    “indenture trustee” or
“institutional trustee” means the Trustee.

     

    “obligor” on the indenture
securities means the Company and any successor obligor upon the
Securities.

     

    All other
terms used in this Indenture that are defined by the TIA, defined by TIA
reference to another statute or defined by SEC rule under the TIA and not
otherwise defined herein are used herein as so defined.

     

    SECTION
1.04    Rules of
Construction.

     

    Unless
the context otherwise requires:

     

    (a)           a
term has the meaning assigned to it;

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (b)           an
accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles;

     

    (c)           references
to “generally accepted accounting principles” shall mean generally accepted
accounting principles in effect as of the time when and for the period as to
which such accounting principles are to be applied;

     

    (d)           “or”
is not exclusive;

     

    (e)           words
in the singular include the plural, and in the plural include the
singular;

     

    (f)           provisions
apply to successive events and transactions;

     

    (g)           references
to agreements and other instruments include subsequent amendments
thereto;

     

    (h)           the
term “merger” includes a statutory share exchange, and the term “merged” has a
correlative meaning; and

     

    (i)           “herein,”
“hereof” and other words of similar import refer to this Indenture as a whole
and not to any particular Article, Section or other subdivision.

     

    ARTICLE
II

     

    THE
SECURITIES

     

    SECTION
2.01    Issuable in
Series.

     

    The
aggregate principal amount of Securities that may be authenticated and delivered
under this Indenture is unlimited.  The Securities may be issued in
one or more Series.  All Securities of a Series shall be identical
except as may be set forth in a Board Resolution, a supplemental indenture or an
Officers’ Certificate detailing the adoption of the terms thereof pursuant to
the authority granted under a Board Resolution.  In the case of
Securities of a Series to be issued from time to time, the Board Resolution,
Officers’ Certificate or supplemental indenture may provide for the method by
which specified terms (such as interest rate, maturity date, record date or date
from which interest shall accrue) are to be determined.  Securities
may differ between Series in respect of any matters, provided that all Series of
Securities shall be equally and ratably entitled to the benefits of the
Indenture.

     

    SECTION
2.02    Establishment of Terms of
Series of Securities.

     

    At or
prior to the issuance of any Securities within a Series, the following shall be
established (as to the Series generally, in the case of Subsection (a), and
either as to such Securities within the Series or as to the Series generally in
the case of Subsections (b) through (t) by a Board Resolution, a supplemental
indenture or an Officers’ Certificate pursuant to authority granted under a
Board Resolution:

     

    (a)           the
title, designation, aggregate principal amount and authorized denominations of
the Securities of the Series;

     

    (b)           the
price or prices, (expressed as a percentage of the aggregate principal amount
thereof) at which the Securities of the Series will be issued;

     

    (c)           the
date or dates on which the principal of the Securities of the Series is
payable;

     

    (d)           the
rate or rates (which may be fixed or variable) per annum or, if applicable, the
method used to determine such rate or rates (including, but not limited to, any
commodity, commodity index, stock exchange index or financial index) at which
the Securities of the Series shall bear interest, if any, the date or dates from
which such interest, if any, shall commence and be payable and any regular
record date for the interest payable on any interest payment date;

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (e)           any
optional or mandatory sinking fund provisions or conversion or exchangeability
provisions upon which Securities of the Series shall be redeemed, purchased,
converted or exchanged;

     

    (f)           the
date, if any, after which and the price or prices at which the Securities of the
Series may be optionally redeemed or must be mandatorily redeemed and any other
terms and provisions of optional or mandatory provisions;

     

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

     

    (h)           if
other than the full principal amount, the portion of the principal amount of the
Securities of the Series that shall be payable upon declaration of acceleration
pursuant to Section 6.02 or provable in bankruptcy;

     

    (i)           any
addition to or change in the Events of Default which applies to any Securities
of the Series and any change in the right of the Trustee or the requisite
Holders of such Securities to declare the principal amount thereof due and
payable pursuant to Section 6.02;

     

    (j)           the
currency or currencies, including composite currencies, in which payments of
principal of, premium or interest, if any, on the Securities of the Series will
be payable, if other than the currency of the United States of
America;

     

    (k)           if
payments of principal of, premium or interest, if any, on the Securities of the
Series will be payable, at the Company’s election or at the election of any
Holder, in a currency other than that in which the Securities of the Series are
stated to be payable, the period or periods within which, and the terms and
conditions upon which, the election may be made;

     

    (l)           if
payments of interest, if any, on the Securities of the Series will be payable,
at the Company’s election or at the election of any Holder, in cash or
additional securities, and the terms and conditions upon which the election may
be made;

     

    (m)           if
denominated in a currency or currencies other than the currency of the United
States of America, the equivalent price of the Securities of the Series in the
currency of the United States of America for purposes of determining the voting
rights of Holders of the Securities of the Series;

     

    (n)           if
the amount of payments of principal, premium or interest may be determined with
reference to an index, formula or other method based on a coin or currency other
than that in which the Securities of the Series are stated to be payable, the
manner in which the amounts will be determined;

     

    (o)           any
restrictive covenants or other material terms relating to the Securities of the
Series;

     

    (p)           whether
the Securities of the Series will be issued in the form of global securities or
certificates in registered form;

     

    (q)           any
terms with respect to subordination;

     

    (r)           any
listing on any securities exchange or quotation system; and

     

    (s)           additional
provisions, if any, related to defeasance and discharge of the offered debt
securities.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    All
Securities of any one Series need not be issued at the same time and may be
issued from time to time, consistent with the terms of this Indenture, if so
provided by or pursuant to the Board Resolution, supplemental indenture or
Officers’ Certificate referred to above, and the authorized principal amount of
any Series may not be increased to provide for issuance of additional Securities
of such Series, unless otherwise provided in such Board Resolution, supplemental
Indenture or Officers’ Certificate.

     

    SECTION
2.03    Execution and
Authentication.

     

    Two
Officers shall sign the Securities for the Company by manual or facsimile
signature.

     

    If an
Officer whose signature is on a Security no longer holds that office at the time
the Security is authenticated, the Security shall nevertheless be
valid.

     

    A
Security shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent.  The signature shall be conclusive
evidence that the Security has been authenticated under this
Indenture.

     

    The
Trustee shall at any time, and from time to time, authenticate Securities for
original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate, upon receipt by the
Trustee of a Company Order.  Such Company Order may authorize
authentication and delivery pursuant to oral or electronic instructions from the
Company or its duly authorized agent or agents, which oral instructions shall be
promptly confirmed in writing.  Each Security shall be dated the date
of its authentication unless otherwise provided by a Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate.

     

    The
aggregate principal amount of Securities of any Series outstanding at any time
may not exceed any limit upon the maximum principal amount for such Series set
forth in the Board Resolution, supplemental indenture hereto or Officers’
Certificate delivered pursuant to Section 2.02, except as provided in Section
2.08.

     

    Prior to
the issuance of Securities of any Series, the Trustee shall have received and
(subject to Section 7.02) shall be fully protected in relying on: (a) the Board
Resolution, supplemental indenture hereto or Officers Certificate establishing
the form of the Securities of that Series or of Securities within that Series
and the terms of the Securities of that Series or of Securities within that
Series, (b) an Officers’ Certificate complying with Section 10.04, and (c) an
Opinion of Counsel complying with Section 10.04.

     

    The
Trustee shall have the right to decline to authenticate and deliver any
Securities of such Series: (a) if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken; or (b) if a Responsible
Officer of the Trustee in good faith shall determine that such action would
expose the Trustee to personal liability to Holders of any then outstanding
Series of Securities.

     

    The
Trustee may appoint an authenticating agent acceptable to the Company to
authenticate Securities.  An authenticating agent may authenticate
Securities whenever the Trustee may do so.  Each reference in this
Indenture to authentication by the Trustee includes authentication by such
agent.  An authenticating agent has the same rights as an Agent to
deal with the Company or an Affiliate.

     

    If any
successor that has replaced the Company in accordance with Article 5 has
executed an indenture supplemental hereto with the Trustee pursuant to Section
5.01, any of the Securities authenticated or delivered prior to such transaction
may, from time to time, at the request of such successor, be exchanged for other
Securities executed in the name of the such successor with such changes in
phraseology and form as may be appropriate, but otherwise identical to the
Securities surrendered for such exchange and of like principal amount; and the
Trustee, upon receipt of a Company Order of such successor, shall authenticate
and deliver Securities as specified in such order for the purpose of such
exchange.  If Securities shall at any time be authenticated and
delivered in any new name of such successor pursuant to this provision of
Section 2.03 in exchange or substitution for or upon registration of transfer of
any Securities, such successor, at the option of the Holders but without expense
to them, shall provide for the exchange of all Securities then outstanding for
Securities authenticated and delivered in such new name.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    SECTION
2.04    Registrar and Paying
Agent.

     

    The
Company shall maintain, with respect to each Series of Securities, at the place
or places specified with respect to such Series pursuant to Section 2.02, an
office or agency where Securities of such Series may be presented or surrendered
for payment (“Paying Agent”) and where Securities of such Series may be
surrendered for registration of transfer or exchange
(“Registrar”).  The Registrar shall keep a register with respect to
each Series of Securities and to their transfer and exchange.  The
Company will give prompt written notice to the Trustee of the name and address,
and any change in the name or address, of each Registrar and Paying
Agent.  If at any time the Company shall fail to maintain any such
required Registrar or Paying Agent or shall fail to furnish the Trustee with the
name and address thereof, such presentations and surrenders may be made or
served at the Corporate Trust Office of the Trustee, and the Company hereby
appoints the Trustee as its agent to receive all such presentations and
surrenders.

     

    The
Company may also from time to time designate one or more co-registrars or
additional paying agents 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 obligations to maintain a Registrar or Paying Agent
in each place so specified pursuant to Section 2.02 for Securities of any Series
for such purposes.  The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the name or
address of any such co-registrar or additional paying agent.  The term
“Registrar” includes any co-registrar; and the term “Paying Agent” includes any
additional paying agent.

     

    The
Company hereby appoints
[                                                                ]
as the initial Registrar and Paying Agent for each Series unless another
Registrar or Paying Agent as the case may be, is appointed prior to the time
Securities of that Series are first issued.  Each Registrar and Paying
Agent shall be entitled to all of the rights, protections, exculpations and
indemnities afforded to the Trustee in connection with its roles as Registrar
and Paying Agent.

     

    SECTION
2.05    Paying Agent to Hold Money
in Trust.

     

    The
Company shall require each Paying Agent other than the Trustee to agree in
writing that the Paying Agent will hold in trust, for the benefit of
Securityholders of any Series of Securities, or the Trustee, all money held by
the Paying Agent for the payment of principal of or interest on the Series of
Securities, and will notify the Trustee of any default by the Company in making
any such payment.  While any such default continues, the Trustee may
require a Paying Agent to pay all money held by it to the
Trustee.  The Company at any time may require a Paying Agent to pay
all money held by it to the Trustee.  Upon payment over to the
Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have
no further liability for the money.  If the Company or a Subsidiary
acts as Paying Agent, it shall segregate and hold in a separate trust fund for
the benefit of Securityholders of any Series of Securities all money held by it
as Paying Agent.

     

    SECTION
2.06    Securityholder
Lists.

     

    The
Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of Securityholders
of each Series of Securities and shall otherwise comply with TIA Section
312(a).  If the Trustee is not the Registrar, the Company shall
furnish to the Trustee at least 15 days before each interest payment date and at
such other times as the Trustee may request in writing a list, in such form and
as of such date as the Trustee may reasonably require, of the names and
addresses of Securityholders of each Series of Securities.

     

    SECTION
2.07    Transfer and
Exchange.

     

    Where
Securities of a Series are presented to the Registrar or a co-registrar with a
request to register a transfer or to exchange them for an equal principal amount
of Securities of the same Series, the Registrar shall register the transfer or
make the exchange if its requirements for such transactions are
met.  To permit registrations of transfers and exchanges, the Trustee
shall authenticate Securities at the Registrar’s request.  Any
exchange or transfer shall be without charge, except that the Company or the
Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge required by law; provided that this sentence shall not apply
to any exchange pursuant to Section 2.11, 2.08, 3.06 or 9.06.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    Neither
the Company nor the Registrar shall be required (a) to issue, register the
transfer of, or exchange Securities of any Series for the period beginning at
the opening of business 15 days immediately preceding the mailing of a notice of
redemption of Securities of that Series selected for redemption and ending at
the close of business on the day of such mailing, or (b) to register the
transfer of or exchange Securities of any Series selected, called or being
called for redemption as a whole or the portion being redeemed of any such
Securities selected, called or being called for redemption in part.

     

    All
Securities issued upon any transfer or exchange of Securities shall be valid
obligations of the Company, evidencing the same debt and entitled to the same
benefits under this Indenture, as the Securities surrendered upon such transfer
or exchange.  Any Registrar appointed pursuant to Section 2.04 shall
provide to the Trustee such information as the Trustee may reasonably require in
connection with the delivery by such Registrar of Securities upon transfer or
exchange of Securities.  Each Holder of a Security agrees to indemnify
the Company and the Trustee against any liability that may result from the
transfer, exchange or assignment of such Holder’s Security in violation of any
provision of this Indenture and/or applicable U.S. federal or state securities
law.

     

    SECTION
2.08    Mutilated, Destroyed, Lost
and Stolen Securities.

     

    If any
mutilated Security is surrendered to the Registrar, the Company shall execute
and the Trustee shall authenticate and deliver in exchange therefor a new
Security of the same Series and of like tenor and principal amount and bearing a
number not contemporaneously outstanding.

     

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

     

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

     

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

     

    Every new
Security of any series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual
obligation of the Company, whether or not the destroyed, lost or stolen Security
shall be at any time enforceable by anyone, and shall be entitled to all the
benefits of this Indenture equally and proportionately with any and all other
Securities of that Series duly issued hereunder.

     

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

     

    SECTION
2.09    Outstanding
Securities.

     

    The
Securities outstanding at any time are all the Securities authenticated by the
Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest on a Global Security effected by the Trustee in
accordance with the provisions hereof and those described in this Section as not
outstanding.

     

    If a
Security is replaced pursuant to Section 2.08, it ceases to be outstanding until
the Trustee receives proof satisfactory to it that the replaced Security is held
by a bona fide purchaser.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    If the
Paying Agent (other than the Company, a Subsidiary or an Affiliate of any
thereof) holds on the Maturity of Securities of a Series money sufficient to pay
such Securities payable on that date, then on and after that date such
Securities of the Series cease to be outstanding and interest on them ceases to
accrue.

     

    A
Security does not cease to be outstanding because the Company or an Affiliate
holds the Security.

     

    In
determining whether the Holders of the requisite principal amount of outstanding
Securities have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of a Discount Security that
shall be deemed to be outstanding for such purposes shall be the amount of the
principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the Maturity thereof
pursuant to Section 6.02.

     

    SECTION
2.10    Treasury
Securities.

     

    In
determining whether the Holders of the required principal amount of Securities
of a Series have concurred in any request, demand, authorization, direction,
notice, consent or waiver Securities of a Series owned by the Company or an
Affiliate shall be disregarded, except that for the purposes of determining
whether the Trustee shall be protected in relying on any such request, demand,
authorization, direction, notice, consent or waiver only Securities of a Series
that a Responsible Officer of the Trustee actually knows are so owned shall be
so disregarded.

     

    SECTION
2.11    Temporary
Securities.

     

    Until
definitive Securities are ready for delivery, the Company may prepare and the
Trustee shall authenticate temporary securities upon a Company Order (“Temporary
Securities”).  Temporary Securities shall be substantially in the form
of definitive Securities but may have variations that the Company considers
appropriate for temporary Securities.  Without unreasonable delay, the
Company shall prepare and the Trustee upon written request shall authenticate
definitive Securities of the same Series and date of maturity in exchange for
temporary Securities.  Until so exchanged, temporary securities shall
have the same rights under this Indenture as the definitive
Securities.

     

    SECTION
2.12    Cancellation.

     

    The
Company at any time may deliver Securities to the Trustee for
cancellation.  The Registrar and the Paying Agent shall forward to the
Trustee or its agent any Securities surrendered to them for transfer, exchange,
payment or conversion.  The Trustee and no one else shall cancel, in
accordance with its standard procedures, all Securities surrendered for
transfer, exchange, payment, conversion or cancellation and shall deliver the
cancelled Securities to the Company.  No Security shall be
authenticated in exchange for any Security cancelled pursuant to this Section
2.12.

     

    The
Company may, to the extent permitted by law, purchase Securities in the open
market or by tender offer at any price or by private agreement.  Any
Securities purchased or otherwise acquired by the Company or any of its
Subsidiaries prior to the final maturity of such Securities may, to the extent
permitted by law, be reissued or resold or may, at the option of the Company, be
surrendered to the Trustee for cancellation.  Any Securities
surrendered for cancellation may not be reissued or resold and shall be promptly
cancelled by the Trustee, and the Company may not hold or resell such Securities
or issue any new Securities to replace any such Securities.

     

    SECTION
2.13    Defaulted
Interest.

     

    If the
Company defaults in a payment of interest on a Series of Securities, it shall
pay defaulted interest, plus, to the extent permitted by law, any interest
payable on the defaulted interest at the Default Rate, to the persons who are
Security holders of the Series on a subsequent special record
date.  The Company shall fix the record date and payment
date.  At least 10 days before the record date, the Company shall mail
to the Trustee and the Paying Agent and to each Securityholder of the Series a
notice that states the record date, the payment date and the amount of interest
to be paid.  The Company may pay defaulted interest in any other
lawful manner.

     

    
      
        
        

      

      
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    SECTION
2.14    Global
Securities.

     

    (a)           A
Board Resolution, a supplemental indenture hereto or an Officers’ Certificate
shall establish whether the Securities of a Series shall be issued in whole or
in part in the form of one or more Global Securities and the Depository for such
Global Security or Securities.

     

    (b)           i)           Notwithstanding
any provisions to the contrary contained in Section 2.07and in addition thereto,
any Global Security shall be exchangeable pursuant to Section 2.07 for
Securities registered in the names of Holders other than the Depository for such
Security or its nominee only if (A) such Depository notifies the Company that it
is unwilling or unable to continue as Depository for such Global Security or if
at any time such Depository ceases to be a clearing agency registered under the
Exchange Act, and, in either case, the Company fails to appoint a successor
Depository within 90 days of such event, (B) the Company executes and delivers
to the Trustee an Officers’ Certificate to the effect that such Global Security
shall be so exchangeable or (C) an Event of Default with respect to the
Securities represented by such Global Security shall have happened and be
continuing.

     

    (ii)           Except
as provided in this Section 2.14(b), a Global Security may not be transferred
except as a whole by the Depository with respect to such Global Security to a
nominee of such Depository, by a nominee of such Depository to such Depository
or another nominee of such Depository or by the Depository or any such nominee
to a successor Depository or a nominee of such a successor
Depository.

     

    (iii)           Securities
issued in exchange for a Global Security or any portion thereof shall be issued
in definitive, fully registered form, without interest coupons, shall have an
aggregate principal amount equal to that of such Global Security or portion
thereof to be so exchanged, shall be registered in such names and be in such
authorized denominations as the Depository shall designate and shall bear the
applicable legends provided for herein.  Any Global Security to be
exchanged in whole shall be surrendered by the Depository to the Trustee, as
Registrar.  With regard to any Global Security to be exchanged in
part, either such Global Security shall be so surrendered for exchange or, if
the Registrar is acting as custodian for the Depository or its nominee with
respect to such Global Security, the principal amount thereof shall be reduced
by an amount equal to the portion thereof to be so exchanged, by means of an
appropriate adjustment made on the records of the Trustee.  Upon any
such surrender or adjustment, the Trustee shall authenticate and deliver the
Security issuable on such exchange to or upon the order of the Depository or an
authorized representative thereof.

     

    (iv)           The
registered Holder may grant proxies and otherwise authorize any Person,
including participants in the Depository and persons that may hold interests
through participants in the Depository, to take any action which a Holder is
entitled to take under this Indenture or the Securities.

     

    (v)           In
the event of the occurrence of any of the events specified in 2.14(b)(i), the
Company will promptly make available to the Trustee a reasonable supply of
Certificated Securities in definitive, fully registered form, without interest
coupons.  If (A) an event described in Section 2.14(b)(i)(A) or (B)
occurs and definitive Certificated Securities are not issued promptly to all
beneficial owners or (B) the Registrar receives from a beneficial owner
instructions to obtain definitive Certificated Securities due to an event
described in Section 2.14(b)(i)(C) and definitive Certificated Securities are
not issued promptly to any such beneficial owner, the Company expressly
acknowledges, with respect to the right of any Holder to pursue a remedy
pursuant to Section 6.07 hereof, the right of any beneficial owner of Securities
to pursue such remedy with respect to the portion of the Global Security that
represents such beneficial owner’s Securities as if such definitive certificated
Securities had been issued.

     

    (vi)           Notwithstanding
any provision to the contrary in this Indenture, so long as a Global Security
remains outstanding and is held by or on behalf of the Depository, transfers of
a Global Security, in whole or in part, or of any beneficial interest therein,
shall only be made in accordance with Section 2.07, this Section 2.14(b) and the
rules and procedures of the Depository for such Global Security to the extent
applicable to such transaction and as in effect from time to time.

     

    
      
        
        

      

      
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    (c)           Any
Global Security issued hereunder shall bear a legend in substantially the
following form:

     

    “This
Security is a Global Security within the meaning of the Indenture hereinafter
referred to and is registered in the name of the Depository or a nominee of the
Depository.  This Security is exchangeable for Securities registered
in the name of a person other than the Depository or its nominee only in the
limited circumstances described in the Indenture, and may not be transferred
except as a whole by the Depository to a nominee of the Depository, by a nominee
of the Depository to the Depository or another nominee of the Depository or by
the Depository or any such nominee to a successor Depository or a nominee of
such a successor Depository.”

     

    (d)           The
Depository, as a Holder, may appoint agents and otherwise authorize participants
to give or take any request, demand, authorization, direction, notice, consent,
waiver or other action which a Holder is entitled to give or take under the
Indenture.

     

    (e)           Notwithstanding
the other provisions of this Indenture, unless otherwise specified as
contemplated by Section 2.02, payment of the principal of and interest, if any,
on any Global Security shall be made to the Holder thereof at their registered
office.

     

    (f)           At
all times the Securities are held in book-entry form with a Depository, (i) the
Trustee may deal with such Depository as the authorized representative of the
Holders, (ii) the rights of the Holders shall be exercised only through the
Depository and shall be limited to those established by law and agreement
between the Holders and the Depository and/or direct participants of the
Depository, (iii) the Depository will make book-entry transfers among the direct
participants of the Depository and will receive and transmit distributions of
principal and interest on the Securities to such direct participants; and (iv)
the direct participants of the Depository shall have no rights under this
Indenture, or any supplement hereto, under or with respect to any of the
Securities held on their behalf by the Depository, and the Depository may be
treated by the Trustee and its agents, employees, officers and directors as the
absolute owner of the Securities for all purposes whatsoever.

     

    SECTION
2.15    CUSIP
Numbers.

     

    The
Company in issuing the Securities may use “CUSIP”, “CCN”, “ISIN” or other
identification numbers (if then generally in use), and, if so, the Trustee shall
use “CUSIP”, “CCN”, “ISIN” or such other identification numbers in notices of
redemption as a convenience to Holders; provided that any such notice may state
that no representation is made as to the correctness of such numbers either as
printed on the Securities or as contained in any notice of a redemption and that
reliance may be placed only on the other elements of identification printed on
the Securities, and any such redemption shall not be affected by any defect in
or omission of such numbers.

     

    ARTICLE
III

     

    REDEMPTION

     

    SECTION
3.01    Notice to
Trustee.

     

    The
Company may, with respect to any series of Securities, reserve the right to
redeem and pay the Series of Securities or may covenant to redeem and pay the
Series of Securities or any part thereof prior to the Stated Maturity thereof at
such time and on such terms as provided for in such Securities.  If a
Series of Securities is redeemable and the Company wants or is obligated to
redeem prior to the Stated Maturity thereof all or part of the Series of
Securities pursuant to the terms of such Securities, it shall notify the Trustee
and Registrar in writing of the redemption date and the principal amount of
Series of Securities to be redeemed.  The Company shall give the
notice at least 30 days before the redemption date (or such shorter notice as
may be acceptable to the Trustee and Registrar).

     

    
      
        
        

      

      
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    SECTION
3.02    Selection of Securities to
be Redeemed.

     

    Unless
otherwise indicated for a particular Series by a Board Resolution, a
supplemental indenture or an Officers’ Certificate, if less than all the
Securities of a Series are to be redeemed, the Registrar shall select the
Securities of the Series to be redeemed in accordance with its customary
procedures.  The Registrar shall make the selection from Securities of
the Series outstanding not previously called for redemption.  The
Registrar may select for redemption portions of the principal of Securities of
the Series that have denominations larger than $1,000.  Securities of
the Series and portions of them it selects shall be in amounts of $1,000 or
whole multiples of $1,000 or, with respect to Securities of any Series issuable
in other denominations pursuant to Section 2.02(g), the minimum principal
denomination for each Series and integral multiples
thereof.  Provisions of this Indenture that apply to Securities of a
Series called for redemption also apply to portions of Securities of that Series
called for redemption.

     

    SECTION
3.03    Notice of
Redemption.

     

    Unless
otherwise indicated for a particular Series by Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate, at least 30 days but not more than
30 days before a redemption date, the Company shall mail a notice of redemption
by first-class mail to each Holder whose Securities are to be
redeemed.

     

    The
notice shall identify the Securities of the Series to be redeemed and shall
state:

     

    (a)           the
redemption date;

     

    (b)           the
redemption price;

     

    (c)           the
name and address of the Paying Agent;

     

    (d)           that
Securities of the Series called for redemption must be surrendered to the Paying
Agent to collect the redemption price;

     

    (e)           that
interest on Securities of the Series called for redemption ceases to accrue on
and after the redemption date; and

     

    (f)           any
other information as may be required by the terms of the particular Series or
the Securities of a Series being redeemed.

     

    At the
Company’s written request, the Trustee shall distribute the notice of redemption
prepared by the Company in the Company’s name and at its expense.

     

    SECTION
3.04    Effect of Notice of
Redemption.

     

    Once
notice of redemption is mailed or published as provided in Section 3.03,
Securities of a Series called for redemption become due and payable on the
redemption date and at the redemption price.  A notice of redemption
may not be conditional.  Upon surrender to the Paying Agent, such
Securities shall be paid at the redemption price plus accrued interest to the
redemption date.

     

    SECTION
3.05    Deposit of Redemption
Price.

     

    On or
before the redemption date, the Company shall deposit with the Paying Agent
money sufficient to pay the redemption price of and accrued interest, if any, on
all Securities to be redeemed on that date.

     

    SECTION
3.06    Securities Redeemed in
Part.

     

    Upon
surrender of a Security that is redeemed in part, the Trustee shall authenticate
for the Holder a new Security of the same Series and the same maturity equal in
principal amount to the unredeemed portion of the Security
surrendered.

     

    
      
        
        

      

      
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    ARTICLE
IV

     

    COVENANTS

     

    SECTION
4.01    Payment of Principal and
Interest.

     

    The
Company covenants and agrees for the benefit of the Holders of each Series of
Securities that it will duly and punctually pay the principal of and interest,
if any, on the Securities of that Series in accordance with the terms of such
Securities and this Indenture.

     

    Unless
otherwise provided under the terms of a particular Series of
Securities:

     

    (a)           an
installment of principal or interest shall be considered paid on the date it is
due if the Paying Agent (other than the Company) holds by [4:00] [p].m., New
York City time, on that date money, deposited by the Company or an Affiliate
thereof, sufficient to pay such installment.  The Company shall (in
immediately available funds), to the fullest extent permitted by law, pay
interest on overdue principal and overdue installments of interest at the rate
borne by the Securities per annum; and

     

    (b)           payment
of the principal of and interest on the Securities shall be made at the office
or agency of the Company maintained for that purpose in the Borough of
Manhattan, City and State of New York  (which shall initially be
[_____] in the Borough of Manhattan, City and State of New York , the Paying
Agent) in such coin or 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 appears in the register;
provided, further, that
a Holder with an aggregate principal amount in excess of $[1,000,000] will be
paid by wire transfer in immediately available funds at the election of such
Holder if such Holder has provided wire transfer instructions to the Company at
least five Business Days prior to the payment date.

     

    SECTION
4.02    SEC
Reports.

     

    So long
as any Securities are outstanding, the Company shall (i) file with the SEC
within the time periods prescribed by its rules and regulations and (ii) furnish
to the Trustee and the Holders of the Securities within 30 days after the date
on which the Company would be required to file the same with the SEC pursuant to
its rules and regulations (giving effect to any grace period provided by Rule
12b-25 under the Exchange Act), all quarterly and annual financial information
required to be furnished or filed with the SEC pursuant to Section 13 and
Section 15(d) of the Exchange Act and, with respect to the annual consolidated
financial statements only, a report thereon by the Company’s independent
auditors.  The Company also shall comply with the other provisions of
TIA Section 314(a).

     

    Delivery
of such reports, information and documents to the Trustee is for informational
purposes only, and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from
information contained therein, including the Company’s compliance with any of
its covenants hereunder (as to which the Trustee is entitled to rely exclusively
on Officers’ Certificates).  The Company shall not be required to file
any report or other information with the SEC if the SEC does not permit such
filing, although such reports shall be furnished to the
Trustee.  Documents filed by the Company with the SEC via the SEC’s
EDGAR system (or any successor thereto) will be deemed furnished to the Trustee
and the Holders of the Securities as of the time such documents are filed via
EDGAR (or such successor).

     

    SECTION
4.03    Compliance
Certificate.

     

    The
Company shall deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company, an officers certificate signed by two of the
Company’s officers stating that a review of the activities of the Company and
its Subsidiaries during the preceding fiscal year has been made under the
supervision of the signing Officers with a view to determining whether the
Company has kept, observed, performed and fulfilled its obligations under this
Indenture, and further stating, as to each such Officer signing such
certificate, that to the best of his or her knowledge the Company has kept,
observed, performed and fulfilled each and every covenant contained in this
Indenture and is not in default in the performance or observance of any of the
terms, provisions and conditions hereof (or, if a Default or Event of Default
shall have occurred, describing all such Defaults or Events of Default of which
he or she may have knowledge in reasonable detail and the efforts to remedy the
same).  For purposes of this Section 4.03, compliance shall be
determined without regard to any grace period or requirement of notice provided
pursuant to the terms of this Indenture.

     

    
      
        
        

      

      
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    The
Company shall deliver to the Trustee, within 30 days after the occurrence
thereof, written notice in the form of an Officers’ Certificate of any Event of
Default described in Section 6.01(e), (f), (g) or (h) and any event of which it
becomes aware that with the giving of notice or the lapse of time would become
such an Event of Default, its status and what action the Company is taking or
proposes to take with respect thereto.  For the avoidance of doubt, a
breach of a covenant under an Instrument that is not a payment default and that
has not given rise to a right of acceleration under such Instrument shall not
trigger the requirement to provide notice under this paragraph.

     

    SECTION
4.04    Stay, Extension and Usury
Laws.

     

    The
Company covenants (to the extent that it may lawfully do so) that it will not at
any time insist upon, plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay, extension or usury law wherever enacted, now
or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture or the Securities; and the Company (to the extent
it may lawfully do so) hereby expressly waives all benefit or advantage of any
such law and covenants that it will not, by resort to any such law, hinder,
delay or impede the execution of any power herein granted to the Trustee, but
will suffer and permit the execution of every such power as though no such law
has been enacted.

     

    SECTION
4.05    Corporate
Existence.

     

    Subject
to Article V, the Company will do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence and the
corporate, partnership or other existence of each Subsidiary in accordance with
the respective organizational documents of each Subsidiary and the rights
(charter and statutory), licenses and franchises of the Company and its
Subsidiaries; provided, however, that the Company shall not be required to
preserve any such right, license or franchise, or the corporate, partnership or
other existence of any Subsidiary, if the Board of Directors shall determine
that the preservation thereof is no longer desirable in the conduct of the
business of the Company and its Subsidiaries taken as a whole and that the loss
thereof is not adverse in any material respect to the Holders.

     

    SECTION
4.06    Taxes.

     

    The
Company shall, and shall cause each of its Subsidiaries to, pay prior to
delinquency all taxes, assessments and governmental levies, except as contested
in good faith and by appropriate proceedings.

     

    SECTION
4.07    Additional Interest
Notice.

     

    In the
event that the Company is required to pay additional interest to Holders of
Securities pursuant to Section 6.02(b) hereof, the Company shall provide a
direction or order in the form of a written notice to the Trustee (and if the
Trustee is not the Paying Agent, the Paying Agent) of the Company’s obligation
to pay such additional interest no later than 10 Business Days prior to date on
which any such additional interest is scheduled to be paid.  Such
notice shall set forth the amount of additional interest to be paid by the
Company on such payment date and direct the Trustee (or, if the Trustee is not
the Paying Agent, the Paying Agent) to make payment to the extent it receives
funds from the Company to do so.  The Trustee shall not at any time be
under any duty or responsibility to any Holder to determine whether additional
interest is payable, or with respect to the nature, extent, or calculation of
the amount of additional interest owed, or with respect to the method employed
in such calculation of additional interest.

     

    
      
        
        

      

      
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    SECTION
4.08    Further Instruments and
Acts.

     

    The
Company will execute and deliver such further instruments and do such further
acts as may be reasonably necessary or proper to carry out more effectively the
purposes of this Indenture.

     

    ARTICLE
V

     

    SUCCESSORS

     

    SECTION
5.01    When Company May Merge,
Etc.

     

    The
Company shall not consolidate with, enter into a binding share exchange, or
merge into any other Person in a transaction in which it is not the surviving
entity, or sell, assign, convey, transfer or lease or otherwise dispose of all
or substantially all of its properties and assets to any Person (a “successor
person”), unless:

     

    (a)           the
successor person (if any) is a corporation, partnership, trust or other entity
organized and validly existing under the laws of the Cayman Islands, the United
States, any state of the United States or the District of Columbia and expressly
assumes by a supplemental indenture executed and delivered to the Trustee, in
form satisfactory to the Trustee, the due and punctual payment of the principal
of, and any interest on, all Securities and the performance or observance of
every covenant of this Indenture on the part of the Company to be performed or
observed;

     

    (b)           immediately
after giving effect to the transaction, no Default or Event of Default, shall
have occurred and be continuing; and

     

    (c)           the
Company shall have delivered to the Trustee, prior to the consummation of the
proposed transaction, an Officers’ Certificate to the foregoing effect and an
Opinion of Counsel stating that the proposed transaction and such supplemental
indenture comply with this Indenture.

     

    SECTION
5.02    Successor Corporation
Substituted.

     

    Upon any
consolidation or merger, or any sale, lease, conveyance or other disposition of
all or substantially all of the assets of the Company in accordance with Section
5.01, the successor person formed by such consolidation or into or with which
the Company is merged or to which such sale, lease, conveyance or other
disposition is made shall succeed to, and be substituted for, and may exercise
every right and power of, the Company under this Indenture with the same effect
as if such successor person has been named as the Company herein; provided,
however, that the predecessor company in the case of a sale, lease, conveyance
or other disposition of all or substantially all of the assets of the Company
shall not be released from the obligation to pay the principal of and interest,
if any, on the Securities.

     

    ARTICLE
VI

     

    DEFAULTS
AND REMEDIES

     

    SECTION
6.01    Events of
Default.

     

    “Event of
Default,” wherever used herein with respect to securities of any Series, means
any one of the following events, unless in the establishing Board Resolution,
supplemental indenture or Officers’ Certificate, it is provided that such Series
shall not have the benefit of said Event of Default:

     

    (a)           default
in the payment of any interest on any Security of that Series when it becomes
due and payable, and continuance of such default for a period of 30 days (unless
the entire amount of such payment is deposited by the Company with the Trustee
or with a Paying Agent prior to the expiration of such period of 30 days);
or

     

    
      
        
        

      

      
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    (b)           default
in the payment of any principal of any Security of that Series at its Maturity;
or

     

    (c)           default
in the deposit of any sinking fund payment, when and as due in respect of any
Security of that Series; or

     

    (d)           the
Company fails to perform or comply with any of its other covenants or agreements
contained in the Securities or in this Indenture (other than a covenant or
agreement a default in whose performance or whose breach is specifically dealt
with in clauses (a), (b) or (c) of this Section 6.01) and the default continues
for 60 days after notice is given as specified below;

     

    (e)           any
indebtedness under any bond, debenture, note or other evidence of indebtedness
for money borrowed by the Company or any Subsidiary or under any mortgage,
indenture or instrument under which there may be issued or by which there may be
secured or evidenced any indebtedness for money borrowed by, or any other
payment obligation of, the Company or any Subsidiary (an “Instrument”) with a
principal amount then, individually or in the aggregate, outstanding in excess
of $[__], whether such indebtedness now exists or shall hereafter be created, is
not paid at Maturity or when otherwise due or is accelerated, and such
indebtedness is not discharged, or such default in payment or acceleration is
not cured or rescinded, within a period of 30 days after there shall have 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 aggregate principal
amount of the outstanding Securities of that Series a written notice specifying
such default and requiring the Company to cause such indebtedness to be
discharged or cause such default to be cured or waived or such acceleration to
be rescinded or annulled and stating that such notice is a “Notice of Default”
hereunder.  A payment obligation (other than indebtedness under any
bond, debenture, note or other evidence of indebtedness for money borrowed by
the Company or any Subsidiary or under any mortgage, indenture or instrument
under which there may be issued or by which there may be secured or evidenced
any indebtedness for money borrowed by the Company or any Subsidiary) shall not
be deemed to have matured, come due, or been accelerated to the extent that it
is being disputed by the relevant obligor or obligors in good
faith.  For the avoidance of doubt, the Maturity of an Instrument is
the Maturity as set forth in that Instrument, as it may be amended from time to
time in accordance with the terms of that Instrument;

     

    (f)           the
Company or any Subsidiary fails to pay one or more final and non-appealable
judgments entered by a court or courts of competent jurisdiction, the aggregate
uninsured or unbonded portion of which is in excess of $[__], if the judgments
are not paid, discharged, waived or stayed within 90 days;

     

    (g)           the
Company or any Subsidiary of the Company, pursuant to or within the meaning of
any Bankruptcy Law:

     

    (i)           commences
a voluntary case or proceeding;

     

    (ii)           consents
to the entry of an order for relief against it in an involuntary case or
proceeding;

     

    (iii)           consents
to the appointment of a Custodian of it or for all or substantially all of its
property; or

     

    (iv)           makes
a general assignment for the benefit of its creditors; or

     

    (v)           or
generally is unable to pay its debts as the same become due; or

     

    (h)           a
court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that:

     

    (i)           is
for relief against the Company or any of its Subsidiaries in an involuntary case
or proceeding;

     

    
      
        
        

      

      
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    (ii)           appoints
a Custodian of the Company or any of its Subsidiaries for all or substantially
all of the property of the Company or any such Subsidiary; or

     

    (iii)           orders
the liquidation of the Company or any of its Subsidiaries;

     

    and the
case of each of clause (i), (ii) and (iii), the order or decree remains unstayed
and in effect for 90 consecutive days; or

     

    (i)           any
other Event of Default provided with respect to Securities of that Series, which
is specified in a Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate, in accordance with Section 2.02(i).

     

    A default
under clause (d) above is not an Event of Default until the Trustee notifies the
Company, or the Holders of at least 25% in aggregate principal amount of the
Securities then outstanding notify the Company and the Trustee, in writing of
the default, and the Company does not cure the default within 60 days after
receipt of such notice.  The notice given pursuant to this Section
6.01 must specify the default, demand that it be remedied and state that the
notice is a “Notice of Default.”  When any default under this Section
6.01 is cured, it ceases.

     

    The
Trustee shall not be charged with knowledge of any Event of Default unless
written notice thereof shall have been given to a Trust Officer at the Corporate
Trust Office of the Trustee by the Company, a Paying Agent, any Holder or any
agent of any Holder.

     

    SECTION
6.02    Acceleration of Maturity;
Rescission and Annulment.

     

    (a)           If
an Event of Default (other than an Event of Default specified in clause (g) or
(h) of Section 6.01) occurs and is continuing with respect to any Securities of
any Series, then in every such case, the Trustee may, by notice to the Company,
or the Holders of at least 25% in aggregate principal amount of the Securities
of that Series (or, if any Securities of that Series are Discount Securities,
such portion of the principal amount as may be specified in the terms of such
Securities) then outstanding may, by notice to the Company and the Trustee,
declare all unpaid principal of, and accrued and unpaid interest on to the date
of acceleration, the Securities of that Series then outstanding (if not then due
and payable) to be due and payable upon any such declaration, and the same shall
become and be immediately due and payable.  If an Event of Default
specified in clause (g) or (h) of Section 6.01 occurs, all unpaid principal of
the Securities then outstanding, and all accrued and unpaid interest thereon to
the date of acceleration, shall ipso facto become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any
Holder.  The Holders of a majority in aggregate principal amount of
the Securities of that Series then outstanding by notice to the Trustee may
rescind an acceleration of such Securities of that Series and its consequences
if (a) all existing Events of Default, other than the nonpayment of the
principal of the Securities which has become due solely by such declaration of
acceleration, have been cured or waived; (b) to the extent the payment of such
interest is lawful, interest (calculated at the Default Rate) on overdue
installments of interest and overdue principal, which has become due otherwise
than by such declaration of acceleration, has been paid; (c) the rescission
would not conflict with any judgment or decree of a court of competent
jurisdiction; and (d) all payments due to the Trustee and any predecessor
Trustee under Section 7.07 have been made.  No such rescission shall
affect any subsequent default or impair any right consequent
thereto.

     

    (b)           Notwithstanding
any of provision of this Article 6, at the election of the Company in its sole
discretion, the sole remedy under this Indenture for an Event of Default
relating to the failure to comply with Section 4.02, and for any failure to
comply with the requirements of Section 314(a)(1) of the TIA, will consist, for
the 180 days after the occurrence of such an Event of Default, exclusively of
the right to receive additional interest on the Securities at a rate equal to
0.50% per annum of the aggregate principal amount of the Securities then
outstanding up to, but not including, the 181st day thereafter (or, if
applicable, the earlier date on which the Event of Default relating to Section
4.02 is cured or waived).  Any such additional interest will be
payable in the same manner and on the same dates as the stated interest payable
on the Securities.  In no event shall additional interest accrue under
the terms of this Indenture at a rate in excess of 0.50% per annum, in the
aggregate, for any violation or default caused by the failure of the Company to
be current in respect of its Exchange Act reporting obligations.  If
the Event of Default is continuing on the 181st day after an Event of Default
relating to a failure to comply with Section 4.02, the Securities will be
subject to acceleration as provided in this Section 6.02.  The
provisions of this Section 6.02(b) will not affect the rights of Holders in the
event of the occurrence of any other Events of Default.

     

    
      
        
        

      

      
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    In order
to elect to pay additional interest as the sole remedy during the first 180 days
after the occurrence of an Event of Default relating to the failure to comply
with Section 4.02 in accordance with the immediately preceding paragraph, the
Company shall notify all Holders and the Trustee and Paying Agent of such
election on or before the close of business on the fifth Business Day after the
date on which such Event of Default otherwise would occur.  Upon a
failure by the Company to timely give such notice or pay additional interest,
the Securities will be immediately subject to acceleration as otherwise provided
in this Section 6.02.

     

    SECTION
6.03    Collection of Indebtedness
and Suits for Enforcement by Trustee.

     

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

     

    If an
Event of Default in the payment of principal, interest, if any, specified in
clause (a) or (b) of Section 6.01 occurs and is continuing, the Trustee may
recover judgment in its own name and as trustee of an express trust against the
Company or another obligor on the Securities for the whole amount of principal,
and accrued interest remaining unpaid, if any, together with, to the extent that
payment of such interest is lawful, interest on overdue principal, on overdue
installments of interest, if any, in each case at the Default Rate, and 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.

     

    SECTION
6.04    Trustee May File Proofs of
Claim.

     

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

     

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

     

    (b)           to
collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute the same, and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07.

     

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

     

    
      
        
        

      

      
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    SECTION
6.05    Trustee May Enforce Claims
Without Possession of Securities.

     

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

     

    SECTION
6.06    Application of Money
Collected.

     

    Any money
collected by the Trustee pursuant to this Article shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money on account of principal or interest, upon
presentation of the Securities and the notation thereon of the payment if only
partially paid and upon surrender thereof if fully paid: and

     

    First: To the payment of all
amounts due the Trustee under Section 7.07;

     

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

     

    Third: To the
Company.

     

    SECTION
6.07    Limitation on
Suits.

     

    No Holder
of any Security of any Series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of
a receiver or trustee, or for any other remedy hereunder (except actions for
payment of overdue principal and interest), unless:

     

    (a)           such
Holder has previously given written notice to the Trustee of a continuing Event
of Default with respect to the Securities of that Series;

     

    (b)           the
Holders of not less than 25% in principal amount of the outstanding Securities
of that Series shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee
hereunder;

     

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

     

    (d)           the
Trustee for 90 days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and

     

    (e)           no
direction inconsistent with such written request has been given to the Trustee
during such 90-day period by the Holders of a majority in principal amount of
the outstanding Securities of that Series; it being understood and intended that
no one or more of such Holders shall have any right in any manner whatever by
virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other of such Holders, or to obtain or to seek to
obtain priority or preference over any other of such Holders or to enforce any
right under this Indenture, except in the manner herein provided and for the
equal and ratable benefit of all such Holders.

     

    
      
        
        

      

      
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    SECTION
6.08    Unconditional Right of
Holders to Receive Principal and Interest.

     

    Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the
right, which is absolute and unconditional, to receive payment of the principal
of and interest, if any, on such Security on the Stated Maturity or Stated
Maturities expressed in such Security (or, in the case of redemption, on the
redemption date) and to institute suit for the enforcement of any such payment,
and such rights shall not be impaired without the consent of such
Holder.

     

    SECTION
6.09    Restoration of Rights and
Remedies.

     

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

     

    SECTION
6.10    Rights and Remedies
Cumulative.

     

    Except as
otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in Section 2.08, no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

     

    SECTION
6.11    Delay or Omission Not
Waiver.

     

    No delay
or omission of the Trustee or of any Holder of any Securities to exercise any
right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein.  Every right and remedy given by this Article or by law to
the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may
be.

     

    SECTION
6.12    Control by
Holders.

     

    The
Holders of a majority in principal amount of the outstanding Securities of any
Series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred on the Trustee, with respect to the Securities of such
Series, provided that

     

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

     

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

     

    (c)           subject
to the provisions of Section 6.01, the Trustee shall have the right to decline
to follow any such direction if the Trustee in good faith shall, by a
Responsible Officer of the Trustee, determine that the proceeding so directed
would involve the Trustee in personal liability or would be unduly prejudicial
to the rights of another Holder or the Trustee.

     

    SECTION
6.13    Waiver of Past
Defaults.

     

    Subject
to Section 9.02, the Holders of not less than a majority in principal amount of
the outstanding Securities of any Series may on behalf of the Holders of all the
Securities of such Series waive any past Default hereunder with respect to such
Series and its consequences, except a Default in the payment of the principal of
or interest on any Security of such Series (provided, however, that the Holders
of a majority in principal amount of the outstanding Securities of any Series
may rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration).  Upon any such waiver,
such Default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured, for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other Default or impair any right
consequent thereon.

     

    
      
        
        

      

      
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    SECTION
6.14    Undertaking for
Costs.

     

    All
parties to this Indenture agree, and each Holder of any Security by his
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in
its discretion assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the
Company, to any suit instituted by the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 25% in principal
amount of the outstanding Securities of any Series, or to any suit instituted by
any Holder for the enforcement of the payment of the principal of or interest on
any Security on or after the Stated Maturity or Stated Maturities expressed in
such Security (or, in the case of redemption, on the redemption
date).

     

    ARTICLE
VII

     

    TRUSTEE

     

    SECTION
7.01    Duties of
Trustee.

     

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

     

    (b)           Except
during the continuance of an Event of Default:

     

    (i)           The
Trustee  need perform only those duties that are specifically set
forth in this Indenture and no implied duties, covenants or obligations shall be
deemed to be imposed upon the Trustee.

     

    (ii)           in
the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed
therein, upon Officers’ Certificates or Opinions of Counsel furnished to the
Trustee and conforming to the requirements of this Indenture; however, in the
case of any such Officers’ Certificates or Opinions of Counsel which by any
provisions hereof are specifically required to be furnished to the Trustee, the
Trustee shall examine such Officers’ Certificates and Opinions of Counsel to
determine whether or not they conform on their face to the requirements of this
Indenture.

     

    (c)           The
Trustee may not be relieved from liability for its own its own negligent action,
its own negligent failure to act or willful misconduct, except
that:

     

    (i)           This
paragraph does not limit the effect of paragraph (b) of Section 7.01
herein.

     

    (ii)           The
Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer.

     

    (iii)           The
Trustee shall not be liable with respect to any action taken, suffered or
omitted to be taken by it with respect to Securities of any Series in good faith
in accordance with the direction of the Holders of a majority in principal
amount of the outstanding Securities of such Series relating to the time, method
and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred upon the Trustee, under this
Indenture with respect to the Securities of such Series.

     

    
      
        
        

      

      
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    (d)           Every
provision of this Indenture that in any way relates to the Trustee is subject to
paragraph (a), (b) and (c) of this Section.

     

    (e)           The
Trustee may refuse to perform any duty or exercise any right or power unless it
receives an indemnity satisfactory to it against any loss, liability or
expense.

     

    (f)           The
Trustee shall not be liable for interest on any money received by it except as
the Trustee may agree in writing with the Company.  Money held in
trust by the Trustee need not be segregated from other funds except to the
extent required by law.

     

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

     

    (h)           The
Paying Agent, the Registrar and any authenticating agent shall be entitled to
the same rights, indemnities, protections and immunities afforded to the
Trustee.

     

    (i)           The
Trustee shall have no duty to monitor the performance or compliance of the
Company with its obligations hereunder or any under supplement hereto, nor shall
it have any liability in connection with the malfeasance or nonfeasance by the
Company.  The Trustee shall have no liability in connection with
compliance by the Company with statutory or regulatory requirements related to
this Indenture, any supplement or any Securities issued pursuant hereto or
thereto.

     

    SECTION
7.02    Rights of
Trustee.

     

    (a)           The
Trustee may conclusively rely on and shall be fully protected in acting or
refraining from acting as a result of its reasonable belief that any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent,
order, direction, approval or other paper or document was genuine and had been
signed or presented by the proper person.  The Trustee need not
investigate any fact or matter stated in the document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or
matters as it sees fit.

     

    (b)           Before
the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel or both.  The Trustee shall not
be liable for any action it takes or omits to take in good faith in reliance on
such Officers’ Certificate or Opinion of Counsel.

     

    (c)           The
Trustee may act through agents and shall not be responsible for the misconduct
or negligence of, or for the supervision of, any agent appointed with due
care.  No Depository shall be deemed an agent of the Trustee and the
Trustee shall not be responsible for any act or omission by any
Depository.

     

    (d)           The
Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or
powers.

     

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

     

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

     

    
      
        
        

      

      
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    SECTION
7.03    Individual Rights of
Trustee.

     

    The
Trustee, in its individual or any other capacity, may become the owner or
pledgee of Securities and may otherwise deal with the Company or an Affiliate
with the same rights it would have if it were not Trustee.  Any Agent
may do the same with like rights.  The Trustee is also subject to
Sections 7.10 and 7.11.

     

    SECTION
7.04    Trustee’s
Disclaimer.

     

    The
Trustee makes no representation as to the validity or adequacy of this Indenture
or the Securities and the recitals contained herein and in the Securities shall
be taken as statements of the Company and not of the Trustee, and the Trustee
has no responsibility for such recitals. The Trustee shall not be accountable
for the Company’s use or application of the proceeds from the Securities or for
monies paid over to the Company pursuant to this Indenture, and it shall not be
responsible for any statement in the Securities other than its
authentication.

     

    SECTION
7.05    Notice of
Defaults.

     

    If a
Default or Event of Default occurs and is continuing with respect to the
Securities of any Series and if a Responsible Officer of the Trustee has
knowledge or receives written notice of such event, the Trustee shall mail to
each Securityholder of the Securities of that Series, notice of a Default or
Event of Default within 90 days after it occurs or, if later, after a
Responsible Officer of the Trustee has actual knowledge of such Default or Event
of Default.  Except in the case of a Default or Event of Default in
payment of principal of or interest on any Security of any Series, including any
additional interest that may become payable pursuant to Section 6.02(b), the
Trustee may withhold the notice so long as the Trustee in good faith determines
that withholding the notice is in the interests of Securityholders of that
Series.

     

    SECTION
7.06    Reports by Trustee to
Holders.

     

    Within 60
days after [__] in each year, the Trustee shall transmit by mail to all
Securityholders, as their names and addresses appear on the register kept by the
Registrar, a brief report dated as of such [__], in accordance with, and to the
extent required under, TIA Section 313.

     

    A copy of
each report at the time of its mailing to Securityholders of any Series shall be
filed with the SEC and each stock exchange on which the Securities of that
Series are listed.  The Company shall promptly notify the Trustee when
Securities of any Series are listed on any stock exchange.

     

    SECTION
7.07    Compensation and
Indemnity.

     

    The
Company shall pay to the Trustee from time to time such compensation for its
services as shall be agreed upon in writing.  The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an
express trust.  The Company shall reimburse the Trustee upon request
for all reasonable out-of-pocket expenses, disbursements and advances incurred
by it.  Such expenses shall include the reasonable compensation and
expenses of the Trustee’s agents, counsel and other persons not regularly in its
employ.

     

    The
Company shall indemnify, defend and hold harmless the Trustee and its officers,
directors, employees, representatives and agents, from and against and reimburse
the Trustee for any and all claims, expenses, obligations, liabilities, losses,
damages, injuries (to person, property, or natural resources), penalties, stamp
or other similar taxes, actions, suits, judgments, reasonable costs and expenses
(including reasonable attorney’s and agent’s fees and expenses) of whatever kind
or nature regardless of their merit, demanded, asserted or claimed against the
Trustee directly or indirectly relating to, or arising from, claims against the
Trustee by reason of its participation in the transactions contemplated hereby,
including without limitation all reasonable costs required to be associated with
claims for damages to persons or property, and reasonable attorneys’ and
consultants’ fees and expenses and court costs except to the extent caused by
the Trustee’s negligence or willful misconduct.  The provisions of
this Section 7.07 shall survive the termination of this Agreement or the earlier
resignation or removal of the Trustee.  The Company shall defend any
claim and the Trustee shall cooperate in the defense.  The Trustee may
have separate counsel and the Company shall pay the reasonable fees and expenses
of such counsel.  The Company need not pay for any settlement made
without its consent, which consent shall not be unreasonably withheld or
delayed.  This indemnification shall apply to officers, directors,
employees, shareholders and agents of the Trustee.

     

    
      
        
        

      

      
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    The
Company need not reimburse any expense or indemnify against any loss liability
incurred by the Trustee or by any officer, director, employee, shareholder or
agent of the Trustee through negligence or bad faith.

     

    To secure
the Company’s payment obligations in this Section, the Trustee shall have a lien
prior to the Securities of any Series on all money or property held or collected
by the Trustee, except that held in trust to pay principal and interest on
particular Securities of that Series.

     

    When the
Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.01(f) or (g) occurs, the expenses and the compensation for the
services are intended to constitute expenses of administration under any
Bankruptcy Law.

     

    SECTION
7.08    Replacement of
Trustee.

     

    A
resignation or removal of the Trustee and appointment of a successor Trustee
shall become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section.

     

    The
Trustee may resign with respect to the Securities of one or more Series by so
notifying the Company.  The Holders of a majority in principal amount
of the Securities of any Series may remove the Trustee with respect to that
Series by so notifying the Trustee and the Company.  The Company may
remove the Trustee with respect to Securities of one or more Series
if:

     

    (a)           the
Trustee fails to comply with Section 7.10;

     

    (b)           the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered
with respect to the Trustee under any Bankruptcy Law;

     

    (c)           a
Custodian or public officer takes charge of the Trustee or its property;
or

     

    (d)           the
Trustee becomes incapable of acting.

     

    If the
Trustee resigns or is removed or if a vacancy exists in the office of Trustee
for any reason, the Company shall promptly appoint a successor
Trustee.  Within one year after the successor Trustee takes office,
the Holders of a majority in principal amount of the then outstanding Securities
may appoint a successor Trustee to replace the successor Trustee appointed by
the Company.

     

    If a
successor Trustee with respect to the Securities of any one or more Series does
not take office within 30 days after the retiring Trustee resigns or is removed,
the retiring Trustee, the Company or the Holders of at least25% in principal
amount of the Securities of the applicable Series may petition any court of
competent jurisdiction for the appointment of a successor Trustee.

     

    A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company.  Immediately after that, the
retiring Trustee shall transfer all property held by it as Trustee to the
successor Trustee subject to the lien provided for in Section 7.07, and subject
to the payment of any and all amounts then due and owing to the retiring
Trustee, the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee shall have all the rights, powers and
duties of the Trustee with respect to each Series of Securities for which it is
acting as Trustee under this Indenture.  A successor Trustee shall
mail a notice of its succession to each Securityholder of each such
Series.  Notwithstanding replacement of the Trustee pursuant to this
Section 7.08, the Company’s obligations under Section 7.07 hereof shall continue
for the benefit of the retiring trustee with respect to expenses and liabilities
incurred by it prior to such replacement.

     

    
      
        
        

      

      
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    SECTION
7.09    Successor Trustee by Merger,
Etc.

     

    If the
Trustee consolidates with, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation, the
successor corporation without any further act shall be the successor Trustee
with the same effect as if the successor Trustee had been named as the Trustee
herein.

     

    SECTION
7.10    Eligibility;
Disqualification.

     

    This
Indenture shall always have a Trustee who satisfies the requirements of TIA
Section 310(a)(1), (2) and (5).  The Trustee shall always have a
combined capital and surplus of at least $25,000,000 as set forth in its most
recent published annual report of condition.  The Trustee shall comply
with TIA Section 310(b).

     

    SECTION
7.11    Preferential Collection of
Claims Against Company.

     

    The
Trustee is subject to TIA Section 311(a), excluding any creditor relationship
listed in TIA Section 311(b).  A Trustee who has resigned or been
removed shall be subject to TTA Section 311(a) to the extent
indicated.

     

    ARTICLE
VIII

     

    SATISFACTION
AND DISCHARGE; DEFEASANCE

     

    SECTION
8.01    Satisfaction and Discharge
of Indenture.

     

    This
Indenture shall upon Company Order cease to be of further effect (except as
hereinafter provided in this Section 8.01), and the Trustee, on the demand of
and at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when

     

    (a)           either

     

    (i)           all
Securities theretofore authenticated and delivered (other than Securities that
have been destroyed, lost or stolen and that have been replaced or paid) have
been delivered to the Trustee for cancellation; or

     

    (ii)           all
such Securities not theretofore delivered to the Trustee for
cancellation:

     

    (1)           have
become due and payable, or

     

    (2)           will
become due and payable at their Stated Maturity within [], or

     

    (3)           are
to be called for redemption within
[                                                                ]
under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company,
or

     

    (4)           are
deemed paid and discharged pursuant to section 8.03, as applicable; and the
Company, in the case of (1), (2) or (3) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust an amount sufficient for the
purpose of paying and discharging the entire indebtedness on such Securities not
theretofore delivered to the Trustee for cancellation, for principal and
interest to the date of such deposit (in the case of Securities which have
become due and payable on or prior to the date of such deposit) or to the Stated
Maturity or redemption date, as the case may be;

     

    (b)           the
Company has paid or caused to be paid all other sums payable hereunder by the
Company; and

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    (c)           the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each meeting the applicable requirements of Sections 10.04 and 10.05
and each stating that all conditions precedent herein relating to the
satisfaction and discharge of this Indenture have been complied with and the
Trustee receives written demand from the Company to discharge.

     

    Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company
to the Trustee under Section 7.07, and, if money shall have been deposited with
the Trustee pursuant to clause (a) of this Section, the provisions of Sections
2.04, 2.07, 2.08, 8.01 8.02 and 8.05 shall survive.

     

    SECTION
8.02    Application of Trust Funds;
Indemnification.

     

    (a)           Subject
to the provisions of Section 8.05, all money deposited with the Trustee pursuant
to Section 8.01, all money and U.S. Government Obligations or Foreign Government
Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04 and all
money received by the Trustee in respect of U.S. Government Obligations or
Foreign Government Obligations deposited with the Trustee pursuant to Section
8.03 or 8.04, shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the persons entitled thereto, of the
principal and interest for whose payment such money has been deposited with or
received by the Trustee or to make mandatory sinking fund payments or analogous
payments as contemplated by Sections 8.03 or 8.04.

     

    (b)           The
Company shall pay and shall indemnify the Trustee and the Agents against any
tax, fee or other charge imposed on or assessed against U.S. Government
Obligations or Foreign Government Obligations deposited pursuant to Sections
8.03 or 8.04 or the interest and principal received in respect of such
obligations other than any payable by or on behalf of Holders.

     

    (c)           The
Trustee shall, in accordance with the terms of this Indenture, deliver or pay to
the Company from time to time, upon Company Request and at the expense of the
Company any U.S. Government Obligations or Foreign Government Obligations or
money held by it pursuant to this Indenture as provided in Sections 8.03 or 8.04
which, in the opinion of a nationally recognized firm of independent certified
public accountants, expressed in a written certification thereof and delivered
to the Trustee together with such Company Request, are then in excess of the
amount thereof which then would have been required to be deposited for the
purpose for which such U.S. Government Obligations or Foreign Government
Obligations or money were deposited or received.  This provision shall
not authorize the sale by the Trustee of any U.S. Government Obligations or
Foreign Government Obligations held under this Indenture.

     

    SECTION
8.03    Legal Defeasance of
Securities of any Series.

     

    Unless
this Section 8.03 is otherwise specified, pursuant to Section 2.02(s), to be
inapplicable to Securities of any Series, the Company shall be deemed to have
paid and discharged the entire indebtedness on all the outstanding Securities of
such Series on the [   ] day after the date of the deposit
referred to in subparagraph (d) hereof, and the provisions of this Indenture, as
it relates to such outstanding Securities of such Series, shall no longer be in
effect (and the Trustee, at the expense of the company, shall, at Company
Request, execute proper instruments acknowledging the same), except as
to:

     

    (a)           the
rights of Holders of Securities of such Series to receive, from the trust funds
described in subparagraph (d) hereof, (i) payment of the principal of and each
installment of principal of and interest on the outstanding Securities of such
Series on the Stated Maturity of such principal or installment of principal or
interest and (ii) the benefit of any mandatory sinking fund payments applicable
to the Securities of such Series on the day on which such payments are due and
payable in accordance with the terms of this Indenture and the Securities of
such Series;

     

    (b)           the
provisions of Sections 2.04, 2.07, 2.08, 2.14, 8.02, 8.03 and 8.05;
and

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    (c)           the
rights, powers, trust and immunities of the Trustee hereunder; provided that,
the following conditions shall have been satisfied:

     

    (d)           the
Company shall have deposited or caused to be deposited irrevocably with the
Paying Agent as trust funds in trust for the purpose of making the following
payments, specifically pledged as security for and dedicated solely to the
benefit of the Holders of such Securities in the case of Securities of such
Series denominated in Dollars, cash in Dollars (or such other money or
currencies as shall then be legal tender in the United States) and/or U.S.
Government Obligations, or (ii) in the case of Securities of such Series
denominated in a Foreign Currency (other than a composite currency), money
and/or Foreign Government Obligations, which through the payment of interest and
principal in respect thereof, in accordance with their terms, will provide (and
without reinvestment and assuming no tax liability will be imposed on such
Paying Agent), not later than [   ] day before the due date of
any payment of money, an amount in cash, sufficient, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee and the Paying Agent, to
pay and discharge each installment of principal (including mandatory sinking
fund or analogous payments) of and interest, if any, on all the Securities of
such Series on the dates such installments of interest or principal are
due;

     

    (e)           such
deposit will not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which the Company
is a party or by which it is bound;

     

    (f)           no
Default or Event of Default with respect to the Securities of such Series shall
have occurred and be continuing on the date of such deposit or during the period
ending on the [    ] day after such date;

     

    (g)           the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel to the effect that (i) the Company has received from, or
there has been published by, the Internal Revenue Service a ruling, or (ii)
since the date of execution of this Indenture, there has been a change in the
applicable Federal income tax law, in either case to the effect that, and based
thereon such Opinion of Counsel shall confirm that, the Holders of the
Securities of such Series will not recognize income, gain or loss for Federal
income tax purposes as a result of such deposit, defeasance and discharge and
will be subject to Federal income tax on the same amount and in the same manner
and at the same times as would have been the case if such deposit, defeasance
and discharge had not occurred;

     

    (h)           the
Company shall have delivered to the Trustee an Officers’ Certificate stating
that the deposit was not made by the Company with the intent of preferring the
Holders of the Securities of such Series over any other creditors of the company
or with the intent of defeating, hindering, delaying or defrauding any other
creditors of the Company;

     

    (i)           such
deposit shall not result in the trust arising from such deposit constituting an
investment company (as defined in the Investment Company Act of 1940, as
amended), or such trust shall be qualified under such Act or exempt from
regulation thereunder; and

     

    (j)           the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for
relating to the defeasance contemplated by this Section have been complied
with.

     

    SECTION
8.04     Covenant
Defeasance.

     

    Unless
this Section 8.04 is otherwise specified pursuant to Section 2.02(s) to be
inapplicable to Securities of any Series, on and after the
[    ] day after the date of the deposit referred to in
subparagraph (a) hereof, the Company may omit to comply with any term, provision
or condition set forth under Sections 4.02, 4.03, 4.04, 4.05, 4.06, and 5.01 as
well as any additional covenants contained in a supplemental indenture hereto
for a particular Series of Securities or a Board Resolution or an Officers’
Certificate delivered pursuant to Section 2.02(s) (and the failure to comply
with any such covenants shall not constitute a Default or Event of Default under
Section 6.01) and the occurrence of any event described in clause (e) of Section
6.01 shall not constitute a Default or Event of Default hereunder, with respect
to the Securities of such Series, provided that the following conditions shall
have been satisfied:

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    (a)           With
reference to this Section 8.04, the Company has deposited or caused to be
irrevocably deposited (except as provided in Section 8.02(c)) with the Paying
Agent as trust funds in trust, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of such Securities (i) in the
case of Securities of such Series denominated in Dollars, cash in Dollars (or
such other money or currencies as shall then be legal tender in the United
States) and/or U.S. Government Obligations, or (ii) in the case of Securities of
such Series denominated in a Foreign Currency (other than a composite currency),
money and/or Foreign Government Obligations, which through the payment of
interest and principal in respect thereof, in accordance with their terms, will
provide (and without reinvestment and assuming no tax liability will be imposed
on such Paying Agent), not later than [   ] day before the due
date of any payment of money, an amount in cash, sufficient, in the opinion of a
nationally recognized firm of independent certified public accountants expressed
in a written certification thereof delivered to the Paying Agent, to pay
principal and interest, if any, on and any mandatory sinking fund in respect of
the Securities of such Series on the dates such installments of interest or
principal are due;

     

    (b)           Such
deposit will not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which the Company
is a party or by which it is bound;

     

    (c)           No
Default or Event of Default with respect to the Securities of such Series shall
have occurred and be continuing on the date of such deposit or during the period
ending on the [    ] day after such date;

     

    (d)           the
company shall have delivered to the Trustee an Opinion of Counsel confirming
that Holders of the Securities of such Series will not recognize income, gain or
loss for federal income tax purposes as a result of such deposit and defeasance
and will be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such deposit and
defeasance had not occurred;

     

    (e)           the
Company shall have delivered to the Trustee an Officers’ Certificate stating the
deposit was not made by the Company with the intent of preferring the Holders of
the Securities of such Series over any other creditors of the Company or with
the intent of defeating, hindering, delaying or defrauding any other creditors
of the Company; and

     

    (f)           The
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the defeasance contemplated by this Section have been complied
with.

     

    SECTION
8.05    Repayment to
Company.

     

    The
Paying Agent shall pay to the Company upon request any money held by them for
the payment of principal and interest that remains unclaimed for two
years.  After that, Securityholders entitled to the money must look to
the Company for payment as general creditors unless an applicable abandoned
property law designates another person and all liability of the Paying Agent
with respect to that money shall cease.

     

    ARTICLE
IX

     

    AMENDMENTS
AND WAIVERS

     

    SECTION
9.01    Without Consent of
Holders.

     

    The
Company and the Trustee may amend or supplement this Indenture or the Securities
of one or more Series without the consent of any Securityholder:

     

    (a)           to
cure any ambiguity, defect or inconsistency;

     

    (b)           to
comply with Article V;

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    (c)           to
provide for uncertificated Securities in addition to or in place of certificated
Securities;

     

    (d)           to
make any change that does not adversely affect the rights of any
Securityholder;

     

    (e)           to
provide for the issuance of and establish the form and terms and conditions of
Securities of any Series as permitted by this Indenture;

     

    (f)           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;

     

    (g)           to
comply with requirements of the TIA and any rules promulgated under the TIA;
and

     

    (h)           to
add to the covenants of the Company for the equal and ratable benefit of the
Holders or to surrender any right, power or option conferred upon the
Company.

     

    Any
amendment or supplement made solely to conform the provisions of this Indenture
or the Securities of any Series to the description thereof contained in the
final prospectus relating to such Series will be deemed not to adversely affect
the rights of any Holder.

     

    SECTION
9.02    With Consent of
Holders.

     

    The
Company and the Trustee may enter into a supplemental indenture with the written
consent of the Holders of at least a majority in principal amount of the
outstanding Securities of all Series affected by such supplemental indenture,
taken together as one class (including consents obtained in connection with a
tender offer or exchange offer for the Securities of such Series), for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Indenture or of any supplemental indenture or of
modifying in any manner the rights of the Securityholders of each such
Series.  Except as provided in Section 6.13, the Holders of at least a
majority in principal amount of the outstanding Securities of all Series
affected by such waiver by notice to the Trustee, taken together as one class
(including consents obtained in connection with a tender offer or exchange offer
for the Securities of such Series) may waive compliance by the Company with any
provision of this Indenture or the Securities with respect to such
Series.

     

    It shall
not be necessary for the consent of the Holders of Securities under this Section
9.02 to approve the particular form of any proposed supplemental indenture or
waiver, but it shall be sufficient if such consent approves the substance
thereof.  After a supplemental indenture or waiver under this section
becomes effective, the Company shall mail to the Holders of Securities affected
thereby a notice briefly describing the supplemental indenture or
waiver.  Any failure by the Company to mail or publish such notice, or
any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture or waiver.

     

    SECTION
9.03    Limitations.

     

    Without
the consent of each Securityholder affected, an amendment or waiver may
not:

     

    (a)           change
the amount of Securities whose Holders must consent to an amendment, supplement
or waiver, except to increase any such amount or to provide that certain
provisions of this Indenture cannot be modified, amended or waived without the
consent of the Holder of each outstanding Security affected
thereby;

     

    (b)           reduce
the amount of interest, or change the interest payment time, on any
Security;

     

    (c)           waive
a redemption payment or alter the redemption provisions (other than any
alteration that would not materially adversely affect the legal rights of any
Holder under this Indenture) or the price at which the Company is required to
offer to purchase the Securities;

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    (d)           reduce
the principal or change the Stated Maturity of any Security or reduce the amount
of, or postpone the date fixed for, the payment of any sinking fund or analogous
obligation;

     

    (e)           reduce
the principal amount payable of any Security upon Maturity;

     

    (f)           waive
a Default or Event of Default in the payment of the principal of or interest, if
any, on any Security (except a rescission of acceleration of the Securities of
any Series by the Holders of at least a majority in principal amount of the
outstanding Securities of such Series and a waiver of the payment default that
resulted from such acceleration);

     

    (g)           change
the place or currency of payment of principal of or interest, if any, on any
Security other than that stated in the Security;

     

    (h)           impair
the right of any Holder to receive payment of principal or, or interest on, the
Securities of such Holder on or after the due dates therefor;

     

    (i)           impair
the right to institute suit for the enforcement of any payment on, or with
respect to, any Security;

     

    (j)           make
any change in Sections 10.15 or 10.16;

     

    (k)           change
the ranking of the Securities; or

     

    (l)           make
any other change which is specified in a Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate as a limitation under this
Section.

     

    SECTION
9.04     Compliance with Trust
Indenture Act.

     

    Every
amendment to this Indenture or the Securities of one or more Series shall be set
forth in a supplemental indenture hereto that complies with the TIA as then in
effect.

     

    SECTION
9.05    Revocation and Effect of
Consents.

     

    Until an
amendment or waiver becomes effective, a consent to it by a Holder of a Security
is a continuing consent by the Holder and every subsequent Holder of a Security
or portion of a Security that evidences the same debt as the consenting Holder’s
Security, even if notation of the consent is not made on any
Security.  However, any such Holder or subsequent Holder may revoke
the consent as to his Security or portion of a Security if the Trustee receives
the notice of revocation before the date the amendment or waiver becomes
effective.

     

    Any
amendment or waiver once effective shall bind every Securityholder of each
Series affected by such amendment or waiver unless it is of the type described
in any of clauses (a) through (g) of Section 9.03 in that case, the amendment or
waiver shall bind each Holder of a Security who has consented to it and every
subsequent Holder of a Security or portion of a Security that evidences the same
debt as the consenting Holder’s Security.

     

    SECTION
9.06    Notation on or Exchange of
Securities.

     

    If an
amendment, supplement or waiver changes the terms of a Security, the Trustee may
require the Holder of the Security to deliver it to the Trustee and the Trustee
may place an appropriate notation on the Security about the changed terms and
return it to the Holder.  Alternatively, if the Company or the Trustee
so determines, the Company shall issue and the Trustee shall authenticate upon
request new Securities of that Series that reflect the changed
terms.

     

    
      
        
        

      

      
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    SECTION
9.07    Trustee
Protected.

     

    In
executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and
(subject to Section 7.01) shall be fully protected in relying upon, an Opinion
of Counsel or an Officer’s Certificate, or both stating that the execution of
such supplemental indenture is authorized or permitted by this
Indenture.  The Trustee shall sign all supplemental indentures, except
that the Trustee need not sign any supplemental indenture that adversely affects
its rights, duties or indemnities.

     

    SECTION
9.08    Effect of Supplemental
Indenture.

     

    Upon the
execution of any supplemental indenture under this Article, this Indenture shall
be modified in accordance therewith, and each such supplemental indenture shall
form part of this Indenture for all purposes with respect to the relevant
Series; and every Holder of Securities of the relevant Series theretofore or
thereafter authenticated and delivered hereunder shall be bound
thereby.

     

    ARTICLE
X

     

    MISCELLANEOUS

     

    SECTION
10.01    Trust Indenture Act
Controls.

     

    If any
provision of this Indenture limits, qualifies, or conflicts with another
provision which is required or deemed to be included in this Indenture by the
TIA, such required or deemed provision shall control.

     

    SECTION
10.02    Notices.

     

    Any
notice or communication by the Company, the Trustee, the Paying Agent or the
Registrar to another is duly given if in writing and delivered in person or
mailed by first-class mail:

     

    if to the
Company:

     

    China
Cord Blood Corporation

    48th
Floor, Bank of China Tower

    1 Garden
Road

    Central,
Hong Kong S.A.R.

    Attn:
Albert Chen, CFO

    Fax:
+852-3605-8103

     

    if to the
Trustee:

     

    [                     ]

    Attn:
[             ]

    Fax:
[              ]

     

    if to the
Registrar or Paying Agent:

     

    [                      ]

    Attn:
[              ]

    Fax:
[               ]

     

    with copy
to:

     

    [                     ]

    Attn:
[             ]

    Fax:
[              ]

     

    
      
        
        

      

      
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    The
Company, the Trustee and each Agent by notice to each other may designate
additional or different addresses for subsequent notices or
communications.

     

    Any
notice or communication to a Securityholder shall be mailed by first-class mail
to his address shown on the register kept by the Registrar.  Failure
to mail a notice or communication to a Securityholder of any Series or any
defect in it shall not affect its sufficiency with respect to other
Securityholders of that or any other Series.

     

    If a
notice or communication is mailed or published in the manner provided above,
within the time prescribed, it is duly given, whether or not the Securityholder
receives it.

     

    If the
company mails a notice or communication to Securityholders, it will mail a copy
to the Trustee and each Agent at the same time.

     

    Whenever
a notice is required to be given by the Company, such notice may be given by the
Trustee or Registrar on the Company’s behalf (and the Company will make any
notice it is required to give to Holders available on its website).

     

    SECTION
10.03    Communication by Holders
with Other Holders.

     

    Securityholders
of any Series may communicate pursuant to TIA Section 312(b) with other
Securityholders of that Series or any other Series with respect to their rights
under this Indenture or the Securities of that Series or all
Series.  The Company, the Trustee, the Registrar and anyone else shall
have the protection of TIA Section 312(c).

     

    SECTION
10.04    Certificate and Opinion as
to Conditions Precedent.

     

    Upon any
request or application by the Company to the Trustee to take any action under
this Indenture, the Company shall furnish to the Trustee upon
request:

     

    (a)           an
Officers’ Certificate stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with; and

     

    (b)           an
Opinion of Counsel stating that, in the opinion of counsel, all such conditions
precedent (including any covenants, compliance with which constitutes a
condition precedent) have been complied with.

     

    SECTION
10.05    Statements Required in
Certificate or Opinion.

     

    Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than a certificate provided pursuant to
TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e)
and shall include:

     

    (a)           a
statement that the person making such certificate or opinion has read such
covenant or condition;

     

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

     

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

     

    
      
        
        

      

      
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    (d)           a
statement as to whether or not, in the opinion of such person, such condition or
covenant has been complied with.

     

    provided, however, that with
respect to matters of fact an Opinion of Counsel may rely on an Officers’
Certificate or certificates of public officials.

     

    SECTION
10.06    Record Date for Vote or
Consent of Holders.

     

    The
Company (or, in the event deposits have been made pursuant to Section 11.02, the
Trustee) may set a record date for purposes of determining the identity of
Holders entitled to vote or consent to any action by vote or consent authorized
or permitted under this Indenture, which record date shall not be more than 90
days prior to the date of the commencement of solicitation of such
action.  Notwithstanding the provisions of Section 9.05, if a record
date is fixed, those persons who were Holders of Securities at the close of
business on such record date (or their duly designated proxies), and only those
persons, shall be entitled to take such action by vote or consent or to revoke
any vote or consent previously given, whether or not such persons continue to be
Holders after such record date.

     

    SECTION
10.07    Rules by Trustee and
Agents.

     

    The
Trustee may make reasonable rules for action by or a meeting of Securityholders
of one or more Series.  Any Agent may make reasonable rules and set
reasonable requirements for its functions.

     

    SECTION
10.08    Legal
Holidays.

     

    Unless
otherwise provided by Board Resolution, Officers’ Certificate or supplemental
indenture for a particular Series, a “Legal Holiday” is any day that is not a
Business Day.  If a payment date is a Legal Holiday at a place of
payment, payment may be made at that place on the next succeeding day that is
not a Legal Holiday, and no interest shall accrue for the intervening
period.

     

    SECTION
10.09    No Recourse Against
Others.

     

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

     

    SECTION
10.10    Counterparts.

     

    This
Indenture may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

     

    SECTION
10.11    Governing Laws and
Submission to Jurisdiction.

     

    THIS
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK EXCLUDING ANY RULE OF LAW THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF
ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

     

    The
Company agrees that any legal suit, action or proceeding arising out of or based
upon this Indenture may be instituted in any federal or state court sitting in
New York City, and, to the fullest extent permitted by law, waives any objection
which it may now or hereafter have to the laying of venue of any such
proceeding, and irrevocably submits to the non-exclusive jurisdiction of such
court in any suit, action or proceeding.  The Company, as long as any
Securities remain outstanding or the parties hereto have any obligation under
this Indenture, shall have an authorized agent in the United States upon whom
process may be served in any such legal action or proceeding. Service of process
upon such agent and written notice of such service mailed or delivered to it
shall to the extent permitted by law be deemed in every respect effective
service of process upon it in any such legal action or proceeding and, if it
fails to maintain such agent, any such process or summons may be served by
mailing a copy thereof by registered mail, or a form of mail substantially
equivalent thereto, addressed to it at its address as provided for notices
hereunder. The Company hereby appoints Loeb & Loeb LLP, 345 Park Avenue, New
York, NY 10154, as its agent for such purposes, and covenants and agrees that
service of process in any legal action or proceeding may be made upon it at such
office of such agent.

     

    
      
        
        

      

      
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    SECTION
10.12    No Adverse Interpretation of
Other Agreements.

     

    This
Indenture may not be used to interpret another indenture, loan or debt agreement
of the Company or a Subsidiary.  Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

     

    SECTION
10.13    Successors.

     

    All
agreements of the Company in this Indenture and the Securities shall bind its
successor.  All agreements of the Trustee in this Indenture shall bind
its successor.

     

    SECTION
10.14    Severability.

     

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

     

    SECTION
10.15    Table of Contents, Headings,
Etc.

     

    The Table
of Contents, Cross Reference Table, and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not to
be considered a part hereof, and shall in no way modify or restrict any of the
terms or provisions hereof.

     

    SECTION
10.16    Judgment
Currency.

     

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

     

    SECTION
10.17    Compliance with Applicable
Anti-Terrorism and Money Laundering Regulations.

     

    In order
to comply with the laws, rules, regulations and executive orders in effect from
time to time applicable to banking institutions, including those relating to the
funding of terrorist activities and money laundering (“Applicable Law”), the
Trustee is required to obtain, verify and record certain information relating to
individuals and entities which maintain a business relationship with the
Trustee.  Accordingly, each of the parties agree to provide to the
Trustee, upon its request from time to time such identifying information and
documentation as may be available for such party in order to enable the Trustee
to comply with the Applicable Law.

     

    
      
        
        

      

      
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    ARTICLE
XI

     

    SINKING
FUNDS

     

    SECTION
11.01    Applicability of
Article.

     

    The
provisions of this Article shall be applicable to any sinking fund for the
retirement of the Securities of a Series, except as otherwise permitted or
required by any form of Security of such Series issued pursuant to this
Indenture.

     

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

     

    SECTION
11.02    Satisfaction of Sinking Fund
Payments with Securities.

     

    The
Company may, in satisfaction of all or any part of any sinking fund payment with
respect to the Securities of any Series to be made pursuant to the terms of such
Securities (1) deliver outstanding Securities of such Series to which such
sinking fund payment is applicable (other than any of such Securities previously
called for mandatory sinking fund redemption) and (2) apply as credit Securities
of such Series to which such sinking fund payment is applicable and which have
been redeemed either at the election of the Company pursuant to the terms of
such Series of Securities (except pursuant to any mandatory sinking fund) or
through the application of permitted optional sinking fund payments or other
optional redemptions pursuant to the terms of such Securities, provided that
such Securities have not been previously so credited.  Such Securities
shall be received by the Registrar, together with an Officers’ Certificate with
respect thereto, not later than 45 days prior to the date on which the Registrar
begins the process of selecting Securities for redemption, and shall be credited
for such purpose by the Registrar at the price specified in such Securities for
redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly.  If as a result of the
delivery or credit of Securities in lieu of cash payments pursuant to this
Section 11.02, the principal amount of Securities of such Series to be redeemed
in order to exhaust the aforesaid cash payment shall be less than $[], the
Registrar need not call Securities of such Series for redemption, except upon
receipt of a Company Order that such action be taken, and such cash payment
shall be held by the Paying Agent and applied to the next succeeding sinking
fund payment, provided, however, that the Paying Agent shall from time to time
upon receipt of a Company Order pay over and deliver to the Company any cash
payment so being held by the Paying Agent upon delivery by the Company to the
Registrar of Securities of that Series purchased by the Company having an unpaid
principal amount equal to the cash payment required to be released to the
Company.

     

    SECTION
11.03    Redemption of Securities for
Sinking Fund.

     

    Not less
than 45 days (unless otherwise indicated in the Board Resolution, supplemental
indenture hereto or Officers’ Certificate in respect of a particular Series of
Securities) prior to each sinking fund payment date for any Series of
Securities, the Company will deliver to the Trustee and the Paying Agent an
Officers’ Certificate specifying the amount of the next ensuing mandatory
sinking fund payment for that Series pursuant to the terms of that Series, the
portion thereof, if any, which is to be satisfied by payment of cash and the
portion thereof, if any, which is to be satisfied by delivering and crediting of
Securities of that Series pursuant to Section 11.02., and the optional amount,
if any, to be added in cash to the next ensuing mandatory sinking fund payment,
and the Company shall thereupon be obligated to pay the amount therein
specified.  Not less than 30 days (unless otherwise indicated in the
Board Resolution, Officers’ Certificate or supplemental indenture in respect of
a particular Series of Securities) before each such sinking fund payment date
the Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in Section 3.02 and cause notice of the
redemption thereof to be given in the name of and at the expense of the Company
in the manner provided in Section 3.03.  Such notice having been duly
given, the redemption of such Securities shall stated in Sections 3.04, 3.05 and
3.06.

     

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

     

    CHINA
CORD BLOOD CORPORATION

     

    By: 

    
      

    

     

    Name:

    Its:

     

    [                      ]

    as
Trustee

     

    By: 

      
        

      

       

    

    Name:

    Its:

     

    By:

      
        

      

       

    

    Name:

    Its:

     

    [                      ]

    as
Registrar and Paying Agent

     

    By: 

      
        

      

       

    

    Name:

    Its:

     

    By:

      
        

      

       

    

    Name:

    Its:

     

    
      
        
        

      

      
        37

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