Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - DynaMotive Energy Systems Corporation - Exhibit 4.1

Exhibit 4.1 

The DynaMotive Energy Systems Corporation 1993 Stock Option Plan

DYNAMOTIVE ENERGY SYSTEMS CORPORATION 

1993 STOCK OPTION PLAN 

SECTION 1: PURPOSE; DEFINITIONS 

          The
DynaMotive Energy Systems Corporation Stock Option Plan (the "Plan") was
established in 1993 to enable DynaMotive Energy Systems Corporation to reward
officers, directors, key employees and outside consultants so as to encourage
them to expend special efforts to increase shareholder value and develop
mutually beneficial long-term business relationships. The amended and restated
Plan set forth herein is a continuation of the Plan as originally adopted in
1993. 

          For
purposes of the Plan, the following terms shall be defined as set forth below:

	 	(a) 	
      "BOARD" means the Board of Directors of the
    Company.

	 	 	 
	 	(b) 	
      "CODE" means the United States Internal Revenue Code of
      1986, as amended from time to time, or any successor thereto.

	 	 	 
	 	(c) 	
      "COMMITTEE" means the committee appointed by the Board to
      administer the Plan in accordance with Section 2.

	 	 	 
	 	(d) 	
      "COMPANY" means DynaMotive Energy Systems
    Corporation.

	 	 	 
	 	(e) 	
      "ELIGIBLE EMPLOYEE" means an employee, director,
      consultant or advisor of the Company as described in Section 4.

	 	 	 
	 	(f) 	
      "FAIR MARKET VALUE" means, as of any given date, the
      average of the high and low trading prices of the Stock on the NASD’s Over
      the Counter Bulletin Board on such date, or if the Stock did not trade on
      such date, on the next preceding day on which trades were made.

	 	 	 
	 	(g) 	
      "INCENTIVE STOCK OPTION" means any Stock Option intended
      to qualify as an "incentive stock option" within the meaning of Section
      422 of the Code.

	 	 	 
	 	(h) 	
      "INCOME TAX ACT" means the Canadian income tax act as
      currently in effect, as amended from time to time, or any successor
      thereto.

	 	 	 
	 	(i) 	
      "NON-QUALIFIED STOCK OPTION" means any Stock Option that
      is not an Incentive Stock Option.

1 

	 	(j) 	
      "PARTICIPANT" means any Eligible Employee selected by the
      Committee to receive grants under the Plan.

	 	 	 
	 	(k) 	
      "STOCK" means the common stock of the Company.

	 	 	 
	 	(l) 	
      "STOCK OPTION" means any option to purchase shares of
      Stock granted pursuant to Section 5.

SECTION 2: ADMINISTRATION 

          The
Plan shall be administered by a Committee composed of not fewer than two members
of the Board. Members of the Committee shall be appointed by the Board and shall
serve at the pleasure of the Board. 

          The
Committee shall have the power and authority, in its discretion: 

	 	(i) 	
      to select Participants from among the Eligible
      Employees;

	 	 	 
	 	(ii) 	
      to determine whether and to what extent Stock Options,
      Restricted Stock, or any combination of the foregoing, are to be granted
      to Eligible Employees hereunder;

	 	 	 
	 	(iii) 	
      to determine the number of shares of Stock to be covered
      by each such award granted hereunder;

	 	 	 
	 	(iv) 	
      to determine the terms and conditions, not inconsistent
      with the terms of the Plan, of any award granted hereunder; and

	 	 	 
	 	(v) 	
      to determine the terms and conditions of any written
      instruments evidencing Stock Options, Restricted Stock, or any combination
      of the foregoing awarded under the Plan.

          The
Committee shall have the authority to adopt, alter and repeal such
administrative rules, guidelines and practices governing the Plan as it shall,
from time to time, deem advisable; to interpret the terms and provisions of the
Plan and any award issued under the Plan (and any agreements relating thereto);
and to otherwise supervise the administration of the Plan. 

          All
decisions made by the Committee pursuant to the provisions of the Plan shall be
final and binding on all persons, including the Company and the Participants.

SECTION 3: STOCK SUBJECT TO PLAN 

          Subject
to adjustment in accordance with the second and third paragraphs of this Section
3, the maximum number of shares of Stock reserved and available for awards made
under the Plan in any calendar year shall be equal to no greater than an
aggregate of 15% of the total amount of the shares of common Stock outstanding
of the Company.

2 

          To
the extent that a Stock Option expires or is otherwise terminated without being
exercised, the shares of Stock underlying such Stock Option shall again be
available for issuance in connection with future awards under the Plan. 

          In
the event of any merger, reorganization, consolidation, recapitalization, stock
dividend, or other change in corporate structure affecting the Stock, the
Committee shall make an appropriate adjustment in (i) the aggregate number of
shares of Stock reserved for issuance under the Plan or for which awards may be
made under the Plan, and (ii) the number and Option Price of shares of Stock
subject to outstanding Stock Options granted under the Plan; provided, that the
number of shares of Stock subject to any award shall always be a whole number.
The Committee may make other substitutions or adjustments, but no such
substitution or adjustment shall be effective if it would cause any Stock Option
previously granted to an individual described in Section 162(m)(3) of the Code
to fail to qualify for the performance-based compensation exception prescribed
by Section 162(m)(4)(C) of the code; and further provided, that no such
substitution or adjustment shall be effective, without the Participant's
consent, if it would cause the Incentive Stock Options status of any Stock
Option held by the Participant to be impaired. A sale of all or substantially
all of the assets of the Company for which a substantial portion of the
consideration provided consists of securities shall be deemed a consolidation,
amalgamation or merger for the purposes hereof. 

          Shares
issued pursuant to Plan awards may consist in whole or in part of authorized and
unissued shares or of treasury shares. 

SECTION 4: ELIGIBILITY 

          Officers,
directors, key employees of the Company and consultants and advisors to the
Company who are responsible for or contribute to the growth and/or profitability
of the business of the Company shall be deemed to be Eligible Employees who
eligible to be granted awards hereunder. The Participants under the Plan shall
be selected from time to time by the Plan Administering Committee from among
those Eligible Employees, and the Committee shall determine the number of shares
of Stock covered by each award. 

SECTION 5: STOCK OPTIONS 

          Stock
Options may be granted alone, in addition to or in combination with other awards
granted under the Plan. Any Stock Option granted under the Plan shall be in such
form as the Plan Administering Committee may from time to time approve, and the
provisions of Stock Option awards need not be the same with respect to each
Participant. Recipients of Stock Options shall enter into a stock option
agreement with the Company, in such form as the Committee shall determine, which
agreement shall set forth, either expressly or by incorporation of the terms of
the Plan, among other things, the Option Price, the term of the Stock Option and
provisions regarding exercisability of the Stock Option granted thereunder. 

          Stock
Options granted under the Plan may be of two types: (i) Incentive Stock Options
and (ii) Non-Qualified Stock Options. The Committee shall have the authority to
grant any 

3 

Participant Incentive Stock Options, Non-Qualified Stock
Options, or both types of stock options as designated. 

          Stock
Options granted under the Plan shall be subject to the following terms and
conditions and shall contain such additional terms and conditions, not
inconsistent with the terms of the Plan, as the Committee may determine: 

          (a)
OPTION PRICE. The Option Price per share of Stock purchasable under a Stock
Option shall be determined by the Committee at the date of grant but in the case
of an Incentive Stock Option shall be not less than 100% of the Fair Market
Value of the Stock on such date. 

          (b)
OPTION TERM. The term of each Stock Option shall be fixed by the Committee, but
no Stock Option shall be exercisable more than ten years after the date such
Stock Option is granted. 

          (c)
EXERCISABILITY. Stock Options shall be exercisable at such time or times and
subject to such terms and conditions as shall be determined by the Committee at
or after grant. The Committee may accelerate the exercisability of a Stock
Option at any time, to such extent as it may determine. 

          (d)
TIMING AND METHOD OF EXERCISE. The exercise of a Stock Option shall be
accomplished by giving written notice of exercise to the Company specifying the
number of shares of Stock to be purchased, accompanied by payment in full of the
Option Price in cash or certified check payable to the Company. The Company
shall, prior to the delivery of any shares of Stock subject to an exercise, make
arrangements for the payment of withholding taxes, if any, as provided in
Section 6(d). 

          (e)
NON-TRANSFERABILITY OF OPTIONS. No Incentive Stock Option shall be transferable
by the Participant otherwise than by will or by the laws of descent and
distribution, and all Incentive Stock Options shall be exercisable, during the
Participant's lifetime, only by the Participant. Non-qualified Stock Options
shall be transferable only to the extent, if any, determined by the Committee.

          (f)
TERMINATION OF ELIGIBLE EMPLOYEES BY REASON OF DEATH OR DISABILITY. If a
Participant's employment with the Company terminates by reason of death, any
Stock Option held by the Participant at time of death may thereafter be
exercised, to the extent exercisable immediately prior to death (or on such
accelerated basis as the Committee shall determine at or after grant), by the
legal representative of the estate of the Participant for a period within one
year after the date of Employee's death. If the termination is for reason of
Disability, any Stock Option held by such Participant may thereafter be
exercised to the extent it was exercisable at the time of such termination (or
on such accelerated basis as the Committee shall determine at or after grant),
for a period of one year (or such shorter period as the Committee shall specify
at grant) from the date of such termination of employment or until the
expiration of the stated term of such Stock Option, whichever period is shorter,
provided, however, that, if the Participant dies within such one-year period (or
such shorter period as the Committee shall specify at grant), any unexercised
Stock Option held by such Participant shall 

4 

thereafter be exercisable to the extent to which it was
exercisable at the time of death for a period of one year (or such shorter
period as the Committee shall specify at grant) from the time of such death or
until the expiration of the stated term of such Stock Option, whichever period
is shorter. 

          (g)
OTHER TERMINATION. Except as otherwise provided in this Section 5, unless
otherwise determined by the Committee, if a Participant's employment with the
Company terminates for any reason other than death or Disability, the Stock
Option may thereafter be exercised to the extent it was exercisable at the time
of such termination (or on such accelerated basis as the Committee shall
determine at or after grant) for the lesser of thirty (30) calendar days from
the date of termination or until the expiration of such Stock Option's term;
provided, that if the Participant's employment is terminated for cause, all
Stock Options then held by the Participant may provide that they are terminated
immediately.

SECTION 6: GENERAL PROVISIONS 

	 	(a) 	
      The Committee may require each person purchasing shares
      of Stock pursuant to a Stock Option to represent to and agree with the
      Company in writing that such person is acquiring the shares of Stock
      without a view to distribution thereof. The certificates for such shares
      of Stock may include any legend which the Committee deems appropriate to
      reflect any restrictions on transfer.

	 	 	 
	 	(b) 	
      All certificates for shares of Stock delivered under the
      Plan shall be subject to such stock-transfer orders and other restrictions
      as the Committee may deem advisable under the rules, regulations, and
      other requirements of the Securities and Exchange Commission, any stock
      exchange upon which the Stock is then listed, and any applicable Federal
      or state securities law, and the Committee may cause a legend or legends
      to be put on any such certificates to make appropriate references to such
      restrictions.

	 	 	 
	 	(c) 	
      Nothing contained in the Plan shall prevent the Board
      from adopting other or additional compensation arrangements, subject to
      stockholder approval if such approval is required; and such arrangements
      may be either generally applicable or applicable only in specific cases.
      The Plan shall not interfere in any way with the right of the Company to
      terminate the employment of any of its employees at any time or to
      terminate the services of any consultant or advisor to the
  Company.

	 	 	 
	 	(d) 	
      Each Participant may be required to pay, no later than
      the date as of which the value of an award first becomes includible in the
      gross income of the Participant for Federal income tax purposes, to the
      Company, or make arrangements satisfactory to the Company regarding
      payment of, any Federal, state, or local taxes of any kind required by law
      to be withheld with respect to the award. The obligations of the Company
      under the Plan shall be conditional on such payment or arrangements and
      the Company (and, where applicable, its Subsidiaries) shall, to the extent
      permitted by law, have the right to deduct any such taxes from any payment
      of any kind otherwise due to the Participant.

5 

	 	(e) 	
      No member of the Board or the Committee, nor any officer
      or employee of the Company acting on behalf of the Board or the Committee,
      shall be personally liable for any action, determination, or
      interpretation taken or made in good faith with respect to the Plan, and
      all members of the Board or the Committee and each and any officer or
      employee of the Company acting on their behalf shall, to the extent
      permitted by law, be fully indemnified and protected by the Company in
      respect of any such action, determination or
  interpretation.

SECTION 7: EFFECTIVE DATE OF PLAN 

          The
Plan as herein amended is presently in effect. 

SECTION 8: TERM OF PLAN 

          No
Stock Option or Restricted Stock award shall be granted under the Plan on or
after May 31, 2012, but awards granted prior to said date may extend beyond that
date. 

6Form of Indenture of TBS International Limited.

    EXHIBIT
      4.3

    TBS
      INTERNATIONAL LIMITED

     

    AND

     

    THE
      BANK OF NEW YORK

     

    as
      Trustee

     

    Senior
      Debt Securities

     

    INDENTURE

     

    Dated
      as of _______ __, 200__

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CROSS
      REFERENCE SHEET *

     

    Provisions
      of Sections 310 through 318(a) inclusive of the Trust Indenture Act of
      1939, as amended, and the Indenture dated as of _______ __, 200__ between
      TBS International Limited and The Bank of New York Trust Company, N.A., as
      Trustee.

    

      
        	
                Section

                of

                Trust
                  Indenture Act

              	
                Section

                of

                Indenture

              
	
                310(a)(1)

              	
                6.10

              
	
                310(a)(2)

              	
                6.10

              
	
                310(a)(3)

              	
                N/A

              
	
                310(a)(4)

              	
                N/A

              
	
                310(a)(5)

              	
                6.10

              
	
                310(b)

              	
                6.10

              
	
                310(c)

              	
                N/A

              
	
                311(a)

              	
                6.11

              
	
                311(b)

              	
                6.11

              
	
                311(c)

              	
                N/A

              
	
                312(a)

              	
                4.01

              
	
                312(b)

              	
                4.02(b)

              
	
                312(c)

              	
                4.02(c)

              
	
                313(a)

              	
                6.06

              
	
                313(b)

              	
                6.06

              
	
                313(c)

              	
                6.06

              
	
                313(d)

              	
                6.06

              
	
                314(a)

              	
                3.04
                  and 4.03

              
	
                314(b)

              	
                N/A

              
	
                314(c)(1)

              	
                2.04
                  and 13.05

              
	
                314(c)(2)

              	
                2.04
                  and 13.05

              
	
                314(c)(3)

              	
                N/A

              
	
                314(d)

              	
                N/A

              
	
                314(e)

              	
                13.05

              
	
                315(a)

              	
                6.01(b)

              
	
                315(b)

              	
                6.05

              
	
                315(c)

              	
                6.01(a)

              
	
                315(d)

              	
                6.01(c)

              
	
                315(e)

              	
                5.10

              
	
                316(a)(1)(A)

              	
                5.08

              
	
                316(a)(1)(B)

              	
                5.09

              
	
                316(a)(2)

              	
                N/A

              
	
                316(b)

              	
                5.06

              
	
                316(c)

              	
                2.07

              
	
                317(a)(1)

              	
                5.02

              
	
                317(a)(2)

              	
                5.02

              
	
                317(b)

              	
                3.02
                  and 3.03

              
	
                318(a)

              	
                13.07

              

      

       

    

    *
      This
      cross reference sheet shall not, for any purpose, be deemed to be a part of
      the
      Indenture.

     

    Attention
      should also be directed to Section 318(c) of the Trust Indenture Act of
      1939, as amended, which provides that the provisions of Sections 310
      through 317 of such Act are a part of and govern every qualified indenture,
      whether or not physically contained therein.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    
      
        
          	
                  RECITALS

                	
                  1

                
	
                  ARTICLE
                    1 DEFINITIONS

                	
                  1

                
	 	
                  SECTION
                    1.01.

                	
                  Certain
                    Terms Defined

                	
                  1

                
	
                  ARTICLE
                    2 SECURITIES

                	
                  5

                
	 	
                  SECTION
                    2.01.

                	
                  Forms
                    Generally

                	
                  5

                
	 	
                  SECTION
                    2.02.

                	
                  Form
                    of Trustee's Certificate of Authentication

                	
                  5

                
	 	
                  SECTION
                    2.03.

                	
                  Amount
                    Unlimited; Issuable in Series

                	
                  6

                
	 	
                  SECTION
                    2.04.

                	
                  Authentication
                    and Delivery of Securities

                	
                  8

                
	 	
                  SECTION
                    2.05.

                	
                  Execution
                    of Securities

                	
                  9

                
	 	
                  SECTION
                    2.06.

                	
                  Certificate
                    of Authentication

                	
                  9

                
	 	
                  SECTION
                    2.07.

                	
                  Denomination
                    and Date of Securities; Payments of Interest

                	
                  9

                
	 	
                  SECTION
                    2.08.

                	
                  Registration,
                    Registration of Transfer and Exchange

                	
                  11

                
	 	
                  SECTION
                    2.09.

                	
                  Mutilated,
                    Defaced, Destroyed, Lost and Stolen Securities

                	
                  11

                
	 	
                  SECTION
                    2.10.

                	
                  Cancellation
                    of Securities

                	
                  12

                
	 	
                  SECTION
                    2.11.

                	
                  Temporary
                    Securities

                	
                  13

                
	 	
                  SECTION
                    2.12.

                	
                  Securities
                    in Global Form

                	
                  13

                
	 	
                  SECTION
                    2.13.

                	
                  CUSIP
                    Numbers

                	
                  14

                
	
                  ARTICLE
                    3 COVENANTS OF THE COMPANY

                	
                  14

                
	 	
                  SECTION
                    3.01.

                	
                  Payment
                    of Principal and Interest

                	
                  14

                
	 	
                  SECTION
                    3.02.

                	
                  Offices
                    for Payment, Etc.

                	
                  14

                
	 	
                  SECTION
                    3.03.

                	
                  Paying
                    Agents

                	
                  15

                
	 	
                  SECTION
                    3.04.

                	
                  Officers'
                    Certificate

                	
                  15

                
	 	
                  SECTION
                    3.05.

                	
                  Calculation
                    of Original Issue Discount

                	
                  15

                
	
                  ARTICLE
                    4 HOLDERS' LISTS AND REPORTS BY THE COMPANY

                	
                  16

                
	 	
                  SECTION
                    4.01.

                	
                  Company
                    to Furnish Trustee Information as to Names and Addresses of
                    Holders

                	
                  16

                
	 	
                  SECTION
                    4.02.

                	
                  Preservation
                    and Disclosure of Holders' Lists

                	
                  16

                
	 	
                  SECTION
                    4.03.

                	
                  Reports
                    by the Company

                	
                  18

                
	
                  ARTICLE
                    5 REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT OF DEFAULT

                	
                  18

                
	 	
                  SECTION
                    5.01.

                	
                  Event
                    of Default Defined; Acceleration of Maturity; Waiver of
                    Default

                	
                  18

                
	 	
                  SECTION
                    5.02.

                	
                  Collection
                    of Indebtedness by Trustee; Trustee May Prove Debt

                	
                  20

                
	 	
                  SECTION
                    5.03.

                	
                  Application
                    of Proceeds

                	
                  22

                
	 	
                  SECTION
                    5.04.

                	
                  Restoration
                    of Rights on Abandonment of Proceedings

                	
                  22

                
	 	
                  SECTION
                    5.05.

                	
                  Limitations
                    on Suits by Holders

                	
                  22

                
	 	
                  SECTION
                    5.06.

                	
                  Unconditional
                    Right of Holders to Institute Certain Suits

                	
                  23

                
	 	
                  SECTION
                    5.07.

                	
                  Powers
                    and Remedies Cumulative; Delay or Omission Not Waiver of
                    Default

                	
                  23

                
	 	
                  SECTION
                    5.08.

                	
                  Control
                    by Holders

                	
                  23

                
	 	
                  SECTION
                    5.09.

                	
                  Waiver
                    of Past Defaults

                	
                  24

                
	 	
                  SECTION
                    5.10.

                	
                  Right
                    of Court to Require Filing of Undertaking to Pay Costs

                	
                  24

                
	 	
                  SECTION
                    5.11.

                	
                  Suits
                    for Enforcement

                	
                  24

                
	
                  ARTICLE
                    6 CONCERNING THE TRUSTEE

                	
                  24

                
	 	
                  SECTION
                    6.01.

                	
                  Duties
                    of Trustee

                	
                  24

                
	 	
                  SECTION
                    6.02.

                	
                  Rights
                    of Trustee

                	
                  25

                
	 	
                  SECTION
                    6.03.

                	
                  Individual
                    Rights of Trustee

                	
                  27

                
	 	
                  SECTION
                    6.04.

                	
                  Trustee's
                    Disclaimer

                	
                  27

                
	 	
                  SECTION
                    6.05.

                	
                  Notice
                    of Defaults

                	
                  27

                
	 	
                  SECTION
                    6.06.

                	
                  Reports
                    by Trustee to Holders

                	
                  28

                
	 	
                  SECTION
                    6.07.

                	
                  Compensation
                    and Indemnity

                	
                  28

                
	 	
                  SECTION
                    6.08.

                	
                  Replacement
                    of Trustee

                	
                  29

                
	 	
                  SECTION
                    6.09.

                	
                  Successor
                    Trustee by Merger

                	
                  29

                
	 	
                  SECTION
                    6.10.

                	
                  Eligibility;
                    Disqualification

                	
                  29

                
	 	
                  SECTION
                    6.11.

                	
                  Preferential
                    Collection of Claims Against Company

                	
                  30

                
	
                  ARTICLE
                    7 CONCERNING THE HOLDERS

                	
                  30

                
	 	
                  SECTION
                    7.01.

                	
                  Evidence
                    of Action Taken by Holders

                	
                  30

                
	 	
                  SECTION
                    7.02.

                	
                  Proof
                    of Execution of Instruments

                	
                  30

                
	 	
                  SECTION
                    7.03.

                	
                  Holders
                    to Be Treated as Owners

                	
                  30

                
	 	
                  SECTION
                    7.04.

                	
                  Securities
                    Owned by Company Deemed Not Outstanding

                	
                  30

                
	 	
                  SECTION
                    7.05.

                	
                  Right
                    of Revocation of Action Taken

                	
                  31

                
	
                  ARTICLE
                    8 SUPPLEMENTAL INDENTURES

                	
                  31

                
	 	
                  SECTION
                    8.01.

                	
                  Supplemental
                    Indentures Without Consent of Holders

                	
                  31

                
	 	
                  SECTION
                    8.02.

                	
                  Supplemental
                    Indentures with Consent of Holders

                	
                  32

                
	 	
                  SECTION
                    8.03.

                	
                  Effect
                    of Supplemental Indenture

                	
                  33

                
	 	
                  SECTION
                    8.04.

                	
                  Documents
                    to Be Given to Trustee

                	
                  34

                
	 	
                  SECTION
                    8.05.

                	
                  Notation
                    on Securities in Respect of Supplemental Indentures

                	
                  34

                
	
                  ARTICLE
                    9 CONSOLIDATION, MERGER, SALE OR CONVEYANCE

                	
                  34

                
	 	
                  SECTION
                    9.01.

                	
                  Company
                    May Consolidate, Etc. on Certain Terms

                	
                  34

                
	 	
                  SECTION
                    9.02.

                	
                  Successor
                    Corporation Substituted

                	
                  34

                
	 	
                  SECTION
                    9.03.

                	
                  Opinion
                    of Counsel to Trustee

                	
                  35

                
	
                  ARTICLE
                    10 SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE; UNCLAIMED
                    FUNDS

                	
                  35

                
	 	
                  SECTION
                    10.01.

                	
                  Satisfaction
                    and Discharge of Indenture; Defeasance

                	
                  35

                
	 	
                  SECTION
                    10.02.

                	
                  Conditions
                    to Defeasance

                	
                  36

                
	 	
                  SECTION
                    10.03.

                	
                  Application
                    of Trust Money

                	
                  36

                
	 	
                  SECTION
                    10.04.

                	
                  Repayment
                    to Company

                	
                  37

                
	 	
                  SECTION
                    10.05.

                	
                  Indemnity
                    for Government Obligations

                	
                  37

                
	 	
                  SECTION
                    10.06.

                	
                  Reinstatement

                	
                  37

                
	
                  ARTICLE
                    11 REDEMPTION OF SECURITIES AND SINKING FUNDS

                	
                  37

                
	 	
                  SECTION
                    11.01.

                	
                  Applicability
                    of Article

                	
                  37

                
	 	
                  SECTION
                    11.02.

                	
                  Notice
                    of Redemption; Partial Redemptions

                	
                  37

                
	 	
                  SECTION
                    11.03.

                	
                  Payment
                    of Securities Called for Redemption

                	
                  39

                
	 	
                  SECTION
                    11.04.

                	
                  Exclusion
                    of Certain Securities from Eligibility for Selection for
                    Redemption

                	
                  40

                
	 	
                  SECTION
                    11.05.

                	
                  Mandatory
                    and Optional Sinking Funds

                	
                  40

                
	 	
                  SECTION
                    11.06.

                	
                  Repayment
                    at the Option of the Holders

                	
                  42

                
	 	
                  SECTION
                    11.07.

                	
                  Conversion
                    Arrangement on Call for Redemption

                	
                  42

                
	
                  ARTICLE
                    12 CONVERSION OF SECURITIES

                	
                  43

                
	 	
                  SECTION
                    12.01.

                	
                  Applicability
                    of Article

                	
                  43

                
	 	
                  SECTION
                    12.02.

                	
                  Right
                    of Holders to Convert Securities into Common Shares

                	
                  43

                
	 	
                  SECTION
                    12.03.

                	
                  Issuance
                    of Common Shares on Conversions

                	
                  44

                
	 	
                  SECTION
                    12.04.

                	
                  No
                    Payment or Adjustment for Interest or Dividends

                	
                  45

                
	 	
                  SECTION
                    12.05.

                	
                  Adjustment
                    of Conversion Price

                	
                  45

                
	 	
                  SECTION
                    12.06.

                	
                  No
                    Fractional Shares to Be Issued

                	
                  48

                
	 	
                  SECTION
                    12.07.

                	
                  Preservation
                    of Conversion Rights upon Consolidation, Amalgamation, Merger,
                    Sale or
                    Conveyance

                	
                  49

                
	 	
                  SECTION
                    12.08.

                	
                  Notice
                    to Holders of the Securities of a Series Prior to Taking Certain
                    Types of
                    Action

                	
                  49

                
	 	
                  SECTION
                    12.09

                	
                  Covenant
                    to Reserve Shares for Issuance on Conversion of Securities

                	
                  50

                
	 	
                  SECTION
                    12.10.

                	
                  Compliance
                    with Governmental Requirements

                	
                  50

                
	 	
                  SECTION
                    12.11.

                	
                  Payment
                    of Taxes upon Certificates for Shares Issued upon
                    Conversion

                	
                  50

                
	 	
                  SECTION
                    12.12.

                	
                  Trustee's
                    Duties with Respect to Conversion Provisions

                	
                  51

                
	 	
                  SECTION
                    12.13.

                	
                  Conversion
                    of Securities into Preferred Shares or Other Securities

                	
                  51

                
	
                  ARTICLE
                    13 MISCELLANEOUS PROVISIONS

                	
                  51

                
	 	
                  SECTION
                    13.01.

                	
                  Incorporators,
                    Shareholders, Officers and Directors of Company Exempt from Individual
                    Liability

                	
                  51

                
	 	
                  SECTION
                    13.02.

                	
                  Provisions
                    of Indenture for the Sole Benefit of Parties and Holders

                	
                  51

                
	 	
                  SECTION
                    13.03.

                	
                  Successors
                    and Assigns of Company Bound by Indenture

                	
                  52

                
	 	
                  SECTION
                    13.04.

                	
                  Notices
                    and Demands on Company, Trustee and Holders

                	
                  52

                
	 	
                  SECTION
                    13.05.

                	
                  Officers'
                    Certificates and Opinions of Counsel; Statements to Be Contained
                    Therein

                	
                  52

                
	 	
                  SECTION
                    13.06.

                	
                  Payments
                    Due on Saturdays, Sundays and Holidays

                	
                  53

                
	 	
                  SECTION
                    13.07.

                	
                  Conflict
                    of any Provision of Indenture with Trust Indenture Act

                	
                  53

                
	 	
                  SECTION
                    13.08.

                	
                  New
                    York Law to Govern

                	
                  54

                
	 	
                  SECTION
                    13.09.

                	
                  Counterparts

                	
                  54

                
	 	
                  SECTION
                    13.10.

                	
                  Effect
                    of Headings; Gender

                	
                  54

                
	 	
                  SECTION
                    13.11.

                	
                  Waiver
                    of Jury Trial

                	
                  54

                
	 	
                  SECTION
                    13.12.

                	
                  Force
                    Majeure

                	
                  54

                

        

      

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDENTURE

     

    This
      INDENTURE (this “Indenture”),
      dated
      as of ________ __, 200__, is by and between TBS INTERNATIONAL LIMITED, a
      Bermuda company (the “Company”),
      and
      THE BANK OF NEW YORK, a national banking association, as trustee (the
“Trustee”).

     

    RECITALS

     

    A. The
      Company has duly authorized the issue from time to time of its debentures,
      notes
      or other evidences of indebtedness (the “Securities”)
      to be
      issued in one or more Series.

     

    B. All
      things necessary to make this Indenture a valid, legally binding indenture
      and
      agreement according to its terms have been done.

     

    NOW,
      THEREFORE, in consideration of the premises and the purchase of the Securities
      by the Holders thereof, it is mutually agreed for the equal and ratable benefit
      of the Holders from time to time of the Securities or of Series thereof as
      follows.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      1

    DEFINITIONS

     

    SECTION
      1.01.  Certain
      Terms Defined.  Unless
      otherwise specified as contemplated by Section 2.03 for the Securities of any
      Series, the following terms (except as otherwise expressly provided or unless
      the context otherwise clearly requires) for all purposes of this Indenture
      and
      of any indenture supplemental hereto shall have the respective meanings
      specified in this Section 1.01. All other terms (except as herein otherwise
      expressly provided or unless the context otherwise clearly requires) used in
      this Indenture that are defined in the Trust Indenture Act or the definitions
      of
      which in the Securities Act are referred to in the Trust Indenture Act,
      including terms defined therein by reference to the Securities Act, shall have
      the meanings assigned to such terms in the Trust Indenture Act and the
      Securities Act as in force at the date of this Indenture. All accounting terms
      used herein and not expressly defined shall have the meanings assigned to such
      terms in accordance with GAAP. The words “herein”,
      “hereof”
and
      “hereunder”
and
      other words of similar import refer to this Indenture as a whole, as
      supplemented and amended from time to time, and not to any particular Article,
      Section or other subdivision. The terms defined in this Article 1 have the
      meanings assigned to them in this Article 1 and include the plural as well
      as
      the singular.

     

    “Board
      of Directors”
means
      either the Board of Directors of the Company or any duly authorized committee
      of
      that Board or any duly authorized committee created by that Board.

     

    “Business
      Day”,
      except
      as may otherwise be provided in the form of Securities of any particular Series,
      with respect to any Place of Payment or place of publication means any day,
      other than a Saturday, Sunday or day on which banking institutions are
      authorized or required by law or regulation to close in that Place of Payment
      or
      place of publication.

     

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

     

    “Common
      Shares”
means
      the common shares, par value $0.01 per share, of the Company as they exist
      on
      the date of this Indenture, or any other shares of the Company into which such
      shares shall be reclassified or changed.

     

    “Company”
means
      the Person identified as the “Company” in the first paragraph hereof until a
      successor company shall have become such pursuant to the applicable provisions
      hereof, and thereafter “Company” shall mean such successor company.

     

    “Corporate
      Trust Office”
means
      the principal corporate trust office of the Trustee at which at any particular
      time its corporate trust business shall be administered, which office at the
      date of execution of this Indenture is located at One Wall Street, New
      York, N.Y. 10286.

     

    “covenant
      defeasance option”
has
      the
      meaning specified in Section 10.01(b). 

     

    “defaulted
      interest”
has
      the
      meaning specified in Section 2.07.

     

    “Depository”,
      with
      respect to Securities of any Series for which the Company shall determine that
      such Securities will be issued as a Depository Security, means The Depository
      Trust Company or another clearing agency or any successor registered under
      the
      Securities Exchange Act or other applicable statute or regulation, which, in
      each case, shall be designated by the Company pursuant to Sections 2.03 and
      2.12.

     

    “Depository
      Security”,
      with
      respect to any Series of Securities, means a Security executed by the Company
      and authenticated and delivered by the Trustee to the Depository or pursuant
      to
      the Depository’s instruction, all in accordance with this Indenture and pursuant
      to a resolution of the Board of Directors or an indenture supplemental hereto
      as
      contemplated by Section 2.03, which shall be registered as to principal and
      interest in the name of the Depository or its nominee and shall represent,
      and
      shall be denominated in an amount equal to the aggregate principal amount of,
      all of the Outstanding Securities of such Series.

     

    “Event
      of Default”
has
      the
      meaning specified in Section 5.01.

     

    “GAAP”
means
      such accounting principles as are generally accepted at the time of any
      computation hereunder.

     

    “Government
      Obligations”,
      unless
      otherwise specified pursuant to Section 2.03, means securities that are
      (i) direct obligations of the United States government or
      (ii) obligations of a Person controlled or supervised by, or acting as an
      agency or instrumentality of, the United States government, the payment of
      which
      obligations is unconditionally guaranteed by such government, and that, in
      either case, are full faith and credit obligations of such government and are
      not callable or redeemable at the option of the issuer thereof.

     

    “Holder”,
      “Holder
      of Securities”,
      “Registered
      Holder”,
      or
      other similar terms mean the Person in whose name at the time a particular
      Security is registered in the Security register.

     

    “Indenture”
means
      this instrument as originally executed or as it may from time to time be amended
      or supplemented as herein provided, as so amended or supplemented or both,
      and
      shall include the forms and terms of particular Series of Securities established
      as contemplated by Section 2.03.

     

    “legal
      defeasance option”
has
      the
      meaning specified in Section 10.01(b). 

     

    “Officers’
      Certificate”
means
      a
      certificate signed on behalf of the Company by the chairman of the Board of
      Directors or the president or any vice president and by the treasurer, the
      controller, any assistant treasurer, the secretary or any assistant secretary
      of
      the Company and delivered to the Trustee. Each such certificate shall include
      the statements provided for in Section 13.05.

     

    “Opinion
      of Counsel”
means
      a
      written opinion of legal counsel who may be an employee of or counsel to the
      Company. Each Opinion of Counsel shall include the statements provided for
      in
      Section 13.05, if and to the extent required hereby.

     

    “original
      issue date”
of
      any
      Security means the date set forth as such on such Security.

     

    “Original
      Issue Discount Security”
means
      any Security that provides for an amount less than the principal amount thereof
      to be due and payable upon a declaration of acceleration of the maturity thereof
      pursuant to Section 5.01.

     

    “Outstanding”,
      when
      used with reference to Securities of any Series as of any particular time,
      subject to the provisions of Section 7.04, means all Securities of that
      Series authenticated and delivered under this Indenture, except:

     

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

     

    (b) Securities,
      or portions thereof, for the payment or redemption of which the necessary funds
      in the required currency shall have been deposited in trust with the Trustee
      or
      with any Paying Agent other than the Company, or shall have been set aside,
      segregated and held in trust by the Company for the holders of such Securities
      if the Company shall act as its own Paying Agent, provided that if such
      securities, or portions thereof, are to be redeemed prior to the maturity
      thereof, notice of such redemption shall have been given as herein provided,
      or
      provision satisfactory to the Trustee shall have been made for giving such
      notice;

     

    (c) Securities
      in substitution for which other Securities shall have been authenticated and
      delivered pursuant to the terms of Section 2.09, except with respect to any
      such Security as to which proof satisfactory to the Trustee and the Company
      is
      presented that such Security is held by a person in whose hands such Security
      is
      a legal, valid and binding obligation of the Company;

     

    (d) Securities
      converted into Common Shares or Preferred Shares in accordance with or as
      contemplated by this Indenture; and

     

    (e) Securities
      with respect to which the Company has effected defeasance as provided in
      Article 10.

     

    “Paying
      Agent”
means
      any Person, which may include the Company, authorized by the Company to pay
      the
      principal of or interest, if any, on any Security of any Series on behalf of
      the
      Company.

     

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

     

    “Place
      of Payment”,
      when
      used with respect to the Securities of any Series, means the place or places
      where the principal of and interest on the Securities of that Series are payable
      as specified pursuant to Section 3.02.

     

    “Preferred
      Shares”
means
      any shares issued by the Company that are entitled to a preference or priority
      over the Common Shares upon any distribution of the Company’s assets, whether by
      dividend or upon liquidation.

     

    “principal”
      whenever used with reference to the Securities or any Security or any portion
      thereof shall be deemed to include “and premium, if any.”

     

    “Responsible
      Officer”,
      when
      used with respect to the Trustee, means any officer within the corporate trust
      department of the Trustee, including any vice president, assistant vice
      president, assistant secretary, senior trust officer, trust officer or any
      other
      officer or assistant officer of the Trustee customarily performing functions
      similar to those performed by the individuals who at the time shall be such
      officers, respectively, or to whom any corporate trust matter is referred at
      the
      Corporate Trust Office because of his or her knowledge of and familiarity with
      the particular subject.

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended, as in force at the date as of which
      this
      Indenture was originally executed.

     

    “Securities
      Exchange Act”
means
      the Securities Exchange Act of 1934, as amended, as in force at the date as
      of
      which this Indenture was originally executed.

     

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

     

    “Series”
or
      “Series
      of Securities”
means
      all Securities of a similar tenor authorized by a particular resolution of
      the
      Board of Directors or in one or more indentures supplemental
      hereto.

     

    “Subsidiary”
      means:
      (i) a corporation in which the Company and/or one or more Subsidiaries of
      the Company directly or indirectly owns, at the date of determination, a
      majority of the capital stock with voting power under ordinary circumstances
      to
      elect directors; (ii) a partnership, limited liability company, joint
      venture or similar entity in which the Company and/or one or more Subsidiaries
      of the Company directly or indirectly holds, at the date of determination,
      a
      majority interest in the equity capital or profits or other similar interests
      of
      such entity; or (iii) any other unincorporated Person in which the Company
      and/or one or more Subsidiaries of the Company directly or indirectly owns
      at
      the date of determination (x) at least a majority ownership interest or
      (y) the power to elect or direct the election of a majority of the
      directors or other governing body of such Person.

     

    “Trust
      Indenture Act”,
      except
      as otherwise provided in Sections 8.01 and 8.02, means the Trust Indenture
      Act
      of 1939, as amended, as in force at the date as of which this Indenture was
      originally executed.

     

    “Trustee”
means
      the Person identified as the “Trustee” in the first paragraph hereof until a
      successor Trustee shall have become such pursuant to the applicable provisions
      hereof, and thereafter “Trustee” shall mean each Person who is then a Trustee
      hereunder. If at any time there is more than one such Person, “Trustee” as used
      with respect to the Securities of any Series means the Trustee with respect
      to
      Securities of that Series.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      2

    SECURITIES

     

    SECTION
      2.01.  Forms
      Generally.  The
      Securities of each Series shall be substantially in such form, including
      temporary or definitive global form, as shall be established by or pursuant
      to a
      resolution of the Board of Directors or in one or more indentures supplemental
      hereto, in each case with such appropriate insertions, omissions, substitutions
      and other variations as are required or permitted by this Indenture, and may
      have imprinted or otherwise reproduced thereon such legend or legends, not
      inconsistent with the provisions of this Indenture, as may be required to comply
      with any law or with any rules or regulations, or with any rules of any
      securities exchange or to conform to general usage, all as may be determined
      by
      the officers executing such Securities as evidenced by their execution of the
      Securities.

     

    The
      definitive Securities may be printed or reproduced in any other manner, all
      as
      determined by the officers executing such Securities as evidenced by their
      execution of such Securities.

     

    SECTION
      2.02.  Form
      of Trustee’s Certificate of Authentication.  The
      Trustee’s certificate of authentication on all Securities shall be in
      substantially the following form:

     

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

     

                                                                    ___________________________,
      as Trustee

     

    By:_________________________      

                                                                            Authorized
      Signatory

     

    --
      or
      --

                                                                    ___________________________,
      as Trustee

     

    By:
      ________________________,
      

    as
      Authentication Agent

     

                                                                    By:
      ________________________

                                                                    Authorized
      Signatory

     

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

     

    The
      Securities may be issued in one or more Series. There shall be established
      in or
      pursuant to a resolution of the Board of Directors and set forth in an Officers’
Certificate, or established in one or more indentures supplemental hereto,
      prior
      to the issuance of Securities of any Series:

     

    (a) the
      title
      of the Securities of the Series (including CUSIP numbers), which shall
      distinguish the Securities of the Series from all other Securities issued by
      the
      Company;

     

    (b) any
      limit
      upon the aggregate principal amount of the Securities of the Series that may
      be
      authenticated and delivered under this Indenture, except for Securities
      authenticated and delivered upon registration of transfer of, or in exchange
      for
      or in lieu of, other Securities of the Series pursuant to Section 2.08,
      2.09, 2.11, 8.05 or 11.03;

     

    (c) the
      price
      at which the Securities of the Series will be issued; 

     

    (d) if
      other
      than 100% of their principal amount, the percentage of their principal amount
      payable upon maturity of the Securities of the Series;

     

    (e) the
      date
      or dates on which the principal of the Securities of the Series is payable
      or
      the method of determination thereof;

     

    (f) the
      rate
      or rates, which may be fixed or variable, or the method or methods of
      determination thereof, at which the Securities of the Series shall bear interest
      (including any interest rates applicable to overdue payments), if any, the
      date
      or dates from which such interest shall accrue, the interest payment dates
      on
      which such interest shall be payable, the record dates for the determination
      of
      Holders to whom interest is payable and the dates on which any other amounts,
      if
      any, will be payable;

     

    (g) the
      place
      or places where the principal of, premium and other amounts, if any, and
      interest, if any, on Securities of the Series shall be payable if other than
      as
      provided in Section 3.02;

     

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

     

    (i) if
      other
      than the principal amount thereof, the portion of the principal amount of the
      Securities of the Series payable upon declaration of acceleration of maturity
      thereof;
      

     

    (j) the
      obligation, if any, of the Company to redeem, purchase or repay Securities
      of
      the Series whether pursuant to any sinking fund or analogous provisions or
      pursuant to other provisions set forth therein or at the option of a Holder
      thereof and the price or prices at which and the period or periods within which
      and the terms and conditions upon which Securities of the Series shall be
      redeemed, purchased or repaid, in whole or in part;

     

    (k) the
      denominations in which Securities of the Series shall be issuable;

     

    (l) the
      form
      of the Securities, including such legends as required by law or as the Company
      deems necessary or appropriate and the form of any temporary global security
      that may be issued;

     

    (m) whether,
      and under what circumstances, the Securities of any Series shall be convertible
      into other securities of the Company and, if so, the terms and conditions upon
      which such conversion will be effected, including the initial conversion price
      or rate, the conversion period and other provisions in addition to or in lieu
      of
      those described herein;

     

    (n) whether
      there are any authentication agents, Paying Agents, transfer agents or
      registrars with respect to the Securities of such Series;

     

    (o) whether
      the Securities of such Series are to be issuable in whole or in part by one
      or
      more global notes registered in the name of a Depository or its
      nominee;

     

    (p) the
      ranking of the Securities of such Series as senior debt securities or
      subordinated debt securities;

     

    (q) if
      other
      than U.S. dollars, the currency or currencies (including composite currencies
      or
      currency units) in which the Securities of any Series may be purchased and
      in
      which payments on the Securities of such Series will be made (which currencies
      may be different for payments of principal, premium or other amounts, if any,
      and/or interest, if any);

     

    (r) if
      the
      Securities of any Series will be secured by any collateral, a description of
      the
      collateral and the terms and conditions of the security and realization
      provisions;

     

    (s) the
      provisions relating to any guarantee of the Securities of any Series, including
      the ranking thereof;

     

    (t) the
      ability, if any, to defer payments of principal, interest, or other amounts;
      and

     

    (u) any
      other
      specific terms or conditions of the Securities of any Series, including any
      additional Events of Default or covenants provided for with respect to the
      Securities of such Series, and any terms that may be required by or advisable
      under applicable laws or regulations. 

     

    All
      Securities of any one Series shall be substantially identical except as to
      denomination and except as otherwise may be provided in or pursuant to such
      resolution of the Board of Directors or in any such indenture supplemental
      hereto. All Securities of any one Series need not be issued at the same time,
      and unless otherwise provided, a Series may be reopened for issuances of
      additional Securities of such Series.

     

    SECTION
      2.04.  Authentication
      and Delivery of Securities.  At
      any time and from time to time after the execution and delivery of this
      Indenture, the Company may deliver Securities of any Series executed by the
      Company to the Trustee for authentication, and the Trustee shall thereupon
      authenticate and make available for delivery such Securities to or upon the
      written order of the Company, signed by both (a) the chairman of its Board
      of Directors, or its president or any vice president, and (b) its treasurer
      or any assistant treasurer or its secretary or any assistant secretary. At
      the
      time of the first authentication of Securities of a Series that provides for
      the
      issuance of Securities of that Series from time to time, and accepting the
      additional responsibilities under this Indenture in relation to such Securities,
      the Trustee shall be provided with and subject to Section 6.01 shall be
      fully protected in relying upon:

     

    (a) a
      copy of
      any resolution or resolutions of the Board of Directors relating to such Series,
      in each case certified by the secretary or an assistant secretary of the
      Company;

     

    (b) a
      supplemental indenture, if any;

     

    (c) an
      Officers’ Certificate setting forth the form and terms of the Securities of such
      Series as required pursuant to Sections 2.01 and 2.03, respectively, and
      prepared in accordance with Section 13.05; and

     

    (d) an
      Opinion of Counsel, prepared in accordance with Section 13.05, which shall
      state:

     

    (i) that
      the
      form or forms and terms of such Securities have been established by or pursuant
      to a resolution of the Board of Directors or by a supplemental indenture as
      permitted by Sections 2.01 and 2.03 in conformity with the provisions of
      this Indenture; and

     

    (ii) that
      such
      Securities have been duly authorized and, when authenticated and delivered
      by
      the Trustee and issued by the Company in the manner and subject to any
      conditions specified in such opinion of counsel, will constitute valid and
      binding obligations of the Company enforceable, in accordance with their terms,
      subject to applicable bankruptcy, insolvency, fraudulent conveyance,
      reorganization or other laws relating to or affecting the enforcement of
      creditors’ rights generally and by general equitable principles, regardless of
      whether such enforceability is considered in a proceeding in equity or at
      law.

     

    The
      Trustee shall have the right to decline to authenticate and deliver any
      Securities under this Section 2.04 if the issue of such Securities pursuant
      to this Indenture will affect the Trustee’s own rights, duties or immunities
      under this Indenture in a manner not reasonably acceptable to the
      Trustee.

     

    SECTION
      2.05.  Execution
      of Securities.  The
      Securities shall be signed on behalf of the Company by both (a) the
      chairman of its Board of Directors or its president or any vice president and
      (b) its treasurer or any assistant treasurer or its secretary or any
      assistant secretary. Such signatures may be the manual or facsimile signatures
      of such officers. The seal of the Company may be in the form of a facsimile
      thereof and may be impressed, affixed, imprinted or otherwise reproduced on
      the
      Securities. Typographical and other minor errors or defects in any such
      reproduction of the seal or any such signature shall not affect the validity
      or
      enforceability of any Security that has been duly authenticated and delivered
      by
      the Trustee.

     

    In
      case
      any officer of the Company who shall have signed any of the Securities shall
      cease to be such officer before the Security so signed shall be authenticated
      and delivered by the Trustee or disposed of by the Company, such Security
      nevertheless may be authenticated and delivered or disposed of as though the
      person who signed such Security had not ceased to be such officer of the
      Company. Any Security may be signed on behalf of the Company by such individuals
      as, at the actual date of the execution of such Security, shall be the proper
      officers of the Company, although at the date of the execution and delivery
      of
      this Indenture any such individual was not such an officer.

     

    SECTION
      2.06.  Certificate
      of Authentication.  Only
      such Securities as shall bear thereon a certificate of authentication
      substantially in the form set forth in Section 2.02 and executed by the
      Trustee by the manual signature of one of its authorized signatories shall
      be
      entitled to the benefits of this Indenture or be valid or obligatory for any
      purpose. Such certificate by the Trustee upon any Security executed by the
      Company shall be conclusive evidence that the Security so authenticated has
      been
      duly authenticated and delivered hereunder and that the Holder is entitled
      to
      the benefits of this Indenture.

     

    SECTION
      2.07.  Denomination
      and Date of Securities; Payments of Interest.  The
      Securities shall be issuable in denominations as shall be specified as
      contemplated by Section 2.03. In the absence of any such specification with
      respect to the Securities of any Series, Securities shall be issuable in
      denominations of $1,000 and any integral multiple thereof, and interest shall
      be
      computed on the basis of a 360-day year of twelve 30-day months. The Securities
      shall be numbered, lettered or otherwise distinguished in such manner or in
      accordance with such plan as the officers of the Company executing the same
      may
      determine with the approval of the Trustee as evidenced by its execution and
      authentication thereof.

     

    Each
      Security shall be dated the date of its authentication.

     

    Unless
      otherwise provided as contemplated by Section 2.03, interest on any
      Security that is payable, and is punctually paid or duly provided for, on any
      interest payment date shall be paid to the person in whose name that Security
      (or one or more predecessor securities) is registered at the close of business
      on the regular record date for the payment of such interest.

     

    The
      term
“record
      date”
as
      used
      with respect to any interest payment date (except for a date for payment of
      defaulted interest) means the date specified as such in the terms of the
      Securities of any particular Series or, if no such date is so specified, the
      close of business on the fifteenth day preceding such interest payment date,
      whether or not such record date is a Business Day.

     

    Any
      interest on any Security of any Series that is payable but not punctually paid
      or duly provided for (“defaulted
      interest”)
      on any
      interest payment date shall forthwith cease to be payable to the Registered
      Holder on the relevant record date by virtue of such Holder having been a Holder
      on such record date. Such defaulted interest may be paid by the Company, at
      its
      election in each case, as provided in clause (a) or clause (b)
      below:

     

    (a) The
      Company may elect to make payment of any defaulted interest to the persons
      in
      whose names any such Securities (or their respective predecessor Securities)
      are
      registered at the close of business on a special record date for the payment
      of
      such defaulted interest, which shall be fixed in the following manner. The
      Company shall notify the Trustee in writing of the amount of defaulted interest
      proposed to be paid on each Security of such Series and the date of the proposed
      payment, and at the same time the Company shall deposit with the Trustee funds
      equal to the aggregate amount proposed to be paid in respect of such defaulted
      interest or shall make arrangements satisfactory to the Trustee for such deposit
      prior to the date of the proposed payment. Such funds when deposited shall
      be
      held in trust for the benefit of the Persons entitled to such defaulted interest
      as provided in this clause (a). Thereupon the Trustee shall fix a special
      record date for the payment of such defaulted interest in respect of Securities
      of such Series, which shall be not more than 15 nor less than ten days prior
      to
      the date of the proposed payment and not less than ten days after the receipt
      by
      the Trustee of the notice of the proposed payment. The Trustee promptly shall
      notify the Company of such special record date and, in the name and at the
      expense of the Company, shall cause notice of the proposed payment of such
      defaulted interest and the special record date thereof to be mailed, first
      class
      postage prepaid, to each Registered Holder at his address as it appears in
      the
      Security register, not less than ten days prior to such special record date.
      Notice of the proposed payment of such defaulted interest and the special record
      date therefor having been mailed as aforesaid, such defaulted interest in
      respect of Securities of such Series shall be paid to the persons in whose
      names
      such Securities (or their respective predecessor Securities) are registered
      on
      such special record date and such defaulted interest shall no longer be payable
      pursuant to the following clause (b).

     

    (b) The
      Company may make payment of any defaulted interest on the Securities of any
      Series in any other lawful manner not inconsistent with the requirements of
      any
      securities exchange on which the Securities of that Series may be listed, and
      upon such notice as may be required by such exchange, if, after notice given
      by
      the Company to the Trustee of the proposed payment pursuant to this clause,
      such
      payment shall be deemed practicable by the Trustee.

     

    Subject
      to the foregoing provisions of this Section 2.07, each Security delivered under
      this Indenture upon registration of transfer of or in exchange for or in lieu
      of
      any other Security shall carry the rights to interest accrued and unpaid, and
      to
      accrue, that were carried by such other Security.

     

    SECTION
      2.08.  Registration,
      Registration of Transfer and Exchange.  The
      Company will cause to be kept at each office or agency to be maintained for
      the
      purpose as provided in Section 3.02 a register or registers (the
“Security
      register”)
      in
      which, subject to such reasonable regulations as it may prescribe, the Company
      will provide for the registration and the registration of transfer of the
      Securities. The Trustee is hereby appointed Security registrar for purposes
      of
      registering, and registering transfers of, the Securities.

     

    Upon
      surrender for registration of transfer of any Security of any Series at any
      such
      office or agency to be maintained for the purpose as provided in
      Section 3.02, the Company shall execute, and the Trustee shall authenticate
      and make available for delivery in the name of the transferee or transferees,
      a
      new Security or Securities of the same Series and of like tenor and containing
      the same terms (other than the principal amount thereof, if more than one
      Security is executed, authenticated and delivered with respect to any security
      so presented, in which case the aggregate principal amount of the executed,
      authenticated and delivered Securities shall equal the principal amount of
      the
      Security presented in respect thereof) and conditions.

     

    All
      Securities issued upon any registration of transfer or exchange of Securities
      shall be the valid obligations of the Company, evidencing the same debt, and
      entitled to the same benefits under this Indenture, as the Securities
      surrendered upon such registration of transfer or exchange.

     

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

     

    No
      service charge shall be made for any registration of transfer or exchange of
      Securities, but the Company may require payment of an amount sufficient to
      cover
      any tax or other governmental charge that may be imposed in connection with
      any
      registration of transfer or exchange of Securities, other than exchanges
      pursuant to Section 2.11, 8.05 or 11.03 not involving any transfer (and other
      than exchanges or transfers specified as contemplated by Section
      2.03).

     

    The
      Company shall not be required (i) to issue, register the transfer of or
      exchange any Security during the 15-day period prior to the day of mailing
      of
      the relevant notice of redemption or (ii) to register the transfer of or
      exchange any Security so selected for redemption in whole or in part, except,
      in
      the case of any Security to be redeemed in part, the portion thereof not
      redeemed.

     

    SECTION
      2.09.  Mutilated,
      Defaced, Destroyed, Lost and Stolen Securities.  Unless
      otherwise specified as contemplated by Section 2.03 of any Series, in case
      any
      temporary or definitive Security shall become mutilated or defaced or be
      destroyed, lost or stolen, the Company shall execute, and upon the written
      request of any officer of the Company, the Trustee shall authenticate and make
      available for delivery a new Security of the same Series and of like tenor
      and
      principal amount and with the same terms and conditions, bearing a number not
      contemporaneously outstanding, in exchange and substitution for the mutilated
      or
      defaced Security or in lieu of and substitution for the Security so destroyed,
      lost or stolen. In every case the applicant for a substitute Security shall
      furnish to the Company and to the Trustee such security or indemnity as may
      be
      required by them to indemnify and defend and to save each of them harmless
      and,
      in every case of destruction, loss or theft, evidence to their satisfaction
      of
      the destruction, loss or theft of such Security and of the ownership
      thereof.

     

    Upon
      the
      issuance of any substitute Security, the Company may require the payment of
      an
      amount sufficient to cover any tax or other governmental charge that may be
      imposed in relation thereto and any other expenses, including the reasonable
      fees and expenses of the Trustee, connected therewith. In case any Security
      which has matured or is about to mature or has been called for redemption in
      full shall become mutilated or defaced or be destroyed, lost or stolen, the
      Company, instead of issuing a substitute Security, may pay or authorize the
      payment of the same without surrender thereof except in the case of a mutilated
      or defaced Security. The applicant for such payment shall furnish to the Company
      and to the Trustee such security or indemnity as any of them may require to
      save
      each of them harmless. In every case of destruction, loss or theft, the
      applicant also shall furnish to the Company and the Trustee evidence to their
      satisfaction of the destruction, loss or theft of such Security and of the
      ownership thereof.

     

    Every
      substitute Security of any Series issued pursuant to the provisions of this
      Section 2.09 by virtue of the fact that any Security is destroyed, lost or
      stolen shall constitute an 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 and shall
      be
      subject to all the limitations of rights set forth in this Indenture equally
      and
      proportionately with any and all other Securities of such Series duly
      authenticated and delivered hereunder. All Securities shall be held and owned
      upon the express condition that, to the extent permitted by law, the foregoing
      provisions are exclusive with respect to the replacement or payment of
      mutilated, defaced, destroyed, lost or stolen Securities and shall preclude
      any
      and all other rights or remedies, notwithstanding any law or statute to the
      contrary with respect to the replacement or payment of negotiable instruments
      or
      other securities without their surrender.

     

    SECTION
      2.10.  Cancellation
      of Securities.
      All
      Securities surrendered for payment, redemption, registration of transfer or
      exchange, or for credit against any payment in respect of a sinking or analogous
      fund, if surrendered to the Company or any agent of the Company or the Trustee
      shall be delivered to the Trustee for cancellation or, if surrendered to the
      Trustee, shall be cancelled by it; and no Securities shall be issued in lieu
      thereof except as expressly permitted by the provisions of this Indenture.
      The
      Company at any time may deliver to the Trustee for cancellation any Securities
      previously authenticated hereunder which the Company has not issued and sold
      and
      all Securities so delivered shall be promptly cancelled by the Trustee. The
      Trustee shall return cancelled Securities held by it to the Company. If the
      Company shall acquire any of the Securities, such acquisition shall not operate
      as a redemption or satisfaction of the indebtedness represented by such
      Securities unless the same are delivered to the Trustee for
      cancellation.

     

    SECTION
      2.11.  Temporary
      Securities.  Pending
      the preparation of definitive Securities for any Series, the Company may execute
      and the Trustee shall authenticate and make available for delivery temporary
      Securities for such Series, which may be printed, typewritten or otherwise
      reproduced, in each case in form reasonably acceptable to the Trustee. Temporary
      Securities of any Series may be issued in any authorized denomination and
      substantially in the form of the definitive Securities of such Series but with
      such omissions, insertions and variations as may be appropriate for temporary
      Securities, all as may be determined by the Company with the reasonable
      concurrence of the Trustee. Temporary Securities may contain such reference
      to
      any provisions of this Indenture as may be appropriate. Every temporary Security
      shall be executed by the Company and be authenticated by the Trustee upon the
      same conditions and in substantially the same manner, and with like effect, as
      the definitive Securities. Without unreasonable delay the Company shall execute
      and shall furnish definitive securities of such Series and thereupon temporary
      Securities of such Series may be surrendered in exchange therefor without charge
      at each office or agency to be maintained by the Company for that purpose
      pursuant to Section 3.02, and the Trustee shall authenticate and make
      available for delivery in exchange for such temporary Securities of such Series
      a like aggregate principal amount of definitive Securities of the same Series
      of
      authorized denominations. Until so exchanged, the temporary Securities of any
      Series shall be entitled to the same benefits under this Indenture as definitive
      Securities of such Series.

     

    SECTION
      2.12.  Securities
      in Global Form.  If
      Securities of a Series are issuable in global form, as specified as contemplated
      by Section 2.03, then, notwithstanding the provisions of
      Section 2.03(j) and Section 2.07, such Security shall represent such
      of the Outstanding Securities of such Series as shall be specified therein
      and
      may provide that it shall represent the aggregate amount of Outstanding
      Securities from time to time endorsed thereon and that the aggregate amount
      of
      Outstanding Securities represented thereby may from time to time be reduced
      to
      reflect exchanges. Any endorsement of a Security in global form to reflect
      the
      amount, or any increase or decrease in the amount, of Outstanding Securities
      represented thereby may be made by the Trustee in such manner and upon
      instructions given by such Person or Persons as shall be specified therein
      or in
      the Company order to be delivered to the Trustee pursuant to Section 2.04.
      Subject to the provisions of Section 2.04, the Trustee shall deliver and
      redeliver any Security in definitive global form in the manner and upon written
      instructions given by the Person or Persons specified therein or in the
      applicable Company order. If a Company order pursuant to Section 2.04 has
      been, or simultaneously is, delivered, any instructions by the Company with
      respect to endorsement or delivery or redelivery of a Security in global form
      shall be in writing but need not comply with Section 13.05 and need not be
      accompanied by an Opinion of Counsel.

     

    Unless
      otherwise specified as contemplated by Section 2.03, payment of principal
      of and any interest on any Security in definitive global form shall be made
      to
      the Person or Persons specified therein.

     

    Except
      as
      provided in the preceding paragraph, the Company, the Trustee and any agent
      of
      the Company and the Trustee shall treat a Person as the Holder of such principal
      amount of outstanding Securities represented by a definitive global Security
      as
      shall be specified in a written statement of the Holder of such definitive
      global Security.

     

    If
      The
      Depository Trust Company is at any time unwilling or unable to continue as
      Depository or if at any time The Depository Trust Company ceases to be a
      clearing agency registered under the Securities Exchange Act if so required
      by
      applicable law or regulation, and, in either case, a successor Depository is
      not
      appointed within 90 days, certificated Securities will be issued in exchange
      for
      the global Securities. In addition, the Company may determine, at any time
      and
      subject to the procedures of The Depository Trust Company, not to have any
      Securities represented by one or more global Securities, and, in such event,
      shall issue individual Securities in certificated form in exchange for the
      relevant global Securities. Beneficial interests in global Securities will
      also
      be exchangeable for individual Securities in certificated form in the event
      of a
      default or an Event of Default, upon prior written notice to the Trustee by
      or
      on behalf of The Depository Trust Company or at the written request of the
      owner
      of such beneficial interests, in each case, in accordance with the terms hereof.
      In any of the foregoing circumstances, an owner of a beneficial interest in
      a
      global Security shall be entitled to physical delivery of individual Securities
      in certificated form of like tenor and rank, equal in principal amount to such
      beneficial interest, and to have such Securities in certificated form registered
      in its name. 

     

    SECTION
      2.13.  CUSIP
      Numbers.  The
      Company in issuing the Securities may use “CUSIP” numbers if then generally in
      use and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption
      as a convenience to Holders. 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 identification numbers printed on the Securities. No such
      redemption shall be affected by any defect in or omission of such numbers.
      The
      Company promptly will notify the Trustee of any change in the CUSIP
      numbers.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      3

    COVENANTS
      OF THE COMPANY

     

    SECTION
      3.01.  Payment
      of Principal and Interest.  The
      Company covenants and agrees for the benefit of each particular Series of
      Securities that it will duly and punctually pay or cause to be paid the
      principal of, and interest on, each of the Securities of such Series in
      accordance with the terms of the Securities of such Series and this
      Indenture.

     

    SECTION
      3.02.  Offices
      for Payment, Etc.  So
      long as any of the Securities remain outstanding, the Company will maintain
      the
      following for each Series: an office or agency where the Securities may be
      presented for payment or conversion; where the Securities may be presented
      for
      registration of transfer and for exchange; and where notices and demands to
      or
      upon the Company in respect of the Securities or of this Indenture may be
      served. The Company will give to the Trustee written notice of the location
      of
      any such office or agency and of any change of location thereof. In case the
      Company shall fail to so designate or maintain any such office or agency or
      shall fail to give such notice of the location or of any change in the location
      thereof, presentations and demands may be made and notices may be served at
      the
      Corporate Trust Office. Unless otherwise specified pursuant to
      Section 2.03, the Trustee is hereby appointed Paying Agent.

     

    SECTION
      3.03.  Paying
      Agents.  Whenever
      the Company shall appoint a Paying Agent other than the Trustee with respect
      to
      the Securities of any Series, it will cause such Paying Agent to execute and
      deliver to the Trustee an instrument in which such Agent shall agree with the
      Trustee, subject to the provisions of this Section 3.03:

     

    (a) that
      it
      will hold all amounts received by it as such Paying Agent for the payment of
      the
      principal of or interest on the Securities of such Series in trust for the
      benefit of the Holders of the Securities of such Series and, upon the occurrence
      of an Event of Default and upon the written request of the Trustee, pay over
      all
      such sums received by it to the Trustee; and

     

    (b) that
      it
      will give the Trustee notice of any failure by the Company or by any other
      obligor on the Securities of such Series to make any payment of the principal
      of
      or interest on the Securities of such Series when the same shall be due and
      payable.

     

    On
      or
      prior to each due date of the principal of or interest on the Securities of
      such
      Series, the Company will deposit with the Paying Agent sufficient funds to
      pay
      such principal or interest so becoming due and, unless such Paying Agent is
      the
      Trustee, notify the Trustee of any failure to take such action.

     

    If
      the
      Company shall act as its own Paying Agent with respect to the Securities of
      any
      Series, on or before each due date of the principal of or interest on the
      Securities of such Series it will set aside, segregate and hold in trust for
      the
      benefit of the Holders of the Securities of such Series sufficient funds to
      pay
      such principal or interest so becoming due. The Company will promptly notify
      the
      Trustee of any failure to take such action.

     

    At
      any
      time, for the purpose of obtaining a satisfaction and discharge with respect
      to
      one or more or all Series of Securities or for any other reason, the Company
      may
      pay or cause to be paid to the Trustee all amounts held in trust for any such
      Series by the Company or any Paying Agent, such amounts to be held by the
      Trustee in trust pursuant to this Indenture.

     

    The
      agreement to hold amounts in trust as provided in this Section 3.03 is subject
      to the provisions of Sections 10.03 and 10.04.

     

    SECTION
      3.04.  Officers’
      Certificate.  The
      Company shall deliver to the Trustee, within 120 days after the end of each
      fiscal year, an Officers’ Certificate indicating whether the officers signing
      such Officers’ Certificate on behalf of the Company know of any default with
      respect to the Securities of any Series that occurred during the previous year.
      The Company shall also deliver to the Trustee, within 30 days after the
      occurrence thereof, written notice of any Event of Default with respect to
      the
      Securities of any Series, the status and what action the Company is taking
      or
      proposes to take in respect thereof.

     

    SECTION
      3.05.  Calculation
      of Original Issue Discount.  The
      Company shall file with the Trustee, within 60 days after the end of each
      calendar year, a written notice specifying the amount of original issue
      discount, if any, including daily rates and accrual periods, accrued on each
      Series of Outstanding Original Issue Discount Securities as of the end of such
      year.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      4

    HOLDERS’
      LISTS AND REPORTS BY THE COMPANY

     

    SECTION
      4.01.  Company
      to Furnish Trustee Information as to Names and Addresses of
      Holders.  Unless
      otherwise contemplated by Section 2.03 for the Securities of any Series, the
      Company will furnish or cause to be furnished to the Trustee a list in such
      form
      as the Trustee reasonably may require of the names and addresses of the Holders
      of the Securities of each Series:

     

    (a) semiannually,
      and not more than 15 days after each record date for the payment of
      interest on such Securities, as of such record date; and

     

    (b) at
      such
      other times as the Trustee reasonably may request in writing, within
      30 days after receipt by the Company of any such request, such list to be
      as of a date not more than 15 days prior to the time such information is
      furnished; 

     

    provided
      that, if the Trustee shall be the Security registrar for such Series, such
      list
      shall not be required to be furnished.

     

    SECTION
      4.02.  Preservation
      and Disclosure of Holders’ Lists.

     

    (a) The
      Trustee shall preserve, in as current a form as is reasonably practicable,
      all
      information as to the names and addresses of the Holders of each Series of
      Securities contained in the most recent list furnished to it as provided in
      Section 4.01 or maintained by the Trustee in its capacity as Security
      registrar for such Series. The Trustee may destroy any list furnished to it
      as
      provided in Section 4.01 upon receipt of a new list so
      furnished.

     

    (b) In
      case
      three or more Holders of Securities of any Series (“applicants”)
      apply
      in writing to the Trustee and furnish to the Trustee reasonable proof that
      each
      such applicant has owned a Security of such Series for a period of at least
      six
      months preceding the date of such application, and such application states
      that
      the applicants desire to communicate with other Holders of Securities of such
      Series or with Holders of all Securities with respect to their rights under
      this
      Indenture or under such Securities and such application is accompanied by a
      copy
      of the form of proxy or other communication which such applicants propose to
      transmit, then the Trustee, within five Business Days after the receipt of
      such
      application, at its election, either:

     

    (i) shall
      afford to such applicants access to the information preserved at the time by
      the
      Trustee in accordance with the provisions of Section 4.02(a);
      or

     

    (ii) shall
      inform such applicants as to the approximate number of Holders of Securities
      of
      such Series or all Securities, as the case may be, whose names and addresses
      appear in the information preserved at the time by the Trustee, in accordance
      with the provisions of Section 4.02(a), and as to the approximate cost of
      mailing to such Holders the form of proxy or other communication, if any,
      specified in such application.

     

    If
      the
      Trustee shall elect not to afford to such applicants access to such information,
      the Trustee, upon the written request of such applicants, shall mail to each
      Holder of such Series or all Securities, as the case may be, whose name and
      address appear in the information preserved at the time by the Trustee in
      accordance with the provisions of Section 4.02(a), a copy of the form of
      proxy or other communication that is specified in such request, with reasonable
      promptness after a tender to the Trustee of the material to be mailed and of
      payment, or provision for the payment, of the reasonable expenses of mailing,
      unless within five days after such tender, the Trustee shall mail to such
      applicants and file with the Commission together with a copy of the material
      to
      be mailed, a written statement to the effect that, in the opinion of the
      Trustee, such mailing would be contrary to the best interests of the Holders
      of
      Securities of such Series or all Securities, as the case may be, or could be
      in
      violation of applicable law. Such written statement shall specify the basis
      of
      such opinion. If the Commission, after opportunity for a hearing upon the
      objections specified in the written statement so filed, shall enter an order
      refusing to sustain any of such objections or if, after the entry of such order
      sustaining one or more of such objections, the Commission shall find, after
      notice and opportunity for hearing, that all the objections so sustained have
      been met, and shall enter an order so declaring, the Trustee shall mail copies
      of such material to all such Holders with reasonable promptness after the entry
      of such order and the renewal of such tender; otherwise the Trustee shall be
      relieved of any obligation or duty to such applicants respecting their
      application.

     

    (c) Each
      and
      every Holder of Securities, by receiving and holding the same, agrees with
      the
      Company and the Trustee that neither the Company nor the Trustee nor any agent
      of the Company or the Trustee shall be held accountable by reason of the
      disclosure of any such information as to the names and addresses of the Holders
      of Securities in accordance with the provisions of Section 4.02(b),
      regardless of the source from which such information was derived, and that
      the
      Trustee shall not be held accountable by reason of mailing any material pursuant
      to a request made under such Section 4.02(b).

     

    SECTION
      4.03.  Reports
      by the Company.  Unless
      otherwise specified as contemplated by Section 2.03 for the Securities of any
      Series, whether or not required by the Commission’s rules and regulations, the
      Company shall file with the Commission within the time periods specified in
      the
      Commission’s rules and regulations, and provide the Trustee and Holders and
      prospective Holders (upon request) within 15 days after it files them with
      the
      Commission, copies of its annual report and the information, documents and
      other
      reports that are specified in Sections 13 and 15(d) of the Securities Exchange
      Act, provided
      that for
      purposes of this covenant, such information, documents and other reports shall
      be deemed to have been furnished to the Trustee and Holders if they are
      electronically available via the Commission’s EDGAR System. Even if the Company
      is entitled under the Securities Exchange Act not to furnish such information
      to
      the Commission, the Company shall nonetheless continue to furnish information
      that would be required to be furnished by the Company by Section 13 and 15(d)
      of
      the Securities Exchange Act (excluding exhibits) to the Trustee and the Holders
      of the Securities of any Series as if it were subject to such periodic reporting
      requirements. The Company shall also comply with the other provisions of Section
      314(a) of the Trust Indenture Act.

     

     

    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).

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      5

    REMEDIES
      OF THE TRUSTEE AND HOLDERS ON EVENT OF DEFAULT

     

    SECTION
      5.01.  Event
      of Default Defined; Acceleration of Maturity; Waiver of
      Default.  “Event
      of Default”,
      with
      respect to Securities of any Series, means, unless otherwise specified as
      contemplated by Section 2.03 for the Securities of any Series, any one of the
      following events which shall have occurred and be continuing (whatever the
      reason for such Event of Default and whether it shall be voluntary or
      involuntary or be effected by operation of law or pursuant to any judgment,
      decree or order of any court or any order, rule or regulation of any
      administrative or governmental body) unless it is either inapplicable to a
      particular Series or it is specifically deleted or modified in or pursuant
      to
      the supplemental indenture or resolution of the Board of Directors establishing
      such Series of Securities or in the form of Security for such
      Series:

     

    (a) default
      in the payment of any installment of interest upon any of the Securities of
      such
      Series as and when the same shall become due and payable, and continuance of
      such default for a period of 30 days;

     

    (b) default
      in the payment of all or any part of the principal of any of the Securities
      of
      such Series as and when the same shall become due and payable, either at
      maturity, upon any redemption or repurchase, by declaration or
      otherwise;

     

    (c) default
      in the performance or breach of any covenant or warranty contained in the
      Securities of such Series or in this Indenture (other than a covenant or
      warranty a default in whose performance or whose breach is elsewhere in this
      Section 5.01 specifically dealt with or which has expressly been included in
      this Indenture solely for the benefit of one or more Series of Securities other
      than that Series), and continuance of such default or breach for a period of
      90 days after there has been given, by registered or certified mail, to the
      Company by the Trustee or to the Company and the Trustee by the Holders of
      at
      least 25% in principal amount of the Outstanding Securities of that Series,
      a
      written notice specifying such default or breach and requiring it to be remedied
      and stating that such notice is a “Notice of Default” hereunder;

     

    (d) the
      Company (i) pursuant to or within the meaning of any bankruptcy law commences
      a
      voluntary case, consents to the entry of an order for relief against it in
      an
      involuntary case, consents to the appointment of a custodian of it or for any
      substantial part of its property, or makes a general assignment for the benefit
      of its creditors or takes any comparable action under any foreign laws relating
      to insolvency; or (ii) a court of competent jurisdiction enters an order or
      decree under any bankruptcy law that is for relief against the Company in an
      involuntary case, appoints a custodian of the Company or for any substantial
      part of its property, or orders the winding up or liquidation of the Company
      or
      any similar relief is granted under any foreign laws and the order or decree
      remains unstayed and in effect for 90 days; or;

     

    (e) any
      other
      Event of Default (including Events of Default replacing or supplementing the
      foregoing) provided with respect to Securities of such Series in the
      supplemental indenture or resolution of the Board of Directors establishing
      such
      Series.

     

    If
      an
      Event of Default occurs under clause (d) above with respect to the Company,
      the
      principal of and interest on all the Securities of such Series shall become
      immediately due and payable without any declaration or other act on the part
      of
      the Trustee or any Holders of any Series.

     

    Unless
      otherwise specified as contemplated by Section 2.03 for the Securities of
      any Series, if
      an
      Event of Default (other than an Event of Default occurring as a result of clause
      (d)) with respect to the Securities of any Series shall have occurred and be
      continuing, either the Trustee
      or the
      Holders of not less than 25% in aggregate principal amount of the Securities
      of
      such Series then Outstanding by notice to the Company may declare the principal
      amount of all the Securities of such Series and accrued and unpaid interest
      thereon to be due and payable immediately, and upon any such declaration the
      same shall become and shall be immediately due and payable. This provision,
      however, is subject to the condition that if at any time after the principal
      of
      the Securities of such Series shall have been so declared due and payable,
      and
      before any judgment or decree for the payment of the amounts due shall have
      been
      obtained or entered as hereinafter provided, the Company shall have paid or
      deposited with the Trustee sufficient funds to pay all matured installments
      of
      interest, if any, upon all the Securities of such Series and the principal
      of
      the Securities of such Series that shall have become due other than by such
      acceleration (with interest upon such principal and, to the extent that payment
      of such interest is enforceable under applicable law, upon overdue installments
      of interest, at the rate borne by the Securities of such Series to the date
      of
      such payment or deposit) and all other defaults under this Indenture, other
      than
      the nonpayment of the principal of Securities of such Series that shall have
      become due by such acceleration, shall have been remedied, then and in every
      such case the Holders of a majority in aggregate principal amount at maturity
      of
      the Securities of such Series then Outstanding, by written notice to the Company
      and to the Trustee for the Securities of such Series, may waive all defaults
      and
      rescind and annul such declaration and its consequences; but no such waiver
      or
      rescission and annulment shall extend to or shall affect any subsequent default
      or shall impair any right consequent thereon.

     

    Subject
      to the provisions of Article 6, in case an Event of Default with respect to
      the
      Securities of any Series shall occur and be continuing, the Trustee shall not
      be
      under any obligation to exercise any of the trusts or powers vested in it hereby
      at the request or direction of any Holder of such Series, unless such Holder
      shall have offered to such Trustee security or indemnity reasonably satisfactory
      to it. 

     

    Additional
      terms and conditions with respect to the rights of Holders of the Securities
      of
      a particular Series (including as to rights to rescind an acceleration of the
      payment of principal and interest) and the rights and obligations of the
      Trustee, in each case, in connection with a default or Event of Default, may
      be
      specified as contemplated by Section 2.03 for the Securities of any
      Series.

     

    SECTION
      5.02.  Collection
      of Indebtedness by Trustee; Trustee May Prove Debt.  If
      the Company shall fail to pay any installment of interest on any of the
      Securities of any Series when such interest shall have become due and payable,
      and such default shall have continued for a period of 30 days or shall fail
      to pay the principal of any of the Securities of any Series when the same shall
      have become due and payable, whether upon maturity of the Securities of such
      Series or upon any redemption or by declaration or otherwise, then upon demand
      of the Trustee for the Securities of such Series, the Company will pay to the
      Trustee for the Securities of such Series for the benefit of the Holders of
      the
      Securities of such Series the whole amount that then shall have become due
      and
      payable on all Securities of such Series for principal of or interest, as the
      case may be (with interest to the date of such payment upon the overdue
      principal and, to the extent that payment of such interest is enforceable under
      applicable law, on overdue installments of interest at the same rate as the
      rate
      of interest specified in the Securities of such Series) and such further amount
      as shall be sufficient to cover the costs and expenses of collection, including
      reasonable compensation to and expenses incurred by the Trustee and each
      predecessor Trustee and their respective agents, attorneys and
      counsel.

     

    Until
      such demand is made by the Trustee, the Company may pay the principal of and
      interest on the Securities of any Series to the persons entitled thereto,
      whether or not the principal of and interest on the Securities of such Series
      are overdue.

     

    If
      the
      Company shall fail to pay such amounts upon such demand, the Trustee for the
      Securities of such Series, in its own name and as trustee of an express trust,
      shall be entitled and empowered to institute any action or proceedings at law
      or
      in equity for the collection of the amounts so due and unpaid. In any such
      case,
      the Trustee may prosecute any such action or proceedings to judgment or final
      decree and may enforce any such judgment or final decree against the Company
      or
      other obligor upon such Securities and collect in the manner provided by law
      out
      of the property of the Company or other obligor upon such Securities, wherever
      situated, the amounts adjudged or decreed to be payable.

     

    If
      (i) there shall be pending proceedings relative to the Company or any other
      obligor upon the Securities under Title 11 of the United States Code or any
      other applicable federal or state bankruptcy, insolvency or other similar law,
      (ii) a receiver, assignee or trustee in bankruptcy or reorganization,
      liquidator, sequestrator or similar official shall have been appointed for
      or
      taken possession of the Company or its property or such other obligor or
      (iii) any other comparable judicial proceedings relative to the Company or
      other obligor under the Securities of any Series, or to the creditors or
      property of the Company or such other obligor, shall be pending, and
      irrespective of whether the principal of any Securities shall then be due and
      payable or whether the Trustee shall have made any demand pursuant to the
      provisions of this Section 5.02, the Trustee shall be entitled and
      empowered, by intervention in such proceedings or otherwise:

     

    (a) to
      file
      and prove a claim or claims for the whole amount of principal and interest
      owing
      and unpaid in respect of the Securities of any Series 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 reasonable compensation to, and expenses
      incurred by, the Trustee and each predecessor Trustee, and their respective
      agents, attorneys and counsel) and of the Holders allowed in any judicial
      proceedings relative to the Company or other obligor upon all Securities of
      any
      Series, or to the creditors or property of the Company or such other obligor;
      and

     

    (b) to
      collect and receive any funds or other property payable or deliverable on any
      such claims, and to distribute all amounts received with respect to the claims
      of the Holders and of the Trustee on their behalf; and any trustee, receiver,
      or
      liquidator, custodian or other similar official is hereby authorized by each
      of
      the Holders to make payments to the Trustee for the Securities of such Series,
      and, in the event that such Trustee shall consent to the making of payments
      directly to the Holders, to pay to such Trustee such amounts as shall be
      sufficient to cover reasonable compensation to and expenses incurred by such
      Trustee, each predecessor Trustee and their respective agents, attorneys and
      counsel and all other amounts due to such Trustee or any predecessor Trustee
      pursuant to Section 6.07.

     

    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
      of any Series 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.

     

    All
      rights of action and of asserting claims under this Indenture or under any
      of
      the Securities may be enforced by the Trustee for the Securities of such Series
      without the possession of any of the Securities of such Series or the production
      thereof at any trial or other proceedings relative thereto. Any such action
      or
      proceedings instituted by the Trustee shall be brought in its own name as
      trustee of an express trust. Any recovery of judgment, subject to the payment
      of
      the expenses, disbursements and compensation of the Trustee, each predecessor
      Trustee and their respective agents and attorneys, shall be for the ratable
      benefit of the Holders of the Securities in respect of which such action was
      taken.

     

    In
      any
      proceedings brought by the Trustee for the Securities of such Series, the
      Trustee shall be held to represent all the Holders of the Securities in respect
      of which such action was taken, and it shall not be necessary to make any
      Holders of such Securities parties to any such proceedings.

     

    SECTION
      5.03.  Application
      of Proceeds.  Any
      amounts collected by the Trustee for the Securities of such Series pursuant
      to
      this Article 5 in respect of the Securities of any Series shall be applied
      in the following order at the date or dates fixed by such Trustee and, in case
      of the distribution of such amounts on account of principal or interest, upon
      presentation of the several Securities in respect of which amounts have been
      collected and stamping or otherwise noting thereon the payment, or issuing
      Securities of such Series in reduced principal amounts in exchange for the
      presented Securities of like Series if only partially paid, or upon surrender
      thereof if fully paid:

     

    FIRST:
      To
      the payment of costs and expenses applicable to such Series in respect of which
      amounts have been collected, including reasonable compensation to and expenses
      incurred by the Trustee and each predecessor Trustee and their respective agents
      and attorneys and all other amounts due to the Trustee or any predecessor
      Trustee pursuant to Section 6.07;

     

    SECOND:
      To the payment of the amounts then due and unpaid for principal of and interest
      on the Securities of such Series in respect of which amounts have been
      collected, such payments to be made ratably to the persons entitled thereto,
      without discrimination or preference, according to the amounts then due and
      payable on such Securities and any such debt for principal and interest;
      and

     

    THIRD:
      To
      the payment of the remainder, if any, to the Company.

     

    SECTION
      5.04.  Restoration
      of Rights on Abandonment of Proceedings.  If
      the Trustee for the Securities of any Series shall have proceeded to enforce
      any
      right under this Indenture and such proceedings shall have been discontinued
      or
      abandoned for any reason, or shall have been determined adversely to the
      Trustee, the Company and the Trustee, subject to the determination in any such
      proceeding, shall be restored to their former positions and rights hereunder,
      and all rights, remedies and powers of the Company, the Trustee and the Holders
      shall continue as though no such proceedings had been taken.

     

    SECTION
      5.05.  Limitations
      on Suits by Holders.  No
      Holder of any Security of any Series shall have any right, by virtue or by
      availing of any provision of this Indenture, to institute any action or
      proceeding at law or in equity or in bankruptcy or otherwise with respect to
      this Indenture, or for the appointment of a trustee, receiver, liquidator,
      custodian or other similar official or for any other remedy hereunder, unless
      such Holder previously shall have given to the Trustee written notice of an
      Event of Default and of the continuance thereof and the Holders of not less
      than
      25% in aggregate principal amount of the Securities of such Series then
      Outstanding shall have made written request upon the Trustee to institute such
      action or proceedings in its own name as trustee hereunder and shall have
      offered to the Trustee security or indemnity reasonably satisfactory to it
      as it
      may require, against the costs, expenses and liabilities to be incurred therein
      or thereby and the Trustee for 60 days after its receipt of such notice,
      request and offer of security or indemnity shall have failed to institute any
      such action or proceeding and no direction inconsistent with such written
      request shall have been given to the Trustee during such 60-day period by
      Holders of a majority in principal amount of the Securities of such Series
      then
      Outstanding; it being understood and intended, and being expressly covenanted
      by
      the Holder of every Security with every other Holder of a Security and the
      Trustee, that no one or more Holders of Securities of any Series shall have
      any
      right in any manner whatever, by virtue or by availing of any provision of
      this
      Indenture, to affect, disturb or prejudice the rights of any other such Holder
      of Securities, or to obtain or seek to obtain priority over or preference to
      any
      other such Holder or to enforce any right under this Indenture, except in the
      manner herein provided and for the equal, ratable and common benefit of all
      Holders of Securities of the applicable Series.

     

    SECTION
      5.06.  Unconditional
      Right of Holders to Institute Certain Suits.
      Notwithstanding any provision in this Indenture and any provision of any
      Security of such Series, the right of any Holder of any Security to receive
      payment of the principal of and (subject to Section 2.07) interest on such
      Security at the respective rates, in the respective amount on or after the
      respective due dates expressed in such Security of such Series, or to institute
      suit for the enforcement of any such payment on or after such respective dates,
      shall not be impaired or affected without the consent of such
      Holder.

     

    SECTION
      5.07.  Powers
      and Remedies Cumulative; Delay or Omission Not Waiver of
      Default.  Except
      as provided in Sections 2.09 and 5.05, 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, to the extent permitted
      by law, shall 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 shall not prevent
      the concurrent assertion or employment of any other appropriate right or
      remedy.

     

    No
      delay
      or omission of the Trustee or of any Holder to exercise any right or power
      accruing upon any Event of Default occurring and continuing as aforesaid shall
      impair any such right or power or shall be construed to be a waiver of any
      such
      Event of Default or an acquiescence therein. Subject to Section 5.05, every
      power and remedy given by this Indenture or by law to the Trustee or to the
      Holders may be exercised from time to time, and as often as shall be deemed
      expedient, by the Trustee or the Holders.

     

    SECTION
      5.08.  Control
      by Holders.  The
      Holders of a majority in aggregate principal amount of the Securities of each
      Series affected at the time Outstanding 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 by this Indenture on the
      Trustee with respect to the Securities of such Series. The Trustee shall have
      the right to decline to follow any such direction if (i) such direction shall
      conflict with law or the provisions of this Indenture or any indenture
      supplemental hereto, (ii) the Trustee shall determine that the action or
      proceedings so directed would involve the Trustee in personal liability or
      (iii)
      the Trustee in good faith shall so determine that the actions or forbearances
      specified in or pursuant to such direction would be unduly prejudicial to the
      interests of Holders of the Securities of all Series so affected not joining
      in
      the giving of said direction, it being understood that the Trustee shall have
      no
      duty to ascertain whether or not such actions or forbearances are unduly
      prejudicial to such Holders.

     

    SECTION
      5.09.  Waiver
      of Past Defaults.  The
      Holders of a majority in aggregate principal amount of the Securities of such
      Series at the time Outstanding, on behalf of the Holders of all the Securities
      of such Series, may waive any past default hereunder or its consequences, except
      a default in the payment of the principal of or interest on any of the
      Securities of such Series.

     

    Upon
      any
      such waiver, such default shall cease to exist and be deemed to have been cured
      and not to have occurred, and any Event of Default arising therefrom shall
      be
      deemed to have been cured and not to have occurred for every purpose of this
      Indenture; but no such waiver shall extend to any subsequent or other default
      or
      Event of Default or impair any right consequent thereon.

     

    SECTION
      5.10.  Right
      of Court to Require Filing of Undertaking to Pay Costs. 
      Any court in its discretion may 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. Any
      such
      court in its discretion may assess reasonable costs, including reasonable
      attorneys’ fees and expenses, 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. The provisions of this Section 5.10 shall not apply, however,
      to
      any suit instituted by the Trustee, to any suit instituted by any Holder or
      group of Holders of any Series holding in the aggregate more than 10% in
      aggregate principal amount of the Securities of such 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 due date expressed in such
      Security.

     

    SECTION
      5.11.  Suits
      for Enforcement.  If
      an Event of Default has occurred, has not been waived and is continuing, the
      Trustee in its discretion may proceed to protect and enforce the rights vested
      in it by this Indenture by such appropriate judicial proceedings as the Trustee
      shall deem most effectual to protect and enforce any of such rights, either
      at
      law or in equity or in bankruptcy or otherwise, whether for the specific
      enforcement of any covenant or agreement contained in this Indenture or in
      aid
      of the exercise of any power granted in this Indenture or to enforce any other
      legal or equitable right vested in the Trustee by this Indenture or by
      law.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      6

    CONCERNING
      THE TRUSTEE

     

    SECTION
      6.01.  Duties
      of Trustee.

     

    (a) If
      an
      Event of Default has occurred and is continuing with respect to the Securities
      of any Series, the Trustee shall exercise the rights and powers vested in it
      by
      this Indenture and use the same degree of care and skill in its exercise as
      a
      prudent person would exercise or use under the circumstances in the conduct
      of
      such person’s own affairs.

     

    (b) Except
      during the continuance of an Event of Default with respect to the Securities
      of
      any Series:

     

    (i) the
      Trustee need perform only those duties that are specifically set forth in this
      Indenture and the Trustee shall not be liable except for the performance of
      such
      duties and obligations as are specifically set forth in this Indenture, and
      no
      implied covenants or obligations shall be read into this Indenture against
      the
      Trustee; and

     

    (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 any certificates or opinions furnished to the Trustee and conforming to
      the
      requirements of this Indenture. However, in the case of any such certificates
      or
      opinions which by any provision hereof are specifically required to be furnished
      to the Trustee, the Trustee shall examine the certificates and opinions to
      determine whether or not they conform to the requirements of this
      Indenture.

     

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

     

    (i) this
      paragraph (c) does not limit the effect of paragraph (b) of this
      Section 6.01;

     

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

     

    (iii) the
      Trustee shall not be liable with respect to any action it takes or omits to
      take
      in good faith in accordance with a direction received by it pursuant to
      Section 5.08.

     

    (d) Every
      provision of this Indenture that in any way relates to the Trustee is subject
      to
      paragraphs (a), (b), (c) and (e) of this
      Section 6.01.

     

    (e) No
      provision of this Indenture shall require the Trustee to extend or risk its
      own
      funds or otherwise incur any financial liability unless it receives indemnity
      satisfactory to it against any loss, liability or expense.

     

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

     

    SECTION
      6.02.  Rights
      of Trustee.

     

    (a) The
      Trustee may conclusively rely on, and shall be fully protected in relying upon,
      any document believed by it to be genuine and to have been signed or presented
      by the proper person. The Trustee need not investigate any fact or matter stated
      in the document.

     

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

     

    (c) Subject
      to the provisions of Section 6.01(c), 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.

     

    (d) Before
      the Trustee acts or refrains from acting, 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
      in accordance with such advice or Opinion of Counsel.

     

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

     

    (f) The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys and the Trustee
      shall not be responsible for any misconduct or negligence on the part of any
      agent or attorney appointed with due care by it hereunder.

     

    (g) Prior
      to
      the occurrence of an Event of Default hereunder with respect to such Series
      of
      Securities, and after the curing or waiving of all Events of Default with
      respect to such Series of Securities, the Trustee shall not be bound to make
      any
      investigation into the facts or matters stated in any resolution, Officers’
Certificate or other certificate, statement, instrument, opinion, report,
      notice, request, consent, order, approval, appraisal, bond, debenture, note,
      coupon, security or other paper or document unless requested in writing so
      to do
      by the Holders of not less than a majority in aggregate principal amount of
      the
      Outstanding Securities of each affected Series; provided that, if the payment
      within a reasonable time to the Trustee of the costs, expenses or liabilities
      likely to be incurred by it in the making of such investigation, in the opinion
      of the Trustee, is not reasonably assured to the Trustee by the security
      afforded to it by the terms of this Indenture, the Trustee may require
      reasonable indemnity against such expenses or liabilities as a condition to
      proceeding.

     

    (h) The
      Trustee shall not be required to give any bond or surety in respect of the
      performance of its powers and duties hereunder.

     

    (i) The
      Trustee shall not be bound to ascertain or inquire as to the performance or
      observance of any covenants, conditions or agreements on the part of the
      Company, except as otherwise set forth herein, but the Trustee may require
      of
      the Company full information and advice as to the performance of the covenants,
      conditions and agreements contained herein and shall be entitled in connection
      herewith to examine the books, records and premises of the Company.

     

    (j) The
      permissive rights of the Trustee to do things enumerated in this Indenture
      shall
      not be construed as a duty and the Trustee shall not be answerable for other
      than its negligence or willful default.

     

    (k) Except
      for (i) a default under Section 5.01(a) or (b) or (ii) any other
      event of which the Trustee has actual knowledge and which event, with the giving
      of notice or the passage of time or both, would constitute an Event of Default
      under this Indenture with respect to such Series of Securities, the Trustee
      shall not be deemed to have notice of any default or event unless specifically
      notified in writing of such event by the Company or the Holders of not less
      than
      25% in aggregate principal amount of the Outstanding Securities of each affected
      Series.

     

    (l) In
      no
      event shall the Trustee be responsible or liable for special, indirect, or
      consequential loss or damage of any kind whatsoever (including, but not limited
      to, loss of profit) irrespective of whether the Trustee has been advised of
      the
      likelihood of such loss or damage and regardless of the form of
      action.

     

    (m) The
      rights, privileges, protections, immunities and benefits given to the Trustee,
      including, without limitation, its right to be indemnified, are extended to,
      and
      shall be enforceable by, the Trustee in each of its capacities hereunder, and
      each agent, custodian and other Person employed to act hereunder.

     

    SECTION
      6.03.  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 its affiliates with
      the
      same rights it would have if it were not Trustee. Any Paying Agent, registrar
      or
      co-registrar may do the same with like rights. However, the Trustee must comply
      with Sections 6.10 and 6.11.

     

    SECTION
      6.04.  Trustee’s
      Disclaimer.  The
      Trustee makes no representation as to the validity or adequacy of this Indenture
      or the Securities. The Trustee shall not be accountable for the Company’s use of
      the proceeds from the Securities and shall not be responsible for any statement
      in any registration statement for the Securities filed with the Commission
      under
      the Securities Act (other than its Statement of Eligibility on Form T-1) or
      in the Indenture (other than its eligibility under Section 6.10) or the
      Securities (other than its certificate of authentication).

     

    SECTION
      6.05.  Notice
      of Defaults.  If
      a default occurs and is continuing with respect to the Securities of any Series
      and is known to the Trustee, the Trustee shall mail to each Holder of the
      Securities of such Series notice of such default within the earlier of
      90 days after such default occurs. Except in the case of a default in the
      payment of principal of, premium, if any, or interest on the Securities of
      any
      Series, including payments pursuant to the redemption provisions of the
      Securities of such Series, the Trustee may withhold notice if and so long as
      a
      committee of its Responsible Officers in good faith determines that withholding
      such notice is in the interests of Holders of such Series.

     

    SECTION
      6.06.  Reports
      by Trustee to Holders.  Within
      60 days after each May 15 beginning with the May 15 following the date of
      this Indenture, the Trustee shall mail to each Holder of any Series and each
      other Person specified in Section 313(c) of the Trust Indenture Act a brief
      report dated as of such May 15 that complies with Section 313(a) of the
      Trust Indenture Act to the extent required thereby. The Trustee also shall
      comply with Section 313(b) of the Trust Indenture Act.

     

    The
      Trustee will file a copy of each report, at the time of its mailing to Holders
      of any Series, with the Commission and each securities exchange on which the
      Securities of any Series are listed. The Company promptly will notify the
      Trustee whenever the Securities of any Series become listed on any securities
      exchange and of any delisting thereof.

     

    SECTION
      6.07.  Compensation
      and Indemnity.  The
      Company:

     

    (a) will
      pay
      to the Trustee from time to time, and the Trustee shall be entitled to, such
      compensation as shall be agreed to in writing between the Company and the
      Trustee for all services rendered by it hereunder, which compensation shall
      not
      be limited by any provision of law in regard to the compensation of a trustee
      of
      an express trust;

     

    (b) will
      reimburse the Trustee upon its request for all reasonable expenses,
      disbursements and advances incurred or made by the Trustee in accordance with
      any provision of this Indenture, including the reasonable compensation and
      expenses of its agents and counsel, except to the extent any such compensation
      or expense may be attributable to its negligence or willful misconduct;
      and

     

    (c) will
      indemnify the Trustee for, and to hold it harmless against, any loss, liability,
      claim, damage or expense arising out of or in connection with the acceptance
      or
      administration of this trust or the performance of its duties hereunder,
      including the reasonable costs and expenses of defending itself against or
      investigating any claim or liability in connection with the exercise or
      performance of any of its powers or duties hereunder, except to the extent
      that
      any such loss, liability or expense may be attributable to its negligence or
      willful misconduct.

     

    As
      security for the performance of the Company’s obligations under this
      Section 6.07, the Trustee shall have a lien prior to the Securities on all
      funds or property held or collected by the Trustee, except for those funds
      that
      are held in trust to pay the principal of or interest, if any, on particular
      Securities.

     

    “Trustee”
      for purpose of this Section 6.07 includes any predecessor trustee; provided
      that the negligence or bad faith of any Trustee shall not be attributable to
      any
      other Trustee.

     

    The
      Company’s payment obligations pursuant to this Section 6.07 shall
      constitute additional indebtedness hereunder and shall survive the discharge
      of
      this Indenture and resignation or removal of the Trustee. When the Trustee
      incurs expenses after the occurrence of a default specified in
      Section 5.01(d), such expenses, including reasonable fees and expenses of
      counsel, are intended to constitute expenses of administration under bankruptcy
      law.

     

    SECTION
      6.08.  Replacement
      of Trustee.  The
      Trustee may resign at any time with respect to Securities of one or more Series
      by so notifying the Company. No such resignation, however, shall be effective
      until a successor Trustee has accepted its appointment pursuant to this
      Section 6.08. The Holders of a majority in aggregate principal amount of
      the Outstanding Securities of any Series may remove the Trustee with respect
      to
      such Series by so notifying the Trustee and the Company. The Company shall
      remove the Trustee if:

     

    (a) the
      Trustee fails to comply with Section 6.10;

     

    (b) the
      Trustee is adjudged bankrupt or insolvent;

     

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

     

    (d) the
      Trustee otherwise becomes incapable of acting.

     

    If
      the
      Trustee resigns or is removed or if a vacancy exists in the office of Trustee
      for any reason, with respect to the Securities of one or more Series, the
      Company shall promptly appoint, by resolution of its Board of Directors, a
      successor Trustee with respect to the Securities of such Series.

     

    A
      successor Trustee shall deliver a written acceptance of its appointment to
      the
      retiring Trustee and to the Company. Thereupon 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 under this Indenture with
      respect to the Securities of such Series. The successor Trustee shall mail
      a
      notice of its succession to Holders so affected. The retiring Trustee shall
      promptly transfer all funds and property held by it as Trustee to the successor
      Trustee, subject to the lien provided for in Section 6.07.

     

    If
      a
      successor Trustee does not take office within 30 days after the retiring
      Trustee resigns or is removed, the retiring Trustee, the Company or the Holders
      of a majority in aggregate principal amount of the Outstanding Securities of
      each affected Series may petition any court of competent jurisdiction for the
      appointment of a successor Trustee.

     

    If
      the
      Trustee fails to comply with Section 6.10, any Holder may petition any
      court of competent jurisdiction for the removal of the Trustee and the
      appointment of a successor Trustee.

     

    SECTION
      6.09.  Successor
      Trustee by Merger.  If
      the Trustee consolidates with, merges or converts into or transfers all or
      substantially all its corporate trust business or assets to another corporation,
      the resulting, surviving or transferee corporation without any further act
      shall
      be the successor Trustee.

     

    SECTION
      6.10.  Eligibility;
      Disqualification.  The
      Trustee shall at all times satisfy the requirements of Section 310(a)(1) of
      the Trust Indenture Act. The Trustee shall have a combined capital and surplus
      of at least $50,000,000 as set forth in its most recent published annual report
      of condition. Neither the Company nor any person directly or indirectly
      controlling, controlled by or under common control with the Company shall serve
      as Trustee hereunder. The Trustee shall comply with Section 310(b) of the
      Trust Indenture Act.

     

    SECTION
      6.11.  Preferential
      Collection of Claims Against Company.  The
      Trustee shall comply with Section 311(a) of the Trust Indenture Act,
      excluding any creditor relationship listed in Section 311(b) of the Trust
      Indenture Act. A Trustee who has resigned or been removed shall be subject
      to
      Section 311(a) of the Trust Indenture Act to the extent indicated
      therein.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      7

    CONCERNING
      THE HOLDERS

     

    SECTION
      7.01.  Evidence
      of Action Taken by Holders.

     

    (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Indenture to be given or taken by a specified percentage
      in principal amount of the Holders of any or all Series may be embodied in
      and
      evidenced by one or more instruments of substantially similar tenor signed
      by
      such specified percentage of Holders in person or by agent duly appointed in
      writing. Except as herein otherwise expressly provided, such action shall become
      effective when such instrument or instruments are delivered to the Trustee.
      Proof of execution of any instrument or of a writing appointing any such agent
      shall be sufficient for any purpose of this Indenture and, subject to
      Sections 6.01 and 6.02, conclusive in favor of the Trustee and the Company,
      if made in the manner provided in this Article 7.

     

    (b) The
      ownership of Securities shall be proved by the Security register.

     

    SECTION
      7.02.  Proof
      of Execution of Instruments.  Subject
      to Sections 6.01 and 6.02, the execution of any instrument by a Holder or
      his agent or proxy may be proved in accordance with such reasonable rules and
      regulations as may be prescribed by the Trustee or in such manner as shall
      be
      satisfactory to the Trustee.

     

    SECTION
      7.03.  Holders
      to Be Treated as Owners.  The
      Company, the Trustee and any agent of the Company or the Trustee may deem and
      treat the person in whose name any Security shall be registered upon the
      Security register for such Series as the absolute owner of such Security
      (whether or not such Security shall be overdue and notwithstanding any notation
      of ownership or other writing thereon) for the purpose of receiving payment
      of
      or on account of the principal of and interest on such Security and for all
      other purposes. Neither the Company nor the Trustee nor any agent of the Company
      or the Trustee shall be affected by any notice to the contrary. All payments
      made to any such person, or upon his order, shall be valid and, to the extent
      of
      the sum or sums so paid, effectual to satisfy and discharge the liability for
      amounts payable upon any such Security.

     

    SECTION
      7.04.  Securities
      Owned by Company Deemed Not Outstanding.  In
      determining whether the Holders of the requisite aggregate principal amount
      of
      Outstanding Securities of any or all Series have concurred in any direction,
      consent or waiver under this Indenture, Securities that are owned by the Company
      or any other obligor on the Securities with respect to which such determination
      is being made, or by any person directly or indirectly controlling or controlled
      by or under direct or indirect common control with the Company or any other
      obligor on the Securities with respect to which such determination is being
      made, shall be disregarded and deemed not to be Outstanding for the purpose
      of
      any such determination. For the purpose of determining whether the Trustee
      shall
      be protected in relying on any such direction, consent or waiver, only
      Securities that the Trustee knows are so owned shall be so disregarded.
      Securities so owned that have been pledged in good faith may be regarded as
      Outstanding if the pledgee establishes to the satisfaction of the Trustee the
      pledgee’s right so to act with respect to such Securities and that the pledgee
      is not the Company or any other obligor upon the Securities or any person
      directly or indirectly controlling or controlled by or under direct or indirect
      common control with the Company or any other obligor on the
      Securities.

     

    SECTION
      7.05.  Right
      of Revocation of Action Taken.  At
      any time prior to the evidencing to the Trustee, as provided in
      Section 7.01, of the taking of any action by the Holders of the percentage
      in aggregate principal amount of the Securities of any Series specified in
      this
      Indenture in connection with such action, any Holder of a Security the serial
      number of which is shown by the evidence to be included among the serial numbers
      of the Securities the Holders of which have consented to such action, by filing
      written notice at the Corporate Trust Office and upon proof of holding as
      provided in this Article 7, may revoke such action so far as concerns such
      Security. Except as aforesaid any such action taken by the Holder of any
      Security shall be conclusive and binding upon such Holder and upon all future
      Holders and owners of such Security and of any Securities issued in exchange
      or
      substitution therefor, irrespective of whether or not any notation in regard
      thereto is made upon any such Security. Any action taken by the Holders of
      the
      percentage in aggregate principal amount of the Securities of any Series
      specified in this Indenture in connection with such action shall be binding
      upon
      the Company, the Trustee and the Holders of all the Securities affected by
      such
      action. This Section shall apply unless otherwise specified as contemplated
      by
      Section 2.03 for the Securities of any Series. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      8

    SUPPLEMENTAL
      INDENTURES

     

    SECTION
      8.01.  Supplemental
      Indentures Without Consent of Holders.  Unless
      otherwise specified as contemplated by Section 2.03 for the Securities of any
      Series, the Company, when authorized by a resolution of its Board of Directors,
      and the Trustee for the Securities of any Series from time to time and at any
      time may enter into an indenture or indentures supplemental hereto, which shall
      conform to the provisions of the Trust Indenture Act as in force at the date
      of
      the execution thereof, in form satisfactory to such Trustee, for one or more
      of
      the following purposes:

     

    (a) cure
      any
      ambiguity, omission, defect or inconsistency in the Indenture or in any
      supplemental indenture that may be defective or inconsistent with any other
      provision contained herein or in any supplemental indenture, or to make such
      other provisions in regard to matters or questions arising under this Indenture
      or under any supplemental indenture as the Board of Directors may deem necessary
      or desirable and that shall not materially and adversely affect the interests
      of
      the Holders of such Series of Securities;

     

    (b) to
      evidence the succession of another corporation to the Company, or successive
      successions, and the assumption by the successor corporation of the covenants,
      agreements and obligations of the Company pursuant to
      Article 9;

     

    (c) 
      to
      convey, transfer, assign, mortgage or pledge any property or assets to the
      Trustee as security for the Securities of one or more Series;

     

    (d) to
      add
      guarantees with respect to the Securities of any Series or to add to the
      covenants of the Company such further covenants, restrictions, conditions or
      provisions for the protection of the Holders of Securities of any Series and,
      if
      such additional covenants are to be for the benefit of less than all the Series
      of Securities, stating that such covenants are being added solely for the
      benefit of such Series, or to release any guarantee where such release is
      permitted by the applicable supplemental indenture;

     

    (e) to
      establish the form or terms of Securities of any Series as permitted by
      Sections 2.01 and 2.03; 

     

    (f) to
      make
      any changes to comply with the Trust Indenture Act, or any amendment thereto,
      or
      to comply with any requirement of the Commission in connection with the
      qualification of the Indenture under the Trust Indenture Act; or

     

    (g) to
      evidence and provide for the acceptance of appointment hereunder by a successor
      Trustee with respect to the Securities of one or more Series and to add to
      or
      change any of the provisions of this Indenture as shall be necessary to provide
      for or facilitate the administration of the trusts hereunder by more than one
      Trustee, pursuant to the requirements of Section 6.08.

     

    The
      Trustee is hereby authorized to join with the Company in the execution of any
      such supplemental indenture, to make any further appropriate agreements and
      stipulations that may be therein contained and to accept the conveyance,
      transfer, assignment, mortgage or pledge of any property thereunder, but the
      Trustee shall not be obligated to enter into any such supplemental indenture
      which affects the Trustee’s own rights, duties or immunities under this
      Indenture or otherwise.

     

    Any
      supplemental indenture authorized by the provisions of this Section 8.01
      may be executed without the consent of the Holders of any of the Securities
      at
      the time Outstanding, notwithstanding any of the provisions of
      Section 8.02.

     

    SECTION
      8.02.  Supplemental
      Indentures with Consent of Holders.  Except
      as otherwise specified as contemplated by Section 2.03 for the Securities of
      any
      Series, with the consent (evidenced as provided in Article 7) of the
      Holders of not less than a majority in aggregate principal amount of the
      Outstanding Securities of each Series affected by such supplemental indenture,
      the Company, when authorized by a resolution of its Board of Directors, and
      the
      Trustee for such Series of Securities, from time to time and at any time, may
      enter into an indenture or indentures supplemental hereto, which shall conform
      to the provisions of the Trust Indenture Act as in force at the date of
      execution thereof, 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 Holders
      of the Securities of each such Series. Except as otherwise specified as
      contemplated by Section 2.03 for the Securities of any Series, no such
      supplemental indenture, however, shall, without the consent of each affected
      Holder of Securities of such Series:

     

    (a) change
      the stated maturity date of any Security, or reduce the principal amount
      thereof, or reduce the rate or extend the time of payment of any interest
      thereon, or reduce any amount payable on redemption or repurchase thereof,
      change the time at which the Securities of any Series may be redeemed, or impair
      or affect the right of any Holder receive payment of principal of, and interest
      on, any Security or to institute suit for payment thereof or, if the Securities
      provide therefor, affect any right of repayment at the option of the Holder;
      or

     

    (b) change
      the provisions of the Indenture that relate to modifying or amending the
      provisions of the Indenture described above.

     

    Upon
      the
      request of the Company, accompanied by a copy of a resolution of the Board
      of
      Directors certified by the secretary or an assistant secretary of the Company
      authorizing the execution of any such supplemental indenture, and upon the
      filing with the Trustee for such Series of Securities of evidence of the consent
      of the Holders as aforesaid and other documents, if any, required by
      Section 7.01, the Trustee for such Series of Securities shall join with the
      Company in the execution of such supplemental indenture. If such supplemental
      indenture affects such Trustee’s own rights, duties or immunities under this
      Indenture or otherwise, such Trustee in its discretion may, but shall not be
      obligated to, enter into such supplemental indenture.

     

    It
      shall
      not be necessary for the consent of the Holders under this Section 8.02 to
      approve the particular form of any proposed supplemental indenture, but it
      shall
      be sufficient if such consent shall approve the substance thereof.

     

    Promptly
      after the execution by the Company and the Trustee of any supplemental indenture
      pursuant to the provisions of this Section 8.02, the Company shall give
      notice in the manner and to the extent provided in Section 13.04 to the
      Holders of Securities of each Series affected thereby at their addresses as
      they
      shall appear on the Security register, setting forth in general terms the
      substance of such supplemental indenture. Any failure of the Company to mail
      such notice, or any defect therein, shall not in any way impair or affect the
      validity of any such supplemental indenture.

     

    SECTION
      8.03.  Effect
      of Supplemental Indenture.  Upon
      the execution of any supplemental indenture pursuant to the provisions hereof,
      this Indenture shall be and be deemed to be modified and amended in accordance
      therewith and the respective rights, limitations of rights, obligations, duties
      and immunities under this Indenture of the Trustee, the Company and the Holders
      of Securities of each Series affected thereby shall thereafter be determined,
      exercised and enforced hereunder subject in all respects to such modifications
      and amendments, and all the terms and conditions of any such supplemental
      indenture shall be and be deemed to be part of the terms and conditions of
      this
      Indenture for any and all purposes.

     

    SECTION
      8.04.  Documents
      to Be Given to Trustee.  The
      Trustee, subject to the provisions of Sections 6.01 and 6.02, shall be
      provided with an Officers’ Certificate and an Opinion of Counsel as conclusive
      evidence that any supplemental indenture executed pursuant to this
      Article 8 complies with the applicable provisions of this
      Indenture.

     

    SECTION
      8.05.  Notation
      on Securities in Respect of Supplemental Indentures.
      Securities of any Series authenticated and delivered after the execution of
      any
      supplemental indenture pursuant to the provisions of this Article 8 may
      bear, upon the direction of the Company, a notation in form satisfactory to
      the
      Trustee for the Securities of such Series as to any matter provided for by
      such
      supplemental indenture. If the Company or the Trustee shall so determine, new
      Securities of any Series so modified as to conform, in the opinion of the
      Trustee and the Board of Directors, to any modification of this Indenture
      contained in any such supplemental indenture may be prepared by the Company,
      authenticated by the Trustee and delivered in exchange for the Outstanding
      Securities of such Series.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      9

    CONSOLIDATION,
      MERGER, SALE OR CONVEYANCE

     

    SECTION
      9.01.  Company
      May Consolidate, Etc. on Certain Terms.  Unless
      otherwise specified as contemplated by Section 2.03 for the Securities of any
      Series, the Company may consolidate with or amalgamate or merge with or into,
      or
      sell, convey or lease all or substantially all of its assets to, any other
      company; provided that in any such case:

     

    (a) either
      the Company shall be the continuing company, or the successor company shall
      be
      organized and existing under the laws of Bermuda and shall expressly assume
      the
      due and punctual payment of the principal of and interest on all the Securities,
      and the due and punctual performance and observance of all of the covenants
      and
      conditions of this Indenture to be performed or observed by the Company,
      and

     

    (b) such
      continuing or successor company, as the case may be, shall not be in material
      default immediately after such amalgamation, merger, consolidation, sale,
      conveyance or lease in the performance or observance of any such covenant or
      condition.

     

    SECTION
      9.02.  Successor
      Corporation Substituted.  In
      case of any such amalgamation, merger, consolidation, sale, lease or conveyance,
      and following such an assumption by the successor corporation, such successor
      corporation shall succeed to and be substituted for the Company, with the same
      effect as if it had been named herein. Such successor corporation may cause
      to
      be signed, and may issue either in its own name or in the name of the Company
      prior to such succession, any or all of the Securities issuable hereunder that
      shall not have been signed by the Company and delivered to the Trustee; and,
      upon the order of such successor corporation instead of the Company and subject
      to all the terms, conditions and limitations in this Indenture, the Trustee
      shall authenticate and shall make available for delivery any Securities that
      shall have been signed and delivered by the officers of the Company to the
      Trustee for authentication, and any Securities which such successor corporation
      thereafter shall cause to be signed and delivered to the Trustee for that
      purpose. All of the Securities so issued shall in all respects have the same
      legal rank and benefit under this Indenture as the Securities theretofore or
      thereafter issued in accordance with the terms of this Indenture as though
      all
      of such Securities had been issued at the date of the execution
      hereof.

     

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

     

    In
      the
      event of any such sale or conveyance the Company (or any successor corporation
      which shall theretofore have become such in the manner described in this Article
      9) shall be discharged from all obligations and covenants under this Indenture
      and the Securities and may be liquidated and dissolved.

     

    The
      provisions of this Section 9.02 shall apply except as otherwise specified as
      contemplated by Section 2.03 for the Securities of any Series. 

     

    SECTION
      9.03.  Opinion
      of Counsel to Trustee.  The
      Trustee, subject to the provisions of Sections 6.01 and 6.02, shall receive
      an Opinion of Counsel, prepared in accordance with Section 13.05, as
      conclusive evidence that any such consolidation, amalgamation, merger, sale,
      lease or conveyance, and any such assumption complies with the applicable
      provisions of this Indenture.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      10

    SATISFACTION
      AND DISCHARGE OF INDENTURE; DEFEASANCE;

    UNCLAIMED
      FUNDS

     

    SECTION
      10.01.  Satisfaction
      and Discharge of Indenture; Defeasance.
      Unless
      otherwise specified as contemplated by Section 2.03 for the Securities of
      any Series:

     

     

    (a)  When
      (i) all Outstanding Securities of a Series (other than Securities of such
      Series replaced or paid pursuant to Section 2.08) have been canceled or
      delivered to the Trustee for cancellation or (ii) all Outstanding
      Securities of such Series have become due and payable, whether at maturity
      or as
      a result of the mailing of a notice of redemption in connection with a
      redemption of a Series of Securities, or will become due and payable within
      one
      year, and the Company irrevocably deposits with the Trustee funds in an amount
      sufficient or U.S. Government Obligations, the principal of and interest on
      which will be sufficient, or a combination thereof sufficient, in the written
      opinion of a nationally recognized firm of independent public accountants
      delivered to the Trustee (which opinion shall only be required to be delivered
      if U.S. Government Obligations have been so deposited), to pay the principal
      of
      and interest and on the outstanding Securities when due at maturity or upon
      redemption of, including interest thereon to maturity or such redemption date
      (other than Securities of such Series replaced or paid pursuant to
      Section 2.08), and if in either case the Company pays all other sums
      payable hereunder by the Company, then this Indenture shall, subject to
      Section 10.01(c), cease to be of further effect. The Trustee shall
      acknowledge satisfaction and discharge of this Indenture on demand of the
      Company accompanied by an Officers’ Certificate and an Opinion of Counsel and at
      the cost and expense of the Company.

     

    (b) Subject
      to Sections 10.01(c) and 10.02, the Company at any time may terminate
      (i) all of its obligations under the Securities of such Series and this
      Indenture (“legal
      defeasance option”)
      or
      (ii) its obligations under Article 3 of this Indenture and Section 4.03
      (“covenant
      defeasance option”).
      The
      Company may exercise its legal defeasance option notwithstanding its prior
      exercise of its covenant defeasance option for such Series. 

     

    If
      the
      Company exercises its legal defeasance option with respect to Securities of
      a
      Series, payment of the Securities of such Series may not be accelerated because
      of an Event of Default. 

     

    Upon
      satisfaction of the conditions set forth herein and upon request of the Company,
      the Trustee shall acknowledge in writing the discharge of those obligations
      that
      the Company terminates.

     

    (c) Notwithstanding
      clauses (a) and (b) above, the Company’s obligations in Sections 2.08,
      2.09 and 6.07, and in this Article 10 shall survive until the Securities of
      such Series have been paid in full. Thereafter, the Company’s obligations in
      Sections 6.07 and 10.05 and the Trustee’s obligations under
      Section 10.04 shall survive such satisfaction and discharge.

     

    SECTION
      10.02 Conditions
      to Defeasance.   Unless
      otherwise specified as contemplated by Section 2.03 for the Securities of
      any Series, the Company may exercise its legal defeasance option or its covenant
      defeasance option only if:

     

    (i) the
      Company irrevocably deposits in trust with the Trustee money in an amount
      sufficient or U.S. Government Obligations, the principal of and interest on
      which will be sufficient, or a combination thereof sufficient, to pay the
      principal of, and premium (if any) and interest on the Securities of such Series
      when due at maturity or redemption, as the case may be, including interest
      thereon to maturity or such redemption date;

     

    (ii) in
      the
      case of the legal defeasance option, the Company shall have delivered to the
      Trustee an Opinion of Counsel stating that (1) the Company has received
      from, or there has been published by, the Internal Revenue Service a ruling,
      or
      (2) since the date of this Indenture there has been a change in the
      applicable Federal income tax law, in either case to the effect that, and based
      thereon such Opinion of Counsel shall confirm that, the Holders 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; and

     

    (iii) in
      the
      case of the covenant defeasance option, the Company shall have delivered to
      the
      Trustee an Opinion of Counsel to the effect that the Holders 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.

     

    SECTION
      10.03 Application
      of Trust Money.
        The
      Trustee shall hold in trust money or U.S. Government Obligations deposited
      with
      it pursuant to this Article 10. It shall apply the deposited money and the
      money from U.S. Government Obligations through the Paying Agent and in
      accordance with this Indenture to the payment of principal of and interest
      on
      the Securities of such Series. 

     

    SECTION
      10.04 Repayment
      to Company.   
      The
      Trustee and the Paying Agent shall promptly turn over to the Company upon
      request any money or U.S. Government Obligations held by it as provided in
      this
      Article which, in the written opinion of nationally recognized firm of
      independent public accountants delivered to the Trustee (which opinion shall
      only be required to be delivered if U.S. Government Obligations have been so
      deposited), are in excess of the amount thereof which would then be required
      to
      be deposited to effect an equivalent discharge or defeasance in accordance
      with
      this Article.

     

    Subject
      to any applicable abandoned property law, the Trustee and the Paying Agent
      shall
      pay to the Company upon written request any money held by them for the payment
      of principal or interest or that remains unclaimed for two years, and,
      thereafter, Holders entitled to the money must look to the Company for payment
      as general creditors, and the Trustee and the Paying Agent shall have no further
      liability with respect to such monies.

     

    SECTION
      10.05 Indemnity
      for Government Obligations.   
      The Company shall pay and shall indemnify the Trustee against any tax, fee
      or
      other charge imposed on or assessed against deposited U.S. Government
      Obligations or the principal and interest received on such U.S. Government
      Obligations.

     

    SECTION
      10.06 Reinstatement.
        If
      the Trustee or Paying Agent is unable to apply any money or U.S. Government
      Obligations in accordance with this Article 10 by reason of any legal
      proceeding or by reason of any order or judgment of any court or governmental
      authority enjoining, restraining or otherwise prohibiting such application,
      the
      Company’s obligations under this Indenture and the Securities of such Series
      shall be revived and reinstated as though no deposit had occurred pursuant
      to
      this Article 10 until such time as the Trustee or Paying Agent is permitted
      to apply all such money or U.S. Government Obligations in accordance with this
      Article 10; provided,
      however,
      that,
      if the Company has made any payment of principal of or interest on, any
      Securities of such Series because of the reinstatement of its obligations,
      the
      Company shall be subrogated to the rights of the Holders of such Securities
      to
      receive such payment from the money or U.S. Government Obligations held by
      the
      Trustee or Paying Agent.

     

    This
      Section 10.06 shall not apply to any Series unless specified as contemplated
      by
      Section 2.03 for the Securities of such Series.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      11

    REDEMPTION
      OF SECURITIES AND SINKING FUNDS

     

    SECTION
      11.01.  Applicability
      of Article.  The
      provisions of this Article 11 shall be applicable to the Securities of any
      Series which are redeemable before their maturity or to any sinking fund for
      the
      retirement of Securities of a Series except as otherwise specified as
      contemplated by Section 2.03 for Securities of such Series.

     

    SECTION
      11.02.  Notice
      of Redemption; Partial Redemptions.  Notice
      of redemption to the Holders of Securities of any Series required to be redeemed
      or to be redeemed as a whole or in part at the option of the Company shall
      be
      given by giving notice of such redemption as provided in Section 13.04, at
      least 30 days and not more than 60 days prior to the date fixed for
      redemption to such Holders of Securities of such Series. Failure to give notice
      by mail, or any defect in the notice to the Holder of any Security of a Series
      designated for redemption as a whole or in part, shall not affect the validity
      of the proceedings for the redemption of any other Security of such
      Series.

     

    The
      notice of redemption to each such Holder shall specify the date fixed for
      redemption, the “CUSIP” number or numbers for such Securities, the redemption
      price, the Place of Payment or Places of Payment, that payment will be made
      upon
      presentation and surrender of such Securities, that such redemption is pursuant
      to the mandatory or optional sinking fund, or both, if such be the case, that
      interest accrued to the date fixed for redemption will be paid as specified
      in
      such notice, that on and after said date interest thereon or on the portions
      thereof to be redeemed will cease to accrue and, if applicable, that a Holder
      of
      Securities who desires to convert Securities for redemption must satisfy the
      requirements for conversion contained in such Securities, the then existing
      conversion price or rate and the date and time when the option to convert shall
      expire. If less than all of the Securities of any Series are to be redeemed,
      the
      notice of redemption shall specify the numbers of the Securities of such Series
      to be redeemed. In case any Security of a Series is to be redeemed in part,
      the
      notice of redemption shall state the portion of the principal amount thereof
      to
      be redeemed and shall state that on and after the date fixed for redemption,
      upon surrender of such Security, a new Security or Securities of such Series
      in
      principal amount equal to the unredeemed portion thereof will be
      issued.

     

    The
      notice of redemption of Securities of any Series to be redeemed at the option
      of
      the Company shall be given by the Company or, at the Company’s request, by the
      Trustee in the name and at the expense of the Company. If such notice is to
      be
      given by the Trustee, the Company shall provide notice of such redemption to
      the
      Trustee at least 45 days prior to the date fixed for redemption (unless a
      shorter notice shall be satisfactory to the Trustee). If such notice is given
      by
      the Company, the Company shall provide a copy of such notice given to the
      Holders of such redemption to the Trustee at least three Business Days prior
      to
      the date such notice is given to such Holders, but in any event at least
      15 days prior to the date fixed for redemption (unless a shorter notice
      shall be satisfactory to the Trustee).

     

    Unless
      otherwise specified pursuant to Section 2.03, not later than the redemption
      date specified in the notice of redemption given as provided in this
      Section 11.02, the Company will have on deposit with the Trustee or with
      one or more Paying Agents (or, if the Company is acting as its own Paying Agent,
      set aside, segregate and hold in trust as provided in Section 3.03) funds
      available on such date (or other forms of property, if permitted by the terms
      of
      the Securities of such Series) sufficient to redeem on the redemption date
      all
      the Securities of such Series so called for redemption at the appropriate
      redemption price, together with accrued interest to the date fixed for
      redemption. If less than all the Outstanding Securities of a Series are to
      be
      redeemed, the Company will deliver to the Trustee at least 45 days prior to
      the date fixed for redemption an Officers’ Certificate stating the aggregate
      principal amount of Securities to be redeemed (unless a shorter notice shall
      be
      satisfactory to the Trustee).

     

    If
      less
      than all the Securities of a Series are to be redeemed, the Trustee shall select
      Securities of such Series to be redeemed on a pro rata basis, by lot or by
      such
      other method as the Trustee shall deem to be fair and appropriate, and the
      Trustee shall promptly notify the Company in writing of the Securities of such
      Series selected for redemption and, in the case of any Securities of such Series
      selected for partial redemption, the principal amount thereof to be redeemed.
      However, if less than all the Securities of any Series with differing issue
      dates, interest rates and stated maturities are to be redeemed, the Company
      in
      its sole discretion shall select the particular securities to be redeemed and
      shall notify the Trustee in writing thereof at least 45 days prior to the
      relevant redemption date (unless a shorter notice shall be satisfactory to
      the
      Trustee). Securities may be redeemed in part in multiples equal to the minimum
      authorized denomination for Securities of such Series or any multiple thereof.
      For all purposes of this Indenture, unless the context otherwise requires,
      all
      provisions relating to the redemption of Securities of any Series shall relate,
      in the case of any Security redeemed or to be redeemed only in part, to the
      portion of the principal amount of such Security which has been or is to be
      redeemed.

     

    This
      Section 11.02 shall apply unless otherwise specified as contemplated by Section
      2.03 for the Securities of any Series.

     

    SECTION
      11.03.  Payment
      of Securities Called for Redemption.  If
      notice of redemption has been given as above provided, the Securities or
      portions of Securities specified in such notice shall become due and payable
      on
      the date and at the place stated in such notice at the applicable redemption
      price, together with interest accrued to the date fixed for redemption, and
      on
      and after said date (unless the Company shall default in the payment of such
      Securities at the redemption price, together with interest accrued to said
      date)
      interest on the Securities or portions of Securities so called for redemption
      shall cease to accrue. Except as provided in Sections 6.01 and 10.04, such
      Securities shall cease from and after the date fixed for redemption to be
      entitled to any benefit or security under this Indenture, and the Holders
      thereof shall have no right in respect of such Securities except the right
      to
      receive the redemption price thereof and unpaid interest to the date fixed
      for
      redemption. On presentation and surrender of such Securities at a Place of
      Payment specified in said notice, said Securities or the specified portions
      thereof shall be paid and redeemed by the Company at the applicable redemption
      price, together with interest accrued thereon to the date fixed for redemption.
      If for any Securities the date fixed for redemption is a regular interest
      payment date, payment of interest becoming due on such date shall be payable
      to
      the Holders of such Securities registered as such on the relevant record date
      subject to the terms and provisions of Section 2.07.

     

    If
      any
      Security called for redemption shall not be so paid upon surrender thereof
      for
      redemption, the principal shall, until paid or duly provided for, bear interest
      from the date fixed for redemption at the rate of interest borne by the
      Security.

     

    Upon
      presentation of any Security redeemed in part only, the Company shall execute
      and the Trustee shall authenticate and make available for delivery to or on
      the
      order of the Holder thereof, at the expense of the Company, a new Security
      or
      Securities, of authorized denominations, in principal amount equal to the
      unredeemed portion of the Security so presented.

     

    This
      Section 11.03 shall apply unless otherwise specified as contemplated by Section
      2.03 for the Securities of any Series.

     

    SECTION
      11.04.  Exclusion
      of Certain Securities from Eligibility for Selection for
      Redemption.  Securities
      shall be excluded from eligibility for selection for redemption if they are
      identified by registration and certificate number in a written statement signed
      by an authorized officer of the Company and delivered to the Trustee at least
      30 days prior to the last date on which notice of redemption may be given
      as being owned of record and beneficially by, and not pledged or hypothecated
      by, either (a) the Company or (b) an entity specifically identified in
      such written statement as directly or indirectly controlling or controlled
      by or
      under direct or indirect common control with the Company.

     

    This
      Section 11.04 shall apply unless otherwise specified as contemplated by Section
      2.03 for the Securities of any Series.

     

    SECTION
      11.05.  Mandatory
      and Optional Sinking Funds.  The
      minimum amount of any sinking fund payment provided for by the terms of
      Securities of any Series is referred to as a “mandatory
      sinking fund payment”,
      and
      any payment in excess of such minimum amount provided for by the terms of
      Securities of any Series is referred to as an “optional
      sinking fund payment”.
      The
      date on which a sinking fund payment is to be made is referred to as the
“sinking
      fund payment date”.

     

    In
      lieu
      of providing funds for all or any part of any mandatory sinking fund payment
      with respect to any Series of Securities, the Company at its
      option:

     

    (a) may
      deliver to the Trustee securities of such Series theretofore purchased or
      otherwise acquired (except upon redemption pursuant to the mandatory sinking
      fund) by the Company or receive credit for Securities of such Series (not
      previously so credited) theretofore purchased or otherwise acquired (except
      as
      aforesaid) by the Company and delivered to the Trustee for cancellation pursuant
      to Section 2.10;

     

    (b) may
      receive credit for optional sinking fund payments (not previously so credited)
      made pursuant to this Section 11.05; or

     

    (c) may
      receive credit for Securities of such Series (not previously so credited)
      redeemed by the Company through any optional redemption provision contained
      in
      the terms of such Series.

     

    Securities
      so delivered or credited shall be received or credited by the Trustee at the
      sinking fund redemption price specified in such Securities.

     

    On
      or
      before the 45th day next preceding each sinking fund payment date for any Series
      of Securities, the Company will deliver to the Trustee a written statement
      (which need not contain the statements required by Section 13.05) signed by
      an authorized officer of the Company which will:

     

    (a) specify
      the portion of the mandatory sinking fund payment to be satisfied by delivery
      of
      funds, except as otherwise specified pursuant to Section 2.03 for the
      Securities of such Series, and the portion to be satisfied by delivery or credit
      of Securities of such Series;

     

    (b) state
      that none of the Securities of such Series for which credit is sought has
      theretofore been so credited;

     

    (c) state
      that no defaults in the payment of interest or Events of Default with respect
      to
      such Series have occurred (which have not been waived or cured) and are
      continuing;

     

    (d) state
      whether or not the Company intends to exercise its right to make an optional
      sinking fund payment with respect to such Series and, if so, specifying the
      amount of such optional sinking fund payment which the Company intends to pay
      on
      or before the next succeeding sinking fund payment date; and

     

    (e) specify
      such sinking fund payment date.

     

    Any
      Securities of such Series to be credited and required to be delivered on the
      Trustee in order for the Company to be entitled to credit therefor that have
      not
      previously been delivered to the Trustee shall be delivered for cancellation
      pursuant to Section 2.10 to the Trustee with such written statement. Such
      written statement shall be irrevocable. Upon its receipt by the Trustee the
      Company shall become unconditionally obligated to make all the payments, if
      any,
      therein referred to on or before the next succeeding sinking fund payment date.
      Failure of the Company, on or before any such 45th day, to deliver such written
      statement and Securities specified in this paragraph, if any, shall not
      constitute a default but shall constitute, on and as of such date, the
      irrevocable election of the Company (i) that the mandatory sinking fund
      payment for such Series due on the next succeeding sinking fund payment date
      shall be paid entirely in funds without the option to deliver or credit
      Securities of such Series in respect thereof and (ii) that the Company will
      make no optional sinking fund payment with respect to such Series as provided
      in
      this Section 11.05.

     

    If
      the
      sinking fund payment or payments (mandatory or optional or both) to be made
      in
      funds on the next succeeding sinking fund payment date plus any unused balance
      of any preceding sinking fund payments made in funds shall exceed $100,000
      (or a
      lesser amount if the Company shall so request) with respect to the Securities
      of
      any particular Series, such funds shall be applied on the next succeeding
      sinking fund payment date to the redemption of Securities of such Series at
      the
      sinking fund redemption price together with accrued interest to the date fixed
      for redemption. If such amount shall be $100,000 or less and the Company makes
      no such request, then it shall be carried over until an amount in excess of
      $100,000 is available. The Trustee shall select, in the manner provided in
      Section 11.02 and giving effect to any exclusions required pursuant to
      Section 11.04, for redemption on such sinking fund payment date a
      sufficient principal amount of Securities of such Series to absorb, as nearly
      as
      may be possible, such funds and shall inform the Company of the serial numbers
      of the Securities of such Series (or portions thereof) so selected. The Trustee,
      in the name and at the expense of the Company, shall cause notice of redemption
      of the Securities of such Series to be given in substantially the manner
      provided in Section 11.02 for the redemption of Securities of such Series.
      The amount of any sinking fund payments not so applied or allocated to the
      redemption of Securities of such Series shall be added to the next sinking
      fund
      payment for such Series and, together with such payment, shall be applied in
      accordance with the provisions of this Section 11.05. Any and all sinking fund
      amounts held on the stated maturity date of the Securities of any particular
      Series (or earlier, if such maturity is accelerated) that are not held for
      the
      payment or redemption of particular Securities of such Series shall be applied,
      together with other amounts, if necessary, sufficient for the purpose, to the
      payment of the principal of, and interest on, the Securities of such Series
      at
      maturity.

     

    Unless
      otherwise specified pursuant to Section 2.03, not later than the sinking
      fund payment date, the Company shall have paid to the Trustee or shall otherwise
      provide funds available on such date for the payment of all principal and
      interest accrued to the date fixed for redemption on Securities to be redeemed
      on such sinking fund payment date.

     

    The
      Trustee shall not redeem or cause to be redeemed any Securities of a Series
      with
      sinking fund amounts or mail or publish any notice of redemption of Securities
      for such Series by operation of the sinking fund during the continuance of
      a
      default in payment of interest on such Securities or of any Event of Default
      except that, where the mailing or publication of notice of redemption of any
      Securities previously shall have been made, the Trustee shall redeem or cause
      to
      be redeemed such Securities; provided that it shall have received from the
      Company amounts sufficient for such redemption. Except as aforesaid, any amounts
      in the sinking fund for such Series at the time when any such default or Event
      of Default shall occur, and any amounts thereafter paid into the sinking fund,
      during the continuance of such default or Event of Default, shall be deemed
      to
      have been collected under Article 5 and held for the payment of all such
      Securities. In case such Event of Default shall have been waived as provided
      in
      Section 5.09 or the default cured on or before the sixtieth day preceding
      the sinking fund payment date in any year, such amounts thereafter shall be
      applied on the next succeeding sinking fund payment date in accordance with
      this
      Section 11.05 to the redemption of such Securities.

     

    SECTION
      11.06.  Repayment
      at the Option of the Holders.  Securities
      of any Series that are repayable at the option of the Holders before their
      stated maturity shall be repaid in accordance with the terms of the Securities
      of such Series.

     

    The
      repayment of any principal amount of Securities pursuant to such option of
      the
      Holder to require repayment of Securities before their stated maturity, for
      purposes of Section 10.01, shall not operate as a payment, redemption or
      satisfaction of the indebtedness represented by such Securities unless and
      until
      the Company, at its option, shall deliver or surrender the same to the Trustee
      with a direction that such Securities be cancelled.

     

    SECTION
      11.07.  Conversion
      Arrangement on Call for Redemption.  In
      connection with any redemption of Securities, the Company may arrange for the
      purchase and conversion of any Securities called for redemption by an agreement
      with one or more investment bankers or other purchasers to purchase such
      Securities by paying to the Trustee or the Paying Agent in trust for the Holders
      of Securities, on or before 10:00 a.m. New York time on the redemption
      date, an amount not less than the redemption price, together with interest,
      if
      any, accrued to the redemption date of such Securities, in immediately available
      funds. Notwithstanding anything to the contrary contained in this
      Article 11, the obligation of the Company to pay the redemption price of
      such Securities, including all accrued interest, if any, shall be deemed to
      be
      satisfied and discharged to the extent such amount is so paid by such
      purchasers. If such an agreement is entered into, any Securities not duly
      surrendered for conversion by the Holders thereof, at the option of the Company,
      may be deemed, to the fullest extent permitted by law, acquired by such
      purchasers from such Holders and surrendered by such purchasers for conversion,
      all as of immediately prior to the close of business on the last day on which
      such Securities called for redemption may be converted in accordance with this
      Indenture and the terms of such Securities, subject to payment to the Trustee
      or
      Paying Agent of the above-described amount. The Trustee or the Paying Agent
      shall hold and pay to the Holders whose Securities are selected for redemption
      any such amount paid to it in the same manner as it would pay funds deposited
      with it by the Company for the redemption of Securities. Without the Trustee’s
      and the Paying Agent’s prior written consent, no arrangement between the Company
      and such purchasers for the purchase and conversion of any Securities shall
      increase or otherwise affect any of the powers, duties, responsibilities or
      obligations of the Trustee and the Paying Agent as set forth in this Indenture.
      The Company agrees to indemnify the Trustee and the Paying Agent from, and
      hold
      them harmless against, any loss, liability or expense arising out of or in
      connection with any such arrangement for the purchase and conversion of any
      Securities between the Company and such purchasers, including the reasonable
      costs and expenses incurred by the Trustee and the Paying Agent in the defense
      of any claim or liability arising out of or in connection with the exercise
      or
      performance of any of their powers, duties, responsibilities or obligations
      under this Indenture.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      12

    CONVERSION
      OF SECURITIES

     

    SECTION
      12.01.  Applicability
      of Article.  Securities
      of any Series that are convertible into Common Shares at the option of the
      Holder of such Securities shall be convertible in accordance with their terms
      and, unless otherwise specified as contemplated by Section 2.03 for the
      Securities of any Series, in accordance with this Article 12. Each reference
      in
      this Article 12 to “a Security” or “the Securities” refers to the
      Securities of the particular Series that is convertible into Common Shares.
      If
      more than one Series of Securities with conversion privileges are Outstanding
      at
      any time, the provisions of this Article 12 shall be applied separately to
      each such Series.

     

    SECTION
      12.02.  Right
      of Holders to Convert Securities into Common Shares.  Subject
      to the provisions of Section 11.07 and this Article 12, at the option
      of the Holder thereof, any Security of any Series that is convertible into
      Common Shares, or any portion of the principal amount thereof which is $1,000
      or
      any integral multiple of $1,000, may be converted into duly authorized, validly
      issued, fully paid and nonassessable Common Shares at any time during the period
      specified in the Securities of such Series, or in case such Security or portion
      thereof shall have been called for redemption, then in respect of such Security
      or portion thereof until (unless the Company shall default in payment due upon
      the redemption thereof) the close of business on the redemption date (except
      that in the case of repayment at the option of the Holder, if specified in
      the
      terms of the relevant Security, such right shall terminate upon the Company’s
      receipt of written notice of the exercise of such option), as specified in
      such
      Security, at the conversion price or conversion rate for each $1,000 principal
      amount of Securities (such initial conversion rate reflecting an initial
      conversion price specified in such Security) in effect on the conversion date,
      or, in case an adjustment in the conversion price has taken place pursuant
      to
      the provisions of this Article 12, then at the applicable conversion price
      as so adjusted, upon surrender of the Security or Securities, the principal
      amount of which is so to be converted, to the Company at any time during usual
      business hours at the office or agency to be maintained by it in accordance
      with
      the provisions of Section 3.02, accompanied by a written notice of election
      to convert as provided in Section 12.03. If the Holder requests that the
      Common Shares be registered in a name other than that of the Holder, such notice
      also shall be accompanied by a written instrument or instruments of transfer
      in
      form satisfactory to the Company and/or the Trustee, as applicable, duly
      executed by the Holder thereof or his attorney duly authorized in writing.
      All
      Securities surrendered for conversion shall, if surrendered to the Company
      or
      any conversion agent, be delivered to the Trustee for cancellation and cancelled
      by it, or shall, if surrendered to the Trustee, be cancelled by it, as provided
      in Section 2.10.

     

    The
      initial conversion price or conversion rate in respect of a Series of Securities
      shall be as specified in the Securities of such Series. The conversion price
      or
      conversion rate will be subject to adjustment on the terms set forth in
      Section 12.05 or such other or different terms, if any, as may be specified
      by Section 2.03 for Securities of such Series. Provisions of this Indenture
      that apply to conversion of all of a Security also apply to conversion of any
      portion of such Security.

     

    SECTION
      12.03.  Issuance
      of Common Shares on Conversions.  As
      promptly as practicable after the surrender, as herein provided, of any Security
      or Securities for conversion into Common Shares, the Company shall deliver
      or
      cause to be delivered at the office or agency to be maintained by it in
      accordance with the provisions of Section 3.02 to or upon the written order
      of the Holder of the Security or Securities so surrendered a certificate or
      certificates representing the number of duly authorized, validly issued, fully
      paid and nonassessable Common Shares into which such Security or Securities
      may
      be converted in accordance with the terms thereof and the provisions of this
      Article 12. Prior to delivery of such certificate or certificates, the
      Company shall require written notice at its said office or agency from the
      Holder of the Security or Securities so surrendered stating that the Holder
      irrevocably elects to convert such Security or Securities, or, if less than
      the
      entire principal amount thereof is to be converted, stating the portion thereof
      to be converted. Such notice shall also state the name or names (with address
      and social security or other taxpayer identification number) in which said
      common shares are to be issued. Such conversion shall be made at the time that
      such Security or Securities shall be surrendered for conversion and such notice
      shall be received by the Company or the Trustee and such conversion shall be
      at
      the conversion price in effect at such time. The rights of the Holder of such
      Security or Securities as a Holder shall cease at such time, and the Person
      or
      Persons entitled to receive the Common Shares upon conversion of such Security
      or Securities shall be treated for all purposes as having become either record
      holder or holders of such Common Shares at such time. In the case of any
      Security of any Series that is converted in part only, upon such conversion
      the
      Company shall execute and, upon the Company’s request and at the Company’s
      expense, the Trustee or an authenticating agent shall authenticate and deliver
      to the Holder thereof, as requested by such Holder, a new Security or Securities
      of such Series of authorized denominations in aggregate principal amount equal
      to the unconverted portion of such Security.

     

    If
      the
      last day on which such Security may be converted is not a Business Day in a
      place where the conversion agent for that Security is located, such Security
      may
      be surrendered to that conversion agent on the next succeeding day that is
      a
      Business Day.

     

    The
      Company shall not be required to deliver certificates for Common Shares upon
      conversion while its register of members is closed for a meeting of shareholders
      or for the payment of dividends or for any other purpose, but certificates
      for
      Common Shares shall be delivered as soon as the register of members shall again
      be opened.

     

    SECTION
      12.04.  No
      Payment or Adjustment for Interest or Dividends.  Unless
      otherwise specified as contemplated by Section 2.03 for Securities of such
      Series, Securities surrendered for conversion into Common Shares during the
      period from the close of business on any regular record date or special record
      date next preceding any interest payment date to the opening of business on
      such
      interest payment date (except Securities called for redemption on a redemption
      date within such period) when surrendered for conversion must be accompanied
      by
      payment (by certified or official bank check to the order of the Company payable
      in clearing house funds at the location where the Securities are surrendered)
      of
      an amount equal to the interest thereon which the Holder is entitled to receive
      on such interest payment date. Payment of interest shall be made, on such
      interest payment date or such other payment date (as set forth in
      Section 2.07), as the case may be, to the Holder of the Securities as of
      such regular record date or special record date, as applicable. Except where
      Securities surrendered for conversion must be accompanied by payment as
      described above, no interest on converted Securities will be payable by the
      Company on any interest payment date subsequent to the date of conversion.
      No
      other payment or adjustment for interest or dividends is to be made upon
      conversion. Notwithstanding the foregoing, upon conversion of any Original
      Issue
      Discount Security, the fixed number of Common Shares into which such Security
      is
      convertible delivered by the Company to the Holder thereof shall be applied,
      first, to the portion attributable to the accrued original issue discount
      relating to the period from the date of issuance to the date of conversion
      of
      such Security, and, second, to the portion attributable to the balance of the
      principal amount of such Security.

     

    SECTION
      12.05.  Adjustment
      of Conversion Price.  Unless
      otherwise specified as contemplated by Section 2.03 for Securities of such
      Series, the conversion price for Securities convertible into Common Shares
      shall
      be adjusted from time to time as follows:

     

    (a) If
      the
      Company shall (x) pay a dividend or make a distribution or bonus issue on
      Common Shares in Common Shares, (y) subdivide the issued and outstanding
      Common Shares into a greater number of shares or (z) consolidate the issued
      and outstanding Common Shares into a smaller number of shares, the conversion
      price for the Securities of such Series shall be adjusted so that the Holder
      of
      any such Security thereafter surrendered for conversion shall be entitled to
      receive the number of Common Shares that such Holder would have owned or have
      been entitled to receive after the happening of any of the events described
      above had such Security been converted immediately prior to the record date
      in
      the case of a dividend or the effective date in the case of subdivision or
      consolidation. An adjustment made pursuant to this
      Section 12.05(a) shall become effective immediately after the record
      date in the case of a dividend or bonus issue, except as provided in
      Section 12.05(h), and shall become effective immediately after the
      effective date in the case of a subdivision or consolidation.

     

    (b) If
      the
      Company shall issue rights or warrants to all holders of Common Shares entitling
      them (for a period expiring within 45 days after the record date mentioned
      below) to subscribe for or purchase Common Shares at a price per share less
      than
      the current market price per share of Common Shares (as defined for purposes
      of
      this Section 12.05(b) in Section 12.05(e)), at the record date for the
      determination of shareholders entitled to receive such rights or warrants,
      the
      conversion price in effect immediately prior thereto shall be adjusted so that
      the same shall equal the price determined by multiplying the conversion price
      in
      effect immediately prior to such record date by a fraction, the numerator of
      which shall be the number of Common Shares outstanding on such record date plus
      the number of Common Shares which the aggregate offering price of the total
      number of Common Shares so offered would purchase at such current market price,
      and the denominator of which shall be the number of Common Shares outstanding
      on
      such record date plus the number of additional Common Shares receivable upon
      exercise of such rights or warrants. Such adjustment shall be made successively
      whenever any such rights or warrants are issued, and shall become effective
      immediately, except as provided in Section 12.05(h), after such record
      date. In determining whether any rights or warrants entitle the Holders of
      the
      Securities of such Series to subscribe for or purchase Common Shares at less
      than such current market price, and in determining the aggregate offering price
      of such Common Shares, there shall be taken into account any consideration
      received by the Company for such rights or warrants plus the exercise price
      thereof, the value of such consideration or exercise price, as the case may
      be,
      if other than cash, to be determined by the Board of Directors.

     

    (c) If
      the
      Company shall distribute to all holders of Common Shares any shares of the
      Company (other than Common Shares) or evidences of its indebtedness or assets
      (excluding cash dividends or distributions paid from retained earnings of the
      Company) or rights or warrants to subscribe for or purchase any of its
      securities (excluding those rights or warrants referred to in Section 12.05(b))
      (any of the foregoing being herein in this Section 12.05(c) called the
“Special
      Securities”),
      the
      conversion price shall be adjusted as provided in the next sentence unless
      the
      Company elects to reserve such Special Securities for distribution to the
      Holders of Securities of such Series upon the conversion so that any such Holder
      converting such Securities will receive upon such conversion, in addition to
      the
      Common Shares to which such Holder is entitled, the amount and kind of Special
      Securities which such Holder would have received if such Holder had, immediately
      prior to the record date for the distribution of the Special Securities,
      converted Securities into Common Shares. The conversion price, as adjusted,
      shall equal the price determined by multiplying the conversion price in effect
      immediately prior to such record date by a fraction the numerator of which
      shall
      be the current market price per share (as defined for purposes of this
      Section 12.05(c) in Section 12.05(e)) of Common Shares on the record
      date mentioned above less the then fair market value (as determined by the
      Board
      of Directors, whose determination shall, if made in good faith, be conclusive)
      of the portion of the Special Securities so distributed applicable to one Common
      Share, and the denominator of which shall be the current market price per Common
      Shares (as defined in Section 12.05(e)). In the event the then fair market
      value (as so determined) of the portion of the Special Securities so distributed
      applicable to one Common Share is equal to or greater than the current market
      price per Common Share (as defined in Section 12.05(e)) on the record date
      mentioned above, in lieu of the foregoing adjustment, adequate provision shall
      be made so that each Holder of Securities of such Series shall have the right
      to
      receive the amount and kind of Special Securities such holder would have
      received had he converted such Securities immediately prior to the record date
      for the distribution of the Special Securities. Such adjustment shall become
      effective immediately, except as provided in Section 12.05(h), after the
      record date for the determination of shareholders entitled to receive such
      distribution.

     

    (d) If,
      pursuant to Section 12.05(b) or 12.05(c), the conversion price shall have
      been adjusted because the Company has declared a dividend, or made a
      distribution, on the issued and outstanding Common Shares in the form of any
      right or warrant to purchase securities of the Company, or the Company has
      issued any such right or warrant, then, upon the expiration of any such
      unexercised right or unexercised warrant, the conversion price shall forthwith
      be adjusted to equal the conversion price that would have applied had such
      right
      or warrant never been declared, distributed or issued.

     

    (e) For
      the
      purpose of any computation under Section 12.05(b), the current market price
      per Common Share on any date shall be deemed to be the average of the reported
      last sales prices for the 30 consecutive Trading Days (as defined below)
      commencing 45 Trading Days before the date in question. For the purpose of
      any computation under Section 12.05(c), the current market price per Common
      Share on any date shall be deemed to be the average of the reported last sales
      prices for the ten consecutive Trading Days before the date in question. The
      reported last sales price for each day (whether for purposes of
      Section 12.05(b) or 12.05(c)) shall be the reported last sales price,
      regular way, or, in case no sale takes place on such day, the average of the
      reported closing bid and asked prices, regular way, in either case as reported
      on the New York Stock Exchange Composite Tape or, if the Common Shares are
      not
      listed or admitted to trading on the New York Stock Exchange, on the principal
      national securities exchange on which the Common Shares are listed or admitted
      to trading or, if not listed or admitted to trading on any national securities
      exchange, on the Nasdaq National Market or, if the Common Shares are not quoted
      on the Nasdaq National Market, the average of the closing bid and asked prices
      on such day in the over-the-counter market as furnished by any New York Stock
      Exchange member firm regularly making a market in the Common Shares selected
      for
      such purpose by the Board of Directors or, if no such quotations are available,
      the fair market value of the Common Shares as determined by a New York Stock
      Exchange member firm regularly making a market in the Common Shares selected
      for
      such purpose by the Board of Directors. As used herein, the term “Trading
      Day”
with
      respect to the Common Shares means (x) if the Common Shares are listed or
      admitted for trading on the New York Stock Exchange or another national
      securities exchange, a day on which the New York Stock Exchange or such other
      national securities exchange is open for business, (y) if the Common Shares
      are quoted on the Nasdaq National Market, a day on which trades may be made
      on
      the Nasdaq National Market or (z) otherwise, any day other than a Saturday
      or Sunday or a day on which banking institutions in the State of New York are
      authorized or obligated by law or executive order to close.

     

    (f) No
      adjustment in the conversion price shall be required unless such adjustment
      would require an increase or decrease of at least 1% in such price. Any
      adjustments that by reason of this Section 12.05(f) are not required to be
      made, however, shall be carried forward and taken into account in any subsequent
      adjustment. Any adjustment required to be made in accordance with the provisions
      of this Article 12 shall be made not later than such time as may be
      required in order to preserve the tax free nature of a distribution to the
      holders of Common Shares. All calculations under this Article 12 shall be
      made to the nearest cent or to the nearest one-one hundredth of a share, as
      the
      case may be, with one-half cent and one-two hundredth of a share, respectively,
      being rounded upward. The Company shall be entitled to make such reductions
      in
      the conversion price, in addition to those required by this Section 12.05,
      as it in its discretion shall determine to be advisable in order that any share
      dividend or bonus issue, subdivision of shares, distribution of rights or
      warrants to purchase shares or securities or distribution of other assets (other
      than cash dividends) made by the Company to its shareholders shall not be
      taxable.

     

    (g) Whenever
      the conversion price is adjusted, the Company shall file with the Trustee,
      at
      the Corporate Trust Office of the Trustee, and with the office or agency
      maintained by the Company for the conversion of Securities of such Series
      pursuant to Section 3.02, an Officers’ Certificate, setting forth the
      conversion price after such adjustment and setting forth a brief statement
      of
      the facts requiring such adjustment, which certificate shall be conclusive
      evidence of the correctness of such adjustment. Neither the Trustee nor any
      conversion agent shall be under any duty or responsibility with respect to
      any
      such certificate or any facts or computations set forth therein, except to
      exhibit said certificate from time to time to any Holder of a Security of such
      Series desiring to inspect the same. The Company shall promptly cause a notice
      setting forth the adjusted conversion price to be mailed to the Holders of
      Securities of such Series, as their names and addresses appear upon the Security
      register.

     

    (h) In
      any
      case in which this Section 12.05 provides that an adjustment shall become
      effective immediately after a record date for an event, the Company may defer
      until the occurrence of such event (y) issuing to the Holder of any
      Security of such Series converted after such record date and before the
      occurrence of such event the additional Common Shares issuable upon such
      conversion by reason of the adjustment required by such event over and above
      the
      Common Shares issuable upon such conversion before giving effect to such
      adjustment and (z) paying to such holder any amount in cash in lieu of any
      fractional Common Shares pursuant to Section 12.06.

     

    SECTION
      12.06.  No
      Fractional Shares to Be Issued.  No
      fractional Common Shares shall be issued upon any conversion of Securities.
      If
      more than one Security of any Series shall be surrendered for conversion at
      one
      time by the same Holder, the number of full Common Shares which shall be
      issuable upon conversion thereof shall be computed on the basis of the aggregate
      principal amount of the Securities of such Series (or specified portions thereof
      to the extent permitted hereby) so surrendered. Instead of a fraction of a
      Common Share which would otherwise be issuable upon conversion of any Security
      or Securities (or specified portions thereof), the Company shall pay a cash
      adjustment (computed to the nearest cent, with one-half cent being rounded
      upward) in respect of such fraction of a share in an amount equal to the same
      fractional interest of the reported last sales price (as defined in
      Section 12.05(e)) of the Common Shares on the Trading Day (as defined in
      Section 12.05(e)) next preceding the day of conversion.

     

    SECTION
      12.07.  Preservation
      of Conversion Rights upon Consolidation, Amalgamation,
      Merger,
      Sale or Conveyance.  In
      case of any amalgamation or consolidation of the Company with, or merger of
      the
      Company into, any other corporation (other than an amalgamation, consolidation
      or merger in which the Company is the continuing or surviving company), or
      in
      the case of any sale or transfer of all or substantially all of the assets
      of
      the Company, the corporation formed by such amalgamation or consolidation or
      the
      corporation into which the Company shall have been merged or the corporation
      which shall have acquired such assets, as the case may be, shall execute and
      deliver to the Trustee a supplemental indenture in accordance with the
      provisions of Articles 8 and 9 as they relate to supplemental indentures,
      providing that the Holder of each Outstanding Security that was convertible
      into
      Common Shares shall have the right thereafter to convert such Security into
      the
      kind and amount of shares and other securities and property, including cash,
      receivable upon such consolidation, amalgamation, merger, sale or transfer
      by a
      holder of the number of Common Shares into which such Securities might have
      been
      converted immediately prior to such consolidation, amalgamation, merger, sale
      or
      transfer. Such supplemental indenture shall provide for adjustments which shall
      be as nearly equivalent as may be practicable to the adjustments provided for
      in
      this Article 12. Neither the Trustee nor any conversion agent shall have
      any liability or responsibility for determining the correctness of any provision
      contained in any such supplemental indenture relating either to the kind or
      amount of shares or other securities or property receivable by Holders of the
      Securities upon the conversion of their Securities after any such consolidation,
      amalgamation, merger, sale or transfer, or to any adjustment to be made with
      respect thereto and, subject to the provisions of Section 313 of the Trust
      Indenture Act, may accept as conclusive evidence of the correctness of any
      such
      provisions, and shall be protected in relying upon, an Officers’ Certificate
      with respect thereto and an Opinion of Counsel with respect to legal matters
      related thereto. If in the case of any such consolidation, amalgamation, merger,
      sale or transfer, the stock or other securities and property receivable by
      a
      Holder of the Securities includes stock or other securities and property of
      a
      corporation other than the continuing or successor or purchasing corporation,
      then such supplemental indenture shall also be executed by such other
      corporation and shall contain such additional provisions to protect the
      interests of the Holders of the Securities as the Board of Directors shall
      reasonably consider necessary. The above provisions of this Section 12.07
      shall similarly apply to successive consolidations, mergers, sales or
      transfers.

     

    SECTION
      12.08.  Notice
      to Holders of the Securities of a Series Prior to Taking Certain Types of
      Action.  With
      respect to the Securities of any Series, in case:

     

    (a) the
      Company shall authorize the issuance to all holders of Common Shares of rights
      or warrants to subscribe for or purchase shares or any other right;

     

    (b) the
      Company shall authorize the distribution to all holders of Common Shares of
      evidences of indebtedness or assets (except for cash dividends or distributions
      paid from retained earnings of the Company);

     

    (c) of
      any
      subdivision or consolidation of Common Shares or of any amalgamation,
      consolidation or merger to which the Company is a party and for which approval
      by the shareholders of the Company is required, or of the sale or transfer
      of
      all or substantially all of the assets of the Company; or

     

    (d) of
      the
      voluntary or involuntary dissolution, liquidation or winding up of the
      Company;

     

    the
      Company shall cause to be filed with the Trustee and at the office or agency
      maintained for the purpose of conversion of Securities of such Series pursuant
      to Section 3.02, and shall cause to be mailed to the Holders of Securities
      of such Series at their last addresses as they shall appear on the Security
      register, at least ten days prior to the applicable record date hereinafter
      specified, a notice stating (i) the date as of which the holders of Common
      Shares to be entitled to receive any such rights, warrants or distribution
      are
      to be determined, or (ii) the date on which any such share subdivision or
      consolidation, amalgamation, merger, sale, transfer, dissolution, liquidation,
      winding up or other action is expected to become effective, and the date as
      of
      which it is expected that holders of record of Common Shares shall be entitled
      to exchange their Common Shares for securities or other property, if any,
      deliverable upon such share subdivision or consolidation, amalgamation, merger,
      sale, transfer, dissolution, liquidation, winding up or other action. The
      failure to give the notice required by this Section 12.08 or any defect
      therein shall not affect the legality or validity of any distribution, right,
      warrant, share subdivision or consolidation, amalgamation, merger, sale,
      transfer, dissolution, liquidation, winding up or other action, or the vote
      upon
      any of the foregoing.

     

    SECTION
      12.09.  Covenant
      to Reserve Shares for Issuance on Conversion of Securities.  The
      Company at all times will reserve and keep available out of each class of its
      authorized Common Shares, free from preemptive rights, solely for the purpose
      of
      issue upon conversion of Securities of any Series as herein provided, such
      number of Common Shares as shall then be issuable upon the conversion of all
      Outstanding Securities of such Series. The Company covenants that all Common
      Shares which shall be so issuable, when issued or delivered, shall be duly
      and
      validly issued Common Shares into which Securities of such Series are
      convertible, and shall be fully paid and nonassessable, free of all liens and
      charges and not subject to preemptive rights and that, upon conversion, the
      appropriate capital and share premium accounts of the Company will be duly
      credited.

     

    SECTION
      12.10.  Compliance
      with Governmental Requirements. 
If
      any Common Shares required to be reserved for purposes of conversion of
      Securities hereunder require registration or listing with or approval of any
      governmental authority under any Federal or State law, pursuant to the
      Securities Act or the Securities Exchange Act or any national or regional
      securities exchange on which the Common Shares are listed at the time of
      delivery of any Common Shares, the Company will use its best efforts to cause
      such shares to be duly registered, listed or approved, as the case may be,
      before such shares may be issued upon conversion.

     

    SECTION
      12.11.  Payment
      of Taxes upon Certificates for Shares Issued upon Conversion.  The
      issuance of certificates for Common Shares upon the conversion of Securities
      shall be made without charge to the converting Holders for any tax (including
      documentary and stamp taxes) in respect of the issuance and delivery of such
      certificates, and such certificates shall be issued in the respective names
      of,
      or in such names as may be directed by, the Holders of the Securities converted.
      The Company, however, shall not be required to pay any tax that may be payable
      in respect of any transfer involved in the issuance and delivery of any such
      certificate in a name other than that of the Holder of the Security converted,
      and the Company shall not be required to issue or deliver such certificate
      unless or until the Person or Persons requesting the issuance thereof shall
      have
      paid to the Company the amount of such tax or shall have established to the
      satisfaction of the Company that such tax has been paid.

     

    SECTION
      12.12.  Trustee’s
      Duties with Respect to Conversion Provisions.  The
      Trustee and any conversion agent shall have no duty to any Holder to determine
      whether any facts exist that may require any adjustment of the conversion rate,
      or with respect to the nature or extent of any such adjustment when made, or
      with respect to the method employed, in making the same. Neither the Trustee
      nor
      any conversion agent shall be accountable with respect to the registration
      under
      securities laws, listing, validity or value (or the kind or amount) of any
      Common Shares, or of any other securities or property, that at any time may
      be
      issued or delivered upon the conversion of any Security, and neither the Trustee
      nor any conversion agent makes any representation with respect thereto. Neither
      the Trustee nor any conversion agent shall be responsible for any failure of
      the
      Company to make any payment or to issue, transfer or deliver any Common Shares
      or stock certificates or other securities or property upon the surrender of
      any
      Security for the purpose of conversion. The Trustee and any conversion agent,
      subject to the provisions of Section 313 of the Trust Indenture Act, shall
      not be responsible for any failure of the Company to comply with any of the
      covenants contained in this Article 12.

     

    SECTION
      12.13.  Conversion
      of Securities into Preferred Shares or Other Securities.
      Notwithstanding anything to the contrary in this Article 12, the Company
      may issue Securities that are convertible into Preferred Shares or other
      securities of the Company, including Preferred Shares convertible into Common
      Shares, in which case all terms and conditions relating to the conversion of
      Securities into Preferred Shares or other securities, including any terms
      similar to those provided in Sections 12.01 through 12.12, shall be as
      provided in or pursuant to an appropriate resolution of the Board of Directors
      or in any indenture supplemental hereto or as otherwise contemplated by
      Section 2.03.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      13

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      13.01.  Incorporators,
      Shareholders, Officers and Directors of Company Exempt from Individual
      Liability.  No
      recourse under or upon any obligation, covenant or agreement contained in this
      Indenture or in any Security shall be had against any incorporator as such
      or
      against any past, present or future director, office, employee, incorporator,
      agent or shareholder of the Company or of any successor, either directly or
      through the Company or any successor, under any rule of law, statute or
      constitutional provision or by the enforcement of any assessment or by any
      legal
      or equitable proceeding or otherwise, all such liability being expressly waived
      and released by the acceptance of the Securities by the Holders thereof and
      as
      part of the consideration for the issue of the Securities. This Section 13.01
      shall apply unless otherwise specified as contemplated by Section 2.03 for
      the
      Securities of any Series. 

     

    SECTION
      13.02.  Provisions
      of Indenture for the Sole Benefit of Parties and Holders.  Nothing
      in this Indenture or in the Securities, expressed or implied, shall give or
      be
      construed to give to any Person, firm or corporation, other than the parties
      hereto, any Paying Agent and their successors hereunder and the Holders of
      the
      Securities any legal or equitable right, remedy or claim under this Indenture
      or
      under any covenant or provision herein contained, all such covenants and
      provisions being for the sole benefit of the parties hereto and their successors
      and of the Holders of the Securities.

     

    SECTION
      13.03.  Successors
      and Assigns of Company Bound by Indenture.  All
      the covenants, stipulations, promises and agreements in this Indenture contained
      by or on behalf of the Company shall bind its successors and assigns, whether
      so
      expressed or not.

     

    SECTION
      13.04.  Notices
      and Demands on Company, Trustee and Holders.  Any
      notice or demand that by any provision of this Indenture is required or
      permitted to be given or served by the Trustee or by the Holders of Securities
      to or on the Company may be given or served by being deposited postage prepaid,
      first-class mail (except as otherwise specifically provided herein) addressed
      (until another address of the Company is filed by the Company with the Trustee)
      to TBS International Limited, c/o
      TBS Shipping Services Inc., 612 East Grassy Sprain Road, Yonkers, New York,
      10710,
      Attention: Corporate Secretary. Any notice, direction, request or demand by
      the
      Company or any Holder to or upon the Trustee shall be deemed to have been
      sufficiently given or made, for all purposes, if given or made at the Corporate
      Trust Office.

     

    Where
      this Indenture provides for notice to Holders of any event, such notice shall
      be
      sufficiently given (unless otherwise herein expressly provided) if in writing
      and mailed by first-class mail, postage prepaid to such Holders as their names
      and addresses appear in the Security register within the time prescribed. Where
      this Indenture provides for notice in any manner, such notice may be waived
      in
      writing by the Person entitled to receive such notice, either before or after
      the event, and such waiver shall be the equivalent of such notice. Waivers
      of
      notice by Holders shall be filed with the Trustee, but such filing shall not
      be
      a condition precedent to the validity of any action taken in reliance upon
      such
      waiver. In any case where notice to Holders is given by mail, neither the
      failure to mail such notice, nor any defect in any notice so mailed to any
      particular Holder shall affect the sufficiency of such notice with respect
      to
      other Holders, and any notice which is mailed in the manner herein provided
      shall be conclusively presumed to have been duly given.

     

    In
      case,
      by reason of the suspension of or irregularities in regular mail service, it
      shall be impracticable to mail notice to the Company and Holders when such
      notice is required to be given pursuant to any provision of this Indenture,
      then
      any manner of giving such notice as shall be reasonably acceptable to the
      Trustee shall be deemed to be a sufficient giving of such notice.

     

    SECTION
      13.05.  Officers’
      Certificates and Opinions of Counsel; Statements to Be Contained
      Therein.  Upon
      any application or demand by the Company to the Trustee to take any action
      under
      any of the provisions of this Indenture, the Company shall furnish to the
      Trustee an Officers’ Certificate stating that all conditions precedent, if any,
      provided for in this Indenture relating to the proposed action have been
      complied with and an Opinion of Counsel stating that in the opinion of such
      counsel all such conditions precedent, if any, have been complied with, except
      that in the case of any such application or demand as to which the furnishing
      of
      such documents is specifically required by any provision of this Indenture
      relating to such particular application or demand, no additional certificate
      or
      opinion need be furnished.

     

    Each
      certificate or opinion provided for in this Indenture and delivered to the
      Trustee with respect to compliance with a condition or covenant provided for
      in
      this Indenture 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 or she has made such
      examination or investigation as is necessary to enable him or her to express
      an
      informed opinion as to whether or not such covenant or condition has been
      complied with; and

     

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

     

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

     

    Any
      certificate, statement or opinion of an officer of the Company or of counsel
      may
      be based, insofar as it relates to accounting matters, upon a certificate or
      opinion of or representations by an accountant or firm of accountants in the
      employ of the Company, unless such officer or counsel, as the case may be,
      knows
      that the certificate or opinion or representations with respect to the
      accounting matters upon which his certificate, statement or opinion may be
      based
      as aforesaid are erroneous, or in the exercise of reasonable care should know
      that the same are erroneous.

     

    SECTION
      13.06.  Payments
      Due on Saturdays, Sundays and Holidays.  Unless
      otherwise specified in a Security, if the date of maturity of interest on or
      principal of the Securities of any Series or the date fixed for redemption,
      repurchase or repayment of any such Security shall not be a Business Day,
      payment of interest or principal need not be made on such date, but may be
      made
      on the next succeeding Business Day with the same force and effect as if made
      on
      the date of maturity or the date fixed for redemption, and no interest shall
      accrue for the period after such date.

     

    SECTION
      13.07.  Conflict
      of any Provision of Indenture with Trust Indenture Act.  If
      and to the extent that any provision of this Indenture limits, qualifies or
      conflicts with another provision included in this Indenture which is required
      by
      the Trust Indenture Act, such required provision shall control. If any provision
      of this Indenture modifies or excludes any provision of the Trust Indenture
      Act
      that may be so modified or excluded, the latter provision shall be deemed to
      apply to this Indenture as so modified or to be excluded, as the case may
      be.

     

    SECTION
      13.08.  New
      York Law to Govern.  This
      Indenture and each Security will be governed by and construed in accordance
      with
      the laws of the State of New York. 

     

    SECTION
      13.09.  Counterparts.  This
      Indenture may be executed in any number of counterparts, each of which shall
      be
      an original; but such counterparts shall together constitute but one and the
      same instrument.

     

    SECTION
      13.10.  Effect
      of Headings; Gender.  The
      Article and Section headings herein and the Table of Contents are for
      convenience only and shall not affect the construction hereof. The use of the
      masculine, feminine or neuter gender herein shall not limit in any way the
      applicability of any term or provision hereof.

     

    SECTION
      13.11.  Waiver
      of Jury Trial.  EACH
      OF
      THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
      PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
      PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR
      THE
      TRANSACTION CONTEMPLATED HEREBY.

     

    SECTION
      13.12.  Force
      Majeure.  In
      no
      event shall the Trustee be responsible or liable for any failure or delay in
      the
      performance of its obligations hereunder arising out of or caused by, directly
      or indirectly, forces beyond its control, including, without limitation,
      strikes, work stoppages, accidents, acts of war or terrorism, civil or military
      disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
      loss or malfunctions of utilities, communications or computer (software and
      hardware) services; it being understood that the Trustee shall use reasonable
      efforts which are consistent with accepted practices in the banking industry
      to
      resume performance as soon as practicable under the circumstances.

     

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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.

     

    TBS
      INTERNATIONAL LIMITED

     

     

    By:_________________________      

    Name:

    Title:

     

    THE
      BANK
      OF NEW YORK

     

     

    By:_________________________      

    Name:

    Title:

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