Document:

EXHIBIT
10.2

 

MTR Gaming Group, Inc.

 

12.625% Senior Secured Notes due
2014

 

fully and unconditionally
guaranteed as to the payment of principal, premium, if any, and interest by the

Guarantors listed on the
signature pages hereto

 

 

Exchange
and Registration Rights Agreement

 

October 13,
2009

 

Goldman, Sachs & Co.,

85 Broad Street

New York, New York 10004

 

Ladies and Gentlemen:

 

MTR
Gaming Group, Inc., a Delaware corporation (the “Company”),
proposes to issue and sell to the Initial Purchaser (as defined herein) upon
the terms set forth in the Purchase Agreement (as defined herein) $10,000,000
in aggregate principal amount of its 12.625% Senior Secured Notes due 2014,
which are irrevocably and unconditionally guaranteed by each of the subsidiary
guarantors listed on the signature page of this Agreement (the “Guarantors”).  As an
inducement to the Initial Purchaser to enter into the Purchase Agreement and in
satisfaction of a condition to the obligations of the Initial Purchaser
thereunder, the Company and the Guarantors agree with the Initial Purchaser for
the benefit of holders (as defined herein) from time to time of the Registrable
Securities (as defined herein) as follows:

 

1.     Certain Definitions.  For purposes of this Exchange and
Registration Rights Agreement (this “Agreement”),
the following terms shall have the following respective meanings:

 

“Applicable Period”
shall have the meaning assigned thereto in Section 2(a).

 

“Base Interest”
shall mean the interest that would otherwise accrue on the Securities under the
terms thereof and the Indenture, without giving effect to the provisions of
this Agreement.

 

“broker-dealer” shall mean any broker or dealer registered
with the Commission under the Exchange Act.

 

“Business Day”
shall have the meaning set forth in Rule 13e-4(a)(3) promulgated by
the Commission under the Exchange Act, as the same may be amended or succeeded
from time to time.

 

“Closing Date”
shall mean the date on which the Securities are initially issued. “Commission” shall mean the United States Securities and
Exchange Commission, or any other federal agency at the time administering the
Exchange Act or the Securities Act, whichever is the relevant statute for the
particular purpose.

 

“EDGAR System”
means the EDGAR filing system of the Commission and the rules and
regulations pertaining thereto promulgated by the Commission in Regulation S-T
under the Securities Act and the Exchange Act, in each case as the same may be
amended or succeeded from time to time (and without regard to format).

 

“Effective Time,”
in the case of (i) an Exchange Registration, shall mean the time and date
as of which the Commission declares the Exchange Offer Registration Statement
effective or as of which the Exchange Offer Registration Statement otherwise
becomes effective and (ii) a Shelf Registration, shall mean the time and
date 

 

1

 

as
of which the Commission declares the Shelf Registration Statement effective or
as of which the Shelf Registration Statement otherwise becomes effective.

 

“Electing Holder”
shall mean any holder of Registrable Securities that has returned a completed
and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(ii) or
Section 3(d)(iii) and the instructions set forth in the Notice and
Questionnaire.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated by the Commission thereunder, as the same may be
amended or succeeded from time to time.

 

“Exchange Offer”
shall have the meaning assigned thereto in Section 2(a).

 

“Exchange Registration”
shall have the meaning assigned thereto in Section 3(c).

 

“Exchange Offer Registration Statement”
shall have the meaning assigned thereto in Section 2(a).

 

“Exchange Securities”
shall have the meaning assigned thereto in Section 2(a).

 

“FINRA”
shall mean the Financial Industry Regulatory Authority, Inc.

 

“First Closing Date”
shall mean August 12, 2009.

 

“Guarantor”
shall have the meaning assigned thereto in the Indenture.

 

The
term “holder” shall mean the Initial
Purchaser and other persons who acquire Securities from time to time (including
any successors or assigns), in each case for so long as such person owns any
Securities.

 

“Indenture”
shall mean the Indenture, dated as of August 12, 2009, among the
Company, the Guarantors and Wilmington Trust FSB, as trustee and as
collateral agent, as the same may be amended from time to time.

 

“Initial Purchaser”
means Goldman, Sachs & Co.

 

“Liquidated Damages”
shall have the meaning assigned thereto in Section 2(c).

 

“Note Guarantee”
shall have the meaning assigned thereto in the definition of “Securities.”

 

“Notice and Questionnaire”
means a Notice of Registration Statement and Selling Securityholder
Questionnaire substantially in the form of Exhibit A hereto.

 

The
term “person” shall mean a corporation,
limited liability company, association, partnership, organization, business,
individual, government or political subdivision thereof or governmental agency.

 

“Purchase Agreement”
shall mean the Purchase Agreement, dated as of October 7, 2009, among
Goldman, Sachs & Co., the Company and the Guarantors relating to the
Securities.

 

“Registrable Securities”
mean the Securities; provided, however,
that the Securities shall cease to be Registrable Securities when (i) in
the circumstances contemplated by Section 2(a), an Exchange Offer
Registration Statement with respect to such Securities shall have been declared
effective under the Securities Act and such Securities shall have been disposed
of pursuant to such effective Exchange Offer Registration Statement, (ii) in
the circumstances contemplated by Section 2(b), a Shelf Registration
Statement with respect to such Securities shall have been declared effective
under the Securities Act and such Securities shall have been disposed of
pursuant to such effective Shelf Registration Statement, (iii) such
Securities shall have ceased to be outstanding or (iv) the Exchange Offer
is consummated (except in the case of Securities purchased from the Company and
continued to be held by the Initial Purchaser).

 

“Registration Default”
shall have the meaning assigned thereto in Section 2(c).

 

“Registration Default Period”
shall have the meaning assigned thereto in Section 2(c).

 

2

 

“Registration Expenses”
shall have the meaning assigned thereto in Section 4.

 

“Restricted Holder”
shall mean (i) a holder that is an affiliate of the Company within the
meaning of Rule 405, (ii) a holder who acquires Exchange Securities outside
the ordinary course of such holder’s business, (iii) a holder who has
arrangements or understandings with any person to participate in the Exchange
Offer for the purpose of distributing Exchange Securities and (iv) a
holder that is a broker-dealer, but only with respect to Exchange Securities
received by such broker-dealer pursuant to an Exchange Offer in exchange for
Registrable Securities acquired by the broker-dealer directly from the Company.

 

“Rule 144”, “Rule 405”, “Rule 415”, “Rule 424”,
“Rule 430B” and “Rule 433” shall mean, in each case, such rule promulgated
by the Commission under the Securities Act (or any successor provision), as the
same may be amended or succeeded from time to time.

 

“Securities”
shall mean, collectively, the $10,000,000 in aggregate principal amount of the
Company’s 12.625% Senior Secured Notes due 2014 to be issued and sold to the
Initial Purchaser, and securities issued in exchange therefor or in lieu
thereof pursuant to the Indenture.  Each
Security is entitled to the benefit of the guarantees provided by the
Guarantors in the Indenture (the “Note Guarantees”)
and, unless the context otherwise requires, any reference herein to a “Security,”
an “Exchange Security” or a “Registrable Security” shall include a reference to
the related Note Guarantees.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended, and the rules and
regulations promulgated by the Commission thereunder, as the same may be
amended or succeeded from time to time.

 

“Shelf Registration”
shall have the meaning assigned thereto in Section 2(b).

 

“Shelf Registration Statement”
shall have the meaning assigned thereto in Section 2(b).

 

“Trust Indenture Act”
shall mean the Trust Indenture Act of 1939, as amended, and the rules and
regulations promulgated by the Commission thereunder, as the same may be
amended or succeeded from time to time.

 

“Trustee”
shall mean Wilmington Trust FSB, as trustee under the Indenture, together with
any successors thereto in such capacity.

 

Unless the context otherwise
requires, any reference herein to a “Section” or “clause” refers to a Section or
clause, as the case may be, of this Agreement, and the words “herein”, “hereof”
and “hereunder” and other words of similar import refer to this Agreement as a
whole and not to any particular Section or other subdivision.

 

2.       Registration Under the Securities Act.

 

(a)           Except
as set forth in Section 2(b) below, the Company and the Guarantors
agree to file under the Securities Act promptly, but no later than 90 days
after the First Closing Date, a registration statement relating to an offer to
exchange (such registration statement, the “Exchange Offer
Registration Statement”, and such offer, the “Exchange
Offer”) any and all of the Securities for a like aggregate principal
amount of debt securities issued by the Company and guaranteed by the
Guarantors, which debt securities and guarantees are substantially identical to
the Securities and the related Note Guarantees, respectively (and are entitled
to the benefits of the Indenture), except that they have been registered
pursuant to an effective registration statement under the Securities Act and do
not contain provisions for Liquidated Damages contemplated in Section 2(c) below
(such new debt securities hereinafter called “Exchange
Securities”).  The Company and
the Guarantors agree to use their reasonable best efforts to cause the Exchange
Offer Registration Statement to become effective under the Securities Act
promptly, but no later than 180 days after the First Closing Date, and will
keep the Exchange Offer Registration Statement effective until the consummation
of the Exchange Offer.  The Exchange
Offer will be registered under the Securities Act on the appropriate form and
will comply with all applicable tender offer rules and regulations under
the Exchange Act.  Unless the Exchange
Offer would not be permitted by applicable law or Commission policy, the
Company and the Guarantors further agree to use all reasonable best efforts to (i) commence
and complete the Exchange Offer promptly, but no later than 45 days 

 

3

 

after
the date on which the Exchange Offer Registration Statement has become
effective, (ii) hold the Exchange Offer open for not less than 30 days and
(iii) exchange Exchange Securities for all Registrable Securities that
have been properly tendered and not withdrawn on or prior to the expiration of
the Exchange Offer.  The Exchange Offer
will be deemed to have been “completed” only (i) if the debt securities
and related guarantees received by holders other than Restricted Holders in the
Exchange Offer for Registrable Securities are, upon receipt, transferable by
each such holder without restriction under the Securities Act and the Exchange
Act and without material restrictions under the blue sky or securities laws of
a substantial majority of the States of the United States of America and (ii) upon
the Company having exchanged, pursuant to the Exchange Offer, Exchange
Securities for all Registrable Securities that have been properly tendered and
not withdrawn before the expiration of the Exchange Offer, which shall be on a
date that is not less than 30 days following the commencement of the Exchange
Offer.  The Company and the Guarantors
agree (x) to include in the Exchange Offer Registration Statement a
prospectus for use in any resales by any holder of Exchange Securities that is
a broker-dealer and (y) to use their respective reasonable best efforts to
keep such Exchange Offer Registration Statement effective for a period of time
as such Persons must comply with such requirements in order to resell the
Exchange Securities beginning when Exchange Securities are first issued in the
Exchange Offer and ending upon such time as such broker dealers no longer own
any Registrable Securities (the “Applicable Period”).  With respect to such Exchange Offer
Registration Statement, such holders shall have the benefit of the rights of
indemnification and contribution set forth in Subsections 6(a), (c), (d) and
(e).

 

(b)           If
(i) prior to the time the Exchange Offer is completed (A) existing
Commission interpretations are changed such that the Exchange Securities
received in the Exchange Offer would not in general be, upon receipt,
transferable by holders thereof without restrictions under the Securities Act
or (B) the interests of the holders, taken as a whole, would be materially
adversely affected by the consummation of the Exchange offer; (ii) the
Exchange Offer has not been completed within 225 days following the First
Closing Date; or (iii) the Exchange Offer is not available to any holder
of the Securities, the Company and the Guarantors shall, in lieu of (or, in the
case of clause (iii), in addition to) conducting the Exchange Offer
contemplated by Section 2(a), file under the Securities Act, a “shelf”
registration statement providing for the registration of, and the sale on a
continuous or delayed basis by the holders of, all of the Registrable
Securities, pursuant to Rule 415 or any similar rule that may be
adopted by the Commission (such filing, the “Shelf Registration”
and such registration statement, the “Shelf Registration
Statement”). The Company and the Guarantors agree to file the Shelf
Registration Statement with the Commission as soon as practicable, but no later
than 30 days after the time that its obligation to file arises. The Company and
the Guarantors agree to use their reasonable best efforts to cause the Shelf
Registration Statement to become or be declared effective under the Securities
Act no later than 60 days after the date such Shelf Registration Statement is
filed. The Company and the Guarantors agree to use their reasonable best
efforts to keep such Shelf Registration Statement continuously effective for a
period ending on the earlier of the second anniversary of the Effective Time or
such time as all Registrable Securities covered by the Shelf Registration have
been sold or there are no longer any Registrable Securities outstanding.  No holder shall be entitled to be named as a
selling securityholder in the Shelf Registration Statement or to use the
prospectus forming a part thereof for resales of Registrable Securities unless
such holder is an Electing Holder. The Company and the Guarantors agree, after
the Effective Time of the Shelf Registration Statement and promptly upon the
request of any holder of Registrable Securities that is not then an Electing
Holder, to use all commercially reasonable efforts to enable such holder to use
the prospectus forming a part thereof for resales of Registrable Securities,
including, without limitation, any action necessary to identify such holder as
a selling securityholder in the Shelf Registration Statement (whether by
post-effective amendment thereto or by filing a prospectus pursuant to Rule 430B
and 424(b) under the Securities Act identifying such holder), provided, however, that nothing in this sentence shall
relieve any such holder of the obligation to return a completed and signed
Notice and Questionnaire to the Company in accordance with Section 3(d)(iii).

 

(c)           In
the event that (i) the Company and the Guarantors have not filed the
Exchange Offer Registration Statement or the Shelf Registration Statement on or
before the date on which such registration statement is required to be filed
pursuant to Section 2(a) or Section 2(b), respectively, or (ii) such
Exchange Offer Registration Statement or Shelf Registration Statement has not
become effective or been declared effective by the Commission on or before the
date on which such registration statement is required to become or be declared
effective pursuant to Section 2(a) or Section 2(b),
respectively, or (iii) the Exchange Offer has not been completed within 45
Days after the Effective Time of the Exchange Offer Registration Statement
relating to the Exchange Offer (if the Exchange Offer is then required to be
made) or (iv) any Exchange Offer Registration Statement or Shelf
Registration Statement required by Section 2(a) or Section 2(b) is
filed and 

 

4

 

declared
effective but shall thereafter either be withdrawn by the Company or shall
become subject to an effective stop order issued pursuant to Section 8(d) of
the Securities Act suspending the effectiveness of such registration statement
(except as specifically permitted herein) without being succeeded within 30
days by an additional registration statement filed and declared effective (each
such event referred to in clauses (i) through (iv), a “Registration
Default” and each period during which a Registration Default has
occurred and is continuing, a “Registration Default
Period”), then, as liquidated damages for such Registration Default,
subject to the provisions of Section 9(b), liquidated damages (“Liquidated Damages”), in addition to the Base Interest,
shall accrue on all Registrable Securities then outstanding at an amount per
week per $1,000 principal amount of Registrable Securities equal to $0.05 for
the first 90 days of the Registration Default Period, increasing by an
additional $0.05 per week per $1,000 principal amount of Registrable Securities
with respect to each subsequent 90-day period, up to a maximum of $0.25 per
week per $1,000 principal amount of Registrable Securities.  All accrued Liquidated Damages shall be paid
by the Company and the Guarantors on each interest payment date to holders of
record for the payment of interest.

 

(d)           The
Company shall take, and shall cause the Guarantors to take, all actions
necessary or advisable to be taken by it to ensure that the transactions
contemplated herein are effected as so contemplated, including all actions
necessary or desirable to register the Note Guarantees under any Exchange Offer
Registration Statement or Shelf 
Registration Statement, as applicable.

 

(e)           Any
reference herein to a registration statement or prospectus as of any time shall
be deemed to include any document incorporated, or deemed to be incorporated,
therein by reference as of such time; and any reference herein to any
post-effective amendment to a registration statement or to any prospectus
supplement as of any time shall be deemed to include any document incorporated,
or deemed to be incorporated, therein by reference as of such time.

 

3.             Registration Procedures.

 

If the Company and the
Guarantors file a registration statement pursuant to Section 2(a) or Section 2(b),
the following provisions shall apply:

 

(a)           At
or before the Effective Time of the Exchange Registration or any Shelf
Registration, whichever may occur first, the Company shall qualify the
Indenture under the Trust Indenture Act.

 

(b)           In
the event that such qualification would require the appointment of a new
trustee under the Indenture, the Company shall appoint a new trustee thereunder
pursuant to the applicable provisions of the Indenture.

 

(c)           In
connection with the Company’s and the Guarantors’ obligations with respect to
the registration of Exchange Securities as contemplated by Section 2(a) (the
“Exchange Registration”), if applicable,
the Company and the Guarantors shall:

 

(i)            prepare
and file with the Commission promptly, but no later than 90 days after the
First Closing Date, an Exchange Offer Registration Statement on any form which
may be utilized by the Company and the Guarantors and which shall permit the
Exchange Offer and resales of Exchange Securities by broker-dealers during the
Applicable Period to be effected as contemplated by Section 2(a), and use
their reasonable best efforts to cause such Exchange Offer Registration
Statement to become effective no later than 180 days after the First Closing
Date;

 

(ii)           as
soon as practicable prepare and file with the Commission such amendments and
supplements to such Exchange Offer Registration Statement and the prospectus
included therein as may be necessary to effect and maintain the effectiveness
of such Exchange Offer Registration Statement for the periods and purposes
contemplated in Section 2(a) and as may be required by the applicable
rules and regulations of the Commission and the instructions applicable to
the form of such Exchange Offer Registration Statement, and promptly provide
each broker-dealer holding Exchange Securities with such number of copies of
the prospectus included therein (as then amended or supplemented), in
conformity in all material respects with the requirements of the Securities Act
and 

 

5

 

the
Trust Indenture Act, as such broker-dealer reasonably may request prior to the
expiration of the Applicable Period, for use in connection with resales of
Exchange Securities;

 

(iii)          promptly
notify each broker-dealer that has requested or received copies of the
prospectus included in such Exchange Offer Registration Statement, and confirm
such advice in writing, (A) when such Exchange Offer Registration
Statement or the prospectus included therein or any prospectus amendment or
supplement or post-effective amendment has been filed, and, with respect to
such Exchange Offer Registration Statement or any post-effective amendment,
when the same has become effective, (B) of any comments by the Commission
and by the blue sky or securities commissioner or regulator of any state with
respect thereto or any request by the Commission for amendments or supplements
to such Exchange Offer Registration Statement or prospectus or for additional
information, (C) of the issuance by the Commission of any stop order
suspending the effectiveness of such Exchange Offer Registration Statement or
the initiation or threatening of any proceedings for that purpose, (D) if
at any time the representations and warranties of the Company contemplated by Section 5
cease to be true and correct in all material respects, (E) of the receipt
by the Company of any notification with respect to the suspension of the
qualification of the Exchange Securities for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose, (F) the
occurrence of any event that causes the Company to become an “ineligible issuer”
as defined in Rule 405, or (G) if at any time during the Applicable
Period when a prospectus is required to be delivered under the Securities Act,
that such Exchange Offer Registration Statement, prospectus, prospectus
amendment or supplement or post-effective amendment does not conform in all
material respects to the applicable requirements of the Securities Act and the
Trust Indenture Act or contains an untrue statement of a material fact or omits
to state any material fact required to be stated therein or necessary to make
the statements therein not misleading in light of the circumstances under which
such statements were made;

 

(iv)          in
the event that the Company and the Guarantors would be required, pursuant to Section
3(c)(iii)(G), to notify any broker-dealers holding Exchange Securities,
promptly prepare and furnish to each such holder a reasonable number of copies
of a prospectus supplemented or amended so that, as thereafter delivered to
purchasers of such Exchange Securities during the Applicable Period, such
prospectus shall conform in all material respects to the applicable
requirements of the Securities Act and the Trust Indenture Act and shall not
contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances under which such statements were made;

 

(v)           use
all commercially reasonable efforts to obtain the withdrawal of any order
suspending the effectiveness of such Exchange Offer Registration Statement or
any post-effective amendment thereto at the earliest practicable date;

 

(vi)          use
all commercially reasonable efforts to (A) register or qualify the
Exchange Securities under the securities laws or blue sky laws, and other
applicable laws, of such jurisdictions as are contemplated by Section 2(a) no
later than the commencement of the Exchange Offer, to the extent required by
such laws, (B) keep such registrations or qualifications in effect and
comply with such laws so as to permit the continuance of offers, sales and
dealings therein in such jurisdictions until the expiration of the Applicable
Period, (C) take any and all other actions as may be reasonably necessary
or advisable to enable each broker-dealer holding Exchange Securities to
consummate the disposition thereof in such jurisdictions and (D) obtain
the consent or approval of each governmental agency or authority, whether
federal, state or local, which may be required to effect the Exchange
Registration, the Exchange Offer and the offering and sale of Exchange
Securities by broker-dealers during the Applicable Period; provided,
however, that neither the Company nor the Guarantors shall be
required for any such purpose to (1) qualify as a foreign corporation in
any jurisdiction wherein it would not otherwise be required to qualify but for
the requirements of this Section 3(c)(vi), (2) consent to general
service of process in any such jurisdiction or become subject to taxation in
any such jurisdiction or (3) make any changes to its certificate of
incorporation or by-laws or other governing documents or any agreement between
it and its stockholders;

 

6

 

(vii)         obtain
a CUSIP number for all Exchange Securities, not later than the applicable
Effective Time; and

 

(viii)        comply
with all applicable rules and regulations of the Commission, and make generally
available to its securityholders no later than eighteen months after the
Effective Time of such Exchange Offer Registration Statement, an “earning
statement” of the Company and its subsidiaries complying with Section 11(a) of
the Securities Act (including, at the option of the Company, Rule 158
thereunder).

 

(d)           In
connection with the Company’s and the Guarantors’ obligations with respect to
the Shelf Registration, if applicable, the Company and the Guarantors shall:

 

(i)            prepare
and file with the Commission, within the time periods specified in Section 2(b),
a Shelf Registration Statement on any form which may be utilized by the Company
and which shall register all of the Registrable Securities for resale by the
holders thereof in accordance with such method or methods of disposition as may
be specified by the holders of Registrable Securities as, from time to time,
may be Electing Holders and use all commercially reasonable efforts to cause
such Shelf Registration Statement to become effective within the time periods
specified in Section 2(b);

 

(ii)           mail
the Notice and Questionnaire to the holders of Registrable Securities not less
than 30 days prior to the anticipated Effective Time of the Shelf Registration
Statement, and no holder shall be entitled to be named as a selling
securityholder in the Shelf Registration Statement, and no holder shall be
entitled to use the prospectus forming a part thereof for resales of
Registrable Securities at any time, unless and until such holder has returned a
completed and signed Notice and Questionnaire to the Company;

 

(iii)          after
the Effective Time of the Shelf Registration Statement, upon the request of any
holder of Registrable Securities that is not then an Electing Holder, promptly
send a Notice and Questionnaire to such holder; provided
that the Company shall not be required to take any action to name such holder
as a selling securityholder in the Shelf Registration Statement or to enable
such holder to use the prospectus forming a part thereof for resales of
Registrable Securities until such holder has returned a completed and signed
Notice and Questionnaire to the Company;

 

(iv)          as
soon as practicable prepare and file with the Commission such amendments and
supplements to such Shelf Registration Statement and the prospectus included
therein as may be necessary to effect and maintain the effectiveness of such
Shelf Registration Statement for the period specified in Section 2(b) and
as may be required by the applicable rules and regulations of the
Commission and the instructions applicable to the form of such Shelf
Registration Statement, and furnish to the Electing Holders copies of any such
supplement or amendment simultaneously with or prior to its being used or filed
with the Commission to the extent such documents are not publicly available on
the Commission’s EDGAR System;

 

(v)           comply
with the provisions of the Securities Act with respect to the disposition of
all of the Registrable Securities covered by such Shelf Registration Statement
in accordance with the intended methods of disposition by the Electing Holders
provided for in such Shelf Registration Statement;

 

(vi)          provide
the Electing Holders and not more than one counsel for all the Electing Holders
the opportunity to participate in the preparation of such Shelf Registration
Statement, each prospectus included therein or filed with the Commission and
each amendment or supplement thereto;

 

(vii)         for
a reasonable period prior to the filing of such Shelf Registration Statement,
and throughout the period specified in Section 2(b), make available at
reasonable times at the Company’s principal place of business or such other
reasonable place for inspection by the persons referred to in Section 3(d)(vi) who
shall certify to the Company that they have a current intention to sell the
Registrable Securities pursuant to the Shelf Registration such financial and
other information and books and records of the Company, and cause the officers,
employees, counsel and independent 

 

7

 

certified
public accountants of the Company to respond to such inquiries, as shall be
reasonably necessary (and in the case of counsel, not violate an
attorney-client privilege, in such counsel’s reasonable belief), in the
judgment of the respective counsel referred to in Section 3(d)(vi), to
conduct a reasonable investigation within the meaning of Section 11 of the
Securities Act; provided, however, that the
foregoing inspection and information gathering on behalf of the Electing
Holders shall be conducted by one counsel designated by the holders of at least
a majority in aggregate principal amount of the Registrable Securities held by
the Electing Holders at the time outstanding and provided
further that each such party shall be required to maintain in
confidence and not to disclose to any other person any information or records
reasonably designated by the Company as being confidential, until such time as (A) such
information becomes a matter of public record (whether by virtue of its inclusion
in such Shelf Registration Statement or otherwise), or (B) such person
shall be required so to disclose such information pursuant to a subpoena or
order of any court or other governmental agency or body having jurisdiction
over the matter (subject to the requirements of such order, and only after such
person shall have given the Company prompt prior written notice of such
requirement), or (C) such information is required to be set forth in such
Shelf Registration Statement or the prospectus included therein or in an
amendment to such Shelf Registration Statement or an amendment or supplement to
such prospectus in order that such Shelf Registration Statement, prospectus,
amendment or supplement, as the case may be, complies with applicable
requirements of the federal securities laws and the rules and regulations
of the Commission and does not contain an untrue statement of a material fact
or omit to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the
circumstances under which such statements were made;

 

(viii)        promptly
notify each of the Electing Holders and confirm such advice in writing, (A) when
such Shelf Registration Statement or the prospectus included therein or any prospectus
amendment or supplement or post-effective amendment has been filed, and, with
respect to such Shelf Registration Statement or any post-effective amendment,
when the same has become effective, (B) of any comments by the Commission
and by the blue sky or securities commissioner or regulator of any state with
respect thereto or any request by the Commission for amendments or supplements
to such Shelf Registration Statement or prospectus or for additional
information, (C) of the issuance by the Commission of any stop order
suspending the effectiveness of such Shelf Registration Statement or the
initiation or threatening of any proceedings for that purpose, (D) if at
any time the representations and warranties of the Company set forth in Section 5
cease to be true and correct in all material respects, (E) of the receipt
by the Company of any notification with respect to the suspension of the
qualification of the Registrable Securities for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose, (F) the
occurrence of any event that causes the Company to become an “ineligible issuer”
as defined in Rule 405, or (G) if at any time when a prospectus is
required to be delivered under the Securities Act, that such Shelf Registration
Statement, prospectus, prospectus amendment or supplement or post-effective
amendment does not conform in all material respects to the applicable
requirements of the Securities Act and the Trust Indenture Act or contains an
untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances under which such statements were made;

 

(ix)           use
all commercially reasonable efforts to obtain the withdrawal of any order
suspending the effectiveness of such Shelf Registration Statement or any
post-effective amendment thereto at the earliest practicable date;

 

(x)            if
requested by any Electing Holder, promptly incorporate in a prospectus supplement
or post-effective amendment such information as is required by the applicable rules and
regulations of the Commission and as such Electing Holder specifies should be
included therein relating to the terms of the sale of such Registrable
Securities, including information with respect to the principal amount of
Registrable Securities being sold by such Electing Holder, the name and
description of such Electing Holder, the offering price of such Registrable
Securities and any discount, commission or other compensation payable in
respect thereof and with respect to any other material terms of the offering of
the Registrable Securities to be sold by such Electing Holder; and make all
required filings of such 

 

8

 

prospectus
supplement or post-effective amendment promptly after notification of the
matters to be incorporated in such prospectus supplement or post-effective
amendment;

 

(xi)           furnish
to each Electing Holder and the counsel referred to in Section 3(d)(vi) an
executed copy (or a conformed copy) of such Shelf Registration Statement, each
such amendment and supplement thereto (in each case including all exhibits
thereto (in the case of an Electing Holder of Registrable Securities, upon
request) and documents incorporated by reference therein) and such number of
copies of such Shelf Registration Statement (excluding exhibits thereto and
documents incorporated by reference therein unless specifically so requested by
such Electing Holder) and of the prospectus included in such Shelf Registration
Statement (including each preliminary prospectus and any summary prospectus),
in conformity in all material respects with the applicable requirements of the
Securities Act and the Trust Indenture Act to the extent such documents are not
available through the Commission’s EDGAR System, and such other documents, as
such Electing Holder may reasonably request in order to facilitate the offering
and disposition of the Registrable Securities owned by such Electing Holder and
to permit such Electing Holder to satisfy the prospectus delivery requirements
of the Securities Act; and subject to Section 3(e), the Company hereby
consents to the use of such prospectus (including such preliminary and summary
prospectus) and any amendment or supplement thereto by each such Electing
Holder, in each case in the form most recently provided to such person by the
Company, in connection with the offering and sale of the Registrable Securities
covered by the prospectus (including such preliminary and summary prospectus)
or any supplement or amendment thereto;

 

(xii)          use
all commercially reasonable efforts to (A) register or qualify the
Registrable Securities to be included in such Shelf Registration Statement
under such securities laws or blue sky laws, and other applicable laws, of such
jurisdictions as any Electing Holder shall reasonably request, (B) keep
such registrations or qualifications in effect and comply with such laws so as
to permit the continuance of offers, sales and dealings therein in such
jurisdictions during the period the Shelf Registration Statement is required to
remain effective under Section 2(b) and for so long as may be
necessary to enable any such Electing Holder to complete its distribution of
Registrable Securities pursuant to such Shelf Registration Statement, (C) take
any and all other actions as may be reasonably necessary or advisable to enable
each such Electing Holder to consummate the disposition in such jurisdictions
of such Registrable Securities and (D) obtain the consent or approval of
each governmental agency or authority, whether federal, state or local, which
may be required to effect the Shelf Registration or the offering or sale in
connection therewith or to enable the selling holder or holders to offer, or to
consummate the disposition of, their Registrable Securities; provided, however, that neither the Company nor the
Guarantors shall be required for any such purpose to (1) qualify as a
foreign corporation in any jurisdiction wherein it would not otherwise be
required to qualify but for the requirements of this Section 3(d)(xii), (2) consent
to general service of process in any such jurisdiction or become subject to
taxation in any such jurisdiction or (3) make any changes to its
certificate of incorporation or by-laws or other governing documents or any
agreement between it and its stockholders;

 

(xiii)         unless
any Registrable Securities shall be in book-entry only form, cooperate with the
Electing Holders to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold, which
certificates, if so required by any securities exchange upon which any
Registrable Securities are listed, shall be printed, penned, lithographed,
engraved or otherwise produced by any combination of such methods, on steel
engraved borders, and which certificates shall not bear any restrictive
legends;

 

(xiv)        obtain
a CUSIP number for all Securities that have been registered under the
Securities Act, not later than the applicable Effective Time;

 

(xv)         notify
in writing each holder of Registrable Securities of any proposal by the Company
to amend or waive any provision of this Agreement pursuant to Section 9(h) and
of any amendment or waiver effected pursuant thereto, each of which notices
shall contain the text of the amendment or waiver proposed or effected, as the
case may be; and

 

9

 

(xvi)        comply
with all applicable rules and regulations of the Commission, and make
generally available to its securityholders no later than eighteen months after
the Effective Time of such Shelf Registration Statement an “earning statement”
of the Company and its subsidiaries complying with Section 11(a) of
the Securities Act (including, at the option of the Company, Rule 158
thereunder).

 

(e)           In
the event that the Company would be required, pursuant to Section 3(d)(viii)(G),
to notify the Electing Holders, the Company shall promptly prepare and furnish
to each of the Electing Holders a reasonable number of copies of a prospectus
supplemented or amended so that, as thereafter delivered to purchasers of
Registrable Securities, such prospectus shall conform in all material respects
to the applicable requirements of the Securities Act and the Trust Indenture
Act and shall not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances under which such
statements were made.  Each Electing
Holder agrees that upon receipt of any notice from the Company pursuant to Section 3(d)(viii)(G),
such Electing Holder shall forthwith discontinue the disposition of Registrable
Securities pursuant to the Shelf Registration Statement applicable to such
Registrable Securities until such Electing Holder shall have received copies of
such amended or supplemented prospectus, and if so directed by the Company,
such Electing Holder shall deliver to the Company (at the Company’s expense)
all copies, other than permanent file copies, of the prospectus covering such
Registrable Securities in such Electing Holder’s possession at the time of
receipt of such notice.

 

(f)            In
the event of a Shelf Registration, in addition to the information required to
be provided by each Electing Holder in its Notice and Questionnaire, the
Company may require such Electing Holder to furnish to the Company such
additional information regarding such Electing Holder and such Electing Holder’s
intended method of distribution of Registrable Securities as may be required in
order to comply with the Securities Act. 
Each such Electing Holder agrees to notify the Company as promptly as
practicable of any inaccuracy or change in information previously furnished by
such Electing Holder to the Company or of the occurrence of any event in either
case as a result of which any prospectus relating to such Shelf Registration
contains or would contain an untrue statement of a material fact regarding such
Electing Holder or such Electing Holder’s intended method of disposition of
such Registrable Securities or omits to state any material fact regarding such
Electing Holder or such Electing Holder’s intended method of disposition of
such Registrable Securities required to be stated therein or necessary to make
the statements therein not misleading in light of the circumstances under which
such statements were made, and promptly to furnish to the Company any
additional information required to correct and update any previously furnished
information or required so that such prospectus shall not contain, with respect
to such Electing Holder or the disposition of such Registrable Securities, an
untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances under which such statements were made.

 

(g)           Until
the expiration of one year after the Closing Date, the Company will not, and
will not permit any of its “affiliates” (as defined in Rule 144) to,
resell any of the Securities that have been reacquired by any of them except
pursuant to an effective registration statement, or a valid exemption from the
registration requirements, under the Securities Act.

 

(h)           As
a condition to its participation in the Exchange Offer, each holder of
Registrable Securities shall furnish, upon the request of the Company, a
written representation to the Company (which may be contained in the letter of
transmittal or “agent’s message” transmitted via The Depository Trust Company’s
Automated Tender Offer Procedures, in either case contemplated by the Exchange
Offer Registration Statement) to the effect that (A) it is not an “affiliate”
of the Company, as defined in Rule 405 of the Securities Act, or if it is
such an “affiliate”, it will comply with the registration and prospectus
delivery requirements of the Securities Act to the extent applicable, (B) it
is not engaged in and does not intend to engage in, and has no arrangement or
understanding with any person to participate in, a distribution of the Exchange
Securities to be issued in the Exchange Offer, (C) it is acquiring the
Exchange Securities in its ordinary course of business, (D) if it is a
broker-dealer that holds Securities that were acquired for its own account as a
result of market-making activities or other trading activities (other than
Securities acquired directly from the Company or any of its affiliates), it
will deliver a prospectus meeting the requirements of the Securities Act in
connection with any resales of the Exchange Securities received by it in the
Exchange Offer, (E) if it is a broker-dealer, that it did not purchase the
Securities to be exchanged in the Exchange Offer from the Company or any of its
affiliates, and (F) it is not 

 

10

 

acting
on behalf of any person who could not truthfully and completely make the
representations contained in the foregoing subclauses (A) through (E).

 

4.             Registration Expenses.

 

The Company agrees to bear
and to pay or cause to be paid promptly all expenses incident to the Company’s
performance of or compliance with this Agreement, including (a) all Commission
and any FINRA registration, filing and review fees in connection with such
registration, filing and review, (b) all fees and expenses in connection
with the qualification of the Registrable Securities and the Exchange
Securities, as applicable, for offering and sale under the State securities and
blue sky laws referred to in Section 3(d)(xii) and determination of their
eligibility for investment under the laws of such jurisdictions as the Electing
Holders may designate, including any reasonable fees and disbursements of
counsel for the Electing Holders in connection with such qualification and
determination, (c) all expenses relating to the preparation, printing,
production, distribution and reproduction of each registration statement
required to be filed hereunder, each prospectus included therein or prepared
for distribution pursuant hereto, each amendment or supplement to the
foregoing, the expenses of preparing the Securities or Exchange Securities, as
applicable, for delivery and the expenses of printing or producing any selling
agreements and blue sky or legal investment memoranda and all other documents
in connection with the offering, sale or delivery of Securities or Exchange
Securities, as applicable, to be disposed of (including certificates
representing the Securities or Exchange Securities, as applicable), (d) messenger,
telephone and delivery expenses relating to the offering, sale or delivery of
Securities or Exchange Securities, as applicable, and the preparation of
documents referred in clause (c) above, (e) fees and expenses of the
Trustee under the Indenture, any agent of the Trustee and any counsel for the
Trustee and of any collateral agent or custodian, (f) internal expenses
(including all salaries and expenses of the Company’s officers and employees
performing legal or accounting duties), (g) reasonable fees, disbursements
and expenses of counsel and independent certified public accountants of the
Company, (h) reasonable fees, disbursements and expenses of one counsel
for the Electing Holders retained in connection with a Shelf Registration, as
selected by the Electing Holders of at least a majority in aggregate principal
amount of the Registrable Securities held by Electing Holders (which counsel
shall be reasonably satisfactory to the Company), (i) any fees charged by
securities rating services for rating the Registrable Securities or the
Exchange Securities, as applicable, and (j) fees, expenses and
disbursements of any other persons, including special experts, retained by the
Company in connection with such registration (collectively, the “Registration Expenses”). 
To the extent that any Registration Expenses are incurred, assumed or
paid by any holder of Registrable Securities, Securities or Exchange
Securities, as applicable,  the Company
shall reimburse such person for the full amount of the Registration Expenses so
incurred, assumed or paid promptly after receipt of a request therefor.  Notwithstanding the foregoing, the holders of
the Registrable Securities being registered shall pay all agency fees and
commissions and underwriting discounts and commissions, if any, and transfer
taxes, if any, attributable to the sale of such Registrable Securities  and Exchange Securities, as applicable, and the fees and
disbursements of any counsel or other advisors or experts retained by such
holders (severally or jointly), other than the counsel and experts specifically
referred to above.

 

5.             Representations and Warranties.

 

Each of the Company and the
Guarantors, jointly and severally, represents and warrants to, and agrees with,
each Purchaser and each of the holders from time to time of Registrable
Securities that:

 

(a)           Each
registration statement covering Registrable Securities, Securities or Exchange
Securities, as applicable, and each prospectus (including any preliminary or
summary prospectus) contained therein or furnished pursuant to Section 3(c) or
Section 3(d) and any further amendments or supplements to any such
registration statement or prospectus, when it becomes effective or is filed
with the Commission, as the case may be, will conform in all material respects
to the requirements of the Securities Act and the Trust Indenture Act and will
not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading; and at all times subsequent to the Effective Time when a
prospectus would be required to be delivered under the Securities Act, other
than from (i) such time as a notice has been given to holders of
Registrable Securities pursuant to Section 3(c)(iii)(G) or Section 3(d)(viii)(G) until
(ii) such time as the Company furnishes an amended or supplemented
prospectus pursuant to Section 3(c)(iv) or Section 3(e), each
such registration statement, and each prospectus (including any summary
prospectus) contained therein or furnished pursuant to Section 3(c) or
Section 3(d), as then amended or supplemented, will conform in all
material respects to the requirements of the Securities Act and the Trust
Indenture Act and will not contain an untrue statement of a material fact or
omit to state a material fact 

 

11

 

required
to be stated therein or necessary to make the statements therein not misleading
in the light of the circumstances under which such statements were made; provided, however, that this representation and warranty
shall not apply to any statements or omissions made in reliance upon and in
conformity with information furnished in writing to the Company by a holder, or
a holder’s representative, of Registrable Securities  expressly for use therein.

 

(b)           Any
documents incorporated by reference in any prospectus referred to in Section 5(a),
when they become or became effective or are or were filed with the Commission,
as the case may be, will conform or conformed in all material respects to the
requirements of the Securities Act or the Exchange Act, as applicable, and none
of such documents will contain or contained an untrue statement of a material
fact or will omit or omitted to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading; provided,
however, that this representation and warranty shall not apply to
any statements or omissions made in reliance upon and in conformity with
information furnished in writing to the Company by a holder of Registrable
Securities expressly for use therein.

 

(c)           The
compliance by the Company with all of the provisions of this Agreement and the
consummation of the transactions herein contemplated will not (i) conflict
with or result in a breach or violation of any of the terms or provisions of,
or constitute a default under, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Company or any of its
subsidiaries is a party or by which the Company or any of its subsidiaries is
bound or to which any of the property or assets of the Company or any of its
subsidiaries is subject, (ii) result in any violation of the provisions of
the certificate of incorporation, as amended, or the by-laws or other governing
documents, as applicable, of the Company or the Guarantors or (iii) 
result in any violation of any statute or any order, rule or regulation of
any court or governmental agency or body having jurisdiction over the Company
or any of its subsidiaries or any of their respective properties, except in the
case of (i) or (iii) above, as would not be reasonably expected to
have a material adverse effect on the business, condition (financial or
otherwise), results of operations, properties or prospects of the Company and
its subsidiaries, taken as a whole.  No
consent, approval, authorization, order, registration or qualification of or
with any such court or governmental agency or body is required for the
consummation by the Company and the Guarantors of the transactions contemplated
by this Agreement, except (x) the registration under the Securities Act of
the Registrable Securities and the Exchange Securities, as applicable, and
qualification of the Indenture under the Trust Indenture Act, (y) such
consents, approvals, authorizations, registrations or qualifications as may be
required under state securities or blue sky laws in connection with the
offering and distribution of the Registrable Securities and the Exchange
Securities, as applicable, and (z) such consents, approvals,
authorizations, registrations or qualifications that have been obtained and are
in full force and effect as of the date hereof or that are to be obtained
pursuant to Sections 3(c)(vi) or 3(d)(xii) hereof.

 

(d)           This
Agreement has been duly authorized, executed and delivered by the Company and
by the Guarantors.

 

6.             Indemnification and Contribution.

 

(a)           Indemnification by the Company and the
Guarantors.  The
Company and the Guarantors, jointly and severally, will indemnify and hold
harmless each of the holders of Registrable Securities included in an Exchange
Offer Registration Statement and each of the Electing Holders as holders of
Registrable Securities included in a Shelf Registration Statement  against any losses, claims, damages or
liabilities, joint or several, to which such holder or such Electing Holder may
become subject under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or
are based upon an untrue statement or alleged untrue statement of a material
fact contained in any Exchange Offer Registration Statement or any Shelf
Registration Statement, as the case may be, under which such Registrable
Securities or Exchange Securities were registered under the Securities Act, or
any preliminary, final or summary prospectus (including, without limitation, any
“issuer free writing prospectus” as defined in Rule 433) contained therein
or furnished by the Company to any such holder or any such Electing Holder, or
any amendment or supplement thereto, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, and
will reimburse each such holder and each such Electing Holder for any and all
legal or other expenses reasonably incurred by them in connection with
investigating or defending any such action or claim as such expenses are
incurred; provided, 

 

12

 

however,
that neither the Company nor the Guarantors shall be liable to any such person
in any such case to the extent that any such loss, claim, damage or liability
arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in such registration statement, or
preliminary, final or summary prospectus (including, without limitation, any “issuer
free writing prospectus” as defined in Rule 433), or amendment or
supplement thereto, in reliance upon and in conformity with written information
furnished to the Company by such person expressly for use therein.

 

(b)           Indemnification by the Electing Holders.  The Company may require, as a condition to
including any Registrable Securities in any Shelf Registration Statement filed
pursuant to Section 2(b), that the Company shall have received an undertaking
reasonably satisfactory to it from each Electing Holder of Registrable
Securities included in such Shelf Registration Statement, severally and not
jointly, to (i) indemnify and hold harmless the Company, the Guarantors
and all other Electing Holders of Registrable Securities included in such Shelf
Registration Statement, against any losses, claims, damages or liabilities to
which the Company, the Guarantors or such other Electing Holders may become
subject, under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are
based upon an untrue statement or alleged untrue statement of a material fact
contained in such registration statement, or any preliminary, final or summary
prospectus (including, without limitation, any “issuer free writing prospectus”
as defined in Rule 433) contained therein or furnished by the Company to
any Electing Holder, or any amendment or supplement thereto, or arise out of or
are based upon the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein
not misleading, in each case to the extent, but only to the extent, that such
untrue statement or alleged untrue statement or omission or alleged omission
was made in reliance upon and in conformity with written information furnished
to the Company by such Electing Holder expressly for use therein, and (ii) reimburse
the Company and the Guarantors for any legal or other expenses reasonably
incurred by the Company and the Guarantors in connection with investigating or
defending any such action or claim as such expenses are incurred; provided, however, that no such Electing Holder shall be
required to undertake liability to any person under this Section 6(b) for
any amounts in excess of the dollar amount of the proceeds to be received by
such Electing Holder from the sale of such Electing Holder’s Registrable
Securities pursuant to such registration.

 

(c)           Notices of Claims, Etc.  Promptly
after receipt by an indemnified party under subsection (a) or (b) above
of written notice of the commencement of any action, such indemnified party
shall, if a claim in respect thereof is to be made against an indemnifying
party pursuant to the indemnification provisions of or contemplated by this Section 6,
notify such indemnifying party in writing of the commencement of such action;
but the omission so to notify the indemnifying party shall not relieve it from
any liability which it may have to any indemnified party otherwise than under
the indemnification provisions of or contemplated by Section 6(a) or Section 6(b).  In case any such action shall be brought
against any indemnified party and it shall notify an indemnifying party of the
commencement thereof, such indemnifying party shall be entitled to participate
therein and, to the extent that it shall wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with
counsel reasonably satisfactory to such indemnified party (who shall not,
except with the consent of the indemnified party, be counsel to the
indemnifying party), and, after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof, such indemnifying
party shall not be liable to such indemnified party for any legal expenses of
other counsel or any other expenses, in each case subsequently incurred by such
indemnified party, in connection with the defense thereof other than reasonable
costs of investigation.  No indemnifying
party shall, without the prior written consent of the indemnified party, effect
the settlement or compromise of, or consent to the entry of any judgment with
respect to, any pending or threatened action or claim in respect of which
indemnification or contribution may be sought hereunder (whether or not the
indemnified party is an actual or potential party to such action or claim)
unless such settlement, compromise or judgment (i) includes an
unconditional release of the indemnified party from all liability arising out
of such action or claim and (ii) does not include a statement as to, or an
admission of, fault, culpability or a failure to act by or on behalf of any
indemnified party.

 

(d)           Contribution. 
If for any reason the indemnification
provisions contemplated by Section 6(a) or Section 6(b) are
unavailable to or insufficient to hold harmless an indemnified party in respect
of any losses, claims, damages or liabilities (or actions in respect thereof)
referred to therein, then each indemnifying party shall contribute to the
amount paid or payable by such indemnified party as a result of such losses,
claims, damages or liabilities (or actions in respect thereof) in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party in connection with the statements or omissions
which 

 

13

 

resulted
in such losses, claims, damages or liabilities (or actions in respect thereof),
as well as any other relevant equitable considerations.  The relative fault of such indemnifying party
and indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact relates to information supplied by
such indemnifying party or by such indemnified party, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.  The parties
hereto agree that it would not be just and equitable if contributions pursuant
to this Section 6(d) were determined by pro rata allocation (even if
the holders were treated as one entity for such purpose) or by any other method
of allocation which does not take account of the equitable considerations
referred to in this Section 6(d). 
The amount paid or payable by an indemnified party as a result of the
losses, claims, damages, or liabilities (or actions in respect thereof)
referred to above shall be deemed to include any legal or other fees or
expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim.  Notwithstanding the provisions of this Section 6(d),
no Electing Holder shall be required to contribute any amount in excess of the
amount by which the dollar amount of the proceeds received by such holder from
the sale of any Registrable Securities (after deducting any fees, discounts and
commissions applicable thereto) exceeds the amount of any damages which such
holder has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission.  No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation.  The holders’
obligations in this Section 6(d) to contribute shall be several in
proportion to the principal amount of Registrable Securities registered by them
and not joint.

 

(e)           The
obligations of the Company and the Guarantors under this Section 6 shall
be in addition to any liability which the Company or the Guarantors may
otherwise have and shall extend, upon the same terms and conditions, to each
officer, director and partner of each holder, each Electing Holder and each
person, if any, who controls any of the foregoing within the meaning of the
Securities Act; and the obligations of the holders and the Electing Holders
contemplated by this Section 6 shall be in addition to any liability which
the respective holder or Electing Holder may otherwise have and shall extend,
upon the same terms and conditions, to each officer and director of the Company
or the Guarantors (including any person who, with his consent, is named in any
registration statement as about to become a director of the Company or the
Guarantor) and to each person, if any, who controls the Company within the
meaning of the Securities Act, as well as to each officer and director of the
other holders and to each person, if any, who controls such other holders
within the meaning of the Securities Act.

 

7.             Underwritten Offerings.

 

Each holder of Registrable
Securities hereby agrees with the Company and each other such holder that no
holder of Registrable Securities may participate in any underwritten offering
hereunder unless (a) the Company gives its prior written consent to such
underwritten offering, (b) the managing underwriter or underwriters
thereof shall be designated by Electing Holders holding at least a majority in
aggregate principal amount of the Registrable Securities to be included in such
offering, provided that such designated managing underwriter or underwriters is
or are reasonably acceptable to the Company, (c) each holder of
Registrable Securities participating in such underwritten offering agrees to
sell such holder’s Registrable Securities on the basis provided in any
underwriting arrangements approved by the persons entitled selecting the managing
underwriter or underwriters hereunder and (d) each holder of Registrable
Securities participating in such underwritten offering completes and executes
all questionnaires, powers of attorney, indemnities, underwriting agreements
and other documents reasonably required under the terms of such underwriting
arrangements.  The Company hereby agrees
with each holder of Registrable Securities that, to the extent it consents to
an underwritten offering hereunder, it will negotiate in good faith and execute
all indemnities, underwriting agreements and other documents reasonably
required under the terms of such underwriting arrangements, including using all
commercially reasonable efforts to procure customary legal opinions and auditor
“comfort” letters.

 

8.             Rule 144.

 

(a)           Facilitation of Sales Pursuant to Rule 144.  The Company covenants to the holders of
Registrable Securities that to the extent it shall be required to do so under
the Exchange Act, the Company shall timely file the reports required to be
filed by it under the Exchange Act or the Securities Act (including the reports
under 

 

14

 

Sections 13
and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144),
and shall take such further action as any holder of Registrable Securities may
reasonably request, all to the extent required from time to time to enable such
holder to sell Registrable Securities without registration under the Securities
Act within the limitations of the exemption provided by Rule 144.  Upon the request of any holder of Registrable
Securities in connection with that holder’s sale pursuant to Rule 144, the
Company shall deliver to such holder a written statement as to whether it has
complied with such requirements.

 

(b)           Availability of Rule 144 Not Excuse for
Obligations under Section 2.  The fact that holders of Registrable
Securities may become eligible to sell such Registrable Securities pursuant to Rule 144
shall not (1) cause such Securities to cease to be Registrable Securities
or (2) excuse the Company’s and the Guarantors’ obligations set forth in Section 2
of this Agreement, including without limitation the obligations in respect of
an Exchange Offer, Shelf Registration and Liquidated Damages.

 

9.             Miscellaneous.

 

(a)           No Inconsistent Agreements.  The Company represents, warrants, covenants
and agrees that it has not granted, and shall not grant, registration rights
with respect to Registrable Securities, Exchange Securities or Securities, as
applicable, or any other securities which would be inconsistent with the terms
contained in this Agreement.

 

(b)           Specific Performance.  The parties hereto acknowledge that there
would be no adequate remedy at law if the Company fails to perform any of its
obligations hereunder and that the Initial Purchaser and the holders from time
to time of the Registrable Securities may be irreparably harmed by any such
failure, and accordingly agree that the Initial Purchaser and such holders, in
addition to any other remedy to which they may be entitled at law or in equity,
shall be entitled to compel specific performance of the obligations of the
Company under this Agreement in accordance with the terms and conditions of
this Agreement, in any court of the United States or any State thereof having
jurisdiction.  Time shall be of the
essence in this Agreement.

 

(c)           Notices.  All notices, requests, claims, demands,
waivers and other communications hereunder shall be in writing and shall be
deemed to have been duly given when delivered by hand, if delivered personally,
by facsimile or by courier, or three days after being deposited in the mail
(registered or certified mail, postage prepaid, return receipt requested) as
follows: If to the Company, to it at State Route 2 South, P.O. Box 356,
Chester, West Virginia, 26034, and if to a holder, to the address of such
holder set forth in the security register or other records of the Company, or
to such other address as the Company or any such holder may have furnished to
the other in writing in accordance herewith, except that notices of change of
address shall be effective only upon receipt.

 

(d)           Parties in Interest.  All the terms and provisions of this
Agreement shall be binding upon, shall inure to the benefit of and shall be
enforceable by the parties hereto, the holders from time to time of the
Registrable Securities and the respective successors and assigns of the
foregoing.  In the event that any
transferee of any holder of Registrable Securities shall acquire Registrable
Securities, in any manner, whether by gift, bequest, purchase, operation of law
or otherwise, such transferee shall, without any further writing or action of
any kind, be deemed a beneficiary hereof for all purposes and such Registrable
Securities shall be held subject to all of the terms of this Agreement, and by
taking and holding such Registrable Securities such transferee shall be
entitled to receive the benefits of, and be conclusively deemed to have agreed
to be bound by all of the applicable terms and provisions of this Agreement.  If the Company shall so request, any such
successor, assign or transferee shall agree in writing to acquire and hold the
Registrable Securities subject to all of the applicable terms hereof.

 

(e)           Survival.  The respective indemnities, agreements, representations,
warranties and each other provision set forth in this Agreement or made
pursuant hereto shall remain in full force and effect regardless of any
investigation (or statement as to the results thereof) made by or on behalf of
any holder of Registrable Securities, any director, officer or partner of such
holder, or any controlling person of any of the foregoing, and shall survive
delivery of and payment for the Registrable Securities pursuant to the Purchase
Agreement, the transfer and registration of Registrable Securities by such
holder and the consummation of an Exchange Offer.

 

15

 

(f)            Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of the State of New York.

 

(g)           Headings.  The descriptive headings of the several
Sections and paragraphs of this Agreement are inserted for convenience only, do
not constitute a part of this Agreement and shall not affect in any way the
meaning or interpretation of this Agreement.

 

(h)           Entire Agreement; Amendments.  This Agreement and the other writings
referred to herein (including the Indenture and the form of Securities) or
delivered pursuant hereto which form a part hereof contain the entire
understanding of the parties with respect to its subject matter.  This Agreement supersedes all prior
agreements and understandings between the parties with respect to its subject
matter.  This Agreement may be amended
and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or
prospectively) only by a written instrument duly executed by the Company and
the holders of at least a majority in aggregate principal amount of the
Registrable Securities at the time outstanding. 
Each holder of any Registrable Securities at the time or thereafter
outstanding shall be bound by any amendment or waiver effected pursuant to this
Section 9(h), whether or not any notice, writing or marking indicating
such amendment or waiver appears on such Registrable Securities or is delivered
to such holder.

 

(i)            Inspection.  For so long as this Agreement shall be in
effect, this Agreement and a complete list of the names and addresses of all
the record holders of Registrable Securities shall be made available for
inspection and copying on any Business Day by any holder of Registrable
Securities for proper purposes only (which shall include any purpose related to
the rights of the holders of Registrable Securities under the Securities, the
Indenture and this Agreement) at the offices of the Company at the address
thereof set forth in Section 9(c) and at the office of the Trustee
under the Indenture.

 

(j)            Counterparts.  This Agreement may be executed by the parties
in counterparts, each of which shall be deemed to be an original, but all such
respective counterparts shall together constitute one and the same instrument.

 

(k)           Severability.  If any provision of this Agreement, or the
application thereof in any circumstance, is held to be invalid, illegal or
unenforceable in any respect for any reason, the validity, legality and
enforceability of such provision in every other respect and of the remaining
provisions contained in this Agreement shall not be affected or impaired
thereby.

 

16

 

If the foregoing is in
accordance with your understanding, please sign and return to us one for the
Company, the Guarantors and plus one for each counsel counterparts hereof, and
upon the acceptance hereof by you, on behalf of the Initial Purchaser, this
letter and such acceptance hereof shall constitute a binding agreement between
the Initial Purchaser, the Guarantors and the Company.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MTR Gaming Group, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ Robert F. Griffin

  
	
   

  	
   

  	
  Name:

  	
  Robert F. Griffin

  
	
   

  	
   

  	
  Title:

  	
  President & CEO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Mountaineer Park, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ Robert F. Griffin

  
	
   

  	
   

  	
  Name:

  	
  Robert F. Griffin

  
	
   

  	
   

  	
  Title:

  	
  President & CEO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Presque Isle Downs, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ John W.
  Bittner, Jr.

  
	
   

  	
   

  	
  Name:

  	
  John. W. Bittner, Jr.

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Scioto Downs, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ John W.
  Bittner, Jr.

  
	
   

  	
   

  	
  Name:

  	
  John W. Bittner, Jr.

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  

 

 

Accepted as of the date hereof:

 

Goldman, Sachs & Co.

 

 

	
  By:

  	
  \s\ Goldman, Sachs & Co.

  	
   

  
	
   

  	
  (Goldman, Sachs &
  Co.)

  	
   

  

 

17

Exhibit A

 

MTR Gaming Group, Inc.

 

INSTRUCTION TO DTC
PARTICIPANTS

 

(Date of Mailing)

 

URGENT - IMMEDIATE ATTENTION
REQUESTED

 

DEADLINE
FOR RESPONSE:  [DATE]  *

 

The Depository Trust
Company (“DTC”) has identified you as a DTC
Participant through which beneficial interests in the MTR Gaming Group, Inc.
(the “Company”) 12.625% Senior Secured Notes
due 2014 (the “Securities”) are held.

 

The Company is in the
process of registering the Securities under the Securities Act of 1933 for
resale by the beneficial owners thereof. 
In order to have their Securities included in the registration
statement, beneficial owners must complete and return the enclosed Notice of
Registration Statement and Selling Securityholder Questionnaire.

 

It is important that
beneficial owners of the Securities receive a copy of the enclosed materials as
soon as possible as their rights to have
the Securities included in the registration statement depend upon their
returning the Notice and Questionnaire by [Deadline For Response].  Please forward a copy of the enclosed
documents to each beneficial owner that holds interests in the Securities
through you.  If you require more copies
of the enclosed materials or have any questions pertaining to this matter,
please contact MTR Gaming Group, Inc., State Route 2 South, P.O. Box
356, Chester, West Virginia, 23064, (304) 387-8300.

 

*Not less than 28
calendar days from date of mailing.

 

A-1

 

MTR Gaming Group, Inc.

 

Notice of Registration
Statement

and

Selling Securityholder Questionnaire

 

(Date)

 

Reference is hereby made
to the Exchange and Registration Rights Agreement (the “Exchange
and Registration Rights Agreement”) between MTR Gaming Group, Inc.
(the “Company”) and the Initial Purchaser
named therein.  Pursuant to the Exchange
and Registration Rights Agreement, the Company has filed or will file with the
United States Securities and Exchange Commission (the “Commission”)
a registration statement on Form [    ]
(the “Shelf Registration Statement”) for the
registration and resale under Rule 415 of the Securities Act of 1933, as
amended (the “Securities Act”), of the Company’s
12.625% Senior Secured Notes due 2014 (the “Securities”).  A copy of the Exchange and Registration
Rights Agreement has been filed as an exhibit to the Shelf Registration
Statement and can be obtained from the Commission’s website at
www.sec.gov.  All capitalized terms not
otherwise defined herein shall have the meanings ascribed thereto in the
Exchange and Registration Rights Agreement.

 

Each beneficial owner of
Registrable Securities (as defined below) is entitled to have the Registrable
Securities beneficially owned by it included in the Shelf Registration
Statement.  In order to have Registrable
Securities included in the Shelf Registration Statement, this Notice of
Registration Statement and Selling Securityholder Questionnaire (“Notice and Questionnaire”) must be completed, executed and
delivered to the Company’s counsel at the address set forth herein for receipt
ON OR BEFORE [Deadline for Response].  Beneficial owners of Registrable Securities
who do not properly complete, execute and return this Notice and Questionnaire
by such date (i) will not be named as selling securityholders in the Shelf
Registration Statement and (ii) may not use the Prospectus forming a part
thereof for resales of Registrable Securities.

 

Certain legal
consequences arise from being named as a selling securityholder in the Shelf
Registration Statement and related Prospectus. 
Accordingly, holders and beneficial owners of Registrable Securities are
advised to consult their own securities law counsel regarding the consequences
of being named or not being named as a selling securityholder in the Shelf
Registration Statement and related Prospectus.

 

The term “Registrable Securities” is defined in the Exchange and
Registration Rights Agreement.

 

A-2

 

ELECTION

 

The undersigned holder
(the “Selling Securityholder”) of Registrable
Securities hereby elects to include in the Shelf Registration Statement the
Registrable Securities beneficially owned by it and listed below in
Item (3).  The undersigned, by
signing and returning this Notice and Questionnaire, agrees to be bound with
respect to such Registrable Securities by the terms and conditions of this
Notice and Questionnaire and the Exchange and Registration Rights Agreement,
including, without limitation, Section 6 of the Exchange and Registration
Rights Agreement, as if the undersigned Selling Securityholder were an original
party thereto.

 

Pursuant to the Exchange
and Registration Rights Agreement, the undersigned has agreed to indemnify and
hold harmless the Company, its officers who sign any Shelf Registration
Statement, and each person, if any, who controls the Company within the meaning
of either Section 15 of the Securities Act or Section 20 of the
Exchange Act of 1934, as amended (the “Exchange Act”),
against certain loses arising out of an untrue statement, or the alleged untrue
statement, of a material fact in the Shelf Registration Statement or the
related prospectus or the omission, or alleged omission, to state a material
fact required to be stated in such Shelf Registration Statement or the related
prospectus, but only to the extent such untrue statement or omission, or
alleged untrue statement or omission, was made in reliance on and in conformity
with the information provided in this Notice and Questionnaire.

 

Upon any sale of
Registrable Securities pursuant to the Shelf Registration Statement, the Selling
Securityholder will be required to deliver to the Company and Trustee the
Notice of Transfer set forth in Appendix A to the Prospectus and as Exhibit B
to the Exchange and Registration Rights Agreement.

 

The Selling
Securityholder hereby provides the following information to the Company and
represents and warrants that such information is accurate and complete:

 

A-3

 

QUESTIONNAIRE

 

(1)   (a)       Full
legal name of Selling Securityholder:

 

 

(b)       Full
legal name of registered Holder (if not the same as in (a) above) of
Registrable Securities listed in Item (3) below:

 

 

(c)       Full
legal name of DTC Participant (if applicable and if not the same as (b) above)
through which Registrable Securities listed in Item (3) below are held:

 

 

(2)   Address
for notices to Selling Securityholder:

 

 

 

Telephone:

Fax:

Contact
Person:

E-mail
for Contact Person:

 

(3)   Beneficial
Ownership of Securities:

 

Except as set forth below in this
Item (3), the undersigned does not beneficially own any Securities.

 

(a)       Principal
amount of Registrable Securities beneficially owned:

            CUSIP
No(s). of such Registrable Securities:

 

(b)       Principal
amount of Securities other than Registrable Securities beneficially owned:

 

            CUSIP
No(s). of such other Securities:

 

(c)       Principal
amount of Registrable Securities that the undersigned wishes to be included in
the Shelf Registration Statement:

            CUSIP
No(s). of such Registrable Securities to be included in the Shelf Registration
Statement:

 

(4)   Beneficial
Ownership of Other Securities of the Company:

 

Except as set forth below in this
Item (4), the undersigned Selling Securityholder is not the beneficial or
registered owner of any other securities of the Company, other than the
Securities listed above in Item (3).

 

State any exceptions
here:

 

 

 

(5)   Individuals
who exercise dispositive powers with respect to the Securities:

 

If the Selling Securityholder is
not an entity that is required to file reports with the Commission pursuant to Section 13
or 15(d) of the Exchange Act (a “Reporting
Company”), then the Selling Securityholder must disclose
the name of the natural person(s) who exercise sole or shared dispositive
powers with respect to the Securities. 
Selling Securityholders should disclose the beneficial holders, not
nominee

 

A-4

 

holders or other such others of
record.  In addition, the Commission has
provided guidance that Rule 13d-3 of the Securities Exchange Act of 1934
should be used by analogy when determining the person or persons sharing voting
and/or dispositive powers with respect to the Securities.

 

(a)       Is
the holder a Reporting Company?

 

Yes             o                                                                 No             o                                                                 

 

If “No”, please answer Item
(5)(b).

 

(b)     List below the individual or individuals who exercise
dispositive powers with respect to the Securities:

 

 

 

Please
note that the names of the persons listed in (b) above will be included in
the Shelf Registration Statement and related Prospectus.

 

(6)   Relationships
with the Company:

 

Except as set forth below,
neither the Selling Securityholder nor any of its affiliates, officers,
directors or principal equity holders (5% or more) has held any position or
office or has had any other material relationship with the Company (or its
predecessors or affiliates) during the past three years.

 

State any exceptions
here:

 

 

 

(7)   Plan
of Distribution:

 

Except as set forth below, the
undersigned Selling Securityholder intends to distribute the Registrable
Securities listed above in Item (3) only as follows (if at all):  Such Registrable Securities may be sold from
time to time directly by the undersigned Selling Securityholder.  Such Registrable Securities may be sold in
one or more transactions at fixed prices, at prevailing market prices at the
time of sale, at varying prices determined at the time of sale, or at
negotiated prices.  Such sales may be
effected in transactions (which may involve crosses or block transactions) (i) on
any national securities exchange or quotation service on which the Registered
Securities may be listed or quoted at the time of sale, (ii) in the
over-the-counter market, (iii) in transactions otherwise than on such
exchanges or services or in the over-the-counter market, or (iv) through
the writing of options.  In connection
with sales of the Registrable Securities or otherwise, the Selling
Securityholder may enter into hedging transactions with broker-dealers, which
may in turn engage in short sales of the Registrable Securities in the course
of hedging the positions they assume. 
The Selling Securityholder may also sell Registrable Securities short
and deliver Registrable Securities to close out such short positions, or loan
or pledge Registrable Securities to broker-dealers that in turn may sell such
securities.

 

State any exceptions
here:

 

 

 

Note:  In no event may such method(s) of
distribution take the form of an underwritten offering of Registrable
Securities without the prior written agreement of the Company.

 

A-5

 

(8)   Broker-Dealers:

 

The
Commission requires that all Selling Securityholders that are registered
broker-dealers or affiliates of registered broker-dealers be so identified in
the Shelf Registration Statement.  In
addition, the Commission requires that all Selling Securityholders that are
registered broker-dealers be named as underwriters in the Shelf Registration
Statement and related Prospectus, even if they did not receive the Registrable
Securities as compensation for underwriting activities.

 

(a)       State
whether the undersigned Selling Securityholder is a registered broker-dealer:

 

Yes             o                                                                 No             o                                                                 

 

(b)       If
the answer to (a) is “Yes”, you must answer (i) and (ii) below,
and (iii) below if applicable.  Your answers to (i) and (ii) below, and (iii) below
if applicable, will be included in the Shelf Registration Statement and related
Prospectus.

 

(i)        Were
the Securities acquired as compensation for underwriting activities?

 

Yes             o                                                                 No             o                                                                 

 

If
you answered “Yes”, please provide a brief description of the transaction(s) in
which the Securities were acquired as compensation:

 

 

 

(ii)       Were
the Securities acquired for investment purposes?

 

Yes             o                                                                 No             o                                                                 

 

(iii)      If
you answered “No” to both (i) and (ii), please explain the Selling
Securityholder’s reason for acquiring the Securities:

 

 

 

(c)       State
whether the undersigned Selling Securityholder is an affiliate of a registered
broker-dealer and, if so, list the name(s) of the broker-dealer
affiliate(s):

 

Yes             o                                                                 No             o                                                                 

 

 

 

(d)       If
you answered “Yes” to question (c) above:

 

(i)        Did
the undersigned Selling Securityholder purchase Registrable Securities in the
ordinary course of business?

 

Yes             o                                                                 No             o                                                                 

 

If
the answer is “No” to question (d)(i), provide a brief explanation of the
circumstances in which the Selling Securityholder acquired the Registrable
Securities:

 

 

 

A-6

 

(ii)       At
the time of the purchase of the Registrable Securities, did the undersigned
Selling Securityholder have any agreements, understandings or arrangements,
directly or indirectly, with any person to dispose of or distribute the
Registrable Securities?

 

Yes             o                                                                 No             o                                                                 

 

If
the answer is “Yes” to question (d)(ii), provide a brief explanation of such
agreements, understandings or arrangements:

 

 

 

If the answer is
“No” to Item (8)(d)(i) or “Yes” to Item (8)(d)(ii), you will be named as
an underwriter in the Shelf Registration Statement and the related Prospectus.

 

(9)   Hedging
and short sales:

 

(a)       State
whether the undersigned Selling Securityholder has or will enter into “hedging
transactions” with respect to the Registrable Securities:

 

Yes             o                                                                 No             o                                                                 

 

If
“Yes”, provide below a complete description of the hedging transactions into
which the undersigned Selling Securityholder has entered or will enter and the
purpose of such hedging transactions, including the extent to which such
hedging transactions remain in place:

 

 

 

(b)       Set
forth below is Interpretation A.65 of the Commission’s July 1997 Manual of
Publicly Available Interpretations regarding short selling:

 

“An issuer filed a Form S-3 registration
statement for a secondary offering of common stock which is not yet
effective.  One of the selling
shareholders wanted to do a short sale of common stock “against the box” and
cover the short sale with registered shares after the effective date.  The issuer was advised that the short sale
could not be made before the registration statement becomes effective, because
the shares underlying the short sale are deemed to be sold at the time such
sale is made.  There would, therefore, be
a violation of Section 5 if the shares were effectively sold prior to the
effective date.”

 

By returning this Notice
and Questionnaire, the undersigned Selling Securityholder will be deemed to be
aware of the foregoing interpretation.

 

*              *              *              *              *

 

By signing below, the
Selling Securityholder acknowledges that it understands its obligation to
comply, and agrees that it will comply, with the provisions of the Exchange
Act, particularly Regulation M (or any successor rule or regulation).

 

The Selling
Securityholder hereby acknowledges its obligations under the Exchange and
Registration Rights Agreement to indemnify and hold harmless the Company and
certain other persons as set forth in the Exchange and Registration Rights
Agreement.

 

In the event that the
Selling Securityholder transfers all or any portion of the Registrable
Securities listed in Item (3) above after the date on which such
information is provided to the Company, the Selling Securityholder agrees to
notify the transferee(s) at the time of the transfer of its rights and
obligations under this Notice and Questionnaire and the Exchange and
Registration Rights Agreement.

 

A-7

 

By signing below, the
Selling Securityholder consents to the disclosure of the information contained
herein in its answers to Items (1) through (9) above and the
inclusion of such information in the Shelf Registration Statement and related
Prospectus.  The Selling Securityholder
understands that such information will be relied upon by the Company in
connection with the preparation of the Shelf Registration Statement and related
Prospectus.

 

In accordance with the
Selling Securityholder’s obligation under Section 3(d) of the
Exchange and Registration Rights Agreement to provide such information as may
be required by law for inclusion in the Shelf Registration Statement, the
Selling Securityholder agrees to promptly notify the Company of any
inaccuracies or changes in the information provided herein which may occur
subsequent to the date hereof at any time while the Shelf Registration
Statement remains in effect and to provide such additional information that the
Company may reasonably request regarding such Selling Securityholder and the
intended method of distribution of Registrable Securities in order to comply
with the Securities Act.  Except as
otherwise provided in the Exchange and Registration Rights Agreement, all
notices hereunder and pursuant to the Exchange and Registration Rights
Agreement shall be made in writing, by hand-delivery, first-class mail, or air
courier guaranteeing overnight delivery as follows:

 

(i)    To the Company:

 

MTR Gaming Group, Inc.

State Route 2 South

P.O. Box 356

Chester, West Virginia 23064

 

(ii)   With a copy to:

 

Milbank, Tweed, Hadley & McCloy LLP

601 S. Figueroa Street, Suite 3000

Los Angeles, California 90017

 

Ruben & Aronson, LLP

4800 Montgomery Lane, Suite 150

Bethesda, Maryland 20814

 

Once this Notice and
Questionnaire is executed by the Selling Securityholder and received by the
Company’s counsel, the terms of this Notice and Questionnaire, and the
representations and warranties contained herein, shall be binding on, shall
inure to the benefit of and shall be enforceable by the respective successors,
heirs, personal representatives, and assigns of the Company and the Selling
Securityholder (with respect to the Registrable Securities beneficially owned
by such Selling Securityholder and listed in Item (3) above.  This Notice and Questionnaire shall be
governed in all respects by the laws of the State of New York.

 

A-8

 

IN WITNESS WHEREOF, the
undersigned, by authority duly given, has caused this Notice and Questionnaire
to be executed and delivered either in person or by its duly authorized agent.

 

	
  Dated:

  	
   

  	
   

  

 

 

	
   

  	
   

  
	
   

  	
  Selling Securityholder

  
	
   

  	
  (Print/type full legal
  name of beneficial owner of Registrable Securities)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

PLEASE RETURN THE
COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE [DEADLINE FOR RESPONSE] TO THE COMPANY’S COUNSEL AT:

 

 

 

A-9

 

Exhibit B

 

NOTICE OF TRANSFER PURSUANT
TO REGISTRATION STATEMENT

 

Wilmington Trust FSB

MTR Gaming Group, Inc.

c/o Wilmington Trust FSB

591 Broadway, Suite 2-A

New York, NY 10012-3249

Attention:  Trust Officer

 

Re:          MTR
Gaming Group, Inc. (the “Company”)

12.625%
Senior Secured Notes due 2014

 

Dear Sirs:

 

Please be advised that                                            has
transferred $                                            aggregate
principal amount of the above-referenced Notes pursuant to an effective
Registration Statement on Form [        ]
(File No. 333-        )
filed by the Company.

 

We hereby certify that
the prospectus delivery requirements, if any, of the Securities Act of 1933, as
amended, have been satisfied and that the above-named beneficial owner of the
Notes is named as a “Selling Holder” in the Prospectus dated [date] or in supplements thereto, and that the aggregate
principal amount of the Notes transferred are the Notes listed in such
Prospectus opposite such owner’s name.

 

Dated:

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Name)

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  (Authorized Signature)

  

 

A-10Exhibit
4.4

 

ACORDA
THERAPEUTICS, INC.

 

% SENIOR NOTES DUE
20

 

 

INDENTURE

 

Dated as of                   , 20

 

 

WILMINGTON TRUST
COMPANY

 

Trustee

 

 

CROSS-REFERENCE
TABLE*

 

	
  Trust Indenture Act Section

  	
   

  	
  Indenture Section

  
	
  310

  	
  (a)(1)

  	
   

  	
  7.10

  
	
   

  	
  (a)(2)

  	
   

  	
  7.10

  
	
   

  	
  (a)(3)

  	
   

  	
  N.A.

  
	
   

  	
  (a)(4)

  	
   

  	
  N.A.

  
	
   

  	
  (a)(5)

  	
   

  	
  7.10

  
	
   

  	
  (b)

  	
   

  	
  7.10

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  
	
  311

  	
  (a)

  	
   

  	
  7.11

  
	
   

  	
  (b)

  	
   

  	
  7.11

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  
	
  312

  	
  (a)

  	
   

  	
  2.05

  
	
   

  	
  (b)

  	
   

  	
  11.03

  
	
   

  	
  (c)

  	
   

  	
  11.03

  
	
  313

  	
  (a)

  	
   

  	
  7.06

  
	
   

  	
  (b)(2)

  	
   

  	
  7.06; 7.07

  
	
   

  	
  (c)

  	
   

  	
  7.06; 10.02

  
	
   

  	
  (d)

  	
   

  	
  7.06

  
	
  314

  	
  (a)

  	
   

  	
  11.02; 11.05

  
	
   

  	
  (c)(1)

  	
   

  	
  11.04

  
	
   

  	
  (c)(2)

  	
   

  	
  11.04

  
	
   

  	
  (c)(3)

  	
   

  	
  N.A.

  
	
   

  	
  (e)

  	
   

  	
  10.05

  
	
   

  	
  (f)

  	
   

  	
  N.A.

  
	
  315

  	
  (a)

  	
   

  	
  7.01

  
	
   

  	
  (b)

  	
   

  	
  7.05; 11.02

  
	
   

  	
  (c)

  	
   

  	
  7.01

  
	
   

  	
  (d)

  	
   

  	
  7.01

  
	
   

  	
  (e)

  	
   

  	
  6.11

  
	
  316

  	
  (a) (last
  sentence)

  	
   

  	
  2.09

  
	
   

  	
  (a)(1)(A)

  	
   

  	
  6.05

  
	
   

  	
  (a)(1)(B)

  	
   

  	
  6.04

  
	
   

  	
  (a)(2)

  	
   

  	
  N.A.

  
	
   

  	
  (b)

  	
   

  	
  6.07

  
	
   

  	
  (c)

  	
   

  	
  2.12

  
	
  317

  	
  (a)(1)

  	
   

  	
  6.08

  
	
   

  	
  (a)(2)

  	
   

  	
  6.09

  
	
   

  	
  (b)

  	
   

  	
  2.04

  
	
  318

  	
  (a)

  	
   

  	
  11.01

  
	
   

  	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
  (c)

  	
   

  	
  11.01

  

 

* NA means Not
Applicable.

* This Cross Reference
Table is not part of the Indenture.

 

 

TABLE OF CONTENTS

 

	
  ARTICLE
  1

  
	
  DEFINITIONS
  AND INCORPORATION BY REFERENCE

  
	
   

  	
   

  	
   

  
	
  Section 1.01

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  Section 1.02

  	
  Other Definitions

  	
  7

  
	
   

  	
   

  	
   

  
	
  Section 1.03

  	
  Incorporation by
  Reference of Trust Indenture Act

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  2

  
	
  THE
  NOTES

  
	
   

  
	
  Section 2.01

  	
  Form and Dating

  	
  8

  
	
   

  	
   

  	
   

  
	
  Section 2.02

  	
  Execution and
  Authentication

  	
  10

  
	
   

  	
   

  	
   

  
	
  Section 2.03

  	
  Registrar and Paying
  Agent

  	
  10

  
	
   

  	
   

  	
   

  
	
  Section 2.04

  	
  Paying Agent to Hold
  Money in Trust

  	
  10

  
	
   

  	
   

  	
   

  
	
  Section 2.05

  	
  Holder Lists

  	
  11

  
	
   

  	
   

  	
   

  
	
  Section 2.06

  	
  Transfer and Exchange

  	
  11

  
	
   

  	
   

  	
   

  
	
  Section 2.07

  	
  Replacement Notes

  	
  21

  
	
   

  	
   

  	
   

  
	
  Section 2.08

  	
  Outstanding Notes

  	
  21

  
	
   

  	
   

  	
   

  
	
  Section 2.09

  	
  Treasury Notes

  	
  21

  
	
   

  	
   

  	
   

  
	
  Section 2.10

  	
  Temporary Notes

  	
  22

  
	
   

  	
   

  	
   

  
	
  Section 2.11

  	
  Cancellation

  	
  22

  
	
   

  	
   

  	
   

  
	
  Section 2.12

  	
  Defaulted Interest

  	
  22

  
	
   

  	
   

  	
   

  
	
  Section 2.13

  	
  CUSIP Numbers

  	
  22

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  3

  
	
  REDEMPTION
  AND PREPAYMENT

  
	
   

  	
   

  	
   

  
	
  Section 3.01

  	
  Notices to Trustee

  	
  22

  
	
   

  	
   

  	
   

  
	
  Section 3.02

  	
  Selection of Notes to
  Be Redeemed or Purchased

  	
  23

  
	
   

  	
   

  	
   

  
	
  Section 3.03

  	
  Notice of Redemption

  	
  23

  
	
   

  	
   

  	
   

  
	
  Section 3.04

  	
  Effect of Notice of
  Redemption

  	
  24

  
	
   

  	
   

  	
   

  
	
  Section 3.05

  	
  Deposit of Redemption
  or Purchase Price

  	
  24

  
	
   

  	
   

  	
   

  
	
  Section 3.06

  	
  Notes Redeemed or
  Purchased in Part

  	
  24

  

 

 

	
  Section 3.07

  	
  Optional Redemption

  	
  24

  
	
   

  	
   

  	
   

  
	
  Section 3.08

  	
  Mandatory Redemption

  	
  25

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  4

  
	
  COVENANTS

  
	
   

  	
   

  	
   

  
	
  Section 4.01

  	
  Payment of Notes

  	
  25

  
	
   

  	
   

  	
   

  
	
  Section 4.02

  	
  Maintenance of Office
  or Agency

  	
  25

  
	
   

  	
   

  	
   

  
	
  Section 4.03

  	
  Compliance Certificate

  	
  25

  
	
   

  	
   

  	
   

  
	
  Section 4.04

  	
  Limitation on Liens

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 4.05

  	
  Limitation on
  Sale/Leaseback Transactions

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 4.06

  	
  SEC Reports

  	
  26

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  5

  
	
  SUCCESSORS

  
	
   

  	
   

  	
   

  
	
  Section 5.01

  	
  Merger, Consolidation,
  or Sale of Assets

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 5.02

  	
  Successor Corporation
  Substituted

  	
  27

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  6

  
	
  DEFAULTS
  AND REMEDIES

  
	
   

  	
   

  	
   

  
	
  Section 6.01

  	
  Events of Default

  	
  27

  
	
   

  	
   

  	
   

  
	
  Section 6.02

  	
  Acceleration

  	
  28

  
	
   

  	
   

  	
   

  
	
  Section 6.03

  	
  Other Remedies

  	
  29

  
	
   

  	
   

  	
   

  
	
  Section 6.04

  	
  Waiver of Past Defaults

  	
  29

  
	
   

  	
   

  	
   

  
	
  Section 6.05

  	
  Control by Majority

  	
  30

  
	
   

  	
   

  	
   

  
	
  Section 6.06

  	
  Limitation on Suits

  	
  30

  
	
   

  	
   

  	
   

  
	
  Section 6.07

  	
  Rights of Holders of
  Notes to Receive Payment

  	
  30

  
	
   

  	
   

  	
   

  
	
  Section 6.08

  	
  Collection Suit by
  Trustee

  	
  30

  
	
   

  	
   

  	
   

  
	
  Section 6.09

  	
  Trustee May File
  Proofs of Claim

  	
  30

  
	
   

  	
   

  	
   

  
	
  Section 6.10

  	
  Priorities

  	
  31

  
	
   

  	
   

  	
   

  
	
  Section 6.11

  	
  Undertaking for Costs

  	
  31

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  7

  
	
  TRUSTEE

  
	
   

  	
   

  	
   

  
	
  Section 7.01

  	
  Duties of Trustee

  	
  31

  

 

 

	
  Section 7.02

  	
  Rights of Trustee

  	
  32

  
	
   

  	
   

  	
   

  
	
  Section 7.03

  	
  Individual Rights of
  Trustee

  	
  33

  
	
   

  	
   

  	
   

  
	
  Section 7.04

  	
  Trustee’s Disclaimer

  	
  33

  
	
   

  	
   

  	
   

  
	
  Section 7.05

  	
  Notice of Defaults

  	
  34

  
	
   

  	
   

  	
   

  
	
  Section 7.06

  	
  Reports by Trustee to
  Holders of the Notes

  	
  34

  
	
   

  	
   

  	
   

  
	
  Section 7.07

  	
  Compensation and
  Indemnity

  	
  34

  
	
   

  	
   

  	
   

  
	
  Section 7.08

  	
  Replacement of Trustee

  	
  35

  
	
   

  	
   

  	
   

  
	
  Section 7.09

  	
  Successor Trustee by
  Merger, etc.

  	
  35

  
	
   

  	
   

  	
   

  
	
  Section 7.10

  	
  Eligibility;
  Disqualification

  	
  36

  
	
   

  	
   

  	
   

  
	
  Section 7.11

  	
  Preferential Collection
  of Claims Against Company

  	
  36

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  8

  
	
  LEGAL
  DEFEASANCE AND COVENANT DEFEASANCE

  
	
   

  	
   

  	
   

  
	
  Section 8.01

  	
  Option to Effect Legal
  Defeasance or Covenant Defeasance

  	
  36

  
	
   

  	
   

  	
   

  
	
  Section 8.02

  	
  Legal Defeasance and
  Discharge

  	
  36

  
	
   

  	
   

  	
   

  
	
  Section 8.03

  	
  Covenant Defeasance

  	
  36

  
	
   

  	
   

  	
   

  
	
  Section 8.04

  	
  Conditions to Legal or
  Covenant Defeasance

  	
  37

  
	
   

  	
   

  	
   

  
	
  Section 8.05

  	
  Deposited Money and
  Government Securities to be Held in Trust; Other Miscellaneous Provisions

  	
  38

  
	
   

  	
   

  	
   

  
	
  Section 8.06

  	
  Repayment to Company

  	
  38

  
	
   

  	
   

  	
   

  
	
  Section 8.07

  	
  Reinstatement

  	
  38

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  9

  
	
  AMENDMENT,
  SUPPLEMENT AND WAIVER

  
	
   

  	
   

  	
   

  
	
  Section 9.01

  	
  Without Consent of
  Holders of Notes

  	
  39

  
	
   

  	
   

  	
   

  
	
  Section 9.02

  	
  With Consent of Holders
  of Notes

  	
  39

  
	
   

  	
   

  	
   

  
	
  Section 9.03

  	
  Compliance with Trust
  Indenture Act

  	
  40

  
	
   

  	
   

  	
   

  
	
  Section 9.04

  	
  Revocation and Effect
  of Consents

  	
  40

  
	
   

  	
   

  	
   

  
	
  Section 9.05

  	
  Notation on or Exchange
  of Notes

  	
  41

  
	
   

  	
   

  	
   

  
	
  Section 9.06

  	
  Trustee to Sign
  Amendments, etc.

  	
  41

  

 

 

	
  ARTICLE
  10

  
	
  SATISFACTION
  AND DISCHARGE

  
	
   

  	
   

  	
   

  
	
  Section 10.01

  	
  Satisfaction and Discharge

  	
  41

  
	
   

  	
   

  	
   

  
	
  Section 10.02

  	
  Application of Trust
  Money

  	
  42

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  11

  
	
  MISCELLANEOUS

  
	
   

  	
   

  	
   

  
	
  Section 11.01

  	
  Trust Indenture Act
  Controls

  	
  42

  
	
   

  	
   

  	
   

  
	
  Section 11.02

  	
  Notices

  	
  42

  
	
   

  	
   

  	
   

  
	
  Section 11.03

  	
  Communication by
  Holders of Notes with Other Holders of Notes

  	
  43

  
	
   

  	
   

  	
   

  
	
  Section 11.04

  	
  Certificate and Opinion
  as to Conditions Precedent

  	
  43

  
	
   

  	
   

  	
   

  
	
  Section 11.05

  	
  Statements Required in
  Certificate or Opinion

  	
  43

  
	
   

  	
   

  	
   

  
	
  Section 11.06

  	
  Rules by Trustee
  and Agents

  	
  44

  
	
   

  	
   

  	
   

  
	
  Section 11.07

  	
  No Personal Liability
  of Directors, Officers, Employees and Stockholders

  	
  44

  
	
   

  	
   

  	
   

  
	
  Section 11.08

  	
  Governing Law

  	
  44

  
	
   

  	
   

  	
   

  
	
  Section 11.09

  	
  No Adverse
  Interpretation of Other Agreements

  	
  44

  
	
   

  	
   

  	
   

  
	
  Section 11.10

  	
  Successors

  	
  44

  
	
   

  	
   

  	
   

  
	
  Section 11.11

  	
  Severability

  	
  44

  
	
   

  	
   

  	
   

  
	
  Section 11.12

  	
  Counterpart Originals

  	
  44

  
	
   

  	
   

  	
   

  
	
  Section 11.13

  	
  Table of Contents,
  Headings, etc.

  	
  45

  

 

EXHIBITS

 

	
  Exhibit A1

  	
  FORM OF NOTE

  
	
  Exhibit A2

  	
  FORM OF REGULATION
  S TEMPORARY GLOBAL NOTE

  
	
  Exhibit B

  	
  FORM OF
  CERTIFICATE OF TRANSFER

  
	
  Exhibit C

  	
  FORM OF
  CERTIFICATE OF EXCHANGE

  
	
  Exhibit D

  	
  FORM OF
  CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

  

 

 

INDENTURE dated as of
                    ,
20      between
Acorda Therapeutics, Inc., a Delaware corporation (the “Company”) and Wilmington Trust Company, a
Delaware banking corporation, as Trustee (in such capacity, together with its
successors and assigns, the “Trustee”).

 

The Company and the
Trustee agree as follows for the benefit of each other and for the equal and
ratable benefit of the Holders (as defined) of the  % Senior Notes due 20   
(the “Notes”):

 

Article I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.01       Definitions.

 

“144A
Global Note”
means a Global Note substantially in the form of Exhibit A1 hereto bearing
the Global Note Legend and the Private Placement Legend and deposited with or
on behalf of, and registered in the name of, the Depositary or its nominee that
will be issued in a denomination or denominations equal to the outstanding
principal amount of the Notes sold in reliance on Rule 144A.

 

“IAI Global Note” means a Global Note held
by an Institutional Accredited Investor.

 

“Additional
Notes” means
additional Notes (other than the Initial Notes) issued under this Indenture in
accordance with Section 2.01 hereof, as part of the same series as the
Initial Notes.

 

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

 

“Applicable
Procedures”
means, with respect to any transfer or exchange of or for beneficial interests
in any Global Note, the rules and procedures of the Depositary, Euroclear
and Clearstream that apply to such transfer or exchange.

 

“Bankruptcy
Law” means Title
11, U.S. Code or any similar federal or state law for the relief of debtors.

 

“beneficial owner” has the meaning assigned
to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act,
except that in calculating the beneficial ownership of any particular “person”
(as that term is used in Section 13(d)(3) of the Exchange Act), such “person”
will be deemed to have beneficial ownership of all securities that such “person”
has the right to acquire by conversion, exchange or exercise of other
securities, whether such right is currently exercisable or is exercisable only
after the passage of time.  The terms “beneficially owns” and “beneficially
owned” have a corresponding meaning.

 

“Board of Directors” means:

 

(1)   with respect to a corporation, the board
of directors of the corporation or any committee thereof duly authorized to act
on behalf of such board;

 

(2)   with respect to a partnership, the Board
of Directors of the general partner of the partnership;

 

(3)   with respect to a limited liability
company, the managing member or members or any controlling committee of
managing members thereof; and

 

(4)   with respect to any other Person, the
board or committee of such Person serving a similar function.

 

1

 

“Business
Day” means any
day other than a Legal Holiday.

 

“Capital
Stock” means:

 

(1)   in the case of a corporation, corporate
stock;

 

(2)   in the case of an association or business
entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock;

 

(3)   in the case of a partnership or limited
liability company, partnership interests (whether general or limited) or
membership interests; and

 

(4)   any other interest or participation that
confers on a Person the right to receive a share of the profits and losses of,
or distributions of assets of, the issuing Person, but excluding from all of
the foregoing any debt securities convertible into Capital Stock, whether or
not such debt securities include any right of participation with Capital Stock.

 

“Clearstream” means Clearstream Banking, S.A, and any
and all successors thereto.

 

“Company” means the party named as such in
the preamble to this Indenture, and any and all successors thereto.

 

“Corporate
Trust Office of the Trustee” will be at the address of the Trustee specified in Section 11.02
hereof or such other address as to which the Trustee may give notice to the
Company.

 

“Custodian” means the Trustee, as custodian with
respect to the Notes in global form, or any successor entity thereto.

 

“Default” means any event that is, or with the
passage of time or the giving of notice or both would be, an Event of Default.

 

“Definitive
Note” means a
certificated Note registered in the name of the Holder thereof and issued in
accordance with Section 2.06 hereof, substantially in the form of Exhibit A1
hereto except that such Note shall not bear the Global Note Legend and shall
not have the “Schedule of Exchanges of Interests in the Global Note” attached
thereto.

 

“Depositary” means, with respect to the Notes
issuable or issued in whole or in part in global form, the Person specified in Section 2.03
hereof as the Depositary with respect to the Notes, and any and all successors
thereto appointed as depositary hereunder and having become such pursuant to
the applicable provision of this Indenture.

 

“Euroclear” means Euroclear Bank, S.A./N.V., as
operator of the Euroclear system, and any and all successor thereto.

 

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

 

“Fair
Market Value” means
the value that would be paid by a willing buyer to an unaffiliated willing
seller in a transaction not involving distress or necessity of either party,
determined in good faith by the Board of Directors of the Company pursuant to a
resolution of the Board of Directors.

 

“GAAP” means generally accepted accounting
principles set forth in the opinions and pronouncements of the Public Company Accounting
Oversight Board (including the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity that have been adopted by the Public
Company Accounting Oversight Board as constituting generally accepted
accounting principles or as 

 

2

 

have otherwise been
approved by a significant segment of the accounting profession), which are in
effect on the date of this Indenture.

 

“Global
Note Legend”
means the legend set forth in Section 2.06(f)(2) hereof, which is
required to be placed on all Global Notes issued under this Indenture.

 

“Global
Notes” means,
individually and collectively, each of the Restricted Global Notes and the
Unrestricted Global Notes deposited with or on behalf of and registered in the
name of the Depository or its nominee, substantially in the form of Exhibit A1
hereto and that bears the Global Note Legend and that has the “Schedule of
Exchanges of Interests in the Global Note” attached thereto, issued in
accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(1), 2.06(d)(2) or
2.06(d)(3) hereof.

 

“Government
Securities” means
direct obligations of, or obligations guaranteed by, the United States of
America, and the payment for which the United States pledges its full faith and
credit.

 

“Hedging
Obligations”
means, with respect to any specified Person, the obligations of such Person
under:

 

(1)   interest rate swap agreements (whether
from fixed to floating or from floating to fixed), interest rate cap agreements
and interest rate collar agreements;

 

(2)   other agreements or arrangements designed
to manage interest rates or interest rate risk; and

 

(3)   other agreements or arrangements designed
to protect such Person against fluctuations in currency exchange rates or
commodity prices.

 

“Holder” means a Person in whose name a Note is
registered.

 

“Indebtedness” means any and all Obligations of a
Person for money borrowed which, in accordance with GAAP, would be reflected on
the balance sheet of such Person as a liability on the date as of which
Indebtedness is to be determined.

 

“Indenture” means this Indenture, as amended or
supplemented from time to time.

 

“Indirect
Participant”
means a Person who holds a beneficial interest in a Global Note through a
Participant.

 

“Initial
Notes” means the
first
$              
aggregate principal amount of Notes issued under this Indenture on the date
hereof.

 

“Initial
Purchasers” means
                                                                          .

 

“Institutional
Accredited Investor”
means an institution that is an “accredited investor” as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act, who are not also QIBs.

 

“Legal
Holiday” means a
Saturday, a Sunday or a day on which banking institutions in the City of New
York or at a place of payment are authorized by law, regulation or executive
order to remain closed.  If a payment date is a Legal Holiday at a place
of payment, payment may be made at that place on the next succeeding day that
is not a Legal Holiday, and no interest shall accrue on such payment for the
intervening period.

 

“Lien” means, with respect to any asset, any
mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected
under applicable law, including any conditional sale or other title retention
agreement, any lease in the nature thereof, any option or other agreement to
sell or give a security interest in and any filing of or agreement to give any
financing statement under the Uniform Commercial Code (or equivalent statutes)
of any jurisdiction.

 

“Non-U.S.
Person” means a
Person who is not a U.S. Person.

 

3

 

“Notes” has the meaning assigned to it in the
preamble to this Indenture.  The Initial Notes and any Additional Notes
shall be treated as a single class for all purposes under this Indenture, and
unless the context otherwise requires, all references to the Notes shall
include the Initial Notes and any Additional Notes.

 

“Obligations” means any principal, interest,
penalties, fees, indemnifications, reimbursements, damages and other
liabilities payable under the documentation governing any Indebtedness.

 

“Officer” means, with respect to any Person, the
Chairman of the Board, the Chief Executive Officer, the President, the Chief
Operating Officer, the Chief Financial Officer, Chief Accounting Officer, the
Treasurer, any Assistant Treasurer, the Controller, the Secretary or any
Vice-President of such Person.

 

“Officers’
Certificate”
means a certificate signed on behalf of the Company by two Officers of the
Company, one of whom must be the principal executive officer, the principal
financial officer, the treasurer or the principal accounting officer of the
Company, that meets the requirements of Section 11.05 hereof.

 

“Opinion
of Counsel” means
an opinion from legal counsel who may be an employee of or counsel for the
Company, or other counsel reasonably acceptable to the Trustee, that meets the
requirements of Section 11.05 hereof.  The counsel may be an employee
of or counsel to the Company, any Subsidiary of the Company or the Trustee.

 

“Participant” means, with respect to the Depositary,
Euroclear or Clearstream, a Person who has an account with the Depositary,
Euroclear or Clearstream, respectively (and, with respect to DTC, shall include
Euroclear and Clearstream).

 

“Permitted
Liens” means,
with respect to any Person:

 

(1)  Liens
securing obligations other than Indebtedness;

 

(2)  pledges
or deposits by such Person under workers’ compensation laws, unemployment
insurance laws or similar legislation, or good faith deposits in connection
with bids, tenders, contracts (other than for the payment of Indebtedness) or
leases to which such Person is a party, or deposits to secure public or
statutory obligations of such Person or deposits of cash or United States
government bonds to secure surety or appeal bonds to which such Person is a
party, or deposits as security for contested taxes or import duties or for the
payment of rent, in each case incurred in the ordinary course of business;

 

(3)  Liens
imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens, in each
case for sums not yet due or being contested in good faith by appropriate
proceedings or other Liens arising out of judgments or awards against such
Person with respect to which such Person shall then be proceeding with an
appeal or other proceedings for review;

 

(4)  Liens
for taxes, assessments or other governmental charges not yet due or payable or
subject to penalties for non-payment or which are being contested in good faith
by appropriate proceedings;

 

(5)  Liens
in favor of issuers of surety or performance bonds or letters of credit issued pursuant
to the request of and for the account of such Person in the ordinary course of
its business;

 

(6)  survey
exceptions, encumbrances, easements or reservations of, or rights of others
for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone
lines and other similar purposes, or zoning or other restrictions as to the use
of real property or Liens incidental to the conduct of the business of such
Person or to the ownership of its properties which were not incurred in
connection with Indebtedness for borrowed money and which do not in the
aggregate materially adversely affect the value of said properties or
materially impair their use in the operation of the business of such Person;

 

4

 

(7)  Liens
securing Indebtedness incurred to finance the construction, purchase or lease
of, or repairs, improvements or additions to, property of such Person; provided, however,
that the Lien may not extend to any other property (other than property related
to the property being financed) owned by such Person or any of its Subsidiaries
at the time the Lien is incurred, and the Indebtedness (other than any interest
thereon) secured by the Lien may not be incurred more than 180 days after the
later of the acquisition, completion of construction, repair, improvement,
addition or commencement of full operation of the property subject to the Lien;

 

(8)  Liens
existing on the date of issuance of the Initial Notes;

 

(9)  Liens
on property or shares of stock of another Person at the time such other Person
becomes a Subsidiary of such Person; provided,
however, that such Liens are not
created, incurred or assumed in connection with, or in contemplation of, such
other Person becoming such a Subsidiary; provided
further, that such Liens do not
extend to any other property owned by such Person or any of its Subsidiaries,
except pursuant to after-acquired property clauses existing in the applicable
agreements at the time such Person becomes a Subsidiary which do not extend to
property transferred to such Person by the Company;

 

(10)   Liens
on property at the time such Person or any of its Subsidiaries acquires the
property, including any acquisition by means of a merger or consolidation with
or into such Person or any Subsidiary of such Person; provided, however,
that such Liens are not created, incurred or assumed in connection with, or in
contemplation of, such acquisition; provided
further, that the Liens do not
extend to any other property owned by such Person or any of its Subsidiaries;

 

(11)   Liens securing Indebtedness or other
obligations of a Subsidiary of such Person owing to such Person;

 

(12)   Liens securing Hedging Obligations;

 

(13)   Liens to secure any refinancing,
extension, renewal, refunding, repayment, redemption, defeasance, retirement or
replacement (or successive refinancings, extensions, renewals, refundings,
repayments, redemptions, defeasances, retirements or replacements, as
applicable) as a whole, or in part, of any Indebtedness secured by any Lien
referred to in the foregoing clauses (7), (8), (9) and (10); provided,
however, that:

 

(A) such new Lien
shall be limited to all or part of the same property that secured the original
Lien (plus improvements, accessions, proceeds, dividends or distributions in
respect thereof); and

 

(B) the Indebtedness
secured by such Lien at such time is not increased to any amount greater than
the sum of (i) the outstanding principal amount or, if greater, committed
amount of the Indebtedness secured by Liens described under clauses (7), (8), (9) or
(10) at the time the original Lien became a Permitted Lien under this
Indenture and (ii) an amount necessary to pay any fees and expenses,
including premiums, related to such refinancing, extension, renewal, refunding,
repayment, redemption, defeasance, retirement or replacement, as applicable;

 

(14)   judgment Liens not giving rise to an
Event of Default so long as any appropriate legal proceedings which may have
been duly initiated for the review of such judgment have not been finally
terminated or the period within which such proceedings may be initiated has not
expired;

 

(15)   Liens
arising from Uniform Commercial Code financing statement filings regarding
leases that do not otherwise constitute Indebtedness entered into in the
ordinary course of business;

 

(16)   Liens
(including leases and subleases of real property) which are not material to the
conduct of the business of the Company;

 

5

 

(17)   Liens
which constitute bankers’ Liens, rights of set-off or similar rights and
remedies as to deposit accounts or other funds maintained with any bank or
other financial institution, whether arising by operation of law or pursuant to
contract;

 

(18)   Liens on specific items of inventory or
other goods and proceeds of any Person securing such Person’s obligations in
respect of bankers’ acceptances issued or created for the account of such
Person to facilitate the purchase, shipment or storage of such inventory or
other goods; and

 

(19)   Liens on specific items of inventory or
other goods and related documentation (and proceeds thereof) securing
reimbursement obligations in respect of trade letters of credit issued to
ensure payment of the purchase price for such items of inventory or other
goods.

 

“Person” means any individual, corporation,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company or government or other
entity.

 

“Private
Placement Legend”
means the legend set forth in Section 2.06(f)(1) hereof to be placed
on all Notes issued under this Indenture except where otherwise permitted by
the provisions of this Indenture.

 

“QIB” means a “qualified institutional buyer”
as defined in Rule 144A.

 

“Regulation
S” means
Regulation S promulgated under the Securities Act.

 

“Regulation
S Permanent Global Note” means a permanent Global Note substantially in the form of Exhibit A1
hereto bearing the Global Note Legend and the Private Placement Legend and
deposited with or on behalf of and registered in the name of the Depositary or
its nominee, issued in a denomination equal to the outstanding principal amount
of the Regulation S Temporary Global Note upon expiration of the Restricted
Period.

 

“Regulation
S Temporary Global Note” means a temporary Global Note substantially in the form of Exhibit A2
hereto deposited with or on behalf of and registered in the name of the
Depositary or its nominee, issued in a denomination equal to the outstanding
principal amount of the Notes initially sold in reliance on Rule 903 of
Regulation S.

 

“Responsible
Officer,” when
used with respect to the Trustee, means any officer within the corporate trust
department of the Trustee (or any successor group of the Trustee), including
any vice president, assistant vice president, assistant secretary, assistant
treasurer, trust officer or any other officer of the Trustee, as applicable,
who customarily performs functions similar to those performed by the Persons
who at the time shall be such officers, respectively, or to whom any corporate
trust matter is referred because of such Person’s knowledge of and familiarity
with the particular subject and who shall in each case have direct
responsibility for the administration of this Indenture.

 

“Restricted
Definitive Note”
means a Definitive Note bearing the Private Placement Legend.

 

“Restricted
Global Note”
means a Global Note bearing the Private Placement Legend.

 

“Restricted
Period” means the
40-day distribution compliance period as defined in Regulation S.

 

“Rule 144” means Rule 144 promulgated under
the Securities Act.

 

“Rule 144A” means Rule 144A promulgated under
the Securities Act.

 

“Rule 903” means Rule 903 promulgated under
the Securities Act.

 

“Rule 904” means Rule 904 promulgated under
the Securities Act.

 

“Sale/Leaseback Transaction” means an
arrangement relating to property, plant or equipment now owned or hereinafter
acquired by the Company or a Subsidiary thereof whereby the Company or a
Subsidiary thereof 

 

6

 

transfers such property,
plant or equipment to a Person and the Company or such Subsidiary leases it
from such Person, other than (i) leases between the Company and a
Subsidiary thereof or between Subsidiaries thereof or (ii) any such transaction
entered into with respect to any property, plant or equipment or any
improvements thereto at the time of, or within 180 days after, the acquisition
or completion of construction of such property, plant or equipment (or, if
later, the commencement of commercial operation of any such property, plant or
equipment), as the case may be, to finance the cost of such property, plant or
equipment, or such improvements, as the case may be.

 

“SEC” means the Securities and Exchange
Commission.

 

“Securities
Act” means the
Securities Act of 1933, as amended.

 

“Significant
Subsidiary” means
any Subsidiary that would be a “significant subsidiary” as defined in Article 1,
Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act,
as such Regulation is in effect on the date of this Indenture.

 

“Subsidiary” means, with respect to any specified
Person:

 

(1)   any
corporation, association or other business entity of which more than 50% of the
total voting power of shares of Capital Stock entitled (without regard to the
occurrence of any contingency and after giving effect to any voting agreement
or stockholders’ agreement that effectively transfers voting power) to vote in
the election of directors, managers or trustees of the corporation, association
or other business entity is at the time owned or controlled, directly or
indirectly, by that Person or one or more of the other Subsidiaries of that
Person (or a combination thereof); and

 

(2)   any
partnership (a) the sole general partner or the managing general partner
of which is such Person or a Subsidiary of such Person or (b) the only
general partners of which are that Person or one or more Subsidiaries of that
Person (or any combination thereof).

 

“TIA” means the Trust Indenture Act of 1939,
as amended (15 U.S.C. §§ 77aaa-77bbbb).

 

“Trustee” has the meaning given to it in the
preamble.

 

“Unrestricted
Definitive Note”
means a Definitive Note that does not bear and is not required to bear the
Private Placement Legend.

 

“Unrestricted
Global Note”
means a Global Note that does not bear and is not required to bear the Private
Placement Legend.

 

“U.S.
Person” means a
U.S. Person as defined in Rule 902(k) promulgated under the
Securities Act.

 

Section 1.02           Other Definitions.

 

	
  Term

  	
   

  	
  Defined in Section

  
	
   

  	
   

  	
   

  
	
  “Authentication
  Order”

  	
   

  	
  2.02

  
	
   

  	
   

  	
   

  
	
  “Covenant
  Defeasance”

  	
   

  	
  8.03

  
	
   

  	
   

  	
   

  
	
  “DTC”

  	
   

  	
  2.03

  
	
   

  	
   

  	
   

  
	
  “Event
  of Default”

  	
   

  	
  6.01

  
	
   

  	
   

  	
   

  
	
  “Legal
  Defeasance”

  	
   

  	
  8.02

  
	
   

  	
   

  	
   

  
	
  “Paying
  Agent”

  	
   

  	
  2.03

  
	
   

  	
   

  	
   

  
	
  “Payment
  Default”

  	
   

  	
  6.01

  
	
   

  	
   

  	
   

  
	
  “Redemption
  Date”

  	
   

  	
  3.07

  
	
   

  	
   

  	
   

  
	
  “Registrar”

  	
   

  	
  2.03

  

 

7

 

Section 1.03           Incorporation by
Reference of Trust Indenture Act.

 

Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in
and made a part of this Indenture.

 

The following TIA terms
used in this Indenture have the following meanings:

 

“indenture
trustee” means
the Trustee; and

 

“obligor” on the Notes means the Company and any
successor obligor upon the Notes.

 

All other terms used in
this Indenture and not otherwise defined that are defined by the TIA, defined
by TIA with reference to another statute or defined by SEC rule under the
TIA have the meanings so assigned to them.

 

Section 1.04           Rules of Construction.

 

Unless the context
otherwise requires:

 

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

 

(2)   an
accounting term not otherwise defined has the meaning assigned to it in
accordance with GAAP;

 

(3)   “or”
is not exclusive;

 

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

 

(5)   “will”
shall be interpreted to express a command;

 

(6)   provisions
apply to successive events and transactions;

 

(7)   “including”
means including without limitation; and

 

(8)   references
to sections of or rules under the Securities Act will be deemed to include
substitute, replacement of successor sections or rules adopted by the SEC
from time to time.

 

ARTICLE I.

THE NOTES

 

Section 2.01           Form and Dating.

 

(a)   General. The Notes and the Trustee’s
certificate of authentication will be substantially in the form of Exhibits A1
and A2 hereto.  The Notes may have notations, legends or endorsements
required by law, stock exchange rule or usage.  Each Note will be
dated the date of its authentication.  The Notes shall be in denominations
of $1,000 and integral multiples thereof; provided,
however, that the Company may
from time to time issue, and may instruct the Trustee to authenticate, pursuant
to an Authentication Order, one or more Global Notes or Definitive Notes in
denominations less than $1,000 in exchange for one or more outstanding Global
Notes if, and solely to the extent that, reliance on this proviso is necessary
to 

 

8

 

accommodate
book-entry positions that have been created in denominations less than $1,000 by
the Depositary.

 

The Company shall be
entitled to issue Additional Notes under this Indenture, which Additional Notes
shall be of the same series as the Initial Notes and have identical terms as
the Initial Notes, other than with respect to the date of issuance and the
issuance price.

 

The terms and provisions
contained in the Notes will constitute, and are hereby expressly made, a part
of this Indenture and the Company and the Trustee, by their execution and
delivery of this Indenture, expressly agree to such terms and provisions and to
be bound thereby.  However, to the extent any provision of any Note
conflicts with the express provisions of this Indenture, the provisions of this
Indenture shall govern and be controlling.

 

(b)   Global Notes.  Notes issued in global
form will be substantially in the form of Exhibits A1 or A2 hereto (including
the Global Note Legend thereon and the “Schedule of Exchanges of Interests in
the Global Note” attached thereto).  Notes issued in definitive form will
be substantially in the form of Exhibit A1 hereto (but without the Global
Note Legend thereon and without the “Schedule of Exchanges of Interests in the
Global Note” attached thereto).  Each Global Note will represent such of
the outstanding Notes as will be specified therein and each shall provide that
it represents the aggregate principal amount of outstanding Notes from time to
time endorsed thereon and that the aggregate principal amount of outstanding
Notes represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges and redemptions.  Any endorsement of a
Global Note to reflect the amount of any increase or decrease in the aggregate
principal amount of outstanding Notes represented thereby will be made by the
Trustee or the Custodian, at the direction of the Trustee, in accordance with
instructions given by the Holder thereof as required by Section 2.06
hereof.

 

(c)   Temporary Global Notes. Notes offered and
sold in reliance on Regulation S will be issued initially in the form of the
Regulation S Temporary Global Note, which will be deposited on behalf of the
purchasers of the Notes represented thereby with the Trustee, at the Corporate
Trust Office of the Trustee, as custodian for the Depositary, and registered in
the name of the Depositary or the nominee of the Depositary for the accounts of
designated agents holding on behalf of Euroclear or Clearstream, duly executed
by the Company and authenticated by the Trustee as hereinafter provided. 
The Restricted Period will be terminated upon the receipt by the Trustee of:

 

(1)   a
written certificate from the Depositary, together with copies of certificates
from Euroclear and Clearstream certifying that they have received certification
of non-United States beneficial ownership of 100% of the aggregate principal
amount of the Regulation S Temporary Global Note (except to the extent of any
beneficial owners thereof who acquired an interest therein during the
Restricted Period pursuant to another exemption from registration under the
Securities Act and who will take delivery of a beneficial ownership interest in
a 144A Global Note or an IAI Global Note bearing a Private Placement Legend,
all as contemplated by Section 2.06 hereof); and

 

(2)   an
Officers’ Certificate from the Company.

 

Following the termination
of the Restricted Period, beneficial interests in the Regulation S Temporary
Global Note will be exchanged for beneficial interests in the Regulation S
Permanent Global Note pursuant to the Applicable Procedures.  Simultaneously
with the authentication of the Regulation S Permanent Global Note, the Trustee
will cancel the Regulation S Temporary Global Note.  The aggregate
principal amount of the Regulation S Temporary Global Note and the Regulation S
Permanent Global Note may from time to time be increased or decreased by
adjustments made on the records of the Trustee and the Depositary or its
nominee, as the case may be, in connection with transfers of interest as
hereinafter provided.

 

(3)   Euroclear and Clearstream Procedures Applicable.
 The provisions of the “Operating Procedures of the Euroclear
System” and “Terms and Conditions Governing Use of Euroclear” and the “General
Terms and Conditions of Clearstream Banking” and “Customer Handbook” of
Clearstream (or of any successor documents of the foregoing) will be applicable
to transfers of 

 

9

 

beneficial
interests in the Regulation S Temporary Global Note and the Regulation S
Permanent Global Note that are held by Participants through Euroclear or
Clearstream.

 

Section 2.02           Execution and Authentication.

 

At least one Officer must
sign the Notes for the Company by manual or facsimile signature.

 

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

 

A Note will not be valid
until authenticated by the manual signature of the Trustee. The signature will
be conclusive evidence that the Note has been authenticated under this
Indenture.

 

The Trustee will, upon
receipt of a written order of the Company signed by two Officers (an “Authentication Order”), authenticate Notes
for original issue that may be validly issued under this Indenture, including
any Additional Notes.  The aggregate principal amount of Notes outstanding
at any time may not exceed the aggregate principal amount of Notes authorized
for issuance by the Company pursuant to one or more Authentication Orders,
except as provided in Section 2.07 hereof.

 

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

 

Section 2.03           Registrar and Paying Agent.

 

The Company will maintain
an office or agency where Notes may be presented for registration of transfer
or for exchange (“Registrar”) and
an office or agency where Notes may be presented for payment (“Paying Agent”).  The Registrar will
keep a register of the Notes and of their transfer and exchange.  The
Company may appoint one or more co-registrars and one or more additional paying
agents.  The term “Registrar” includes any co-registrar and the term “Paying
Agent” includes any additional paying agent.  The Company may change any
Paying Agent or Registrar without notice to any Holder.  The Company will
notify the Trustee in writing of the name and address of any Agent not a party
to this Indenture.  If the Company fails to appoint or maintain another
entity as Registrar or Paying Agent, the Trustee shall act as such.  The
Company or any of its Subsidiaries may act as Paying Agent or Registrar.

 

The Company initially
appoints The Depository Trust Company (“DTC”)
to act as Depositary with respect to the Global Notes.

 

The Company initially
appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian
with respect to the Global Notes.

 

Section 2.04           Paying Agent to Hold Money in Trust.

 

The Company will require
each Paying Agent other than the Trustee to agree in writing that the Paying
Agent will hold in trust for the benefit of Holders or the Trustee all money
held by the Paying Agent for the payment of all amounts payable to the Trustee
under the first clause of Section 6.10, and of principal, premium, if any,
and interest on the Notes, and will notify the Trustee in writing of any
default by the Company in making any such payment.  While any such default
continues, the Trustee may require a Paying Agent to pay all money held by it
to the Trustee.  The Company at any time may require a Paying Agent to pay
all money held by it to the Trustee and to account for any monies already
paid.  Upon payment over to the Trustee, the Paying Agent (if other than
the Company or a Subsidiary) will have no further liability for the
money.  If the Company or a Subsidiary acts as Paying Agent, it will segregate
and hold in a separate trust fund for the benefit of the Holders or the Trustee
all money held by it as Paying Agent.  Upon any bankruptcy or
reorganization proceedings relating to the Company, the Trustee will serve as
Paying Agent for the Notes.

 

10

 

Section 2.05           Holder Lists.

 

The Trustee will preserve
in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of all Holders and shall otherwise
comply with TIA § 312(a).  If the Trustee is not the Registrar, the
Company will furnish to the Trustee at least seven Business Days before each
interest payment date and at such other times as the Trustee may request in
writing, a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of the Holders of Notes and the Company
shall otherwise comply with TIA § 312(a).

 

Section 2.06           Transfer and Exchange.

 

(a)   Transfer and Exchange
of Global Notes. 
A Global Note may not be transferred except as a whole by the Depositary to a
nominee of the Depositary, by a nominee of the Depositary to the Depositary or
to another nominee of the Depositary, or by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary. All Global
Notes will be exchanged by the Company for Definitive Notes if:

 

(1)   the Company delivers to the Trustee
written notice from the Depositary that it is unwilling or unable to continue
to act as Depositary or that it is no longer a clearing agency registered under
the Exchange Act and, in either case, a successor Depositary is not appointed
by the Company within 120 days after the date of such notice from the
Depositary;

 

(2)   the Company delivers written notice to
the Trustee that the Company, in its sole discretion, has determined that the
Global Notes (in whole but not in part) should be exchanged for Definitive
Notes and delivers a written notice to such effect to the Trustee; provided that in no event shall the Regulation
S Temporary Global Note be exchanged by the Company for Definitive Notes prior
to (A) the expiration of the Restricted Period and (B) the receipt by
the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under
the Securities Act; or

 

(3)   the
Company delivers written notice to the Trustee that there has occurred and is
continuing a Default or Event of Default with respect to the Notes.

 

Upon the occurrence of
either of the preceding events in (1), (2) or (3) above, Definitive Notes
shall be issued in such names as the Depositary shall instruct the
Trustee.  Global Notes also may be exchanged or replaced, in whole or in
part, as provided in Sections 2.07 and 2.10 hereof.  Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note or
any portion thereof, pursuant to this Section 2.06 or Section 2.07 or
2.10 hereof, shall be authenticated and delivered substantially in the form of,
and shall be, a Global Note.  A Global Note may not be exchanged for
another Note other than as provided in this Section 2.06(a), however,
beneficial interests in a Global Note may be transferred and exchanged as
provided in Section 2.06(b) or (c) hereof.

 

(b)   Transfer and Exchange of Beneficial Interests in the
Global Notes.  The transfer and exchange of beneficial
interests in the Global Notes will be effected through the Depositary, in
accordance with the provisions of this Indenture and the Applicable
Procedures.  Beneficial interests in the Restricted Global Notes will be subject
to restrictions on transfer comparable to those set forth herein to the extent
required by the Securities Act.  Transfers of beneficial interests in the
Global Notes also will require compliance with either subparagraph (1) or (2) below,
as applicable, as well as one or more of the other following subparagraphs, as
applicable:

 

(1)   Transfer of Beneficial Interests in the Same Global
Note.  Beneficial interests in any Restricted Global Note may
be transferred to Persons who take delivery thereof in the form of a beneficial
interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the

 

Private Placement Legend;
provided, however, that prior to
the expiration of the Restricted Period, transfers of beneficial interests in
the Regulation S Temporary  Global
Note may not be made to a U.S. Person or for the account or benefit of a U.S.
Person (other than an Initial Purchaser).  Beneficial interests in any
Unrestricted Global Note 

 

11

 

may be transferred to
Persons who take delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note.  No written orders or instructions shall be
required to be delivered to the Registrar to effect the transfers described in
this Section 2.06(b)(1).

 

(2)   All Other Transfers and Exchanges of Beneficial
Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above,
the transferor of such beneficial interest must deliver to the Registrar
either:

 

(A)   both:

 

(i)   a
written order from a Participant or an Indirect Participant given to the
Depositary in accordance with the Applicable Procedures directing the
Depositary to credit or cause to be credited a beneficial interest in another
Global Note in an amount equal to the beneficial interest to be transferred or
exchanged; and

 

(ii)   instructions
given in accordance with the Applicable Procedures containing information
regarding the Participant account to be credited with such increase; or

 

(B)   both:

 

(i)   a
written order from a Participant or an Indirect Participant given to the
Depositary in accordance with the Applicable Procedures directing the
Depositary to cause to be issued a Definitive Note in an amount equal to the
beneficial interest to be transferred or exchanged; and

 

(ii)  instructions
given by the Depositary to the Registrar containing information regarding the
Person in whose name such Definitive Note shall be registered to effect the
transfer or exchange referred to in (1) above;

 

provided that in no event shall Definitive Notes
be issued upon the transfer or exchange of beneficial interests in the
Regulation S Temporary Global Note prior to (A) the expiration of the Restricted
Period and (B) the receipt by the Registrar of any certificates required
pursuant to Rule 903 under the Securities Act.

 

Upon satisfaction of all
of the requirements for transfer or exchange of beneficial interests in Global
Notes contained in this Indenture and the Notes or otherwise applicable under
the Securities Act, the Trustee shall adjust the principal amount of the
relevant Global Note(s) pursuant to Section 2.06(g) hereof.

 

(3)   Transfer of Beneficial Interests to Another
Restricted Global Note.  A beneficial interest in any
Restricted Global Note may be transferred to a Person who takes delivery
thereof in the form of a beneficial interest in another Restricted Global Note
if the transfer complies with the requirements of Section 2.06(b)(2) above
and the Registrar receives the following:

 

(A)   if
the transferee will take delivery in the form of a beneficial interest in the
144A Global Note, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item (1) thereof;

 

(B)   if
the transferee will take delivery in the form of a beneficial interest in the
Regulation S Temporary Global Note or the Regulation S Permanent Global Note,
then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (2) thereof; and

 

12

 

(C)   if
the transferee will take delivery in the form of a beneficial interest in the
IAI Global Note, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable.

 

(4)   Transfer and Exchange of Beneficial Interests in a
Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. 
A beneficial interest in any Restricted Global Note may be exchanged by any
holder thereof for a beneficial interest in an Unrestricted Global Note or
transferred to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note if the exchange or transfer complies
with the requirements of Section 2.06(b)(2) above and the Registrar
receives the following:

 

(A)   if
the holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a beneficial interest in an Unrestricted
Global Note, a certificate from such holder in the form of Exhibit C
hereto, including the certifications in item (1)(a) thereof; or

 

(B)   if
the holder of such beneficial interest in a Restricted Global Note proposes to
transfer such beneficial interest to a Person who shall take delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note, a
certificate from such holder in the form of Exhibit B hereto, including
the certifications in item (4) thereof;

 

and,
in each such case set forth in this subparagraph (4), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in
form reasonably acceptable to the Registrar to the effect that such exchange or
transfer is in compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.

 

If any
such transfer is effected pursuant to subparagraph (4) above at a time
when an Unrestricted Global Note has not yet been issued, the Company shall
issue and, upon receipt of an Authentication Order in accordance with Section 2.02
hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in
an aggregate principal amount equal to the aggregate principal amount of
beneficial interests transferred pursuant to subparagraph (4) above.

 

Beneficial interests in
an Unrestricted Global Note cannot be exchanged for, or transferred to Persons
who take delivery thereof in the form of, a beneficial interest in a Restricted
Global Note.

 

(c)   Transfer or Exchange of Beneficial Interests for
Definitive Notes.

 

(1)   Beneficial Interests in Restricted Global Notes to
Restricted Definitive Notes.  If any holder of a beneficial
interest in a Restricted Global Note proposes to exchange such beneficial
interest for a Restricted Definitive Note or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Restricted Definitive
Note, then, upon receipt by the Registrar of the following documentation:

 

(A)   if
the holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a Restricted Definitive Note, a
certificate from such holder in the form of Exhibit C hereto, including
the certifications in item (2)(a) thereof;

 

(B)   if
such beneficial interest is being transferred to a QIB in accordance with Rule 144A,
a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (1) thereof;

 

(C)   if
such beneficial interest is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a
certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (2) thereof;

 

13

 

(D)   if such beneficial interest is being
transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof;

 

(E)   if such beneficial interest is being
transferred to an Institutional Accredited Investor in reliance on an exemption
from the registration requirements of the Securities Act other than those
listed in subparagraphs (B) through (D) above, a certificate to the
effect set forth in Exhibit B hereto, including the certifications,
certificates and Opinion of Counsel required by item (3) thereof, if
applicable;

 

(F)   if such beneficial interest is being
transferred to the Company or any of its Subsidiaries, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item
(3)(b) thereof; or

 

(G)   if such beneficial interest is being
transferred pursuant to an effective registration statement under the Securities
Act, a certificate to the effect set forth in Exhibit B hereto, including
the certifications in item (3)(c) thereof,

 

the Trustee shall cause
the aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 2.06(g) hereof, and the Company shall
execute and upon receipt of an Authentication Order in accordance with Section 2.02
hereof the Trustee shall authenticate and deliver to the Person designated in
the instructions a Definitive Note in the appropriate principal amount. 
Any Definitive Note issued in exchange for a beneficial interest in a
Restricted Global Note pursuant to this Section 2.06(c) shall be
registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest shall instruct the
Registrar through instructions from the Depositary and the Participant or
Indirect Participant.  The Trustee shall deliver such Definitive Notes to
the Persons in whose names such Notes are so registered.  Any Definitive
Note issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.06(c)(1) shall bear the Private Placement
Legend and shall be subject to all restrictions on transfer contained therein.

 

(2)   Beneficial Interests in
Regulation S Temporary Global Note to Definitive Notes.  Notwithstanding Sections 2.06(c)(1)(A) and
(C) hereof, a beneficial interest in the Regulation S Temporary Global
Note may not be exchanged for a Definitive Note or transferred to a Person who
takes delivery thereof in the form of a Definitive Note prior to (A) the
expiration of the Restricted Period and (B) the receipt by the Registrar
of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under
the Securities Act, except in the case of a transfer pursuant to an exemption
from the registration requirements of the Securities Act other than Rule 903
or Rule 904.

 

(3)   Beneficial Interests in
Restricted Global Notes to Unrestricted Definitive Notes.  A holder of a beneficial interest in a
Restricted Global Note may exchange such beneficial interest for an
Unrestricted Definitive Note or may transfer such beneficial interest to a
Person who takes delivery thereof in the form of an Unrestricted Definitive
Note only if the Registrar receives the following:

 

(A)   if the holder of such beneficial interest
in a Restricted Global Note proposes to exchange such beneficial interest for
an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C
hereto, including the certifications in item (1)(b) thereof; or

 

(B)   if the holder of such beneficial interest
in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted
Definitive Note, a certificate from such holder in the form of Exhibit B
hereto, including the certifications in item (4) thereof;

 

14

 

and,
in each such case set forth in this subparagraph (3), if the Registrar so requests
or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or
transfer is in compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.

 

(4)   Beneficial Interests in
Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in
an Unrestricted Global Note proposes to exchange such beneficial interest for a
Definitive Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Definitive Note, then, upon satisfaction of
the conditions set forth in Section 2.06(b)(2) hereof, the Trustee
will cause the aggregate principal amount of the applicable Global Note to be
reduced accordingly pursuant to Section 2.06(g) hereof, and the
Company will execute and upon receipt of an Authentication Order in accordance
with Section 2.02 hereof the Trustee will authenticate and deliver to the
Person designated in the instructions a Definitive Note in the appropriate
principal amount.  Any Definitive Note issued in exchange for a beneficial
interest pursuant to this Section 2.06(c)(4) will be registered in
such name or names and in such authorized denomination or denominations as the
holder of such beneficial interest requests through instructions to the
Registrar from or through the Depositary and the Participant or Indirect
Participant.  The Trustee will deliver such Definitive Notes to the
Persons in whose names such Notes are so registered.  Any Definitive Note
issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(4) will
not bear the Private Placement Legend.

 

(d)   Transfer and Exchange
of Definitive Notes for Beneficial Interests.

 

(1)   Restricted Definitive
Notes to Beneficial Interests in Restricted Global Notes.  If any Holder of a Restricted Definitive
Note proposes to exchange such Note for a beneficial interest in a Restricted
Global Note or to transfer such Restricted Definitive Notes to a Person who
takes delivery thereof in the form of a beneficial interest in a Restricted
Global Note, then, upon receipt by the Registrar of the following
documentation:

 

(A)   if the Holder of such Restricted
Definitive Note proposes to exchange such Note for a beneficial interest in a
Restricted Global Note, a certificate from such Holder in the form of Exhibit C
hereto, including the certifications in item (2)(b) thereof;

 

(B)   if such Restricted Definitive Note is
being transferred to a QIB in accordance with Rule 144A, a certificate to
the effect set forth in Exhibit B hereto, including the certifications in
item (1) thereof;

 

(C)   if such Restricted Definitive Note is
being transferred to a Non-U.S. Person in an offshore transaction in accordance
with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B
hereto, including the certifications in item (2) thereof;

 

(D)   if such Restricted Definitive Note is
being transferred pursuant to an exemption from the registration requirements
of the Securities Act in accordance with Rule 144, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item
(3)(a) thereof;

 

(E)   if such Restricted Definitive Note is
being transferred to an Institutional Accredited Investor in reliance on an
exemption from the registration requirements of the Securities Act other than
those listed in subparagraphs (B) through (D) above, a certificate to
the effect set forth in Exhibit B hereto, including the certifications,
certificates and Opinion of Counsel required by item (3) thereof, if
applicable;

 

15

 

(F)   if such Restricted Definitive Note is
being transferred to the Company or any of its Subsidiaries, a certificate to
the effect set forth in Exhibit B hereto, including the certifications in
item (3)(b) thereof; or

 

(G)   if such Restricted Definitive Note is
being transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit B hereto,
including the certifications in item (3)(c) thereof,

 

the Trustee will cancel
the Restricted Definitive Note, increase or cause to be increased the aggregate
principal amount of, in the case of clause (A) above, the appropriate
Restricted Global Note, in the case of clause (B) above, the 144A Global
Note, in the case of clause (C) above, the Regulation S Global Note, and
in all other cases, the IAI Global Note.

 

(2)   Restricted Definitive
Notes to Beneficial Interests in Unrestricted Global Notes.  A Holder of a Restricted Definitive Note
may exchange such Note for a beneficial interest in an Unrestricted Global Note
or transfer such Restricted Definitive Note to a Person who takes delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note
only if the Registrar receives the following:

 

(A)   if the Holder of such Definitive Notes
proposes to exchange such Notes for a beneficial interest in the Unrestricted
Global Note, a certificate from such Holder in the form of Exhibit C
hereto, including the certifications in item (1)(c) thereof; or

 

(B)   if the Holder of such Definitive Notes
proposes to transfer such Notes to a Person who shall take delivery thereof in
the form of a beneficial interest in the Unrestricted Global Note, a
certificate from such Holder in the form of Exhibit B hereto, including
the certifications in item (4) thereof;

 

and, in each such case
set forth in this subparagraph (2), if the Registrar so requests or if the
Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act.

 

Upon satisfaction of the
conditions of any of the subparagraphs in this Section 2.06(d)(2), the
Trustee will cancel the Definitive Notes and increase or cause to be increased
the aggregate principal amount of the Unrestricted Global Note.

 

(3)   Unrestricted Definitive
Notes to Beneficial Interests in Unrestricted Global Notes.  A Holder of an Unrestricted Definitive
Note may exchange such Note for a beneficial interest in an Unrestricted Global
Note or transfer such Definitive Notes to a Person who takes delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note at any
time.  Upon receipt of a request for such an exchange or transfer, the
Trustee will cancel the applicable Unrestricted Definitive Note and increase or
cause to be increased the aggregate principal amount of one of the Unrestricted
Global Notes.

 

If any such
exchange or transfer from a Definitive Note to a beneficial interest is
effected pursuant to subparagraphs (2) or (3) above at a time when an
Unrestricted Global Note has not yet been issued, the Company will issue and,
upon receipt of an Authentication Order in accordance with Section 2.02
hereof, the Trustee will authenticate one or more Unrestricted Global Notes in
an aggregate principal amount equal to the principal amount of Definitive Notes
so transferred.

 

(e)   Transfer and Exchange
of Definitive Notes for Definitive Notes.  Upon request by a Holder of Definitive Notes and such
Holder’s compliance with the provisions of this Section 2.06(e), the
Registrar will register the transfer or exchange of Definitive Notes.  Prior
to such registration of transfer or exchange, the requesting Holder must
present or surrender to the Registrar the Definitive Notes duly endorsed or 

 

16

 

accompanied
by a written instruction of transfer in form satisfactory to the Registrar duly
executed by such Holder or by its attorney, duly authorized in writing. 
In addition, the requesting Holder must provide any additional certifications,
documents and information, as applicable, required pursuant to the following
provisions of this Section 2.06(e).

 

(1)   Restricted Definitive
Notes to Restricted Definitive Notes.  Any Restricted Definitive Note may be transferred to
and registered in the name of Persons who take delivery thereof in the form of
a Restricted Definitive Note if the Registrar receives the following:

 

(A)   if the transfer will be made pursuant to Rule 144A,
then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (1) thereof;

 

(B)   if the transfer will be made pursuant to Rule 903
or Rule 904, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item (2) thereof;
and

 

(C)   if the transfer will be made pursuant to
any other exemption from the registration requirements of the Securities Act,
then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable.

 

(2)   Restricted Definitive
Notes to Unrestricted Definitive Notes.  Any Restricted Definitive Note may be exchanged by the
Holder thereof for an Unrestricted Definitive Note or transferred to a Person
or Persons who take delivery thereof in the form of an Unrestricted Definitive
Note if the Registrar receives the following:

 

(A)   if the Holder of such Restricted
Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive
Note, a certificate from such Holder in the form of Exhibit C hereto,
including the certifications in item (1)(d) thereof; or

 

(B)   if the Holder of such Restricted
Definitive Notes proposes to transfer such Notes to a Person who shall take
delivery thereof in the form of an Unrestricted Definitive Note, a certificate
from such Holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof;

 

and, in each such case
set forth in this subparagraph (2), if the Registrar so requests, an Opinion of
Counsel in form reasonably acceptable to the Registrar to the effect that such
exchange or transfer is in compliance with the Securities Act and that the
restrictions on transfer contained herein and in the Private Placement Legend
are no longer required in order to maintain compliance with the Securities Act.

 

(3)   Unrestricted Definitive
Notes to Unrestricted Definitive Notes.  A Holder of Unrestricted Definitive Notes may transfer
such Notes to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note.  Upon receipt of a request to register such
a transfer, the Registrar shall register the Unrestricted Definitive Notes
pursuant to the instructions from the Holder thereof.

 

(f)   Legends.  The following legends will appear on the
face of all Global Notes and Definitive Notes issued under this Indenture
unless specifically stated otherwise in the applicable provisions of this
Indenture.

 

(1)   Private Placement
Legend.

 

(A)   Except as permitted by subparagraph (B) below,
each Global Note and each Definitive Note (and all Notes issued in exchange
therefor or substitution thereof) shall bear the legend in substantially the
following form:

 

17

 

“THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF,
U.S. PERSONS, EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE.  BY ITS
ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER (1) REPRESENTS
THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT) (A “QIB”), (B) IT IS NOT A U.S. PERSON, IS NOT
ACQUIRING THIS NOTE FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON AND IS
ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S
UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL “ACCREDITED
INVESTOR” (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT) (AN “IAI”), (2) AGREES THAT IT WILL
NOT, WITHIN THE TIME PERIOD REFERRED TO UNDER RULE 144(b)(1) (TAKING INTO
ACCOUNT THE PROVISIONS OF RULE 144(d) UNDER THE SECURITIES ACT, IF
APPLICABLE) UNDER THE SECURITIES ACT AS IN EFFECT ON THE DATE OF THE TRANSFER
OF THIS NOTE, RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE
COMPANY OR ANY SUBSIDIARY THEREOF, (B) TO A PERSON WHOM THE HOLDER
REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QIB IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE
THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER
THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) TO AN
IAI THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE TRUSTEE A SIGNED LETTER
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE REGISTRATION
OF TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM
THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL
AMOUNT OF NOTES AT THE TIME OF TRANSFER OF LESS THAN $250,000, AN OPINION OF
COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE
SECURITIES ACT OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS, AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO
WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO
THE EFFECT OF THIS LEGEND.  IN CONNECTION WITH ANY TRANSFER OF THIS NOTE
OR ANY INTEREST HEREIN WITHIN THE TIME PERIOD REFERRED TO ABOVE, THE HOLDER
MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF RELATING TO THE
MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE.  AS
USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON”
HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE
SECURITIES ACT.  THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE
TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING
RESTRICTIONS.”

 

(B)   Notwithstanding the foregoing, any Global
Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(3),
(c)(4), (d)(2), (d)(3), (e)(2) or (e)(3) of this Section 2.06
(and all Notes issued in exchange therefor or substitution thereof) will not
bear the Private Placement Legend.

 

18

 

(2)   Global Note Legend.  Each Global Note will bear a
legend in substantially the following form:

 

“THIS GLOBAL NOTE IS HELD
BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS
NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT
TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO
SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF
THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE
FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR
WRITTEN CONSENT OF THE COMPANY.

 

UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.  UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.”

 

(3)   Regulation S Temporary
Global Note Legend. The
Regulation S Temporary Global Note will bear a Legend in substantially the
following form:

 

“THE RIGHTS ATTACHING TO
THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES
GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE
INDENTURE (AS DEFINED HEREIN).  NEITHER THE HOLDER NOR THE BENEFICIAL
OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE
PAYMENT OF INTEREST HEREON.”

 

(g)   Cancellation and/or Adjustment
of Global Notes.  At such time as all beneficial interests in a particular Global Note
have been exchanged for Definitive Notes or a particular Global Note has been
redeemed, repurchased or canceled in whole and not in part, each such Global
Note will be returned to or retained and canceled by the Trustee in accordance
with Section 2.11 hereof.  At any time prior to such cancellation, if
any beneficial interest in a Global Note is exchanged for or transferred to a
Person who will take delivery thereof in the form of a beneficial interest in
another Global Note or for Definitive Notes, the principal amount of Notes
represented by such Global Note will be reduced accordingly and an endorsement
will be made on such Global Note by the Trustee or by the Depositary at the
direction of the Trustee to reflect such reduction; and if the beneficial
interest is being exchanged for or transferred to a Person who will take
delivery thereof in the form of a beneficial interest in another Global Note,
such other Global Note will be increased accordingly and an endorsement will be
made on such Global Note by the Trustee or by the Depositary at the direction
of the Trustee to reflect such increase.

 

19

 

(h)   General Provisions
Relating to Transfers and Exchanges.

 

(1)   To permit registrations of transfers and
exchanges, the Company will execute and the Trustee will authenticate Global
Notes and Definitive Notes upon receipt of an Authentication Order in
accordance with Section 2.02 hereof or at the Registrar’s request.

 

(2)   No service charge will be made to a
Holder of a beneficial interest in a Global Note or to a Holder of a Definitive
Note for any registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer taxes or
similar governmental charge payable upon exchange or transfer pursuant to
Sections 2.10, 3.06 and 9.05 hereof).

 

(3)   The Registrar will not be required to
register the transfer of or exchange of any Note selected for redemption in
whole or in part, except the unredeemed portion of any Note being redeemed in
part.

 

(4)   All Global Notes and Definitive Notes
issued upon any registration of transfer or exchange of Global Notes or
Definitive Notes will be the valid obligations of the Company, evidencing the
same debt, and entitled to the same benefits under this Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer
or exchange.

 

(5)   Neither the Registrar nor the Company
will be required:

 

(A)   to issue, to register the transfer of or
to exchange any Notes during a period beginning at the opening of business 15
days before the day of any selection of Notes for redemption under Section 3.02
hereof and ending at the close of business on the day of selection;

 

(B)   to register the transfer of or to
exchange any Note selected for redemption in whole or in part, except the
unredeemed portion of any Note being redeemed in part; or

 

(C)   to register the transfer of or to
exchange a Note between a record date and the next succeeding interest payment
date.

 

(6)   Prior to due presentment for the
registration of a transfer of any Note, the Trustee, any Agent and the Company
may deem and treat the Person in whose name any Note is registered as the
absolute owner of such Note for the purpose of receiving payment of principal
of and interest on such Notes and for all other purposes, and none of the
Trustee, any Agent or the Company shall be affected by notice to the contrary.

 

(7)   The Trustee will authenticate Global
Notes and Definitive Notes upon receipt of an Authentication Order in
accordance with the provisions of Section 2.02 hereof.

 

(8)   All certifications, certificates and
Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06
to effect a registration of transfer or exchange may be submitted by facsimile.

 

(9)   Each holder of a Note agrees to indemnify
the Company and the Trustee against any liability that may result from the
transfer, exchange or assignment of such Holder’s Note by such Holder in
violation of any provision of this Indenture and/or applicable United States
federal or state securities laws.

 

(10)   The Trustee shall have no obligation or
duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under applicable law with respect to
any transfer of any interest in any Note (including any transfers between or
among Participants in any Global Note) other than to require delivery of such
certificates and other documentation or evidence as are expressly required by,
and to do so if and when expressly 

 

20

 

required
by the terms of, this Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof.

 

(11)   Neither the Trustee nor any agent of the
Trustee shall have any responsibility for any actions taken or not taken by the
Depositary.

 

(12)   The
Trustee shall have no responsibility or obligation to any Participant or any
other Person with respect to the accuracy of the books or records, or the acts
or omissions, of the Depositary or its nominee or of any participant or member
thereof, with respect to any ownership interest in the Notes or with respect to
the delivery to any Participant or other Person (other than the Depositary) of
any notice (including any notice of redemption) or the payment of any amount,
under or with respect to such Notes. All notices and communications to be given
to the Holders and all payments to be made to Holders under the Notes shall be
given or made only to or upon the order of the registered Holders (which shall
be the Depositary or its nominee in the case of a Global Note). The rights of
beneficial owners in any Global Note shall be exercised only through the
Depositary subject to the customary procedures of the Depositary. The Trustee
may rely and shall be fully protected in relying upon information furnished by
the Depositary with respect to its Participants.

 

Section 2.07                                Replacement Notes.

 

If any mutilated Note is
surrendered to the Trustee or the Company and the Trustee receives evidence to
its satisfaction of the destruction, loss or theft of any Note, the Company
will issue and the Trustee, upon receipt of an Authentication Order, will
authenticate a replacement Note if the Trustee’s requirements are met.  If
required by the Trustee or the Company, an indemnity bond must be supplied by
the Holder that is sufficient in the judgment of the Trustee and the Company to
protect the Company, the Trustee, any Agent and any authenticating agent from
any loss that any of them may suffer if a Note is replaced.  The Company
may charge for its expenses in replacing a Note.

 

Every replacement Note is
an additional obligation of the Company and will be entitled to all of the
benefits of this Indenture equally and proportionately with all other Notes
duly issued hereunder.

 

Section 2.08                                Outstanding Notes.

 

The Notes outstanding at
any time are all the Notes authenticated by the Trustee except for those
canceled by it, those delivered to it for cancellation, those reductions in the
interest in a Global Note effected by the Trustee in accordance with the
provisions hereof, and those described in this Section 2.08 as not
outstanding.  Except as set forth in Section 2.09 hereof, a Note does
not cease to be outstanding because the Company or an Affiliate of the Company
holds the Note.

 

If a Note is replaced
pursuant to Section 2.07 hereof, it ceases to be outstanding unless the
Trustee receives proof satisfactory to it that the replaced Note is held by a
bona fide purchaser.

 

If the principal amount of
any Note is considered paid under Section 4.01 hereof, it ceases to be
outstanding and interest on it ceases to accrue.

 

If the Paying Agent
(other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on
a redemption date or maturity date, money sufficient to pay Notes payable on
that date, then on and after that date such Notes will be deemed to be no
longer outstanding and will cease to accrue interest.

 

Section 2.09                                Treasury Notes.

 

In determining whether
the Holders of the required principal amount of Notes have concurred in any
direction, waiver or consent, Notes owned by the Company will be considered as
though not outstanding, except that for the purposes of determining whether the
Trustee will be protected in relying on any such direction, waiver or consent,
only Notes that the Trustee knows are so owned will be so disregarded.

 

21

 

Section 2.10                                Temporary Notes.

 

Until certificates
representing Notes are ready for delivery, the Company may prepare and the
Trustee, upon receipt of an Authentication Order, will authenticate temporary
Notes.  Temporary Notes will be substantially in the form of certificated
Notes but may have variations that the Company considers appropriate for temporary
Notes and as may be reasonably acceptable to the Trustee.  Without
unreasonable delay, the Company will prepare and the Trustee will authenticate,
upon receipt of an Authentication Order, definitive Notes in exchange for
temporary Notes.

 

Holders of temporary
Notes will be entitled to all of the benefits of this Indenture.

 

Section 2.11                                Cancellation.

 

The Company at any time
may deliver Notes to the Trustee for cancellation.  The Registrar and
Paying Agent will forward to the Trustee any Notes surrendered to them for
registration of transfer, exchange or payment.  The Trustee and no one
else will cancel all Notes surrendered for registration of transfer, exchange,
payment, replacement or cancellation and will destroy canceled Notes (subject
to the record retention requirement of the Exchange Act).  Certification
of the destruction of all canceled Notes will be delivered to the
Company.  The Company may not issue new Notes to replace Notes that it has
paid or that have been delivered to the Trustee for cancellation.

 

Section 2.12                                Defaulted Interest.

 

If the Company defaults
in a payment of interest on the Notes, it will pay the defaulted interest in
any lawful manner plus, to the extent lawful, interest payable on the defaulted
interest, to the Persons who are Holders on a subsequent special record date,
in each case at the rate provided in the Notes and in Section 4.01
hereof.  The Company will notify the Trustee in writing of the amount of
defaulted interest proposed to be paid on each Note and the date of the
proposed payment.  The Company will fix or cause to be fixed each such
special record date and payment date; provided
that no such special record date may be less than 10 days prior to the related
payment date for such defaulted interest.  At least 15 days before the
special record date, the Company (or, upon the written request of the Company,
the Trustee in the name and at the expense of the Company) will mail or cause
to be mailed to Holders a notice that states the special record date, the
related payment date and the amount of such defaulted interest to be paid.

 

Section 2.13                                CUSIP Numbers.

 

The Company, in issuing
the Notes, may use one or more “CUSIP” numbers (and, if Notes are also to be
issued outside the United States, one or more similar identifying numbers as is
customary in such global markets; references in this Section 2.13 to CUSIP
numbers being deemed to include an such similar identifying numbers) and, if
so, the Trustee shall use such CUSIP number in notices of repurchase or
conversion as a convenience to the Holders; provided,
however, that any such notice may state that no representation is
made as to the correctness or accuracy of any CUSIP number printed in the
notice or on the Notes, and that reliance may be placed only on the other identification
numbers printed on the Notes.  Any repurchase or conversion will not be
affected by any defect in or the omission of such CUSIP numbers.  The
Company will promptly notify the Trustee in writing of any change to the CUSIP
numbers.

 

ARTICLE 3

REDEMPTION AND PREPAYMENT

 

Section 3.01                                Notices to Trustee.

 

If the Company elects to
redeem Notes pursuant to the optional redemption provisions of Section 3.07
hereof, it must furnish to the Trustee, at least 30 days but not more than 60
days before a redemption date, an Officers’ Certificate setting forth:

 

(1)   the clause of this Indenture pursuant to
which the redemption shall occur;

 

22

 

(2)   the redemption date;

 

(3)   the principal amount of Notes to be
redeemed; and

 

(4)   the redemption price.

 

Section 3.02                                Selection of Notes to
Be Redeemed or Purchased.

 

If less than all of the
Notes are to be redeemed or purchased in an offer to purchase at any time, the
Trustee will select Notes for redemption or purchase in such manner as the
Trustee shall deem reasonable.

 

In the event of partial
redemption or purchase by lot, the particular Notes to be redeemed or purchased
will be selected, unless otherwise provided herein, not less than 30 nor more
than 60 days prior to the redemption or purchase date by the Trustee from the
outstanding Notes not previously called for redemption or purchase.

 

The Trustee will promptly
notify the Company in writing of the Notes selected for redemption or purchase
and, in the case of any Note selected for partial redemption or purchase, the
principal amount thereof to be redeemed or purchased.  Notes and portions
of Notes selected will be in amounts of $1,000 or whole multiples of $1,000;
except that if all of the Notes of a Holder are to be redeemed or purchased,
the entire outstanding amount of Notes held by such Holder, even if not a
multiple of $1,000, shall be redeemed or purchased.  Except as provided in
the preceding sentence, provisions of this Indenture that apply to Notes called
for redemption or purchase also apply to portions of Notes called for
redemption or purchase.

 

Section 3.03                                Notice of Redemption.

 

At least 30 days but not
more than 60 days before a redemption date, the Company will mail or cause to
be mailed, by first class mail, a notice of redemption to each Holder whose
Notes are to be redeemed at its registered address, except that redemption
notices may be mailed more than 60 days prior to a redemption date if the
notice is issued in connection with a defeasance of the Notes or a satisfaction
and discharge of this Indenture pursuant to Articles 8 or 10 hereof.

 

The notice will identify
the Notes to be redeemed and will state:

 

(1)   the redemption date;

 

(2)   the redemption price;

 

(3)   if any Note is being redeemed in part,
the portion of the principal amount of such Note to be redeemed and that, after
the redemption date upon surrender of such Note, a new Note or Notes in
principal amount equal to the unredeemed portion will be issued upon
cancellation of the original Note;

 

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

 

(5)   that Notes called for redemption must be
surrendered to the Paying Agent to collect the redemption price;

 

(6)   that, unless the Company defaults in
making such redemption payment, interest on Notes called for redemption ceases
to accrue on and after the redemption date;

 

(7)   the paragraph of the Notes and/or Section of
this Indenture pursuant to which the Notes called for redemption are being
redeemed; and

 

(8)   that no representation is made as to the
correctness or accuracy of the CUSIP number, if any, listed in such notice or
printed on the Notes.

 

23

 

At the Company’s request,
the Trustee will give the notice of redemption in the Company’s name and at the
Company’s expense; provided, however,
that the Company has delivered to the Trustee, at least 45 days prior to the
redemption date, an Officers’ Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such notice as
provided in the preceding paragraph.

 

Section 3.04                                Effect of Notice of
Redemption.

 

Once notice of redemption
is mailed in accordance with Section 3.03 hereof, Notes called for
redemption become irrevocably due and payable on the redemption date at the
redemption price.  A notice of redemption may not be conditional.

 

Section 3.05                                Deposit of Redemption
or Purchase Price.

 

One Business Day prior to
the redemption or purchase date, the Company will deposit with the Trustee or
with the Paying Agent money in same day funds sufficient to pay the redemption
or purchase price of and accrued interest on all Notes to be redeemed or
purchased on that date.  The Trustee or the Paying Agent will promptly
return to the Company any money deposited with the Trustee or the Paying Agent
by the Company in excess of the amounts necessary to pay the redemption or
purchase price of, and accrued interest on, all Notes to be redeemed or
purchased.

 

If the Company complies
with the provisions of the preceding paragraph, on and after the redemption or
purchase date, interest will cease to accrue on the Notes or the portions of
Notes called for redemption or purchase.  If a Note is redeemed or
purchased on or after an interest record date but on or prior to the related
interest payment date, then any accrued and unpaid interest shall be paid to
the Person in whose name such Note was registered at the close of business on
such record date.  If any Note called for redemption or purchase is not so
paid upon surrender for redemption or purchase because of the failure of the
Company to comply with the preceding paragraph, interest shall be paid on the
unpaid principal, from the redemption or purchase date until such principal is
paid, and to the extent lawful on any interest not paid on such unpaid
principal, in each case at the rate provided in the Notes and in Section 4.01
hereof.

 

Section 3.06                                Notes Redeemed or
Purchased in Part.

 

Upon surrender of a Note
that is redeemed or purchased in part, the Company will issue and, upon receipt
of an Authentication Order, the Trustee will authenticate for the Holder at the
expense of the Company a new Note equal in principal amount to the unredeemed
or unpurchased portion of the Note surrendered.

 

Section 3.07                                Optional Redemption.

 

(a)   On or after , 20 , the Company may redeem
all or a part of the Notes upon not less than 30 nor more than 60 days’ notice,
at the redemption prices (expressed as percentages of principal amount) set
forth below plus accrued and unpaid interest on the Notes redeemed to the
applicable redemption date, if redeemed during the twelve-month period
beginning on of the years indicated below, subject to the rights of Holders on
the relevant record date to receive interest on the relevant interest payment
date:

 

	
   

  	
  Year

  	
   

  	
  Percentage

  	
   

  
	
   

  	
  20

  	
   

  	
   

  	
  %

  
	
   

  	
  20

  	
   

  	
   

  	
  %

  
	
   

  	
  20

  	
   

  	
   

  	
  %

  
	
   

  	
  20        
  and thereafter

  	
   

  	
   

  	
   

  

 

Unless the Company
defaults in the payment of the redemption price, interest will cease to accrue
on the Notes or portions thereof called for redemption on the applicable
redemption date.

 

(b)   Any redemption pursuant to this Section 3.07
shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.

 

24

 

Section 3.08   Mandatory Redemption.

 

The Company is not
required to make mandatory redemption or sinking fund payments with respect to
the Notes.

 

ARTICLE 4

COVENANTS

 

Section 4.01                                Payment of Notes.

 

The Company will pay or
cause to be paid the principal of, premium, if any, and interest on, the Notes
on the dates and in the manner provided in the Notes.  Principal, premium,
if any, and interest will be considered paid on the date due if the Paying
Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m.
Eastern Time on the due date money deposited by the Company in immediately
available funds and designated for and sufficient to pay all principal,
premium, if any, and interest then due.

 

The Company will pay
interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in
excess of the then applicable interest rate on the Notes to the extent lawful;
it will pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue installments of interest (without regard to any
applicable grace period) at the same rate to the extent lawful.

 

Section 4.02                                Maintenance of Office
or Agency.

 

The Company will maintain
in
                           ,
                              ,
an office or agency (which may be an office of the Trustee or an affiliate of
the Trustee, Registrar or co-registrar) where Notes may be surrendered for
registration of transfer or for exchange and where notices and demands to or
upon the Company in respect of the Notes and this Indenture may be
served.  The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency.  If at
any time the Company fails to maintain any such required office or agency or
fails to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office
of the Trustee.

 

The Company may also from
time to time designate one or more other offices or agencies where the Notes
may be presented or surrendered for any or all such purposes and may from time
to time rescind such designations; provided,
however, that no such designation or rescission will in any manner
relieve the Company of its obligation to maintain an office or agency in
                          ,
                              ,
for such purposes The Company will give prompt written notice to the Trustee of
any such designation or rescission and of any change in the location of any
such other office or agency.

 

The Company hereby
designates the Corporate Trust Office of the Trustee as one such office or
agency of the Company in accordance with Section 2.03 hereof.

 

Section 4.03                                Compliance Certificate.

 

(a)   The Company shall deliver to the Trustee,
within 90 days after the end of each fiscal year, an Officers’ Certificate
stating that a review of the activities of the Company and its Subsidiaries
during the preceding fiscal year has been made under the supervision of the
signing Officers with a view to determining whether the Company has kept,
observed, performed and fulfilled its obligations under this Indenture, and
further stating, as to each such Officer signing such certificate, that to the
best of his or her knowledge the Company has kept, observed, performed and
fulfilled each and every covenant contained in this Indenture and is not in
default in the performance or observance of any of the terms, provisions and
conditions of this Indenture (or, if a Default or Event of Default has
occurred, describing all such Defaults or Events of Default of which he or she
may have knowledge and what action the Company is taking or proposes to take with
respect thereto) and that to the best of his or her knowledge no event has
occurred and remains in existence by reason of which payments on account of the
principal of or interest, if any, on the Notes is prohibited or if such event
has occurred, a description of the event and what action the Company is taking

 

25

 

or
proposes to take with respect thereto. 
The Company shall provide prompt written notice to the Trustee of any
change to the fiscal year, which as of the date hereof ends on
[            ].

 

(b)   So long as any of the Notes are
outstanding, the Company will deliver to the Trustee, forthwith upon any
Officer becoming aware of any Default or Event of Default, an Officers’
Certificate specifying such Default or Event of Default and what action the
Company is taking or proposes to take with respect thereto.

 

Section 4.04                                Limitation on Liens.

 

The Company shall not,
and shall not permit any Subsidiary to, directly or indirectly, incur or permit
to exist any Lien of any nature whatsoever on any of its property or assets
whether now owned or hereinafter acquired securing any Indebtedness, other than
Permitted Liens, without effectively providing that the Notes shall be secured
equally and ratably with (or prior to) the obligations so secured for so long
as such obligations are secured.

 

Section 4.05                                Limitation on
Sale/Leaseback Transactions.

 

The Company shall not,
and shall not permit any Subsidiary to, enter into any Sale/Leaseback
Transaction with respect to any property unless:

 

(1)   the Company or such Subsidiary would be
entitled to create a Lien on such property securing any Indebtedness incurred
pursuant to such Sale/Leaseback Transaction without equally and ratably
securing the Notes pursuant to Section 4.04; and

 

(2)   the gross proceeds payable to the Company
or such Subsidiary in connection with such Sale/Leaseback Transaction are at
least equal to the Fair Market Value of such property.

 

Section 4.06                                SEC Reports.

 

The Company shall file
with the Trustee, within 15 days after the Company has filed same with the SEC,
copies of the annual reports and of the other information, documents and other
reports which the Company may be required to file with the SEC pursuant to the
provisions of Section 13 or Section 15(d) of the Exchange Act
(or copies of such portions of any of the foregoing as the SEC may by rules and
regulations prescribe).  In addition, the Company shall furnish to the
Trustee, promptly upon their becoming available, copies of the annual report to
stockholders and any other information provided by the Company to its
stockholders generally. The Company shall also comply with the other provisions
of Section 314(a) of the TIA.

 

Section 4.07                                Notice of Default.

 

Upon
any officer of the Company becoming aware of the occurrence of any Default or
Event of Default, the Company shall give prompt notice of such Default or Event
of Default, and any remedial action proposed to be taken, to the Trustee.

 

ARTICLE 5

SUCCESSORS

 

Section 5.01                                Merger, Consolidation,
or Sale of Assets

 

The Company shall not,
directly or indirectly: (i) consolidate or merge with or into another
Person (whether or not the Company is the surviving corporation); or (ii) sell,
assign, transfer, convey or otherwise dispose of all or substantially all of
the properties or assets of the Company in one or more related transactions, to
another Person, unless:

 

(1)   either:

 

(A)   the Company is the surviving corporation;
or

 

26

 

(B)   the Person formed by or surviving any
such consolidation or merger (if other than the Company) or to which such sale,
assignment, transfer, conveyance or other disposition has been made is a
corporation organized or existing under the laws of the United States, any
state of the United States or the District of Columbia;

 

(2)   the Person formed by or surviving any
such consolidation or merger (if other than the Company) or the Person to which
such sale, assignment, transfer, conveyance or other disposition has been made
assumes all the obligations of the Company under the Notes or this Indenture
pursuant to agreements reasonably satisfactory to the Trustee; and

 

(3)   immediately after such transaction, no
Default or Event of Default exists.

 

This Section 5.01
will not apply to:

 

(1)   a merger of the Company with an Affiliate
solely for the purpose of reincorporating the Company in another jurisdiction;
or

 

(2)   any consolidation or merger, or any sale,
assignment, transfer, conveyance, lease or other disposition of assets between
or among the Company and its Subsidiaries.

 

Section 5.02                                Successor Corporation
Substituted

 

Upon any consolidation or
merger, or any sale, assignment, transfer, lease, conveyance or other
disposition of all or substantially all of the properties or assets of the
Company in a transaction that is subject to, and that complies with the
provisions of, Section 5.01 hereof, the successor Person formed by such
consolidation or into or with which the Company is merged or to which such
sale, assignment, transfer, lease, conveyance or other disposition is made
shall succeed to, and be substituted for (so that from and after the date of
such consolidation, merger, sale, assignment, transfer, lease, conveyance or
other disposition, the provisions of this Indenture referring to the “Company”
shall refer instead to the successor Person and not to the Company), and may
exercise every right and power of the Company under this Indenture with the
same effect as if such successor Person had been named as the Company herein; provided, however, that the predecessor
Company shall not be relieved from the obligation to pay the principal of and
interest on the Notes except in the case of a sale of all of the Company’s
assets in a transaction that is subject to, and that complies with the
provisions of, Section 5.01 hereof.

 

ARTICLE 6

DEFAULTS AND REMEDIES

 

Section 6.01                                Events of Default.

 

Each of the following is
an “Event of Default”:

 

(1)   default for 30 days in the payment when
due of interest on the Notes;

 

(2)   default in the payment when due (at
maturity, upon redemption or otherwise) of the principal of, or premium, if
any, on, the Notes;

 

(3)   failure by the Company to comply with the
provisions of Section 5.01 hereof;

 

(4)   failure by the Company for 60 days after
notice to the Company by the Trustee or the Holders of at least 25% in
aggregate principal amount of the Notes then outstanding voting as a single
class to comply with any of the other agreements in this Indenture;

 

(5)   default under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Company (or the payment of
which is guaranteed by the Company), whether such Indebtedness now exists, or
is created after the date of this Indenture, if that default:

 

27

 

(A)   is caused by a failure to pay principal
of, or interest or premium, if any, on, such Indebtedness prior to the
expiration of the grace period provided in such Indebtedness on the date of
such default (a “Payment Default”);
or

 

(B)   results in the acceleration of such
Indebtedness prior to its express maturity,

 

and, in each case, the
principal amount of any such Indebtedness, together with the principal amount
of any other such Indebtedness under which there has been a Payment Default or
the maturity of which has been so accelerated, aggregates
$                  
million or more;

 

(6)   failure by the Company to pay final
judgments entered by a court or courts of competent jurisdiction aggregating in
excess of
$                  
million, which judgments are not paid, discharged or stayed for a period of 60
days

 

(7)   the Company or any of its Subsidiaries
that is a Significant Subsidiary or any group of Subsidiaries of the Company
that, taken together, would constitute a Significant Subsidiary pursuant to or
within the meaning of Bankruptcy Law:

 

(A)   commences a voluntary case,

 

(B)   consents to the entry of an order for
relief against it in an involuntary case,

 

(C)   consents to the appointment of a
custodian of it or for all or substantially all of its property,

 

(D)   makes a general assignment for the
benefit of its creditors, or

 

(E)   generally is not paying its debts as they
become due; or

 

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

 

(A)   is for relief against the Company or any
of its Subsidiaries that is a Significant Subsidiary or any group of
Subsidiaries of the Company that, taken together, would constitute a
Significant Subsidiary in an involuntary case;

 

(B)   appoints a custodian of the Company or
any of its Subsidiaries that is a Significant Subsidiary or any group of
Subsidiaries of the Company that, taken together, would constitute a
Significant Subsidiary or for all or substantially all of the property of the
Company or any of its Subsidiaries that is a Significant Subsidiary or any
group of Subsidiaries of the Company that, taken together, would constitute a Significant
Subsidiary; or

 

(C)   orders the liquidation of the Company or
any of its Subsidiaries that is a Significant Subsidiary or any group of
Subsidiaries of the Company that, taken together, would constitute a
Significant Subsidiary;

 

and the order or decree
remains unstayed and in effect for 90 consecutive days.

 

Section 6.02                                Acceleration.

 

In the case of an Event
of Default specified in clause (7) or (8) of Section 6.01
hereof, with respect to the Company, any Subsidiary of the Company that is a
Significant Subsidiary or any group of Subsidiaries of the Company that, taken
together, would constitute a Significant Subsidiary, all outstanding Notes will
become due and payable immediately without further action or notice.  If
any other Event of Default occurs and is continuing, the

 

28

 

Trustee or the Holders of
at least 25% in aggregate principal amount of the then outstanding Notes may
declare all the Notes to be due and payable immediately.

 

Upon any such
declaration, the Notes shall become due and payable immediately.

 

The Holders of a majority
in aggregate principal amount of the then outstanding Notes by written notice
to the Trustee may, on behalf of all of the Holders, rescind an acceleration
and its consequences, if the rescission would not conflict with any judgment or
decree and if all existing Events of Default (except nonpayment of principal,
interest or premium, if any, that has become due solely because of the
acceleration) have been cured or waived.

 

If an Event of Default
occurs on or after
                  ,
20       by reason of any willful action (or
inaction) taken (or not taken) by or on behalf of the Company with the
intention of avoiding payment of the premium that the Company would have had to
pay if the Company then had elected to redeem the Notes pursuant to Section 3.07
hereof, then, upon acceleration of the Notes, an equivalent premium shall also
become and be immediately due and payable, to the extent permitted by law,
anything in this Indenture or in the Notes to the contrary
notwithstanding.  If an Event of Default occurs prior to
                  ,
20       by reason of any willful action (or
inaction) taken (or not taken) by or on behalf of the Company with the
intention of avoiding the prohibition on redemption of the Notes prior to such
date, then, upon acceleration of the Notes, an additional premium shall also
become and be immediately due and payable, to the extent permitted by law, in
an amount, for each of the years beginning on of the years set forth below, as
set forth below (expressed as a percentage of the principal amount of the Notes
on the date of payment that would otherwise be due but for the provisions of
this sentence):

 

	
   

  	
  Year

  	
   

  	
  Percentage

  	
   

  
	
   

  	
  20

  	
   

  	
   

  	
  %

  
	
   

  	
  20

  	
   

  	
   

  	
  %

  
	
   

  	
  20

  	
   

  	
   

  	
  %

  
	
   

  	
  20

  	
   

  	
   

  	
   

  
	
   

  	
  20

  	
   

  	
   

  	
  %

  

 

Section 6.03                                Other Remedies

 

If an Event of Default
occurs and is continuing, the Trustee may pursue any available remedy to
collect the payment of principal, premium, if any, and interest on the Notes or
to enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain
a proceeding even if it does not possess any of the Notes or does not produce
any of them in the proceeding.  A delay or omission by the Trustee or any
Holder of a Note in exercising any right or remedy accruing upon an Event of
Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default. All remedies are cumulative to the extent
permitted by law.

 

Section 6.04                                Waiver of Past Defaults.

 

Holders of not less than
a majority in aggregate principal amount of the then outstanding Notes by
written notice to the Trustee may on behalf of the Holders of all of the Notes
waive an existing Default or Event of Default and its consequences hereunder,
except a continuing Default or Event of Default in the payment of the principal
of, premium, if any, or interest on, the Notes (including in connection with an
offer to purchase); provided, however,
that the Holders of a majority in aggregate principal amount of the then
outstanding Notes may rescind an acceleration and its consequences, including
any related payment default that resulted from such acceleration in accordance
with Section 6.02.  Upon any such waiver, such Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been
cured for every purpose of this Indenture; but no such waiver shall extend to
any subsequent or other Default or impair any right consequent thereon.

 

29

 

Section 6.05                                Control by Majority

 

Holders of a majority in
aggregate principal amount of the then outstanding Notes may direct the time,
method and place of conducting any proceeding for exercising any remedy
available to the Trustee or exercising any trust or power conferred on
it.  However, the Trustee may refuse to follow any direction that
conflicts with law or this Indenture that the Trustee determines may be unduly
prejudicial to the rights of other Holders of Notes or that may involve the
Trustee in personal liability unless the Trustee is offered indemnity
satisfactory to it.

 

Section 6.06                                Limitation on Suits

 

A Holder may pursue a
remedy with respect to this Indenture or the Notes only if:

 

(1)   such Holder gives to the Trustee written
notice that an Event of Default is continuing;

 

(2)   Holders of at least 25% in aggregate
principal amount of the then outstanding Notes make a written request to the
Trustee to pursue the remedy;

 

(3)   such Holder or Holders offer and, if
requested, provide to the Trustee security or indemnity satisfactory to the
Trustee against any loss, liability or expense;

 

(4)   the Trustee does not comply with the
request within 60 days after receipt of the request and the offer of security
or indemnity; and

 

(5)   during such 60-day period, Holders of a
majority in aggregate principal amount of the then outstanding Notes do not
give the Trustee a direction inconsistent with such request.

 

A Holder of a Note may
not use this Indenture to prejudice the rights of another Holder of a Note or
to obtain a preference or priority over another Holder of a Note.

 

Section 6.07                                Rights of Holders of
Notes to Receive Payment

 

Notwithstanding any other
provision of this Indenture, the right of any Holder of a Note to receive payment
of principal, premium, if any, and interest on the Note, on or after the
respective due dates expressed in the Note (including in connection with an
offer to purchase), or to bring 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 6.08                                Collection Suit by
Trustee

 

If an Event of Default
specified in Section 6.01(1) or (2) hereof occurs and is
continuing, the Trustee is authorized to recover judgment in its own name and
as trustee of an express trust against the Company for the whole amount of
principal of, premium, if any, and interest remaining unpaid on, the Notes and
interest on overdue principal and, to the extent lawful, interest and such further
amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel.

 

Section 6.09                                Trustee May File
Proofs of Claim

 

The Trustee is authorized
to file such proofs of claim and other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee (including any claim
for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel) and the Holders of the Notes allowed in any judicial
proceedings relative to the Company (or any other obligor upon the Notes), its
creditors or its property and shall be entitled and empowered to collect,
receive and distribute any money or other property payable or deliverable on
any such claims and any custodian in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee, and in the
event that the Trustee shall consent to the making of such payments directly to
the Holders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.07 hereof. 
To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section 7.07 hereof

 

30

 

out of the estate in any
such proceeding, shall be denied for any reason, payment of the same shall be
secured by a Lien on, and shall be paid out of, any and all distributions,
dividends, money, securities and other properties that the Holders may be entitled
to receive in such proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise.  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 Notes or the rights of any Holder, or
to authorize the Trustee to vote in respect of the claim of any Holder in any
such proceeding.

 

Section 6.10                                Priorities

 

If the Trustee collects
any money pursuant to this Article 6, it shall pay out the money in the
following order:

 

First: to the Trustee, its agents, attorneys
and other professional advisers for amounts due under Section 7.07 hereof,
including payment of all compensation, expenses (including, without limitation,
reasonable attorney’s, agents’ and advisers’ fees and expenses) and liabilities
incurred, and all advances made, by the Trustee and the costs and expenses of
collection;

 

Second: to Holders of Notes for amounts due and
unpaid on the Notes for principal, premium, if any, and interest, ratably,
without preference or priority of any kind, according to the amounts due and
payable on the Notes for principal, premium, if any, and interest,
respectively; and

 

Third: to the Company or to such party as a
court of competent jurisdiction shall direct.

 

The Trustee may fix a
record date and payment date for any payment to Holders of Notes pursuant to
this Section 6.10.

 

Section 6.11                                Undertaking for Costs

 

In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as a Trustee, a court in its
discretion may require the filing by any party litigant in the suit of an
undertaking to pay the costs of the suit, and the court in its discretion may
assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in the suit, having due regard to the merits and
good faith of the claims or defenses made by the party litigant.  This Section 6.11
does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant
to Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate
principal amount of the then outstanding Notes.

 

ARTICLE 7

TRUSTEE

 

Section 7.01                                Duties of Trustee

 

(a)   If an Event of Default has occurred and
is continuing, the Trustee will exercise such of 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:

 

(1)   the duties of the Trustee will be
determined solely by the express provisions of this Indenture and the Trustee
need perform only those duties that are specifically set forth in this
Indenture and no others, and no implied covenants or obligations shall be read
into this Indenture against the Trustee; and

 

(2)   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 certificates or opinions
furnished to the Trustee and conforming to the requirements of this
Indenture.  However, the

 

31

 

Trustee
will examine the certificates and opinions to determine whether or not they
conform to the requirements of this Indenture (but need not confirm or
investigate the accuracy of mathematical calculations or other facts stated
therein).

 

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

 

(1)   this paragraph does not limit the effect
of paragraph (b) of this Section 7.01;

 

(2)   the Trustee will not be liable for any
error of judgment made in good faith by a Responsible Officer, unless it is
determined in a final decision by a court of competent jurisdiction that the
Trustee was negligent in ascertaining the pertinent facts; and

 

(3)   the Trustee will 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 6.05 hereof.

 

(d)   Whether or not therein expressly so
provided, every provision of this Indenture that in any way relates to the
Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01.

 

(e)   No provision of this Indenture will
require the Trustee to expend or risk its own funds or incur any liability.

 

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

 

(g)   In
no event shall the Trustee be responsible or liable for special, indirect or
consequential loss or damage of any kind whatsoever (including, without
limitation, 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.

 

(h)   Any
permissive right or authority granted to the Trustee shall not be construed as
a mandatory duty.

 

Section 7.02                                Rights of Trustee

 

(a)   The Trustee may conclusively rely upon
any document (including any statement made or deemed to be made therein)
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 or
both.  The Trustee will 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.  The Trustee may consult with counsel and the written advice of
such counsel or any Opinion of Counsel will be full and complete authorization
and protection from liability in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon.  No such
Officers’ Certificate or Opinion of Counsel shall be at the expense of the
Trustee.

 

(c)   The Trustee may act through its attorneys
and agents and will not be responsible for the misconduct or negligence of any
agent appointed with due care.

 

(d)   The Trustee will not be liable for any
action it takes or omits to take in good faith that it believes to be
authorized or within the rights or powers conferred upon it by this Indenture.

 

(e)   Unless otherwise specifically provided in
this Indenture, any demand, request, direction or notice from the Company will
be sufficient if signed by an Officer of the Company.

 

32

 

(f)   The Trustee will 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 unless such Holders have offered to
the Trustee indemnity or security against the losses, liabilities and expenses
that might be incurred by it in compliance with such request or direction.

 

(g)   The Trustee shall have no duty to inquire
as to the performance of the Company with respect to the covenants contained in
Article IV hereof, except as otherwise provided in Article IV. 
The Trustee shall not be deemed to have knowledge of a Default or Event of
Default except (i) any Default or Event of Default occurring pursuant to
Sections 6.01(1) or 6.01(2) or (ii) any Default or Event of
Default of which a Responsible Officer of the trustee shall have received
written notification from a Holder or the Company of the circumstances
constituting the same and stating so in such written notifications, or obtained
actual knowledge.  Except as otherwise provided herein, the Trustee may,
in the absence of such actual knowledge or receipt of such written
notification, conclusively assume that there is no Default or Event of
Default.  Delivery of reports, information and documents to the Trustee
under Section 4.06 hereof is for information purposes only and the receipt
by the Trustee of the foregoing 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 on Officers’
Certificates.

 

(h)   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 thereunder.

 

(i)   The Trustee shall not be required to
expend or risk its own funds or otherwise incur financial liability for
performance of any of its duties hereunder or the exercise of any of its rights
or powers if there is reasonable ground for believing that the repayment of
such funds or adequate indemnify against such risk or liability is not assured
to it.

 

(j)   Unless otherwise required by applicable
law, the Trustee shall not have any duty (1) to see to any recording,
filing or depositing of this Indenture or any Indenture referred to herein, or
see to the maintenance of any such recording or filing or depositing or to any
rerecording, refiling or redepositing of any thereof or (ii) to see to any
insurance.

 

(k)   Unless otherwise required by applicable
law, the Trustee shall not be required to give any bond or surety in respect of
the execution of the powers granted hereunder.

 

Section 7.03                                Individual Rights of
Trustee

 

The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and
may otherwise deal with the Company or any Affiliate of the Company with the
same rights it would have if it were not Trustee.  However, in the event
that the Trustee acquires any conflicting interest it must eliminate such
conflict within 90 days, apply to the SEC for permission to continue as trustee
(if this Indenture has been qualified under the TIA) or resign.  Any Agent
may do the same with like rights and duties.  The Trustee is also subject
to Sections 7.10 and 7.11 hereof.

 

Section 7.04                                Trustee’s Disclaimer

 

The Trustee will not be
responsible for and makes no representation as to the validity or adequacy of
this Indenture or the Notes, it shall not be accountable for the Company’s use
of the proceeds from the Notes or any money paid to the Company or upon the
Company’s direction under any provision of this Indenture, it will not be
responsible for the use or application of any money received by any Paying
Agent other than the Trustee, it will not be responsible for any statement or
recital herein or any statement in the Notes or any other document in
connection with the sale of the Notes or pursuant to this Indenture other than
its certificate of authentication and it makes no representation, warranty or
undertaking, express or implied, and will not be responsible or liable with
respect to the accuracy or completeness of the information included or
incorporated by reference in the offering memorandum or any other information
supplied in connection with the Notes.

 

33

 

Section 7.05                                Notice of Defaults

 

If a Default or Event of
Default occurs and is continuing as to which the Trustee has received notice
pursuant to the provisions of this Indenture, or as to which a Responsible
Officer of the Trustee shall have actual knowledge, then the Trustee will mail
to Holders of Notes a notice of the Default or Event of Default within 90 days
after receipt of such notice or after acquiring such knowledge, as applicable,
unless such Default or Event of Default has been cured or waived.  Except
in the case of a Default or Event of Default in payment of principal of,
premium, if any, or interest on, any Note, the Trustee may withhold the notice
if and so long as the Trustee’s Board of Directors or a committee of the
Trustee’s Responsible Officers in good faith determines that withholding the
notice is in the interests of the Holders of the Notes.

 

Section 7.06                                Reports by Trustee to
Holders of the Notes

 

(a)   Within 60 days after each May 15
beginning with the May 15 following the date of this Indenture, and for so
long as Notes remain outstanding, the Trustee will mail to the Holders of the
Notes a brief report dated as of such reporting date that complies with TIA
§ 313(a) (but if no event described in TIA § 313(a) has
occurred within the twelve months preceding the reporting date, no report need
be transmitted).  The Trustee also will comply with TIA
§ 313(b)(2).  The Trustee will also transmit by mail all reports as
required by TIA § 313(c).

 

(b)   A copy of each report at the time of its
mailing to the Holders of Notes will be mailed by the Trustee to the Company
and filed by the Trustee with the SEC and each stock exchange on which the
Notes are listed in accordance with TIA § 313(d).  The Company will
promptly notify the Trustee in writing when the Notes are listed on any stock
exchange.

 

Section 7.07                                Compensation and
Indemnity

 

(a)   The Company will pay to the Trustee from
time to time such compensation for its acceptance of this Indenture and
services hereunder as shall be agreed upon in writing.  The Trustee’s
compensation will not be limited by any law on compensation of a trustee of an
express trust.  The Company will reimburse the Trustee promptly upon
request for all reasonable disbursements, advances and expenses incurred or made
by it in addition to the compensation for its services.  Such expenses
will include the reasonable compensation, disbursements and expenses of the
Trustee’s agents and counsel.

 

(b)   The Company will indemnify and hold
harmless the Trustee against any and all losses, liabilities or expenses
(including, without limitation, reasonable attorneys’, agents’ and advisers’
fees and expenses) incurred by it arising out of or in connection with the
acceptance or administration of its duties under this Indenture, including the
costs and expenses of enforcing this Indenture against the Company (including
this Section 7.07) and defending itself against any claim (whether
asserted by the Company, any Holder or any other Person) or liability in
connection with the exercise or performance of any of its powers or duties
hereunder, except to the extent any such loss, liability or expense may be
attributable to its negligence or bad faith as determined in a final decision
by a court of competent jurisdiction.  The Trustee will notify the Company
promptly of any claim for which it may seek indemnity.  Failure by the
Trustee to so notify the Company will not relieve the Company of its
obligations hereunder.  The Company will defend the claim and the Trustee
will cooperate in the defense.  The Trustee may have separate counsel and
the Company will pay the reasonable fees and expenses of such counsel. 
The Company shall not be obligated to pay for any settlement made without its
consent, which consent will not be unreasonably withheld.

 

(c)   The obligations of the Company under this
Section 7.07 will survive the satisfaction and discharge of this Indenture
and removal or resignation of the Trustee.

 

(d)   To secure the Company’s payment
obligations in this Section 7.07, the Trustee will have a Lien prior to
the Notes on all money or property held or collected by the Trustee, except
that held in trust to pay principal and interest on particular Notes. 
Such Lien will survive the satisfaction and discharge of this Indenture and removal
or resignation of the Trustee.

 

34

 

(e)   When the Trustee incurs expenses or
renders services after an Event of Default specified in Section 6.01(7) or
(8) hereof occurs, the expenses and the compensation for the services
(including the fees and expenses of its agents and counsel) are intended to
constitute expenses of administration under any Bankruptcy Law.

 

(f)   The Trustee will comply with the
provisions of TIA § 313(b)(2) to the extent applicable.

 

Section 7.08                                Replacement of Trustee

 

(a)   A resignation or removal of the Trustee
and appointment of a successor Trustee will become effective only upon the
successor Trustee’s acceptance of appointment as provided in this Section 7.08.

 

(b)   The Trustee may resign in writing at any
time and be discharged from the trust hereby created by so notifying the
Company.  The Holders of a majority in aggregate principal amount of the
then outstanding Notes may remove the Trustee by so notifying the Trustee and
the Company in writing.  The Company may remove the Trustee if:

 

(1)   the Trustee fails to comply with Section 7.10
hereof;

 

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

 

(3)   a custodian or public officer takes
charge of the Trustee or its property; or

 

(4)   the Trustee becomes incapable of acting.

 

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

 

(d)   If a successor Trustee does not take
office within 60 days after the retiring Trustee resigns or is removed, the
retiring Trustee, the Company, or the Holders of at least 10% in aggregate
principal amount of the then outstanding Notes may petition any court of
competent jurisdiction for the appointment of a successor Trustee.

 

(e)   If the Trustee, after written request by
any Holder who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.

 

(f)   A successor Trustee will deliver a
written acceptance of its appointment to the retiring Trustee and to the
Company. Thereupon, the resignation or removal of the retiring Trustee will
become effective, and the successor Trustee will have all the rights, powers
and duties of the Trustee under this Indenture.  The successor Trustee
will mail a notice of its succession to Holders.  The retiring Trustee
will promptly transfer all property held by it as Trustee to the successor
Trustee; provided all sums owing
to the Trustee hereunder have been paid and subject to the Lien provided for in
Section 7.07 hereof.  Notwithstanding replacement of the Trustee
pursuant to this Section 7.08, the Company’s obligations under Section 7.07
hereof will continue for the benefit of the retiring Trustee.

 

Section 7.09                                Successor Trustee by
Merger, etc.

 

If the Trustee
consolidates, merges or converts into, or transfers all or substantially all of
its corporate trust business to, another corporation, the successor corporation
without any further act will be the successor Trustee.

 

35

 

Section 7.10                                Eligibility;
Disqualification

 

There will at all times
be a Trustee hereunder that is a corporation organized and doing business under
the laws of the United States of America or of any state thereof that is
authorized under such laws to exercise corporate trustee power, that is subject
to supervision or examination by federal or state authorities and that has a
combined capital and surplus of at least $100.0 million as set forth in its
most recent published annual report of condition.

 

This Indenture will
always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and
(5).  The Trustee is subject to TIA § 310(b).

 

Section 7.11                                Preferential Collection
of Claims Against Company

 

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

 

ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01                                Option to Effect Legal
Defeasance or Covenant Defeasance

 

The Company may at any
time, at the option of its Board of Directors evidenced by a resolution set
forth in an Officers’ Certificate, elect to have either Section 8.02 or
8.03 hereof be applied to all outstanding Notes upon compliance with the
conditions set forth below in this Article 8.

 

Section 8.02                                Legal Defeasance and
Discharge

 

Upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.02,
the Company will, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, be deemed to have been discharged from its obligations with respect to
all outstanding Notes on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”). 
For this purpose, Legal Defeasance means that the Company will be deemed to
have paid and discharged the entire Indebtedness represented by the outstanding
Notes, which will thereafter be deemed to be “outstanding” only for the
purposes of Section 8.05 hereof and the other Sections of this Indenture
referred to in clauses (1) and (2) below, and to have satisfied all
their other obligations under such Notes and this Indenture (and the Trustee,
on demand of and at the expense of the Company, shall execute proper
instruments acknowledging the same), except for the following provisions which
will survive until otherwise terminated or discharged hereunder:

 

(1)   the rights of Holders of outstanding
Notes to receive payments in respect of the principal of, or interest or
premium, if any, on, such Notes when such payments are due from the trust
referred to in Section 8.04 hereof;

 

(2)   the Company’s obligations with respect to
such Notes under Article 2 and Section 4.02 hereof;

 

(3)   the rights, powers, trusts, duties and
immunities of the Trustee hereunder and the Company’s obligations in connection
therewith; and

 

(4)   this Article 8.

 

Subject to compliance
with this Article 8, the Company may exercise its option under this Section 8.02
notwithstanding the prior exercise of its option under Section 8.03
hereof.

 

Section 8.03                                Covenant Defeasance

 

Upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.03,
the Company will, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, be released from each of their obligations under the covenants
contained in Sections 4.04 and 4.05 hereof with respect to the outstanding 

 

36

 

Notes on and after the
date the conditions set forth in Section 8.04 hereof are satisfied
(hereinafter, “Covenant Defeasance”),
and the Notes will thereafter be deemed not “outstanding” for the purposes of
any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but will
continue to be deemed “outstanding” for all other purposes hereunder.  For
this purpose, Covenant Defeasance means that, with respect to the outstanding
Notes, the Company may omit to comply with and will have no liability in
respect of any term, condition or limitation set forth in any such covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to
any such covenant or by reason of any reference in any such covenant to any
other provision herein or in any other document and such omission to comply
will not constitute a Default or an Event of Default under Section 6.01
hereof, but, except as specified above, the remainder of this Indenture and
such Notes will be unaffected thereby. In addition, upon the Company’s exercise
under Section 8.01 hereof of the option applicable to this Section 8.03,
subject to the satisfaction of the conditions set forth in Section 8.04
hereof, Sections 6.01(3) through 6.01(5) hereof will not constitute
Events of Default.

 

Section 8.04                                Conditions to Legal or
Covenant Defeasance

 

In order to exercise
either Legal Defeasance or Covenant Defeasance under either Section 8.02
or 8.03 hereof:

 

(1)   the Company must irrevocably deposit with
the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars,
non-callable Government Securities, or a combination thereof, in such amounts
as will be sufficient (without consideration of any reinvestment interest), in
the opinion of a nationally recognized investment bank, appraisal firm, or firm
of independent public accountants, to pay the principal of, premium, if any,
and interest on, the outstanding Notes on the stated date for payment thereof
or on the applicable redemption date, as the case may be, and the Company must
specify whether the Notes are being defeased to such stated date for payment or
to a particular redemption date;

 

(2)   in the case of an election under Section 8.02
hereof, the Company must deliver to the Trustee an Opinion of Counsel
confirming that:

 

(A)   the Company has received from, or there
has been published by, the Internal Revenue Service a ruling; or

 

(B)   since the date of this Indenture, there
has been a change in the applicable federal income tax law,

 

in either case to the
effect that, and based thereon such Opinion of Counsel shall confirm that, the
Holders of the outstanding Notes will not recognize income, gain or loss for
federal income tax purposes as a result of such Legal 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 Legal Defeasance had not
occurred;

 

(3)   in the case of an election under Section 8.03
hereof, the Company must deliver to the Trustee an Opinion of Counsel confirming
that the Holders of the outstanding Notes will not recognize income, gain or
loss for federal income tax purposes as a result of such Covenant 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 Covenant
Defeasance had not occurred;

 

(4)   no Default or Event of Default shall have
occurred and be continuing on the date of such deposit (other than a Default or
Event of Default resulting from the borrowing of funds to be applied to such
deposit) and the deposit will not result in a breach or violation of, or
constitute a default under, any other instrument to which the Company is a
party or by which the Company is bound;

 

(5)   such Legal Defeasance or Covenant
Defeasance will not result in a breach or violation of, or constitute a default
under, any material agreement or instrument (other than this Indenture) to 

 

37

 

which
the Company or any of its Subsidiaries is a party or by which the Company or
any of its Subsidiaries is bound;

 

(6)   the Company must deliver to the Trustee
an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders of Notes over the other creditors of
the Company with the intent of defeating, hindering, delaying or defrauding any
creditors of the Company or others; and

 

(7)   the Company must deliver to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Legal Defeasance or the Covenant
Defeasance have been complied with.

 

Section 8.05                                Deposited Money and
Government Securities to be Held in Trust; Other Miscellaneous Provisions

 

Subject to Section 8.06
hereof, all money and non-callable Government Securities (including the
proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04
hereof in respect of the outstanding Notes will be held in trust and applied by
the Trustee, in accordance with the provisions of such Notes and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as Paying Agent) as the Trustee may determine, to
the Holders of such Notes of all sums due and to become due thereon in respect
of principal, premium, if any, and interest, but such money need not be
segregated from other funds except to the extent required by law.

 

The Company will pay and
indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against the cash or non-callable Government Securities deposited
pursuant to Section 8.04 hereof or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is
for the account of the Holders of the outstanding Notes; it being understood
that the Trustee shall bear no responsibility for any such tax, fee or other
charge that is by law for the account of the Holders of the outstanding Notes.

 

Notwithstanding anything
in this Article 8 to the contrary, the Trustee will deliver or pay to the
Company from time to time upon the request of the Company any money or
non-callable Government Securities held by it as provided in Section 8.04
hereof which, in the opinion of a nationally recognized investment bank,
appraisal firm or firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee (which may be the opinion
delivered under Section 8.04(1) hereof), are in excess of the amount
thereof that would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance.

 

Section 8.06                                Repayment to Company

 

Any money deposited with
the Trustee or any Paying Agent, or then held by the Company, in trust for the
payment of the principal of, premium, if any, or interest on, any Note and
remaining unclaimed for two years after such principal, premium, if any, or
interest has become due and payable shall be paid to the Company on its request
or (if then held by the Company) will be discharged from such trust; and the
Holder of such Note will thereafter be permitted to look only to the Company
for payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee
thereof, will thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to
be published once, in the New York Times and The Wall Street Journal (national
edition), notice that such money remains unclaimed and that, after a date
specified therein, which will not be less than 30 days from the date of such
notification or publication, any unclaimed balance of such money then remaining
will be repaid to the Company.

 

Section 8.07                                Reinstatement

 

If the Trustee or Paying
Agent is unable to apply any U.S. dollars or non-callable Government Securities
in accordance with Section 8.02 or 8.03 hereof, as the case may be, by
reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the
Company’s obligations under this Indenture and the Notes will be revived and
reinstated as though no deposit had occurred 

 

38

 

pursuant to Section 8.02
or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to
apply all such money in accordance with Section 8.02 or 8.03 hereof, as
the case may be; provided, however,
that, if the Company makes any payment of principal of, premium, if any, or
interest on, any Note following the reinstatement of its obligations, the
Company will be subrogated to the rights of the Holders of such Notes to
receive such payment from the money held by the Trustee or Paying Agent.

 

ARTICLE 9

AMENDMENT, SUPPLEMENT AND
WAIVER

 

Section 9.01                                Without Consent of
Holders of Notes

 

Notwithstanding Section 9.02
of this Indenture, the Company and the Trustee may amend or supplement this
Indenture or the Notes without the consent of any Holder of Note:

 

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

 

(2)   to provide for uncertificated Notes in
addition to or in place of certificated Notes;

 

(3)   to provide for the assumption of the
Company’s obligations to the Holders of the Notes by a successor to the Company
pursuant to Article 5 hereof;

 

(4)   to make any change that would provide any
additional rights or benefits to the Holders of the Notes or that does not
adversely affect the legal rights hereunder of any Holder;

 

(5)   to comply with requirements of the SEC in
order to effect or maintain the qualification of this Indenture under the TIA;

 

(6)   to conform the text of this Indenture or the
Notes to any provision of the “Description of Notes” section of the Company’s
Offering Memorandum dated , 20 , relating to the initial offering of the Notes,
to the extent that such provision in that “Description of Notes” was intended
by the Company to be a verbatim recitation of a provision of this Indenture or
the Notes; or

 

(7)   to provide for the issuance of Additional
Notes in accordance with the limitations set forth in this Indenture as of the
date hereof.

 

Upon the request of the
Company accompanied by a resolution of its Board of Directors authorizing the
execution of any such amended or supplemental indenture, and upon receipt by
the Trustee of the documents described in Section 7.02 hereof, the Trustee
will join with the Company in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make
any further appropriate agreements and stipulations that may be therein
contained, but the Trustee will not be obligated to enter into such amended or
supplemental indenture that affects its own rights, duties or immunities under
this Indenture or otherwise.

 

Section 9.02                                With Consent of Holders
of Notes

 

Except as provided below
in this Section 9.02, the Company and the Trustee may amend or supplement
this Indenture and the Notes with the consent of the Holders of at least a
majority in aggregate principal amount of the then outstanding Notes voting as
a single class (including consents obtained in connection with a tender offer
or exchange offer for, or purchase of, the Notes), and, subject to Sections
6.04 and 6.07 hereof, any existing Default or Event of Default (other than a
Default or Event of Default in the payment of the principal of, premium, if
any, or interest on, the Notes, except a payment default resulting from an
acceleration that has been rescinded) or compliance with any provision of this
Indenture or the Notes may be waived with the consent of the Holders of a
majority in aggregate principal amount of the then outstanding Notes voting as
a single class (including consents obtained in connection with a tender offer
or exchange offer for, or purchase of, the Notes).  Section 2.08
hereof shall determine which Notes are considered to be “outstanding” for
purposes of this Section 9.02.

 

39

 

Upon the request of the
Company accompanied by a resolution of its Board of Directors authorizing the
execution of any such amended or supplemental indenture, and upon the filing
with the Trustee of evidence satisfactory to the Trustee of the consent of the
Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents
described in Section 7.02 hereof, the Trustee will join with the Company
in the execution of such amended or supplemental indenture unless such amended
or supplemental indenture affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise, in which case the Trustee may in
its discretion, but will not be obligated to, enter into such amended or supplemental
Indenture.

 

It is not necessary for
the consent of the Holders of Notes under this Section 9.02 to approve the
particular form of any proposed amendment, supplement or waiver, but it is
sufficient if such consent approves the substance thereof.

 

After an amendment,
supplement or waiver under this Section 9.02 becomes effective, the
Company will mail to the Holders of Notes affected thereby a notice briefly
describing the amendment, supplement or waiver.  Any failure of the
Company to mail such notice, or any defect therein, will not, however, in any
way impair or affect the validity of any such amended or supplemental indenture
or waiver.  Subject to Sections 6.04 and 6.07 hereof, the Holders of a
majority in aggregate principal amount of the Notes then outstanding voting as
a single class (including consents obtained in connection with a tender offer
or exchange offer for, or purchase of, the Notes) may waive compliance in a
particular instance by the Company with any provision of this Indenture or the
Notes. However, without the consent of each Holder affected, an amendment,
supplement or waiver under this Section 9.02 may not (with respect to any
Notes held by a non-consenting Holder):

 

(1)   reduce the principal amount of Notes
whose Holders must consent to an amendment, supplement or waiver;

 

(2)   reduce the principal of or change the
fixed maturity of any Note or alter or waive any of the provisions with respect
to the redemption of the Notes;

 

(3)   reduce the rate of or change the time for
payment of interest, including default interest, on any Note;

 

(4)   waive a Default or Event of Default in
the payment of principal of, or premium, if any, or interest on, the Notes
(except a rescission of acceleration of the Notes by the Holders of at least a
majority in aggregate principal amount of the then outstanding Notes and a
waiver of the payment default that resulted from such acceleration);

 

(5)   make any Note payable in money other than
that stated in the Notes;

 

(6)   make any change in the provisions of this
Indenture relating to waivers of past Defaults or the rights of Holders of
Notes to receive payments of principal of, or interest or premium, if any, on,
the Notes;

 

(7)   waive a redemption payment with respect
to any Note; or

 

(8)   make any change in the preceding
amendment and waiver provisions.

 

Section 9.03                                Compliance with Trust
Indenture Act

 

Every amendment or
supplement to this Indenture or the Notes will be set forth in an amended or
supplemental indenture that complies with the TIA as then in effect.

 

Section 9.04                                Revocation and Effect
of Consents

 

Until an amendment,
supplement or waiver becomes effective, a consent to it by a Holder of a Note
is a continuing consent by the Holder of a Note and every subsequent Holder of
a Note or portion of a Note that evidences the same debt as the consenting
Holder’s Note, even if notation of the consent is not made on any Note.  

 

40

 

However, any such Holder
of a Note or subsequent Holder of a Note may revoke the consent as to its Note
if the Trustee receives written notice of revocation before the date the
amendment supplement or waiver becomes effective.  An amendment,
supplement or waiver becomes effective in accordance with its terms and thereafter
binds every Holder.

 

Section 9.05                                Notation on or Exchange
of Notes

 

The Trustee may place an
appropriate notation about an amendment, supplement or waiver on any Note
thereafter authenticated.  The Company in exchange for all Notes may issue
and the Trustee shall, upon receipt of an Authentication Order, authenticate
new Notes that reflect the amendment, supplement or waiver.

 

Failure to make the
appropriate notation or issue a new Note will not affect the validity and
effect of such amendment, supplement or waiver.

 

Section 9.06                                Trustee to Sign
Amendments, etc

 

The Trustee will sign any
amended or supplemental indenture authorized pursuant to this Article 9 if
the amendment or supplement does not adversely affect the rights, duties,
liabilities or immunities of the Trustee.  The Company may not sign an
amended or supplemental indenture until the Board of Directors of the Company
approves it.  In executing any amended or supplemental indenture, the
Trustee will be entitled to receive and (subject to Section 7.01 hereof)
will be fully protected in relying upon, in addition to the documents required
by Section 11.04 hereof, an Officers’ Certificate and an Opinion of
Counsel stating that the execution of such amended or supplemental indenture is
authorized or permitted by this Indenture and, with respect to such Opinion of
Counsel, that such amended or supplemental indenture is a valid and binding
obligation of the Company, enforceable against it in accordance with its terms
(subject to customary conditions).

 

ARTICLE 10

SATISFACTION AND DISCHARGE

 

Section 10.01                          Satisfaction and
Discharge

 

This Indenture will be
discharged and will cease to be of further effect as to all Notes issued
hereunder, when:

 

(1)   either:

 

(a)   all Notes that have been authenticated,
except lost, stolen or destroyed Notes that have been replaced or paid and
Notes for whose payment money has theretofore been deposited in trust and
thereafter repaid to the Company, have been delivered to the Trustee for
cancellation; or

 

(b)   all Notes that have not been delivered to
the Trustee for cancellation have become due and payable by reason of the
mailing of a notice of redemption or otherwise or will become due and payable
within one year and the Company has irrevocably deposited or caused to be
deposited with the Trustee as trust funds in trust solely for the benefit of
the Holders, cash in U.S. dollars, non-callable Government Securities, or a
combination thereof, in such amounts as will be sufficient, without
consideration of any reinvestment of interest, to pay and discharge the entire
Indebtedness on the Notes not delivered to the Trustee for cancellation for
principal, premium, if any, and accrued interest to the date of maturity or
redemption;

 

(1)   no Default or Event of Default has occurred
and is continuing on the date of such deposit (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such deposit)
and the deposit will not result in a breach or violation of, or constitute a
default under, any other instrument to which the Company is a party or by which
the Company is bound;

 

(2)   the Company has paid or caused to be paid
all sums payable by it under this Indenture; and

 

41

 

(3)   the Company has delivered irrevocable
instructions to the Trustee under this Indenture to apply the deposited money
toward the payment of the Notes at maturity or on the redemption date, as the
case may be.

 

In addition, the Company
must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee
stating that all conditions precedent to satisfaction and discharge have been
satisfied.

 

Notwithstanding the
satisfaction and discharge of this Indenture, if money has been deposited with
the Trustee pursuant to subclause (b) of clause (1) of this Section 10.01,
the provisions of Sections 10.02 and 8.06 hereof will survive. In addition,
nothing in this Section 10.01 will be deemed to discharge those provisions
of Section 7.07 hereof, that, by their terms, survive the satisfaction and
discharge of this Indenture.

 

Section 10.02                          Application of Trust
Money

 

Subject to the provisions
of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 10.01
hereof shall be held in trust and applied by it, in accordance with the
provisions of the Notes and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent)
as the Trustee may determine, to the Persons entitled thereto, of the principal
(and premium, if any) and interest for whose payment such money has been
deposited with the Trustee; but such money need not be segregated from other
funds except to the extent required by law.

 

If the Trustee or Paying
Agent is unable to apply any money or Government Securities in accordance with Section 10.01
hereof 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 Notes shall be revived and reinstated as though no deposit had occurred
pursuant to Section 10.01 hereof; provided
that if the Company has made any payment of principal of, premium, if any, or
interest on, any Notes because of the reinstatement of its obligations, the
Company shall be subrogated to the rights of the Holders of such Notes to
receive such payment from the money or Government Securities held by the
Trustee or Paying Agent.

 

ARTICLE 11

MISCELLANEOUS

 

Section 11.01                          Trust Indenture Act
Controls

 

If any provision of this
Indenture limits, qualifies or conflicts with the duties imposed by TIA
§318(c), the imposed duties will control.

 

Section 11.02                          Notices

 

Any notice or
communication by the Company or the Trustee to the other is duly given if in
writing and delivered in Person or by first class mail (registered or
certified, return receipt requested), facsimile transmission or overnight air
courier guaranteeing next day delivery, to the others’ address:

 

If to the Company:

 

Acorda Therapeutics, Inc.

15 Skyline Drive

Hawthorne, New York 10532

Facsimile No.: (      ) -
                            

Attention:

 

With a copy to:

 

Facsimile No.:
       ) -
                                  

Attention:

 

42

 

If to the Trustee:

 

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890-0001

Facsimile No.: (302) 636-4145 

Phone: (302) 636-6000

Attention: Corporate Capital Markets/Acorda Therapeutics

 

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

 

All notices and
communications (other than those sent to Holders) will be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed;
when receipt acknowledged, if transmitted by facsimile; and the next Business
Day after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery.

 

Any notice or
communication to a Holder will be mailed by first class mail, certified or
registered, return receipt requested, or by overnight air courier guaranteeing
next day delivery to its address shown on the register kept by the
Registrar.  Any notice or communication will also be so mailed to any
Person described in TIA § 313(c), to the extent required by the TIA. 
Failure to mail a notice or communication to a Holder or any defect in it will
not affect its sufficiency with respect to other Holders.

 

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

 

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

 

Section 11.03                          Communication by
Holders of Notes with Other Holders of Notes

 

Holders may communicate
pursuant to TIA § 312(b) with other Holders with respect to their
rights under this Indenture or the Notes. The Company, the Trustee, the
Registrar and anyone else shall have the protection of TIA § 312(c).

 

Section 11.04                          Certificate and Opinion
as to Conditions Precedent

 

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

 

(1)   an Officers’ Certificate in form and
substance reasonably satisfactory to the Trustee (which must include the
statements set forth in Section 11.05 hereof) stating that, in the opinion
of the signers, all conditions precedent and covenants, if any, provided for in
this Indenture relating to the proposed action have been satisfied; and

 

(2)   an Opinion of Counsel in form and substance
reasonably satisfactory to the Trustee (which must include the statements set
forth in Section 11.05 hereof) stating that, in the opinion of such
counsel, all such conditions precedent and covenants have been satisfied.

 

Section 11.05                          Statements Required in
Certificate or Opinion

 

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

 

43

 

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

 

(2)   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;

 

(3)   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 satisfied; and

 

(4)   a statement as to whether or not, in the
opinion of such Person, such condition or covenant has been satisfied.

 

Section 11.06                          Rules by Trustee
and Agents

 

The Trustee may make
reasonable rules for action by or at a meeting of Holders. The Registrar
or Paying Agent may make reasonable rules and set reasonable requirements
for its functions.

 

Section 11.07                          No Personal Liability
of Directors, Officers, Employees and Stockholders

 

No past, present or
future director, officer, employee, incorporator or stockholder of the Company
will have any liability for any obligations of the Company under the Notes or
this Indenture, or for any claim based on, in respect of, or by reason of, such
obligations or their creation.  Each Holder of Notes by accepting a Note
waives and releases all such liability.  The waiver and release are part
of the consideration for issuance of the Notes.  The waiver may not be effective
to waive liabilities under the federal securities laws.

 

Section 11.08                          Governing Law

 

THE INTERNAL LAW OF THE
STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE
NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE
EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY.

 

Section 11.09                          No Adverse
Interpretation of Other Agreements

 

This Indenture may not be
used to interpret any other indenture, loan or debt agreement of the Company or
its Subsidiaries or of any other Person.  Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

 

Section 11.10                          Successors

 

All agreements of the
Company in this Indenture and the Notes will bind its successors.  All agreements
of the Trustee in this Indenture will bind its successors.

 

Section 11.11                          Severability

 

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

 

Section 11.12                          Counterpart Originals

 

The parties may sign any
number of copies of this Indenture.  Each signed copy will be an original,
but all of them together represent the same agreement.

 

44

 

Section 11.13                          Table of Contents,
Headings, etc.

 

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

 

[Signatures on
following page]

 

45

 

SIGNATURES

 

	
  Dated as of
            , 20

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ACORDA THERAPEUTICS,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WILMINGTON TRUST
  COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

46

Exhibit A-1

 

Back of Note

% Senior Notes due 20

 

Insert
the Global Note Legend, if applicable pursuant to the provisions of the
Indenture

 

Insert
the Private Placement Legend, if applicable pursuant to the provisions of the
Indenture

 

Capitalized terms used
herein have the meanings assigned to them in the Indenture referred to below
unless otherwise indicated.

 

(1)  INTEREST.  Acorda Therapeutics, Inc.,
a Delaware corporation (the “Company”),
promises to pay interest on the principal amount of this Note at % per annum
from
                      ,
20     until maturity.  The Company will pay interest
semi-annually in arrears on and of each year, or if any such day is not a
Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”).  Interest on
the Notes will accrue from the most recent date to which interest has been paid
or, if no interest has been paid, from the date of issuance; provided that if there is no existing
Default in the payment of interest, and if this Note is authenticated between a
record date referred to on the face hereof and the next succeeding Interest
Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided further that the
first Interest Payment Date shall be
                      ,
20    .  The Company will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at a rate that is 1%
per annum in excess of the rate then in effect to the extent lawful; it will
pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest (without regard to any
applicable grace periods) from time to time on demand at the same rate to the
extent lawful.  Interest will be computed on the basis of a 360-day year
of twelve 30-day months.

 

(2)  METHOD OF PAYMENT.  The Company will
pay interest on the Notes (except defaulted interest) to the Persons who are
registered Holders of Notes at the close of business on the
                or
             next
preceding the Interest Payment Date, even if such Notes are canceled after such
record date and on or before such Interest Payment Date, except as provided in Section 2.12
of the Indenture with respect to defaulted interest.  The Notes will be
payable as to principal, premium, if any, and interest at the office or agency
of the Company maintained for such purpose within or without
                  ,
,
                
or, at the option of the Company, payment of interest may be made by check
mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of
immediately available funds will be required with respect to principal of and
interest, and premium, if any, on, all Global Notes and all other Notes the
Holders of which will have provided wire transfer instructions to the Company
or the Paying Agent.  Such payment will be in such coin or currency of the
United States of America as at the time of payment is legal tender for payment
of public and private debts.

 

(3)  PAYING AGENT AND REGISTRAR. 
Initially, Wilmington Trust Company, the Trustee under the Indenture, will act
as Paying Agent and Registrar.  The Company may change any Paying Agent or
Registrar without notice to any Holder.  The Company or any of its
Subsidiaries may act in any such capacity.

 

(4)  INDENTURE.  The Company issued the
Notes under an Indenture dated as of
                      ,
20     (the “Indenture”)
between the Company and the Trustee.  The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to
the TIA.  The Notes are subject to all such terms, and Holders are
referred to the Indenture and such Act for a statement of such terms.  To
the extent any provision of this Note conflicts with the express provisions of
the Indenture, the provisions of the Indenture shall govern and be
controlling.  The Indenture does not limit the aggregate principal amount
of Notes that may be issued thereunder.

 

 

(5)  OPTIONAL REDEMPTION.  On or after
                      ,
20       , the Company will have the option to
redeem all or a part of the Notes upon not less than 30 nor more than 60 days’
notice, at the redemption prices (expressed as percentages of principal amount)
set forth below plus accrued and unpaid interest on the Notes redeemed to the
applicable redemption date, if redeemed during the twelve-month period
beginning on of the years indicated below, subject to the rights of Holders on
the relevant record date to receive interest on the relevant interest payment
date:

 

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  20  

  	
   

  	
   

  	
  %

  
	
  20  

  	
   

  	
   

  	
  %

  
	
  20  

  	
   

  	
   

  	
  %

  
	
  20 and
  thereafter  

  	
   

  	
   

  	
  %

  

 

Unless the Company
defaults in the payment of the redemption price, interest will cease to accrue
on the Notes or portions thereof called for redemption on the applicable
redemption date.

 

(6)  MANDATORY REDEMPTION.

 

The Company is not
required to make mandatory redemption or sinking fund payments with respect to
the Notes.

 

(7)  NOTICE OF REDEMPTION.  Notice of
redemption will be mailed at least 30 days but not more than 60 days before the
redemption date to each Holder whose Notes are to be redeemed at its registered
address, except that redemption notices may be mailed more than 60 days prior
to a redemption date if the notice is issued in connection with a defeasance of
the Notes or a satisfaction or discharge of the Indenture. Notes in
denominations larger than $1,000 may be redeemed in part but only in whole
multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed.

 

(8)  DENOMINATIONS, TRANSFER, EXCHANGE. 
Except as provided in Section 2.01(a) of the Indenture, the Notes are
in registered form without coupons in denominations of $1,000 and integral
multiples of $1,000.  The transfer of Notes may be registered and Notes
may be exchanged as provided in the Indenture.  The Registrar and the
Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Company may require a Holder to pay
any taxes and fees required by law or permitted by the Indenture.  The
Company need not exchange or register the transfer of any Note or portion of a
Note selected for redemption, except for the unredeemed portion of any Note
being redeemed in part.  Also, the Company need not exchange or register
the transfer of any Notes for a period of 15 days before a selection of Notes
to be redeemed or during the period between a record date and the corresponding
Interest Payment Date.

 

(9)  PERSONS DEEMED OWNERS. The registered
Holder of a Note may be treated as its owner for all purposes.

 

(10)  AMENDMENT, SUPPLEMENT AND WAIVER. 
Subject to certain exceptions, the Indenture or the Notes may be amended or
supplemented with the consent of the Holders of at least a majority in
aggregate principal amount of the then outstanding Notes voting as a single
class, and, subject to certain exceptions, any existing Default or Event or
Default or compliance with any provision of the Indenture or the Notes may be
waived with the consent of the Holders of a majority in aggregate principal
amount of the then outstanding Notes voting as a single class.  Without
the consent of any Holder of a Note, the Indenture or the Notes may be amended
or supplemented to cure any ambiguity, defect or inconsistency, to provide for
uncertificated Notes in addition to or in place of certificated Notes, to
provide for the assumption of the Company’s obligations to Holders of the Notes
in case of a merger or consolidation, to make any change that would provide any
additional rights or benefits to the Holders of the Notes or that does not 

 

 

adversely
affect the legal rights under the Indenture of any such Holder, to comply with
the requirements of the SEC in order to effect or maintain the qualification of
the Indenture under the TIA, to conform the text of the Indenture or the Notes
to any provision of the “Description of Notes” section of the Company’s
Offering Memorandum dated
             ,
20  , relating to the initial offering of the Notes, to the extent
that such provision in that “Description of Notes” was intended by the Company
to be a verbatim recitation of a provision of the Indenture or the Notes; or to
provide for the issuance of Additional Notes in accordance with the limitations
set forth in the Indenture.

 

(11)  DEFAULTS AND REMEDIES.  Events of Default include: (i) default
for 30 days in the payment when due of interest on the Notes; (ii) default
in the payment when due of the principal of, or premium, if any, on, the Notes
when the same becomes due and payable at maturity, upon redemption (including
in connection with an offer to purchase) or otherwise; (iii) failure by
the Company to comply with Section 5.01 of the Indenture; (iv) failure
by the Company for 60 days after notice to the Company by the Trustee or the
Holders of at least 25% in aggregate principal amount of the Notes then
outstanding voting as a single class to comply with any of the other agreements
in the Indenture; (v) default under certain other agreements relating to
Indebtedness of the Company which default results in the acceleration of such
Indebtedness prior to its express maturity; (vi) certain final judgments
for the payment of money that remain undischarged for a period of 60 days; and (vii) certain
events of bankruptcy or insolvency with respect to the Company or any of its
Subsidiaries that is a Significant Subsidiary or any group of Subsidiaries
that, taken together, would constitute a Significant Subsidiary.  If any
Event of Default occurs and is continuing, the Trustee or the Holders of at
least 25% in aggregate principal amount of the then outstanding Notes may
declare all the Notes to be due and payable immediately.  Notwithstanding
the foregoing, in the case of an Event of Default arising from certain events
of bankruptcy or insolvency, all outstanding Notes will become due and payable
immediately without further action or notice.  Holders may not enforce the
Indenture or the Notes except as provided in the Indenture.  Subject to certain
limitations, Holders of a majority in aggregate principal amount of the then
outstanding Notes may direct the Trustee in its exercise of any trust or
power.  The Trustee may withhold from Holders of the Notes notice of any
continuing Default or Event of Default (except a Default or Event of Default
relating to the payment of principal or interest or premium, if any,) if the
Board of Directors of the Trustee or a committee of the Trustee’ Responsible
Officers determines that withholding notice is in their interest.  The
Holders of a majority in aggregate principal amount of the then outstanding
Notes by notice to the Trustee may, on behalf of the Holders, rescind an
acceleration and its consequences if the rescission would not conflict with any
judgment or decree and if all existing Events of Default (except nonpayment of
principal, interest or premium, if any, that has become due solely because of
the acceleration) have been cured or waived.  The Company is required to
deliver to the Trustee annually a statement regarding compliance with the
Indenture, and the Company is required, upon becoming aware of any Default or
Event of Default, to deliver to the Trustee a statement specifying such Default
or Event of Default.

 

(12)  TRUSTEE DEALINGS WITH
COMPANY. 
The Trustee, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for the Company or its Affiliates, and may
otherwise deal with the Company or its Affiliates, as if it were not the
Trustee.

 

(13)  NO RECOURSE AGAINST
OTHERS.  A
director, officer, employee, incorporator or stockholder of the Company will
not have any liability for any obligations of the Company under the Notes or
the Indenture or for any claim based on, in respect of, or by reason of, such
obligations or their creation.  Each Holder by accepting a Note waives and
releases all such liability. The waiver and release are part of the
consideration for the issuance of the Notes.

 

(14)  AUTHENTICATION.  This Note will not be valid until
authenticated by the manual signature of the Trustee or an authenticating
agent.

 

 

(15)  ABBREVIATIONS.  Customary abbreviations may be
used in the name of a Holder or an assignee, such as: TEN COM (= tenants in
common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with
right of survivorship and not as tenants in common), CUST (= Custodian), and
U/G/M/A (= Uniform Gifts to Minors Act).

 

(16)  CUSIP NUMBERS.  Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused CUSIP numbers to be printed on the Notes, and the Trustee
may use CUSIP numbers in notices of redemption as a convenience to
Holders.  No representation is made as to the accuracy of such numbers
either as printed on the Notes or as contained in any notice of redemption, and
reliance may be placed only on the other identification numbers placed thereon.

 

(17)  GOVERNING LAW.  THE INTERNAL LAW OF THE STATE OF
NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THIS NOTE
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE
EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY.

 

The Company will furnish
to any Holder upon written request and without charge a copy of the
Indenture.  Requests may be made to:

 

Acorda Therapeutics, Inc.

15 Skyline Drive

Hawthorne, New York 10532

Attention:

 

ASSIGNMENT FORM

 

To assign this Note, fill
in the form below:

 

	
  (I) or (we) assign
  and transfer this Note to:

  	
   

  	
   

  
	
   

  	
   

  	
  (Insert assignee’s
  legal name)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Insert assignee’s soc.
  sec. or tax I.D. no.)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Print or type
  assignee’s name, address and zip code)

  
	
  and irrevocably appoint
  to transfer this Note on the books of the Company. The agent may substitute
  another to act for him.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Your Signature:

  	
   

  
	
   

  	
   

  	
  (Sign exactly as
  your name appears on the face  of this Note) 

  
	
  Signature

  Guarantee:*

  	
   

  	
   

  	
   

  
						

 

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

 

 

SCHEDULE OF
EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

 

The following exchanges
of a part of this Global Note for an interest in another Global Note or for a
Definitive Note, or exchanges of a part of another Global Note or Definitive
Note for an interest in this Global Note, have been made:

 

	
  Date of Exchange

  	
   

  	
  Amount of decrease

  in Principal

  Amount of this

  Global Note

  	
   

  	
  Amount of increase

  in Principal

  Amount of this

  Global Note

  	
   

  	
  Principal Amount

  of this Global Note

  following such

  decrease (or

  increase)

  	
   

  	
  Signature of

  authorized officer

  of Trustee or

  Custodian

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

* This schedule
should be included only if the Note is issued in global form.

 

 

Exhibit A-2

 

Face of Regulation
S Temporary Global Note

 

	
   

  	
   

  	
  CUSIP/CINS

  
	
   

  	
   

  	
   

  
	
   

  	
  % Senior Notes due 20

  	
   $

  
	
   

  	
   

  	
   

  
	
  No.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ACORDA THERAPEUTICS,
  INC. promises to pay to

  registered assigns,

  	
   

  	
  or

  
	
   

  	
   

  	
   

  
	
  the principal sum of 

  	
   

  	
  DOLLARS on

  
	
                              ,
  20      .

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Interest Payment Dates:

  	
  And

  	
   

  
	
  Record Dates:

  	
  And

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  ACORDA THERAPEUTICS,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

	
  This is one of the
  Notes referred to

  	
   

  
	
  in the within-mentioned
  Indenture:

  	
   

  
	
   

  	
   

  
	
  WILMINGTON TRUST
  COMPANY,

  	
   

  
	
  as Trustee

  	
   

  
	
   

  	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Signatory

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

 

Back of Regulation
S Temporary Global Note

 % Senior Notes due 20

 

THE RIGHTS ATTACHING TO
THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES
GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE
INDENTURE (AS DEFINED HEREIN).  NEITHER THE HOLDER NOR THE BENEFICIAL
OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE
PAYMENT OF INTEREST HEREON.

 

THIS GLOBAL NOTE IS HELD
BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS
NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT
TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO
SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF
THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE
FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR
WRITTEN CONSENT OF THE COMPANY.

 

UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.  UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND ACCORDINGLY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF,
U.S. PERSONS, EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE.  BY ITS
ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER (1) REPRESENTS
THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT) (A “QIB”), (B) IT IS NOT A U.S. PERSON, IS NOT
ACQUIRING THIS NOTE FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON AND IS
ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S
UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL “ACCREDITED
INVESTOR” (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT) (AN “IAI”), (2) AGREES THAT IT WILL
NOT, WITHIN THE TIME PERIOD REFERRED TO UNDER RULE 144(b)(1) (TAKING INTO
ACCOUNT THE PROVISIONS OF RULE 144(d) UNDER THE SECURITIES ACT, IF
APPLICABLE) UNDER THE SECURITIES ACT AS IN EFFECT ON THE DATE OF THE TRANSFER
OF THIS NOTE, RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE
COMPANY OR ANY SUBSIDIARY THEREOF, (B) TO A PERSON WHOM THE HOLDER
REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QIB IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE
THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER
THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) TO AN
IAI THAT, PRIOR TO SUCH 

 

 

TRANSFER, FURNISHES TO
THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
RELATING TO THE REGISTRATION OF TRANSFER OF THIS NOTE (THE FORM OF WHICH
LETTER CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF
AN AGGREGATE PRINCIPAL AMOUNT OF NOTES AT THE TIME OF TRANSFER OF LESS THAN
$250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS
IN COMPLIANCE WITH THE SECURITIES ACT OR (F) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, AND (3) AGREES THAT IT
WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.  IN
CONNECTION WITH ANY TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN WITHIN THE
TIME PERIOD REFERRED TO ABOVE, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET
FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT
THIS CERTIFICATE TO THE TRUSTEE.  AS USED HEREIN, THE TERMS “OFFSHORE
TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM
BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT.  THE INDENTURE
CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER
OF THIS NOTE IN VIOLATION OF THE FOREGOING RESTRICTIONS.

 

Capitalized terms used
herein have the meanings assigned to them in the Indenture referred to below
unless otherwise indicated.

 

(1)   INTEREST.  Acorda Therapeutics, Inc., a
Delaware corporation (the “Company”),
promises to pay interest on the principal amount of this Note at
         % per annum from
                          
, 20    until maturity. The Company will pay interest
semi-annually in arrears on
                          and
                          of
each year, or if any such day is not a Business Day, on the next succeeding
Business Day (each, an “Interest Payment
Date”).  Interest on the Notes will accrue from the most recent
date to which interest has been paid or, if no interest has been paid, from the
date of issuance; provided that
if there is no existing Default in the payment of interest, and if this Note is
authenticated between a record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided
further that the first Interest Payment Date shall be
                          ,
20      .  The Company will pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law)
on overdue principal and premium, if any, from time to time on demand at a rate
that is 1% per annum in excess of the rate then in effect to the extent lawful;
it will pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue installments of interest (without regard to any
applicable grace periods) from time to time on demand at the same rate to the
extent lawful.  Interest will be computed on the basis of a 360-day year
of twelve 30-day months.

 

Until this Regulation
S Temporary Global Note is exchanged for one or more Regulation S Permanent
Global Notes, the Holder hereof shall not be entitled to receive payments of
interest hereon; until so exchanged in full, this Regulation S Temporary Global
Note shall in all other respects be entitled to the same benefits as other
Notes under the Indenture.

 

(2)   METHOD OF PAYMENT.  The Company will pay interest on
the Notes (except defaulted interest) to the Persons who are registered Holders
of Notes at the close of business on the
                          or
next preceding the Interest Payment Date, even if such Notes are canceled after
such record date and on or before such Interest Payment Date, except as
provided in Section 2.12 of the Indenture with respect to defaulted
interest.  The Notes will be payable as to principal, premium, if any, and
interest at the office or agency of the Company maintained for such purpose
within or without
                          ,
                          ,
or, at the option of the Company, payment of interest may be made by check
mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of
immediately available funds will be required with respect to principal of and
interest, and premium on, all Global Notes and all other Notes the Holders of
which will have provided wire transfer instructions to the Company or the
Paying 

 

 

Agent. 
Such payment will be in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private
debts.

 

(3)   PAYING AGENT AND
REGISTRAR.  Initially,
Wilmington Trust Company, the Trustee under the Indenture, will act as Paying
Agent and Registrar.  The Company may change any Paying Agent or Registrar
without notice to any Holder.  The Company or any of its Subsidiaries may
act in any such capacity.

 

(4)   INDENTURE The Company issued the Notes under an
Indenture dated as of
                          ,
20     (the “Indenture”)
between the Company and the Trustee.  The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to
the TIA.  The Notes are subject to all such terms, and Holders are
referred to the Indenture and such Act for a statement of such terms.  To
the extent any provision of this Note conflicts with the express provisions of
the Indenture, the provisions of the Indenture shall govern and be
controlling.  The Indenture does not limit the aggregate principal amount
of Notes that may be issued thereunder.

 

(5)   OPTIONAL REDEMPTION.

 

On or after
                         ,
20       , the Company will have the option
to redeem all or a part of the Notes upon not less than 30 nor more than 60
days’ notice, at the redemption prices (expressed as percentages of principal
amount) set forth below plus accrued and unpaid interest on the Notes redeemed
to the applicable redemption date, if redeemed during the twelve-month period
beginning on of the years indicated below, subject to the rights of Holders on
the relevant record date to receive interest on the relevant interest payment
date:

 

	
   

  	
  Year

  	
   

  	
  Percentage

  	
   

  
	
   

  	
  20

  	
   

  	
   

  	
  %

  
	
   

  	
  20

  	
   

  	
   

  	
  %

  
	
   

  	
  20

  	
   

  	
   

  	
  %

  
	
   

  	
  20
                            
  and thereafter

  	
   

  	
   

  	
  %

  

 

Unless the Company
defaults in the payment of the redemption price, interest will cease to accrue
on the Notes or portions thereof called for redemption on the applicable
redemption date.

 

(6)   MANDATORY REDEMPTION.

 

The Company is not
required to make mandatory redemption or sinking fund payments with respect to
the Notes.

 

(7)   NOTICE OF REDEMPTION.  Notice of redemption will be
mailed at least 30 days but not more than 60 days before the redemption date to
each Holder whose Notes are to be redeemed at its registered address, except
that redemption notices may be mailed more than 60 days prior to a redemption
date if the notice is issued in connection with a defeasance of the Notes or a
satisfaction or discharge of the Indenture.  Notes in denominations larger
than $1,000 may be redeemed in part but only in whole multiples of $1,000,
unless all of the Notes held by a Holder are to be redeemed.

 

(8)   DENOMINATIONS,
TRANSFER, EXCHANGE. 
Except as provided in Section 2.01(a) of the Indenture, the Notes are
in registered form without coupons in denominations of $1,000 and integral
multiples of $1,000.  The transfer of Notes may be registered and Notes
may be exchanged as provided in the Indenture.  The Registrar and the
Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Company may require a Holder to pay
any taxes and fees required by law or permitted by the Indenture.  The
Company need not exchange or register the transfer of any Note or portion of a
Note selected for redemption, except for the unredeemed portion of any Note
being redeemed in part.  Also, the Company need not exchange or register
the transfer of any Notes for a period of 15 days before a 

 

 

selection
of Notes to be redeemed or during the period between a record date and the corresponding
Interest Payment Date.

 

This Regulation S
Temporary Global Note is exchangeable in whole or in part for one or more
Global Notes only (i) on or after the termination of the 40-day
distribution compliance period (as defined in Regulation S) and (ii) upon
presentation of certificates (accompanied by an Opinion of Counsel, if
applicable) required by Article 2 of the Indenture.  Upon exchange of
this Regulation S Temporary Global Note for one or more Global Notes, the
Trustee shall cancel this Regulation S Temporary Global Note.

 

(9)   PERSONS DEEMED OWNERS. The registered Holder of a Note may be
treated as its owner for all purposes.

 

(10)    AMENDMENT, SUPPLEMENT
AND WAIVER. 
Subject to certain exceptions, the Indenture or the Notes may be amended or
supplemented with the consent of the Holders of at least a majority in
aggregate principal amount of the then outstanding Notes voting as a single
class, and, subject to certain exceptions, any existing Default or Event or
Default or compliance with any provision of the Indenture or the Notes may be
waived with the consent of the Holders of a majority in aggregate principal
amount of the then outstanding Notes voting as a single class.  Without
the consent of any Holder of a Note, the Indenture or the Notes may be amended
or supplemented to cure any ambiguity, defect or inconsistency, to provide for
uncertificated Notes in addition to or in place of certificated Notes, to
provide for the assumption of the Company’s obligations to Holders of the Notes
in case of a merger or consolidation, to make any change that would provide any
additional rights or benefits to the Holders of the Notes or that does not
adversely affect the legal rights under the Indenture of any such Holder, to
comply with the requirements of the SEC in order to effect or maintain the
qualification of the Indenture under the TIA, to conform the text of the
Indenture or the Notes to any provision of the “Description of Notes” section
of the Company’s Offering Memorandum dated
                      ,
20    , relating to the initial offering of the Notes, to
the extent that such provision in that “Description of Notes” was intended by
the Company to be a verbatim recitation of a provision of the Indenture or the
Notes; or to provide for the issuance of Additional Notes in accordance with
the limitations set forth in the Indenture.

 

(11)   DEFAULTS AND REMEDIES. Events of Default include: (i) default
for 30 days in the payment when due of interest on the Notes; (ii) default
in the payment when due of the principal of, or premium, if any, on, the Notes
when the same becomes due and payable at maturity, upon redemption (including
in connection with an offer to purchase) or otherwise; (iii) failure by
the Company to comply with Section 5.01 of the Indenture; (iv) failure
by the Company for 60 days after notice to the Company by the Trustee or the
Holders of at least 25% in aggregate principal amount of the Notes then
outstanding voting as a single class to comply with any of the other agreements
in the Indenture; (v) default under certain other agreements relating to
Indebtedness of the Company which default results in the acceleration of such
Indebtedness prior to its express maturity; (vi) certain final judgments
for the payment of money that remain undischarged for a period of 60 days; and (vii) certain
events of bankruptcy or insolvency with respect to the Company or any of its
Subsidiaries that is a Significant Subsidiary or any group of Subsidiaries
that, taken together, would constitute a Significant Subsidiary. If any Event
of Default occurs and is continuing, the Trustee or the Holders of at least 25%
in aggregate principal amount of the then outstanding Notes may declare all the
Notes to be due and payable immediately. Notwithstanding the foregoing, in the
case of an Event of Default arising from certain events of bankruptcy or
insolvency, all outstanding Notes will become due and payable immediately
without further action or notice. Holders may not enforce the Indenture or the
Notes except as provided in the Indenture. Subject to certain limitations,
Holders of a majority in aggregate principal amount of the then outstanding
Notes may direct the Trustee in its exercise of any trust or power.  The
Trustee may withhold from Holders of the Notes notice of any continuing Default
or Event of Default (except a Default or Event of Default relating to the
payment of principal or interest or premium, if any,) if the Board of Directors
of the Trustee or a committee of the Trustee’s Responsible Officers determines
that withholding notice is in their interest.  The Holders of a majority
in aggregate 

 

 

principal
amount of the then outstanding Notes by notice to the Trustee may, on behalf of
the Holders, rescind an acceleration and its consequences if the rescission
would not conflict with any judgment or decree and if all existing Events of
Default (except nonpayment of principal, interest or premium, if any, that has
become due solely because of the acceleration) have been cured or waived. 
The Company is required to deliver to the Trustee annually a statement
regarding compliance with the Indenture, and the Company is required, upon
becoming aware of any Default or Event of Default, to deliver to the Trustee a
statement specifying such Default or Event of Default.

 

(12)   TRUSTEE DEALINGS WITH
COMPANY. 
The Trustee, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for the Company or its Affiliates, and may
otherwise deal with the Company or its Affiliates, as if it were not the
Trustee.

 

(13)   NO RECOURSE AGAINST
OTHERS.  A
director, officer, employee, incorporator or stockholder of the Company will
not have any liability for any obligations of the Company under the Notes or
the Indenture or for any claim based on, in respect of, or by reason of, such
obligations or their creation.  Each Holder by accepting a Note waives and
releases all such liability.  The waiver and release are part of the
consideration for the issuance of the Notes.

 

(14)   AUTHENTICATION.  This Note will not be valid until
authenticated by the manual signature of the Trustee or an authenticating
agent.

 

(15)   ABBREVIATIONS.  Customary abbreviations may be
used in the name of a Holder or an assignee, such as: TEN COM (= tenants in
common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with
right of survivorship and not as tenants in common), CUST (= Custodian), and
U/G/M/A (= Uniform Gifts to Minors Act).

 

(16)   CUSIP NUMBERS.  Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused CUSIP numbers to be printed on the Notes, and the Trustee
may use CUSIP numbers in notices of redemption as a convenience to
Holders.  No representation is made as to the accuracy of such numbers
either as printed on the Notes or as contained in any notice of redemption, and
reliance may be placed only on the other identification numbers placed thereon.

 

(17)   GOVERNING LAW.  THE INTERNAL LAW OF THE STATE OF
NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THIS NOTE
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE
EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY.

 

The Company will furnish
to any Holder upon written request and without charge a copy of the Indenture.
Requests may be made to:

 

Acorda Therapeutics, Inc.

15 Skyline Drive

Hawthorne, New York 10532

Attention:

 

 

ASSIGNMENT FORM

 

	
  (I) or
  (we) assign and transfer this Note to:

  	
   

  
	
   

  	
   

  
	
   

  	
  (Insert assignee’s
  legal name)

  
	
   

  	
   

  
	
   

  	
  (Insert assignee’s soc.
  sec. or tax I.D. no.)

  
	
   

  	
   

  
	
   

  	
  (Print or type
  assignee’s name, address and zip code)

  

 

and irrevocably appoint
to transfer this Note on the books of the Company.  The agent may
substitute another to act for him.

 

 

	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Your Signature:

  	
   

  
	
   

  	
  (Sign exactly as
  your name appears on the face of this Note)

  
	
   

  	
   

  
	
  Signature

  	
   

  
	
  Guarantee*:

  	
   

  	
   

  	
   

  
						

 

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

 

 

SCHEDULE OF
EXCHANGES OF INTERESTS IN THE REGULATION S TEMPORARY GLOBAL NOTE

 

The following exchanges
of a part of this Regulation S Temporary Global Note for an interest in another
Global Note, or exchanges of a part of another other Restricted Global Note for
an interest in this Regulation S Temporary Global Note, have been made:

 

	
  Date of Exchange

  	
   

  	
  Amount of decrease

  in Principal

  Amount of this

  Global Note

  	
   

  	
  Amount of increase

  in Principal

  Amount of this

  Global Note

  	
   

  	
  Principal Amount

  of this Global Note

  following such

  decrease (or

  increase)

  	
   

  	
  Signature of

  authorized officer

  of Trustee or

  Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

EXHIBIT B

 

FORM OF
CERTIFICATE OF TRANSFER

 

Company
Address

 

Registrar
Address

 

Re: % Senior Notes due 20    s

 

Reference is hereby made
to the Indenture, dated as of      
     , 20    (the “Indenture”), among Acorda Therapeutics, Inc.
as issuer (the “Company”), and
Wilmington Trust Company, as trustee.  Capitalized terms used but not
defined herein shall have the meanings given to them in the Indenture.

 

, (the “Transferor”) owns and proposes to transfer
the Notes or interest in such Notes specified in Annex A hereto, in the
principal amount of $      
      in such Notes or interests (the “Transfer”), to 
     
               
          (the “Transferee”), as further specified in
Annex A hereto.  In connection with the Transfer, the Transferor hereby
certifies that:

 

CHECK ALL THAT
APPLY

 

1.   o  Check if Transferee will take delivery of a beneficial interest in the
144A Global Note or a Restricted Definitive Note pursuant to Rule 144A.
The Transfer is being effected pursuant to and in accordance with Rule 144A
under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby
further certifies that the beneficial interest or Definitive Note is being
transferred to a Person that the Transferor reasonably believes is purchasing
the beneficial interest or Definitive Note for its own account, or for one or
more accounts with respect to which such Person exercises sole investment
discretion, and such Person and each such account is a “qualified institutional
buyer” within the meaning of Rule 144A in a transaction meeting the
requirements of Rule 144A, and such Transfer is in compliance with any
applicable blue sky securities laws of any state of the United States. 
Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the 144A Global Note and/or the Restricted Definitive Note
and in the Indenture and the Securities Act.

 

2.   o  Check if Transferee will take delivery of a beneficial interest in the
Regulation S Temporary Global Note, the Regulation S Permanent Global Note or a
Restricted Definitive Note pursuant to Regulation S. The
Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904
under the Securities Act and, accordingly, the Transferor hereby further
certifies that (i) the Transfer is not being made to a Person in the
United States and (x) at the time the buy order was originated, the Transferee
was outside the United States or such Transferor and any Person acting on its
behalf reasonably believed and believes that the Transferee was outside the
United States or (y) the transaction was executed in, on or through the
facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf knows that the transaction was
prearranged with a buyer in the United States, (ii) no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or
Rule 904(b) of Regulation S under the Securities Act, (iii) the
transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act and (iv) if the proposed transfer is
being made prior to the expiration of the Restricted Period, the transfer is
not being made to a U.S. Person or for the account or benefit of a U.S. Person
(other than an Initial Purchaser). Upon consummation of the proposed transfer
in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on Transfer
enumerated in the Private Placement Legend printed on the Regulation S
Permanent Global Note, the Regulation S Temporary Global Note and/or the
Restricted Definitive Note and in the Indenture and the Securities Act.

 

3.   o  Check and complete if Transferee will take delivery of a beneficial
interest in the IAI Global Note or a Restricted Definitive Note pursuant to any
provision of the Securities Act other than Rule 144A or Regulation S.
The Transfer is being effected in compliance with the transfer restrictions
applicable to beneficial interests in Restricted Global Notes and Restricted
Definitive Notes and pursuant to and in accordance with the 

 

 

Securities Act and any
applicable blue sky securities laws of any state of the United States, and
accordingly the Transferor hereby further certifies that (check one):

 

(a)   o  such Transfer is being
effected pursuant to and in accordance with Rule 144 under the Securities
Act;

 

or

 

(b)   o  such Transfer is being
effected to the Company or a Subsidiary thereof;

 

or

 

(c)   o  such Transfer is being
effected pursuant to an effective registration statement under the Securities
Act and in compliance with the prospectus delivery requirements of the
Securities Act;

 

or

 

(d)   o  such Transfer is being
effected to an Institutional Accredited Investor and pursuant to an exemption
from the registration requirements of the Securities Act other than Rule 144A,
Rule 144, Rule 903 or Rule 904, and the Transferor hereby
further certifies that it has not engaged in any general solicitation within
the meaning of Regulation D under the Securities Act and the Transfer complies
with the transfer restrictions applicable to beneficial interests in a
Restricted Global Note or Restricted Definitive Notes and the requirements of
the exemption claimed, which certification is supported by (1) a certificate
executed by the Transferee in the form of Exhibit D to the Indenture and (2) if
such Transfer is in respect of a principal amount of Notes at the time of
transfer of less than $250,000, an Opinion of Counsel provided by the
Transferor or the Transferee (a copy of which the Transferor has attached to
this certification), to the effect that such Transfer is in compliance with the
Securities Act. Upon consummation of the proposed transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive
Note will be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the IAI Global Note and/or the Restricted
Definitive Notes and in the Indenture and the Securities Act.

 

4.   o  Check if Transferee will take delivery of a beneficial interest in an
Unrestricted Global Note or of an Unrestricted Definitive Note.

 

(a)   o  Check if Transfer is pursuant to Rule 144. (i) The
Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act and in compliance with the transfer restrictions
contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will no longer be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on
the Restricted Global Notes, on Restricted Definitive Notes and in the
Indenture.

 

(b)   o  Check if Transfer is Pursuant to Regulation S. (i) The
Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904
under the Securities Act and in compliance with the transfer restrictions
contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act.  Upon consummation of the
proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will no longer be subject to
the restrictions on transfer enumerated in the Private Placement Legend printed
on the Restricted Global Notes, on Restricted Definitive Notes and in the
Indenture.

 

(c)   o  Check if Transfer is Pursuant to Other Exemption. (i) The
Transfer is being effected pursuant to and in compliance with an exemption from
the registration requirements of the Securities Act other than Rule 144, Rule 903
or Rule 904 and in compliance with the transfer restrictions contained in
the

 

 

Indenture and any
applicable blue sky securities laws of any State of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities
Act.  Upon consummation of the proposed Transfer in accordance with the
terms of the Indenture, the transferred beneficial interest or Definitive Note
will not be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes or Restricted
Definitive Notes and in the Indenture.

 

This certificate and the
statements contained herein are made for your benefit and the benefit of the
Company.

 

 

	
   

  	
   

  
	
   

  	
      Insert
  Name of Transferor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
					

 

 

ANNEX A TO
CERTIFICATE OF TRANSFER

 

1.   The Transferor owns and proposes to
transfer the following:

 

CHECK ONE OF (a) OR
(b)

 

(a)   o  a beneficial interest in the:

 

(i)             o  144A Global Note (CUSIP
          ), or

 

(ii)          o  Regulation S Global Note
(CUSIP           ), or

 

(iii)       o  IAI Global Note (CUSIP
          ); or

 

(b)   o  a Restricted Definitive Note.

 

2. After the Transfer the
Transferee will hold:

 

CHECK ONE

 

(a)   o  a beneficial interest in the:

 

(i)             o 144A Global Note (CUSIP
          ), or

 

(ii)          o Regulation S Global Note (CUSIP
          ), or

 

(iii)       o IAI Global Note (CUSIP
          ); or

 

(iv)      o Unrestricted Global Note (CUSIP
          ); or

 

(b)   o a Restricted Definitive Note; or

 

(c)   o an Unrestricted Definitive Note,

 

in accordance with the
terms of the Indenture.

 

 

EXHIBIT C

 

FORM OF
CERTIFICATE OF EXCHANGE

 

Company
Address

 

Registrar
Address

 

Re: % Senior Notes due 20

 

(CUSIP
          )

 

Reference is hereby made
to the Indenture, dated as
of           ,
20      (the “Indenture”),
between Acorda Therapeutics, Inc., as issuer (the “Company”), and Wilmington Trust Company,
as trustee.  Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

 

, (the “Owner”) owns and proposes to exchange the
Notes or interest in such Notes specified herein, in the principal amount of
$               in
such Notes or interests (the “Exchange”). 
In connection with the Exchange, the Owner hereby certifies that:

 

1.   Exchange of Restricted
Definitive Notes or Beneficial Interests in a Restricted Global Note for
Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global
Note

 

(a)   o  Check if Exchange is from beneficial interest in a Restricted Global Note
to beneficial interest in an Unrestricted Global Note.  In
connection with the Exchange of the Owner’s beneficial interest in a Restricted
Global Note for a beneficial interest in an Unrestricted Global Note in an
equal principal amount, the Owner hereby certifies (i) the beneficial
interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance
with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act and (iv) the
beneficial interest in an Unrestricted Global Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the
United States.

 

(b)   o  Check if Exchange is from beneficial interest in a Restricted Global Note
to Unrestricted Definitive Note.  In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for an
Unrestricted Definitive Note, the Owner hereby certifies (i) the
Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Restricted Global Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act and (iv) the
Definitive Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

 

(c)   o  Check if Exchange is from Restricted Definitive Note to beneficial
interest in an Unrestricted Global Note.  In connection with
the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest
in an Unrestricted Global Note, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without
transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to Restricted Definitive Notes and pursuant to
and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and

 

(d)   the beneficial interest is being acquired
in compliance with any applicable blue sky securities laws of any state of the
United States.

 

 

(e)   o  Check if Exchange is from Restricted Definitive Note to Unrestricted
Definitive Note.  In connection with the Owner’s Exchange of a
Restricted Definitive Note for an Unrestricted Definitive Note, the Owner
hereby certifies (i) the Unrestricted Definitive Note is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the Unrestricted Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

 

2.   Exchange of Restricted
Definitive Notes or Beneficial Interests in Restricted Global Notes for
Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes

 

(a)   o  Check if Exchange is from beneficial interest in a Restricted Global Note
to Restricted Definitive Note. In connection with the Exchange of
the Owner’s beneficial interest in a Restricted Global Note for a Restricted
Definitive Note with an equal principal amount, the Owner hereby certifies that
(i) the Restricted Definitive Note is being acquired for the Owner’s own
account without transfer and (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to the Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act, and
in compliance with any applicable blue sky securities laws of any state of the United
States.  Upon consummation of the proposed Exchange in accordance with the
terms of the Indenture, the Restricted Definitive Note issued will continue to
be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the Restricted Definitive Note and in the Indenture and the
Securities Act.

 

(b)   o  Check if Exchange is from Restricted Definitive Note to beneficial
interest in a Restricted Global Note.  In connection with the
Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in
the Restricted Global Note with an equal principal amount, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s
own account without transfer and (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to the Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act, and
in compliance with any applicable blue sky securities laws of any state of the
United States.  Upon consummation of the proposed Exchange in accordance
with the terms of the Indenture, the beneficial interest issued will be subject
to the restrictions on transfer enumerated in the Private Placement Legend
printed on the relevant Restricted Global Note and in the Indenture and the
Securities Act.

 

This certificate and the
statements contained herein are made for your benefit and the benefit of the
Company.

 

	
   

  	
   

  
	
   

  	
      Insert
  Name of Transferor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
					

 

 

EXHIBIT D

 

FORM OF
CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

 

Company Address

 

Registrar Address

 

Re:
          % Senior Notes due 20

 

Reference is hereby made
to the Indenture, dated as of
                    ,
20      (the “Indenture”),
between Acorda Therapeutics, Inc., as issuer (the “Company”), and Wilmington Trust Company,
as trustee.  Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

 

In connection with our
proposed purchase of $               
aggregate principal amount of:

 

(a)  o  a beneficial interest in a
Global Note, or

 

(b)  o  a Definitive Note,

 

we confirm that:

 

1.   We understand that any subsequent
transfer of the Notes or any interest therein is subject to certain restrictions
and conditions set forth in the Indenture and the undersigned agrees to be
bound by, and not to resell, pledge or otherwise transfer the Notes or any
interest therein except in compliance with, such restrictions and conditions
and the Securities Act of 1933 as amended (the “Securities Act”).

 

2.   We understand that the offer and sale of
the Notes have not been registered under the Securities Act, and that the Notes
and any interest therein may not be offered or sold except as permitted in the
following sentence.  We agree, on our own behalf and on behalf of any
accounts for which we are acting as hereinafter stated, that if we should sell
the Notes or any interest therein, we will do so only (A) to the Company
or any subsidiary thereof, (B) in accordance with Rule 144A under the
Securities Act to a “qualified institutional buyer” (as defined therein), (C) to
an institutional “accredited investor” (as defined below) that, prior to such
transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to
you and to the Company a signed letter substantially in the form of this letter
and, if such transfer is in respect of a principal amount of Notes, at the time
of transfer of less than $250,000, an Opinion of Counsel in form reasonably acceptable
to the Company to the effect that such transfer is in compliance with the
Securities Act, (D) outside the United States in accordance with Rule 904
of Regulation S under the Securities Act, (E) pursuant to the provisions
of Rule 144(b)(1) under the Securities Act or (F) pursuant to an
effective registration statement under the Securities Act, and we further agree
to provide to any Person purchasing the Definitive Note or beneficial interest
in a Global Note from us in a transaction meeting the requirements of clauses (A) through
(E) of this paragraph a notice advising such purchaser that resales
thereof are restricted as stated herein.

 

3.   We understand that, on any proposed
resale of the Notes or beneficial interest therein, we will be required to furnish
to you and the Company such certifications, legal opinions and other
information as you and the Company may reasonably require to confirm that the
proposed sale complies with the foregoing restrictions. We further understand
that the Notes purchased by us will bear a legend to the foregoing effect.

 

4.   We are an institutional “accredited
investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of
Regulation D under the Securities Act) and have such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and
risks of our investment in the Notes, and we and any accounts for which we are
acting are each able to bear the economic risk of our or its investment.

 

 

5.  We are acquiring the Notes or beneficial
interest therein purchased by us for our own account or for one or more
accounts (each of which is an institutional “accredited investor”) as to each
of which we exercise sole investment discretion.

 

You and the Company are
entitled to rely upon this letter and are irrevocably authorized to produce
this letter or a copy hereof to any interested party in any administrative or
legal proceedings or official inquiry with respect to the matters covered
hereby.

 

 

	
   

  	
   

  
	
   

  	
        Name
  of Accredited Investor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]