Document:

EXHIBIT
      4.2

    

    FORM
      OF SUBORDINATED DEBT

    SECURITIES
      INDENTURE

    

    
      

      

    

    WESTERN
      GOLDFIELDS, INC. 

    

    INDENTURE

    

    DATED
      AS OF ____________ __, 200__

    

    
      
        

      

    

    

    TRUSTEE

     

    SUBORDINATED
      DEBT SECURITIES

     

    
      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE
      OF CONTENTS

    

      
        	
                ARTICLE
                  I. 

              	 	DEFINITIONS
                AND INCORPORATION BY REFERENCE	 	
                1

              
	
                Section
                  1.1.

              	 	
                Definitions

              	 	
                1

              
	
                Section
                  1.2.

              	 	
                Definitions

              	 	
                5

              
	
                Section
                  1.3.

              	 	
                Incorporation
                  by Reference of Trust Indenture Act

              	 	
                6

              
	 	 	 	 	 
	
                ARTICLE
                  II.

              	 	
                SECURITIES

              	 	
                6

              
	
                Section
                  2.1.

              	 	
                Amount
                  Unlimited; Issuable in Series

              	 	
                7

              
	
                Section
                  2.2.

              	 	
                Establishment
                  of Terms of Series of Securities

              	 	
                7

              
	
                Section
                  2.3.

              	 	
                Authentication
                  and Delivery of Securities

              	 	
                9

              
	
                Section
                  2.4.

              	 	
                Execution
                  of Securities; Trustee's Certificate of Authentication; Form of
                  Securities

              	 	
                10

              
	
                Section
                  2.5.

              	 	
                Registrar
                  and Paying Agent

              	 	
                11

              
	
                Section
                  2.6.

              	 	
                Paying
                  Agent to Hold Money in Trust

              	 	
                12

              
	
                Section
                  2.7.

              	 	
                Securityholder
                  Lists

              	 	
                12

              
	
                Section
                  2.8.

              	 	
                Transfer
                  and Exchange

              	 	
                13

              
	
                Section
                  2.9.

              	 	
                Mutilated,
                  Destroyed, Lost and Stolen Securities

              	 	
                13

              
	
                Section
                  2.10.

              	 	
                Outstanding
                  Securities

              	 	
                14

              
	
                Section
                  2.11.

              	 	
                Treasury
                  Securities

              	 	
                15

              
	
                Section
                  2.12.

              	 	
                Temporary
                  Securities

              	 	
                15

              
	
                Section
                  2.13.

              	 	
                Cancellation

              	 	
                15

              
	
                Section
                  2.14.

              	 	
                Defaulted
                  Interest

              	 	
                15

              
	
                Section
                  2.15.

              	 	
                Global
                  Securities

              	 	
                16

              
	
                Section
                  2.16.

              	 	
                CUSIP
                  Numbers

              	 	
                17

              
	 	 	 	 	 
	
                ARTICLE
                  III.

              	 	
                REDEMPTION

              	 	
                17

              
	
                Section
                  3.1.

              	 	
                Notice
                  to Trustee

              	 	
                17

              
	
                Section
                  3.2.

              	 	
                Selection
                  of Securities to be Redeemed

              	 	
                17

              
	
                Section
                  3.3.

              	 	
                Notice
                  of Redemption

              	 	
                18

              
	
                Section
                  3.4.

              	 	
                Effect
                  of Notice of Redemption

              	 	
                18

              
	
                Section
                  3.5.

              	 	
                Deposit
                  of Redemption Price

              	 	
                18

              
	
                Section
                  3.6. 

              	 	
                Securities
                  Redeemed in Part

              	 	
                19

              
	 	 	 	 	 
	
                ARTICLE
                  IV.

              	 	
                COVENANTS

              	 	
                19

              
	
                Section
                  4.1.

              	 	
                Payment
                  of Principal and Interest

              	 	
                19

              
	
                Section
                  4.2.

              	 	
                SEC
                  Reports

              	 	
                19

              
	
                Section
                  4.3.

              	 	
                Compliance
                  Certificate

              	 	
                19

              
	
                Section
                  4.4.

              	 	
                Stay,
                  Extension and Usury Laws

              	 	
                19

              
	
                Section
                  4.5.

              	 	
                Corporate
                  Existence

              	 	
                20

              
	 	 	 	 	 
	
                ARTICLE
                  V.

              	 	
                SUCCESSORS

              	 	
                20

              
	
                Section
                  5.1.

              	 	
                When
                  Company May Merge, Etc

              	 	
                20

              
	
                Section
                  5.2.

              	 	
                Successor
                  Corporation Substituted

              	 	
                21

              

      

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      
        	
                ARTICLE
                  VI.

              	 	
                DEFAULTS
                  AND REMEDIES

              	 	
                21

              
	
                Section
                  6.1.

              	 	
                Events
                  of Default

              	 	
                21

              
	
                Section
                  6.2.

              	 	
                Acceleration
                  of Maturity; Rescission and Annulment

              	 	
                22

              
	
                Section
                  6.3.

              	 	
                Collection
                  of Indebtedness and Suits for Enforcement by Trustee

              	 	
                23

              
	
                Section
                  6.4.

              	 	
                Trustee
                  May File Proofs of Claim

              	 	
                24

              
	
                Section
                  6.5.

              	 	
                Trustee
                  May Enforce Claims Without Possession of Securities

              	 	
                25

              
	
                Section
                  6.6.

              	 	
                Application
                  of Money Collected

              	 	
                25

              
	
                Section
                  6.7.

              	 	
                Limitation
                  on Suits

              	 	
                25

              
	
                Section
                  6.8.

              	 	
                Unconditional
                  Right of Holders to Receive Principal and Interest

              	 	
                26

              
	
                Section
                  6.9.

              	 	
                Restoration
                  of Rights and Remedies

              	 	
                26

              
	
                Section
                  6.10. 

              	 	
                Rights
                  and Remedies Cumulative

              	 	
                26

              
	
                Section
                  6.11.

              	 	
                Delay
                  or Omission Not Waiver

              	 	
                26

              
	
                Section
                  6.12.

              	 	
                Control
                  by Holders

              	 	
                27

              
	
                Section
                  6.13.

              	 	
                Waiver
                  of Past Defaults

              	 	
                27

              
	
                Section
                  6.14.

              	 	
                Undertaking
                  for Costs

              	 	
                27

              
	 	 	 	 	 
	
                ARTICLE
                  VII.

              	 	
                TRUSTEE

              	 	
                27

              
	
                Section
                  7.1.

              	 	
                Duties
                  of Trustee

              	 	
                27

              
	
                Section
                  7.2.

              	 	
                Rights
                  of Trustee

              	 	
                29

              
	
                Section
                  7.3.

              	 	
                Individual
                  Rights of Trustee

              	 	
                29

              
	
                Section
                  7.4.

              	 	
                Trustee's
                  Disclaimer

              	 	
                29

              
	
                Section
                  7.5.

              	 	
                Notice
                  of Defaults

              	 	
                30

              
	
                Section
                  7.6. 

              	 	
                Reports
                  by Trustee to Holders

              	 	
                30

              
	
                Section
                  7.7.

              	 	
                Compensation
                  and Indemnity

              	 	
                30

              
	
                Section
                  7.8.

              	 	
                Replacement
                  of Trustee

              	 	
                31

              
	
                Section
                  7.9. 

              	 	
                Successor
                  Trustee by Merger, Etc

              	 	
                32

              
	
                Section
                  7.10.

              	 	
                Eligibility;
                  Disqualification

              	 	
                32

              
	
                Section
                  7.11.

              	 	
                Preferential
                  Collection of Claims Against Company.

              	 	
                32

              
	 	 	 	 	 
	
                ARTICLE
                  VIII.

              	 	
                SATISFACTION
                  AND DISCHARGE; DEFEASANCE

              	 	
                32

              
	
                Section
                  8.1.

              	 	
                Satisfaction
                  and Discharge of Indenture

              	 	
                32

              
	
                Section
                  8.2.

              	 	
                Application
                  of Trust Funds; Indemnification

              	 	
                33

              
	
                Section
                  8.3.

              	 	
                Legal
                  Defeasance of Securities of any Series

              	 	
                34

              
	
                Section
                  8.4.

              	 	
                Covenant
                  Defeasance

              	 	
                35

              
	
                Section
                  8.5.

              	 	
                Repayment
                  to Company

              	 	
                36

              
	 	 	 	 	 
	
                ARTICLE
                  IX.

              	 	
                AMENDMENTS
                  AND WAIVERS

              	 	
                36

              
	
                Section
                  9.1. 

              	 	
                Without
                  Consent of Holders

              	 	
                36

              
	
                Section
                  9.2.

              	 	
                With
                  Consent of Holders

              	 	
                37

              
	
                Section
                  9.3.

              	 	
                Compliance
                  with Trust Indenture Act

              	 	
                38

              
	
                Section
                  9.4. 

              	 	
                Revocation
                  and Effect of Consents

              	 	
                38

              
	
                Section
                  9.5.

              	 	
                Notation
                  on or Exchange of Securities

              	 	
                38

              
	
                Section
                  9.6.

              	 	
                Trustee
                  Protected

              	 	
                38

              
	 	 	 	 	 
	
                ARTICLE
                  X.

              	 	
                MISCELLANEOUS

              	 	
                39

              
	
                Section
                  10.1.

              	 	
                Trust
                  Indenture Act Controls

              	 	
                39

              
	
                Section
                  10.2.

              	 	
                Notices

              	 	
                39

              
	
                Section
                  10.3.

              	 	
                Communication
                  by Holders with Other Holders.

              	 	
                40

              
	
                Section
                  10.4.

              	 	
                Certificate
                  and Opinion as to Conditions Precedent

              	 	
                40

              
	
                Section
                  10.5.

              	 	
                Statements
                  Required in Certificate or Opinion

              	 	
                40

              
	
                Section
                  10.6.

              	 	
                Rules
                  by Trustee and Agents

              	 	
                40

              
	
                Section
                  10.7.

              	 	
                Legal
                  Holidays

              	 	
                41

              
	
                Section
                  10.8. 

              	 	
                No
                  Recourse Against Others

              	 	
                41

              
	
                Section
                  10.9.

              	 	
                Counterparts

              	 	
                41

              
	
                Section
                  10.11.

              	 	
                No
                  Adverse Interpretation of Other Agreements

              	 	
                41

              
	
                Section
                  10.12. 

              	 	
                Successors

              	 	
                41

              
	
                Section
                  10.13. 

              	 	
                Severability

              	 	
                42

              
	
                Section
                  10.14.

              	 	
                Table
                  of Contents, Headings, Etc

              	 	
                42

              

      

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

      
        	
                ARTICLE
                  XI.

              	 	
                SINKING
                  FUNDS

              	 	
                42

              
	
                Section
                  11.1.

              	 	
                Applicability
                  of Article

              	 	
                42

              
	
                Section
                  11.2. 

              	 	
                Satisfaction
                  of Sinking Fund Payments with Securities

              	 	
                42

              
	
                Section
                  11.3. 

              	 	
                Redemption
                  of Securities for Sinking Fund

              	 	
                43

              
	 	 	 	 	 
	
                ARTICLE
                  XII.

              	 	 	 	
                43

              
	
                Section
                  12.1.

              	 	
                Agreement
                  of Subordination.

              	 	
                43

              
	
                Section
                  12.2.

              	 	
                Payments
                  to Holders.

              	 	
                44

              
	
                Section
                  12.3.

              	 	
                Subrogation
                  of Securities.

              	 	
                46

              
	
                Section
                  12.4.

              	 	
                Authorization
                  to Effect Subordination.

              	 	
                47

              
	
                Section
                  12.5.

              	 	
                Notice
                  to Trustee.

              	 	
                47

              
	
                Section
                  12.6.

              	 	
                Trustee's
                  Relation to Senior Indebtedness.

              	 	
                48

              
	
                Section
                  12.7.

              	 	
                No
                  Impairment of Subordination.

              	 	
                49

              
	
                Section
                  12.8.

              	 	
                Article
                  Applicable to Paying Agents.

              	 	
                49

              
	
                Section
                  12.9.

              	 	
                Senior
                  Indebtedness Entitled to Rely.

              	 	
                49

              
	 	 	 	 	 
	
                ARTICLE
                  XIII.

              	 	 	 	
                49

              
	
                Section
                  13.1. 

              	 	
                Unconditional
                  Guarantee.

              	 	
                49

              
	
                Section
                  13.2. 

              	 	
                Limitation
                  of Subsidiary Guarantor's Liability.

              	 	
                50

              
	
                Section
                  13.3. 

              	 	
                Contribution.

              	 	
                51

              
	
                Section
                  13.4. 

              	 	
                Execution
                  and Delivery of Subsidiary Guarantees.

              	 	
                51

              
	
                Section
                  13.5

              	 	
                Addition
                  of Subsidiary Guarantors.

              	 	
                51

              
	
                Section
                  13.6. 

              	 	
                Severability.

              	 	
                52

              

      

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    WESTERN
      GOLDFIELDS, INC. 

    

    Reconciliation
      and tie between the Trust Indenture Act of 1939 and

    Indenture,
      dated as of ____________ __, 200__.

     

    
      	
              Section
                310 

            	 	
              (a)(1)

            	 	
              7.10

            
	 	 	
              (a)(2)
                

            	 	
              7.10

            
	 	 	
              (a)(3)
                

            	 	
              Not
                Applicable

            
	 	 	
              (a)(4)
                

            	 	
              Not
                Applicable

            
	 	 	
              (a)(5)
                

            	 	
              7.10

            
	 	 	
              (b)
                

            	 	
              7.10

            
	 	 	
              (c)

            	 	
              Not
                Applicable

            
	 	 	 	 	 
	
              Section
                311

            	 	
              (a)
                

            	 	
              7.11

            
	 	 	
              (b)
                

            	 	
              7.11

            
	 	 	
              (c)
                

            	 	
              Not
                Applicable

            
	 	 	 	 	 
	
              Section
                312

            	 	
              (a)
                

            	 	
              2.7

            
	 	 	
              (b)
                

            	 	
              10.3

            
	 	 	
              (c)
                

            	 	
              10.3

            
	 	 	 	 	 
	
              Section
                313

            	 	
              (a)

            	 	
              7.6

            
	 	 	
              (b)(1)

            	 	
              7.6

            
	 	 	
              (b)(2)
                

            	 	
              7.6

            
	 	 	
              (c)(1)
                

            	 	
              7.6

            
	 	 	
              (d)
                

            	 	
              7.6

            
	 	 	 	 	 
	
              Section
                314

            	 	
              (a)
                

            	 	
              4.2,
                10.2, 10.5

            
	 	 	
              (b)
                

            	 	
              Not
                Applicable

            
	 	 	
              (c)(1)
                

            	 	
              10.4

            
	 	 	
              (c)(2)
                

            	 	
              10.4

            
	 	 	
              (c)(3)
                

            	 	
              Not
                Applicable

            
	 	 	
              (d)
                

            	 	
              Not
                Applicable

            
	 	 	
              (e)
                

            	 	
              10.5

            
	 	 	
              (f)
                

            	 	
              Not
                Applicable

            
	 	 	 	 	 
	
              Section
                315

            	 	
              (a)
                

            	 	
              7.1

            
	 	 	
              (b)
                

            	 	
              7.5

            
	 	 	
              (c)
                

            	 	
              7.1

            
	 	 	
              (d)
                

            	 	
              7.1

            
	 	 	
              (e)
                

            	 	
              6.14

            
	 	 	 	 	 

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                316

            	 	
              (a)
                

            	 	
              2.10

            
	 	 	
              (a)(1)(A)
                

            	 	
              6.12

            
	 	 	
              (a)(1)(B)
                

            	 	
              6.13

            
	 	 	
              (a)(2)

            	 	
              Not
                Applicable

            
	 	 	
              (b)
                

            	 	
              6.8

            
	 	 	 	 	 
	
              Section
                317

            	 	
              (a)(1)
                

            	 	
              6.3

            
	 	 	
              (a)(2)
                

            	 	
              6.4

            
	 	 	
              (b)
                

            	 	
              2.6

            
	 	 	 	 	 
	
              Section
                318

            	 	
              (a)
                

            	 	
              10.1

            

    

    

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

     

    INDENTURE

    

    Indenture
      dated as of __________ __, 200_, between Western Goldfields, Inc., an Idaho
      corporation (the "Company"), and ______________ ("Trustee").

    

    WITNESSETH

    

    WHEREAS,
      the Company has duly authorized the issuance, execution and delivery, from
      time
      to time, of its unsecured debentures, notes or other evidences of indebtedness
      (hereinafter referred to as the "Securities"), without limit as to principal
      amount, issuable in one or more Series (as hereinafter defined), the amount
      and
      terms of each such Series to be determined as hereinafter provided; and, to
      provide the terms and conditions upon which the Securities are to be
      authenticated, issued and delivered, the Company has duly authorized the
      execution of this Indenture;

    

    WHEREAS,
      all things necessary to make this Indenture a valid indenture and agreement
      according to its terms have been done;

    

    NOW,
      THEREFORE:

    

    In
      consideration of the premises and the purchases of the Securities by the holders
      thereof, the Company and the Trustee mutually covenant and agree for the equal
      and proportionate benefit of the respective holders from time to time of the
      Securities as follows:

    

    ARTICLE
      I.

    DEFINITIONS
      AND INCORPORATION BY REFERENCE

    

    Section
      1.1. Definitions.

    

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

    

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

    

    "Agent"
      means any Registrar, Paying Agent or Service Agent.

    

    "Authorized
      Newspaper" means a newspaper in an official language of the country of
      publication customarily published at least once a day for at least five days
      in
      each calendar week and of general circulation in the place in connection with
      which the term is used. If it shall be impractical in the opinion of the Trustee
      to make any publication of any notice required hereby in an Authorized
      Newspaper, any publication or other notice in lieu thereof that is made or
      given
      by the Trustee shall constitute a sufficient publication of such
      notice.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    "Bearer"
      means anyone in possession from time to time of a Bearer Security.

    

    "Bearer
      Security" means any Security, including any interest coupon appertaining
      thereto, that does not provide for the identification of the Holder
      thereof.

    

    "Board
      of
      Directors" means the Board of Directors of the Company or any duly authorized
      committee thereof.

    

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

    

    "Business
      Day" means, unless otherwise provided by Board Resolution, Officers' Certificate
      or supplemental indenture hereto for a particular Series, any day except a
      Saturday, Sunday or a legal holiday in the City of New York on which banking
      institutions are authorized or required by law, regulation or executive order
      to
      close.

    

    "Company"
      means the party named as such above until a successor replaces it and thereafter
      means the successor.

    

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

    

    "Company
      Request" means a written request signed in the name of the Company by its
      Chairman of the Board, a President or a Vice President, and by either its Chief
      Financial Officer, Treasurer, an Assistant Treasurer, its Secretary or an
      Assistant Secretary, and delivered to the Trustee.

    

    "Corporate
      Trust Office" means the office of the Trustee located in ____________, or such
      other office as may be designated by the Trustee to the Company in
      writing.

    

    "Debt"
      of
      any person as of any date means, without duplication, all obligations of such
      person in respect of borrowed money, including all interest, fees and expenses
      owed in respect thereto (whether or not the recourse of the lender is to the
      whole of the assets of such person or only to a portion thereof), or evidenced
      by bonds, notes, debentures or similar instruments.

    

    "Default"
      means any event which is, or after notice or passage of time would be, an Event
      of Default.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

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

    

    "Designated
      Senior Indebtedness" means any of the Company's senior indebtedness that
      expressly provides that it is "designated senior indebtedness" for purposes
      of
      this Indenture (provided that the instrument, agreement or other document
      creating or evidencing such Senior Indebtedness may place limitations and
      conditions on the right of such Senior Indebtedness to exercise the rights
      of
      Designated Senior Indebtedness).

    

    "Discount
      Security" means any Security that provides for an amount less than the stated
      principal amount thereof to be due and payable upon declaration of acceleration
      of the maturity thereof pursuant to Section 6.2.

    

    "Dollars"
      means the currency of the United States of America.

    

    "Exchange
      Act" means the Securities Exchange Act of 1934, as amended.

    

    "Global
      Security" or "Global Securities" means a Security or Securities, as the case
      may
      be, in the form established pursuant to Section 2.2 evidencing all or part
      of a
      Series of Securities, issued to the Depository for such Series or its nominee,
      and registered in the name of such Depository or nominee.

    

    "Holder"
      or "Securityholder" means a person in whose name a Security is registered or
      the
      holder of a Bearer Security.

    

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

    

    "interest"
      with respect to any Discount Security which by its terms bears interest only
      after Maturity, means interest payable after Maturity.

    

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

    

    "Officer"
      means the Chairman of the Board, any President, any Vice-President, the Chief
      Financial Officer, the Treasurer, the Secretary, any Assistant Treasurer or
      any
      Assistant Secretary of the Company.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

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

    

    "Opinion
      of Counsel" means a written opinion of legal counsel who is acceptable to the
      Trustee. The counsel may be an employee of or counsel to the
      Company.

    

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

    

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

    

    "Representative"
      means the (a) indenture trustee or other trustee, agent or representative for
      any Senior Indebtedness or (b) with respect to any Senior Indebtedness that
      does
      not have any such trustee, agent or other representative, (i) in the case of
      such Senior Indebtedness issued pursuant to an agreement providing for voting
      arrangements as among the holders or owners of such Senior Indebtedness, any
      holder or owner of such Senior Indebtedness acting with the consent of the
      required persons necessary to bind such holders or owners of such Senior
      Indebtedness and (ii) in the case of all other such Senior Indebtedness, the
      holder or owner of such Senior Indebtedness.

    

    "Responsible
      Officer" means any officer of the Trustee in its Corporate Trust Office and
      also
      means, with respect to a particular corporate trust matter, any other officer
      to
      whom any corporate trust matter is referred because of his or her knowledge
      of
      and familiarity with a particular subject.

    

    "SEC"
      means the Securities and Exchange Commission.

    

    "Securities"
      has the meaning given such item in the preamble hereto.

    

    "Securities
      Act" means the Securities Act of 1933, as amended.

    

    "Senior
      Indebtedness" means the principal, premium, if any, interest, including any
      interest accruing after bankruptcy, and other amounts due on any of our current
      or future Debt, whether created, incurred, assumed, guaranteed or in effect
      guaranteed by us, including any deferrals, renewals, extensions, refundings,
      amendments, modifications or supplements to the above. However, Senior
      Indebtedness does not include: (i) any Debt that expressly provides that it
      shall not be senior in right of payment to the Securities or expressly provides
      that it is on the same basis or junior to the Securities; (ii) any Debt by
      us to
      any of our majority-owned subsidiaries; and (iii) the Securities.

    

    "Series"
      or "Series of Securities" means each series of debentures, notes or other debt
      instruments of the Company created pursuant to Sections 2.1 and 2.2
      hereof.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    "Significant
      Subsidiary" means (i) any direct or indirect Subsidiary of the Company 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 hereof, or (ii) any group of direct or indirect
      Subsidiaries of the Company that, taken together as a group, 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 hereof.

    

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

    

    "Subsidiary"
      of any specified person means any corporation of which at least a majority
      of
      the outstanding stock having by the terms thereof ordinary voting power for
      the
      election of directors of such corporation (irrespective of whether or not at
      the
      time stock of any other class or classes of such corporation shall have or
      might
      have voting power by reason of the happening of any contingency) is at the
      time
      directly or indirectly owned by such person, or by one or more other
      Subsidiaries, or by such person and one or more other Subsidiaries.

    

    "Subsidiary
      Guarantee" means a guarantee by any Subsidiary Guarantor of the Company's
      payment obligations under the Securities.

    

    "Subsidiary
      Guarantor" means (i) each Subsidiary of the Company executing this Indenture,
      (ii) each Subsidiary of the Company that executes a supplemental indenture
      and
      becomes a guarantor of the Company's payment obligations under the Securities
      pursuant to Section 13.5, and (iii) any Subsidiary of the Company that is a
      successor corporation of any Subsidiary of the Company referred to in clauses
      (i) and (ii). 

    

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

    

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

    

    Section
      1.2. Definitions.

     

    
      	
              TERM

            	 	
              DEFINED
                IN SECTION

            	 
	
              "Bankruptcy
                Law"

            	 	 	
              6.1

            	 
	
              "Custodian"

            	 	 	
              6.1

            	 
	
              "Government
                Obligations"

            	 	 	
              8.3

            	 
	
              "Legal
                Holiday"

            	 	 	
              10.7

            	 
	
              "mandatory
                sinking fund payment"

            	 	 	
              11.1

            	 
	
              "optional
                sinking fund payment"

            	 	 	
              11.1

            	 
	
              "Paying
                Agent"

            	 	 	
              2.5

            	 
	
              "Registrar"

            	 	 	
              2.5

            	 
	
              "Service
                Agent"

            	 	 	
              2.5

            	 
	
              "successor
                person"

            	 	 	
              5.1

            	 

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    Section
      1.3. 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:

    

    "Commission"
      means the SEC.

    

    "indenture
      securities" means the Securities.

    

    "indenture
      security holder" means a Securityholder.

    

    "indenture
      to be qualified" means this Indenture.

    

    "indenture
      trustee" or "institutional trustee" means the Trustee.

    

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

    

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

    

    Section
      1.4.  Rules
      of
      Construction.

    

    Unless
      the context otherwise requires:

    

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

    

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

    

    (c) "or"
      is
      not exclusive;

    

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

    

    (e) provisions
      apply to successive events and transactions.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    ARTICLE
      II.

    SECURITIES

    

    Section
      2.1. Amount
      Unlimited; Issuable in Series.

    

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

    

    Section
      2.2. Establishment
      of Terms of Series of Securities.

    

    At
      or
      prior to the issuance of any Securities within a Series, the following shall
      be
      established (as to the Series generally, in the case of subparagraph 2.2.1
      and
      either as to such Securities within the Series or as to the Series generally
      in
      the case of subparagraphs 2.2.2 through 2.2.22) by a Board Resolution, a
      supplemental indenture or an Officers' Certificate pursuant to authority granted
      under a Board Resolution:

    

    2.2.1. the
      title
      of the Series (which shall distinguish the Securities of that particular Series
      from the Securities of any other Series);

    

    2.2.2. any
      limit
      upon the aggregate principal amount of the Securities of the Series which may
      be
      authenticated and delivered under this Indenture (except for Securities
      authenticated and delivered upon registration of transfer of, or in exchange
      for, or in lieu of, other Securities of the Series pursuant to Section 2.8,
      2.9,
      2.10, 3.6 or 9.5);

    

    2.2.3. the
      forms
      of the Securities of the Series in bearer or fully-registered form, whether
      any
      Securities of the Series may be represented initially by a Security in temporary
      or permanent global form and, if so, the initial Depository with respect to
      any
      such temporary or permanent global Security and, as applicable, whether and
      the
      circumstances under which beneficial owners of interests in any such temporary
      or permanent global Security may exchange such interests for Securities of
      such
      Series and of like tenor of any authorized form and denomination, and any other
      terms required for the establishment of a Series of Securities in bearer form,
      including, but not limited to, tax compliance procedures;

    

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

    

    2.2.5. the
      person to whom any interest on any Security of the Series issued in
      fully-registered form shall be payable, if other than the person in whose name
      that Security is registered at the close of business on the regular record
      date
      for such interest, and the manner in which, the person to whom, any interest
      on
      any Security of the Series issued in bearer form shall be payable, if otherwise
      than upon presentation and surrender of the coupons appertaining thereto as
      they
      severally mature, and the extent to which, or the manner in which (including
      any
      certification requirement and other terms and conditions under which), any
      interest payable on a temporary or permanent global Security on an interest
      payment date will be paid if other than as described herein;

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

       2.2.6. the
      date
      or dates on which the principal of the Securities of the Series is payable
      or
      the method or methods, if any, used to determine those dates;

    

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

    

    2.2.8. the
      place
      or places where and the manner in which the principal of and interest, if any,
      on the Securities of the Series shall be payable, any Securities of the Series
      issued as Registered Securities may be surrendered for registration of transfer,
      Securities of the Series may be surrendered for exchange and notices and demands
      to or upon the Company in respect of the Securities of the Series and this
      Indenture may be served;

    

    2.2.9. if
      applicable, the period or periods within which, the price or prices at which
      and
      the terms and conditions upon which the Securities of the Series may be
      redeemed, in whole or in part, at the option of the Company;

    

    2.2.10. the
      obligation, if any, of the Company to redeem or purchase the Securities of
      the
      Series pursuant to any sinking fund or analogous provisions or at the option
      of
      a Holder thereof, the conditions, if any, giving rise to such obligation, and
      the period or periods within which, the price or prices at which and the terms
      and conditions upon which Securities of the Series shall be redeemed or
      purchased, in whole or in part, pursuant to such obligation, and, if applicable,
      any provisions for the remarketing of such Securities;

    

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

    

    2.2.12. the
      currency or currencies, including composite currencies, in which payment of
      the
      principal of or interest on the Securities of the Series shall be payable if
      other than the currency of the United States, and if so, whether the Securities
      of the Series may be satisfied and discharged other than as provided in Article
      VIII;

    

    2.2.13 if
      the
      amount of payments of principal of or interest on the Securities of the Series
      is to be determined with reference to an index, formula or other method, or
      based on a coin or currency other than that in which the Securities of the
      Series are stated to be payable, the manner in which such amounts shall be
      determined and the calculation agent, if any, with respect thereto;

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    2.2.14. if
      other
      than the principal amount thereof, the portion of the principal amount of the
      Securities of the Series that shall be payable upon declaration of acceleration
      of the maturity thereof pursuant to Section 6.2;

    

    2.2.15. if
      the
      Holders of Securities of the Series may convert or exchange the Securities
      into
      or for securities of the Company or other property, the period or periods within
      which, the rate or rates at which and the terms and conditions upon which
      Securities of the Series may be converted or exchanged, in whole or in
      part;

    

    2.2.16. any
      terms
      applicable to Discount Securities of the Series, if any, including the issue
      price thereof and the rate or rates at which the original issue discount will
      accrue;

    

    2.2.17. whether
      the Securities of the Series, in whole or any specified part, shall not be
      defeasible pursuant to Section 8.3 or Section 8.4 or both such Sections and,
      if
      other than by an Officer's Certificate, the manner in which any election by
      the
      Company to defease such Securities shall be evidenced;

    

    2.2.18. the
      provisions, if any, relating to any security provided for the Securities of
      the
      Series;

    

    2.2.19. any
      addition to or change in the Events of Default which applies to any Securities
      of the Series and any change in the right of the Trustee or the requisite
      Holders of such Securities to declare the principal amount thereof due and
      payable pursuant to Section 6.2;

    

    2.2.20. any
      addition to or change in the covenants set forth in Articles IV or V which
      applies to Securities of the Series;

    

    2.2.21. any
      other
      terms of the Securities of the Series (which terms shall not be inconsistent
      with the provisions of this Indenture, except as permitted by Section 9.1,
      but
      which may modify or delete any provision of this Indenture insofar as it applies
      to such Series); and

    

    2.2.22. any
      depositories, interest rate calculation agents, exchange rate calculation agents
      or other agents with respect to Securities of such Series if other than those
      appointed herein.

    

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

    

    Section
      2.3. Authentication
      and Delivery of Securities.

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    At
      any
      time and from time to time after the execution and delivery of this Indenture,
      the Company may deliver any Series of Securities executed by the Company to
      the
      Trustee for authentication by it, and the Trustee shall thereupon authenticate
      and deliver said Securities to or upon a Company Order, without any further
      corporate action by the Company. If the form or terms of such Series of
      Securities have been established in or pursuant to one or more Board Resolutions
      or a supplemental indenture as permitted by this Section 2.3 and Section 2.2,
      in
      authenticating such Securities and accepting the additional responsibilities
      under this Indenture in relation to such Securities, the Trustee shall be
      entitled to receive, and (subject to Section 7.1) shall be fully protected
      in
      relying upon:

    

    (1) each
      Board Resolution relating to such Series of Securities;

    

    (2) an
      executed supplemental indenture, if any, relating to such series of
      Securities;

    

    (3) an
      Officers' Certificate setting forth the form and terms of the Securities,
      stating that the form and terms of the Securities have been established pursuant
      to Section 2.2 and subparagraph 2.4.3 and comply with this Indenture, and
      covering such other matters as the Trustee may reasonably request;

    

    (4) an
      Opinion of Counsel to the effect that:

    

    (a) if
      the
      form of such Securities has been established by or pursuant to resolutions
      of
      the Board of Directors of the Company as permitted by subparagraph 2.4.3 that
      such form has been established in conformity with the provisions of this
      Indenture;

    

    (b) if
      the
      terms of such Securities have been established by or pursuant to Board
      Resolutions as permitted by Section 2.1, that such terms have been established
      in conformity with the provisions of this Indenture;

    

    (c) that
      such
      Securities, when authenticated and delivered by the Trustee and executed and
      issued by the Company in the manner and subject to any conditions specified
      in
      such Opinion of Counsel, will be valid and binding obligations of the Company,
      except as any rights thereunder may be limited by bankruptcy, insolvency and
      other similar laws affecting the enforcement of creditor's rights generally
      and
      by general equity principles;

    

    (d) that
      all
      laws and requirements in respect of the execution and delivery by the Company
      of
      such Securities have been complied with and that authentication and delivery
      of
      the Securities by the Trustee will not violate the terms of this Indenture;
      and

    

    (e) covering
      such other matters as the Trustee may reasonably request.

    

    Each
      Registered Security shall be dated the date of its authentication. Any Series
      of
      Bearer Securities shall be dated as provided in the Board Resolution or the
      provisions of the supplemental indenture creating such Series.

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    Section
      2.4. Execution
      of Securities; Trustee's Certificate of Authentication; Form of
      Securities.

    

    2.4.1. Two
      Officers shall sign the Securities for the Company by manual or facsimile
      signature. If an Officer whose signature is on a Security no longer holds that
      office at the time the Security is authenticated, the Security shall
      nevertheless be valid.

    

    2.4.2. Only
      such
      Securities bearing a certificate of authentication executed by the Trustee
      by
      the manual signature of one of its Responsible Officers, shall be entitled
      to
      the benefits of this Indenture or be valid or obligatory for any purpose. Such
      certificate by the Trustee upon any Security executed by the Company shall
      be
      conclusive evidence that the Security so authenticated has been duly
      authenticated and delivered hereunder and that the Holder is entitled to the
      benefits of this Indenture.

    

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

    

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

    

    2.4.3. The
      Securities of each series shall be substantially of the tenor and purport as
      shall be authorized by a Board Resolution or in an indenture or indentures
      supplemental hereto, in each case with such appropriate insertions, omissions,
      substitutions and other variations as are required or permitted by this
      Indenture, and may have such letters, numbers or other marks of identification
      or designation and such legends or endorsements thereon as the Board of
      Directors of the Company may deem appropriate and as are not inconsistent with
      the provisions of this Indenture, or as may be required to comply with any
      law
      or with any rule or regulation made pursuant thereto or with any rule or
      regulation of any stock exchange on which the Securities may be listed, or
      to
      conform to usage.

    

    The
      definitive Securities may be printed, lithographed or fully or partly engraved
      or produced in any other manner, all as determined by the officers executing
      such Securities, as evidenced by their executions thereof.

    

    Section
      2.5. Registrar
      and Paying Agent.

    

    The
      Company shall maintain, with respect to each Series of Securities, an office
      or
      agency where Securities of such Series may be presented or surrendered for
      payment ("Paying Agent"), where Securities of such Series may be surrendered
      for
      registration of transfer or exchange ("Registrar") and where notices and demands
      to or upon the Company in respect of the Securities of such Series and this
      Indenture may be served ("Service Agent"). The Registrar shall keep a register
      with respect to each Series of Securities and to their transfer and exchange.
      The
      Corporate Trust Office of the Trustee shall be such office or agency for all
      of
      the aforesaid purposes unless the Company shall maintain some other office
      or
      agency for such purposes and The Company will give prompt written notice to
      the
      Trustee of the name and address, and any change in the name or address, of
      each
      Registrar, Paying Agent or Service Agent. If at any time the Company shall
      fail
      to maintain any such required Registrar, Paying Agent or Service Agent or shall
      fail to furnish the Trustee with the name and address thereof, such
      presentations, surrenders, notices and demands may be made or served at the
      Corporate Trust Office of the Trustee, and the Company hereby appoints the
      Trustee as its agent to receive all such presentations, surrenders, notices
      and
      demands.

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    The
      Company may also from time to time designate one or more co-registrars,
      additional paying agents or additional service agents and may from time to
      time
      rescind such designations; provided, however, that no such designation or
      rescission shall in any manner relieve the Company of its obligations to
      maintain a Registrar, Paying Agent and Service Agent in each place so specified
      pursuant to Section 2.2 for Securities of any Series for such purposes. The
      Company will give prompt written notice to the Trustee of any such designation
      or rescission and of any change in the name or address of any such co-registrar,
      additional paying agent or additional service agent. The term "Registrar"
      includes any co-registrar; the term "Paying Agent" includes any additional
      paying agent; and the term "Service Agent" includes any additional service
      agent.

    

    The
      Company hereby appoints the Trustee the initial Registrar, Paying Agent and
      Service Agent for each Series unless another Registrar, Paying Agent or Service
      Agent, as the case may be, is appointed prior to the time Securities of that
      Series are first issued.

    

    Section
      2.6. Paying
      Agent to Hold Money in Trust.

    

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

    

    Section
      2.7. Securityholder
      Lists.

    

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

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

       

    

    Section
      2.8. Transfer
      and Exchange.

    

    Upon
      surrender for registration of transfer of any Security at the office or agency
      of the Company designated for such purposes, the Company shall execute, and
      the
      Trustee shall authenticate and deliver, in the name of the designated transferee
      or transferees, one or more new Securities of any authorized denomination or
      denominations of a like aggregate principal amount and tenor. No service charge
      shall be made for any registration of transfer or exchange (except as otherwise
      expressly permitted herein), 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 tax or similar governmental
      charge payable upon exchanges pursuant to Sections 2.12, 3.6 or
      9.5).

    

    At
      the
      option of the Holder, Registered Securities of any Series may be exchanged
      for
      other Registered Securities of the same Series of any authorized denomination
      or
      denominations, of a like aggregate principal amount and tenor, upon surrender
      of
      the Securities to be exchanged at such office or agency. Whenever any Securities
      are so surrendered for exchange, the Company shall execute, and the Trustee
      shall authenticate and deliver, the Securities which the Holder making the
      exchange is entitled to receive. Bearer Securities may not be issued in exchange
      for Registered Securities.

    

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

    

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

    

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

    

    Section
      2.9. Mutilated,
      Destroyed, Lost and Stolen Securities.

    

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

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

       

    

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

    

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

    

    Upon
      the
      issuance of any new Security under this Section 2.9, the Company may require
      the
      payment of a sum sufficient to cover any tax or other governmental charge that
      may be imposed in relation thereto and any other expenses (including the fees
      and expenses of the Trustee) connected therewith.

    

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

    

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

    

    Section
      2.10. Outstanding
      Securities.

    

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

    

    If
      a
      Security is replaced pursuant to Section 2.9, it ceases to be outstanding until
      the Trustee receives proof satisfactory to it that the replaced Security is
      held
      by a bona fide purchaser.

    

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

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

       

    

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

    

    In
      determining whether the Holders of the requisite principal amount of outstanding
      Securities have given any request, demand, authorization, direction, notice,
      consent or waiver hereunder, the principal amount of a Discount Security that
      shall be deemed to be outstanding for such purposes shall be the amount of
      the
      principal thereof that would be due and payable as of the date of such
      determination upon a declaration of acceleration of the Maturity thereof
      pursuant to Section 6.2.

    

    Section
      2.11. Treasury
      Securities.

    

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

    

    Section
      2.12. Temporary
      Securities.

    

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

    

    Section
      2.13. Cancellation.

    

    The
      Company at any time may deliver Securities to the Trustee for cancellation.
      The
      Registrar and the Paying Agent shall forward to the Trustee any Securities
      surrendered to them for registration of transfer, exchange or payment. The
      Trustee shall cancel all Securities surrendered for transfer, exchange, payment,
      replacement or cancellation and shall destroy such canceled Securities (subject
      to the record retention requirement of the Exchange Act) and deliver a
      certificate of such destruction to the Company, unless the Company otherwise
      directs. The Company may not issue new Securities to replace Securities that
      it
      has paid or delivered to the Trustee for cancellation.

    

    Section
      2.14. Defaulted
      Interest.

    

    Unless
      the terms of a Series of Securities adopted pursuant to Section 2.2 shall
      provide otherwise, if the Company defaults in a payment of interest on a Series
      of Securities, it shall pay the defaulted interest, plus, to the extent
      permitted by law, any interest payable on the defaulted interest, to the persons
      who are Securityholders of the Series on a subsequent special record date.
      The
      Company shall fix the record date and payment date. At least 30 days before
      the
      record date, the Company shall mail to the Trustee and to each Securityholder
      of
      the Series a notice that states the record date, the payment date and the amount
      of interest to be paid. The Company may pay defaulted interest in any other
      lawful manner.

    

    
      
        
        

      

      
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    Section
      2.15. Global
      Securities.

    

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

    

    2.15.2.
      Transfer and Exchange. Notwithstanding any provisions to the contrary contained
      in Section 2.8 of the Indenture and in addition thereto, any Global Security
      shall be exchangeable pursuant to Section 2.8 of the Indenture for Securities
      registered in the names of Holders other than the Depository for such Security
      or its nominee only if (i) such Depository notifies the Company that it is
      unwilling or unable to continue as Depository for such Global Security or if
      at
      any time such Depository ceases to be a clearing agency registered under the
      Exchange Act, and, in either case, the Company fails to appoint a successor
      Depository within 90 days of such event, (ii) the Company executes and delivers
      to the Trustee an Officers' Certificate to the effect that such Global Security
      shall be so exchangeable or (iii) an Event of Default with respect to the
      Securities represented by such Global Security shall have happened and be
      continuing. Any Global Security that is exchangeable pursuant to the preceding
      sentence shall be exchangeable for Securities registered in such names as the
      Depository shall direct in writing in an aggregate principal amount equal to
      the
      principal amount of the Global Security with like tenor and terms.

    

    Except
      as
      provided in this Section 2.15.2, a Global Security may not be transferred except
      as a whole by the Depository with respect to such Global Security to a nominee
      of such Depository, by a nominee of such Depository to such Depository or
      another nominee of such Depository or by the Depository or any such nominee
      to a
      successor Depository or a nominee of such a successor Depository.

    

    2.15.3. Legend.
      Any Global Security issued hereunder shall bear a legend in substantially the
      following form:

    

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

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

       

    

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

    

    2.15.5. Payments.
      Notwithstanding the other provisions of this Indenture, unless otherwise
      specified as contemplated by Section 2.2, payment of the principal of and
      interest, if any, on any Global Security shall be made to the Holder
      thereof.

    

    2.15.6. Consents,
      Declaration and Directions. Except as provided in subparagraph 2.15.5, the
      Company, the Trustee and any Agent shall treat a person as the Holder of such
      principal amount of outstanding Securities of such Series represented by a
      Global Security as shall be specified in a written statement of the Depository
      with respect to such Global Security, for purposes of obtaining any consents,
      declarations, waivers or directions required to be given by the Holders pursuant
      to this Indenture.

    

    Section
      2.16. CUSIP
      Numbers.

    

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

    

    ARTICLE
      III.

    REDEMPTION

    

    Section
      3.1. Notice
      to
      Trustee.

    

    The
      Company may, with respect to any Series of Securities, reserve the right to
      redeem and pay the Series of Securities or may covenant to redeem and pay the
      Series of Securities or any part thereof prior to the Stated Maturity thereof
      at
      such time and on such terms as provided for in such Securities. If a Series
      of
      Securities is redeemable and the Company wants or is obligated to redeem prior
      to the Stated Maturity thereof all or part of the Series of Securities pursuant
      to the terms of such Securities, it shall notify the Trustee of the redemption
      date and the principal amount of Series of Securities to be redeemed. The
      Company shall give the notice at least 45 days before the redemption date (or
      such shorter notice as may be acceptable to the Trustee).

    

    Section
      3.2. Selection
      of Securities to be Redeemed.

    

    Unless
      otherwise indicated for a particular Series by a Board Resolution, a
      supplemental indenture or an Officers' Certificate, if less than all the
      Securities of a Series are to be redeemed, the Trustee shall select the
      Securities of the Series to be redeemed by lot or in any other manner that
      the
      Trustee deems fair and appropriate. The Trustee shall make the selection from
      Securities of the Series outstanding not previously called for redemption.
      The
      Trustee may select for redemption portions of the principal of Securities of
      the
      Series that have denominations larger than $1,000. Securities of the Series
      and
      portions of them it selects shall be in amounts of $1,000 or whole multiples
      of
      $1,000 or, with respect to Securities of any Series issuable in other
      denominations pursuant to Section 2.2.11, the minimum principal denomination
      for
      each Series and integral multiples thereof. Provisions of this Indenture that
      apply to Securities of a Series called for redemption also apply to portions
      of
      Securities of that Series called for redemption.

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

       

    

    Section
      3.3. Notice
      of
      Redemption.

    

    Unless
      otherwise indicated for a particular Series by Board Resolution, a supplemental
      indenture hereto or an Officers' Certificate, at least 30 days but not more
      than
      60 days before a redemption date, the Company shall mail a notice of redemption
      by first-class mail to each Holder whose Securities are to be redeemed and
      if
      any Bearer Securities are outstanding, publish on one occasion a notice in
      an
      Authorized Newspaper.

    

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

    

    (a) the
      redemption date;

    

    (b) the
      redemption price;

    

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

    

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

    

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

    

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

    

    At
      the
      Company's request, the Trustee shall give the notice of redemption in the
      Company's name and at its expense.

    

    Section
      3.4. Effect
      of
      Notice of Redemption.

    

    Once
      notice of redemption is mailed or published as provided in Section 3.3,
      Securities of a Series called for redemption become due and payable on the
      redemption date and at the redemption price. A notice of redemption may not
      be
      conditional. Upon surrender to the Paying Agent, such Securities shall be paid
      at the redemption price plus accrued interest to the redemption
      date.

    

    Section
      3.5. Deposit
      of Redemption Price.

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

       

    

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

    

    Section
      3.6.  Securities
      Redeemed in Part.

    

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

    

    ARTICLE
      IV.

    COVENANTS

    

    Section
      4.1. Payment
      of Principal and Interest.

    

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

    

    Section
      4.2. SEC
      Reports.

    

    The
      Company shall deliver to the Trustee within 15 days after it files them with
      the
      SEC, copies of the annual reports and of the information, documents, and other
      reports (or copies of such portions of any of the foregoing as the SEC may
      by
      rules and regulations prescribe) which the Company is required to file with
      the
      SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company also shall
      comply with the other provisions of TIA Section 314(a).

    

    Section
      4.3. Compliance
      Certificate.

    

    The
      Company shall deliver to the Trustee, within 120 days after the end of each
      fiscal year of the Company, an Officers' Certificate 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 knowledge the Company has
      kept, observed, performed and fulfilled each and every covenant contained in
      this Indenture and is not in default in the performance or observance of any
      of
      the terms, provisions and conditions hereof (or, if a Default or Event of
      Default shall have occurred, describing all such Defaults or Events of Default
      of which he may have knowledge).

    

    The
      Company will, so long as any of the Securities are outstanding, deliver to
      the
      Trustee, forthwith upon 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.

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

       

    

    Section
      4.4. Stay,
      Extension and Usury Laws.

    

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

    

    Section
      4.5. Corporate
      Existence.

    

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

     

    ARTICLE
      V.

    SUCCESSORS

    

    Section
      5.1. When
      Company May Merge, Etc.

    

    The
      Company shall not consolidate with or merge with or into any other person or
      convey, transfer or lease its properties and assets substantially as an entirety
      to any person, unless:

    

    (a) either
      (1) the Company shall be the continuing corporation or (2) the person (if other
      than the Company) formed by such consolidation or into which the Company is
      merged or the person which acquires by conveyance, transfer or lease the
      properties and assets of the Company substantially as an entirety (i) shall
      be a
      corporation, partnership, limited liability company, trust or other entity
      organized and validly existing under the laws of the United States or any state
      thereof or the District of Columbia and (ii) shall expressly assume, by an
      indenture supplemental hereto, executed and delivered to the Trustee, in form
      satisfactory to the Trustee, all of the obligations of the Company under the
      Securities and this Indenture; 

    

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

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

       

    

    (c) the
      Company shall have delivered to the Trustee an Officer's Certificate and an
      Opinion of Counsel, each stating that such consolidation, merger, conveyance,
      transfer or lease and, if a supplemental indenture is required in connection
      with such transaction, such supplemental indenture, comply with this Article
      and
      that all conditions precedent herein provided for relating to such transaction
      have been satisfied.

    

    Section
      5.2. Successor
      Corporation Substituted.

    

    Upon
      any
      consolidation or merger, or any sale, lease, conveyance or other disposition
      of
      the properties and assets substantially as an entirety of the Company in
      accordance with Section 5.1, the successor person formed by any such
      consolidation or into which the Company is merged or the successor person to
      which such conveyance, transfer or lease is made shall succeed to, and be
      substituted for, and may exercise every right and power of the Company under
      this Indenture with the same effect as if such successor had been named as
      the
      Company herein; and thereafter, except in the case of a lease of its properties
      and assets substantially as an entirety, the Company shall be discharged from
      all obligations and covenants under this Indenture and the Securities.

     

    ARTICLE
      VI.

    DEFAULTS
      AND REMEDIES

    

    Section
      6.1. Events
      of
      Default.

    

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

    

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

    

    (b) the
      Company fails to comply with any of its agreements in the Securities or this
      Indenture (other than those referred to in clause (a) above and other than
      a
      covenant or warranty a default in whose performance or whose breach is elsewhere
      in this Section specifically deal with or which has been expressly included
      in
      this Indenture solely for the benefit of a Series of Securities other than
      such
      Series) and such failure continues for 60 days after there has been given,
      by
      registered or certified mail, to the Company by the Trustee or to the Company
      and the Trustee by the Holders of at least 25% in principal amount of the
      outstanding Securities of that Series a written notice specifying such default
      or breach and requiring it to be remedied and stating that such notice is a
      "Notice of Default" hereunder; 

    

    (c) the
      Company pursuant to or within the meaning of any Bankruptcy Law:

    

    (i) commences
      a voluntary case,

    

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

       

    

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

    

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

    

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

    

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

    

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

    

    (i) is
      for
      relief against the Company in an involuntary case,

    

    (ii) appoints
      a Custodian of the Company for all or substantially all of its property,
      or

    

    (iii) orders
      the liquidation of the Company or any of its Significant Subsidiaries, and
      the
      order or decree remains unstayed and in effect for 60 days; or

    

    (e) any
      other
      Event of Default provided with respect to Securities of that Series, which
      is
      specified in a Board Resolution, a supplemental indenture hereto or an Officers'
      Certificate, in accordance with Section 2.2 hereof.

    

    The
      term
      "Bankruptcy Law" means Title 11, U.S. Code or any similar Federal or state
      law
      for the relief of debtors. The term "Custodian" means any receiver, trustee,
      assignee, liquidator or similar official under any Bankruptcy Law.

    

    Section
      6.2. Acceleration
      of Maturity; Rescission and Annulment.

    

    If
      an
      Event of Default with respect to Securities of any Series at the time
      outstanding occurs and is continuing (other than an Event of Default referred
      to
      in Section 6.1(c) or (d)) then in every such case the Trustee or the Holders
      of
      not less than 25% in principal amount of the outstanding Securities of that
      Series may declare the principal amount (or, if any Securities of that Series
      are Discount Securities, such portion of the principal amount as may be
      specified in the terms of such Securities) of and accrued and unpaid interest,
      if any, on all of the Securities of that Series to be due and payable
      immediately, by a notice in writing to the Company (and to the Trustee if given
      by Holders), and upon any such declaration such principal amount (or specified
      amount) and accrued and unpaid interest, if any, shall become immediately due
      and payable. If an Event of Default specified in Section 6.1(c) or (d) shall
      occur, the principal amount (or specified amount) of and accrued and unpaid
      interest, if any, on all outstanding Securities shall ipso facto become and
      be
      immediately due and payable without any declaration or other act on the part
      of
      the Trustee or any Holder.

    

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

       

    

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

    

    (a) the
      Company has paid or deposited with the Trustee a sum sufficient to
      pay:

    

    (i) all
      overdue interest, if any, on all Securities of that Series,

    

    (ii) the
      principal of any Securities of that Series which have become due otherwise
      than
      by such declaration of acceleration and interest thereon at the rate or rates
      prescribed therefor in such Securities,

    

    (iii) to
      the
      extent that payment of such interest is lawful, interest upon any overdue
      principal and overdue interest at the rate or rates prescribed therefor in
      such
      Securities, and

    

    (iv) all
      sums
      paid or advanced by the Trustee hereunder and the reasonable compensation,
      expenses, disbursements and advances of the Trustee, its agents and counsel;
      and

    

    (b) all
      Events of Default with respect to Securities of that Series, other than the
      non-payment of the principal of Securities of that Series which have become
      due
      solely by such declaration of acceleration, have been cured or waived as
      provided in Section 6.13.

    

    No
      such
      rescission shall affect any subsequent Default or impair any right consequent
      thereon.

    

    Section
      6.3. Collection
      of Indebtedness and Suits for Enforcement by Trustee.

    

    The
      Company covenants that if

    

    (a) default
      is made in the payment of any interest on any Security when such interest
      becomes due and payable and such default continues for a period of 30 days,
      or

    

    (b) default
      is made in the payment of principal of any Security at the Maturity thereof,
      or

    

    (c) default
      is made in the deposit of any sinking fund payment when and as due by the terms
      of a Security,

    

    then,
      the
      Company will, upon demand of the Trustee, pay to it, for the benefit of the
      Holders of such Securities, the whole amount then due and payable on such
      Securities for principal and interest and, to the extent that payment of such
      interest shall be legally enforceable, interest on any overdue principal or
      any
      overdue interest, at the rate or rates prescribed therefor in such Securities,
      and, in addition thereto, such further amount as shall be sufficient to cover
      the costs and expenses of collection, including the reasonable compensation,
      expenses, disbursements and advances of the Trustee, its agents and
      counsel.

    

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

       

    

    If
      the
      Company fails to pay such amounts forthwith upon such demand, the Trustee,
      in
      its own name and as trustee of an express trust, may institute a judicial
      proceeding for the collection of the sums so due and unpaid, may prosecute
      such
      proceeding to judgment or final decree and may enforce the same against the
      Company or any other obligor upon such Securities and collect the moneys
      adjudged or deemed to be payable in the manner provided by law out of the
      property of the Company or any other obligor upon such Securities, wherever
      situated.

    

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

    

    Section
      6.4. Trustee
      May File Proofs of Claim.

    

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

    

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

    

    (b) to
      collect and receive any moneys or other property payable or deliverable on
      any
      such claims and to distribute the same, and any custodian, receiver, assignee,
      trustee, liquidator, sequestrator or other similar official in any such judicial
      proceeding is hereby authorized by each Holder to make such payments to the
      Trustee and, in the event that the Trustee shall consent to the making of such
      payments directly to the Holders, to pay to the Trustee any amount due it for
      the reasonable compensation, expenses, disbursements and advances of the
      Trustee, its agents and counsel, and any other amounts due the Trustee under
      Section 7.7.

    

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

    

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

       

    

    Section
      6.5. Trustee
      May Enforce Claims Without Possession of Securities.

    

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

    

    Section
      6.6. Application
      of Money Collected.

    

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

    

    First:
      To
      the payment of all amounts due the Trustee under Section 7.7; and

    

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

    

    Third:
      To
      the Company.

    

    Section
      6.7. Limitation
      on Suits.

    

    No
      Holder
      of any Security of any Series shall have any right to institute any proceeding,
      judicial or otherwise, with respect to this Indenture, or for the appointment
      of
      a receiver or trustee, or for any other remedy hereunder, unless

    

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

    

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

    

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

    

    (d) the
      Trustee for 60 days after its receipt of such notice, request and offer of
      indemnity has failed to institute any such proceeding; and

    

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

       

    

    (e) no
      direction inconsistent with such written request has been given to the Trustee
      during such 60-day period by the Holders of a majority in principal amount
      of
      the outstanding Securities of that Series;

    

    it
      being
      understood and intended that no one or more of such Holders shall have any
      right
      in any manner whatever by virtue of, or by availing of, any provision of this
      Indenture to affect, disturb or prejudice the rights of any other of such
      Holders, or to obtain or to seek to obtain priority or preference over any
      other
      of such Holders or to enforce any right under this Indenture, except in the
      manner herein provided and for the equal and ratable benefit of all such
      Holders.

    

    Section
      6.8. Unconditional
      Right of Holders to Receive Principal and Interest.

    

    Notwithstanding
      any other provision in this Indenture, the right, which is absolute and
      unconditional, of any Holder of any Security to receive payment of the principal
      of and interest on such Security on the Stated Maturity or Maturities expressed
      in such Security (or in the case of redemption, on the redemption date) held
      by
      such Holder, on or after the respective due dates expressed in the Securities
      or
      any redemption date, or to bring suit for the enforcement of any such payment
      on
      or after the respective dates, shall not be impaired or affected adversely
      without the consent of each such Holder.

    

    Section
      6.9. Restoration
      of Rights and Remedies.

    

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

    

    Section
      6.10.  Rights
      and Remedies Cumulative.

    

    Except
      as
      otherwise provided with respect to the replacement or payment of mutilated,
      destroyed, lost or stolen Securities in Section 2.9, no right or remedy herein
      conferred upon or reserved to the Trustee or to the Holders is intended to
      be
      exclusive of any other right or remedy, and every right and remedy shall, to
      the
      extent permitted by law, be cumulative and in addition to every other right
      and
      remedy given hereunder or now or hereafter existing at law or in equity or
      otherwise. The assertion or employment of any right or remedy hereunder, or
      otherwise, shall not prevent the concurrent assertion or employment of any
      other
      appropriate right or remedy.

    

    Section
      6.11. Delay
      or
      Omission Not Waiver.

    

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

    

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

       

    

    Section
      6.12. Control
      by Holders.

    

    The
      Holders of a majority in principal amount of the outstanding Securities of
      any
      Series shall have the right to direct the time, method and place of conducting
      any proceeding for any remedy available to the Trustee, or exercising any trust
      or power conferred on the Trustee, with respect to the Securities of such
      Series. However, the Trustee may refuse to follow any direction that conflicts
      with law or this Indenture or that the Trustee determines in good faith is
      unduly prejudicial to the rights of other Holders or would involve the Trustee
      in personal liability.

    

    Section
      6.13. Waiver
      of
      Past Defaults.

    

    The
      Holders of a majority in aggregate principal amount of the outstanding
      Securities of any Series, by notice to the Trustee (and without notice to any
      other Holder), may on behalf of the Holders of all of the Securities of such
      Series waive an existing Default with respect to such Series and its
      consequences except that the consent of the Holders of 100% of the Securities
      of
      such Series shall be required to waive (a) an Event of Default described in
      Section 6.1(a) with respect to such Series or (b) a Default in respect of a
      provision that under Section 9.2 cannot be amended without the consent of the
      Holder of each outstanding Security of the Series affected. When a Default
      is
      waived, it is deemed cured, but no such waiver shall extend to any subsequent
      or
      other Default or impair any consequent right.

    

    Section
      6.14. Undertaking
      for Costs.

    

    All
      parties to this Indenture agree, and each Holder of any Security by his
      acceptance thereof shall be deemed to have agreed, that any court may in its
      discretion require, in any suit for the enforcement of any right or remedy
      under
      this Indenture, or in any suit against the Trustee for any action taken,
      suffered or omitted by it as Trustee, the filing by any party litigant in such
      suit of an undertaking to pay the costs of such suit, and that such court may
      in
      its discretion assess reasonable costs, including reasonable attorneys' fees,
      against any party litigant in such suit, having due regard to the merits and
      good faith of the claims or defenses made by such party litigant; but the
      provisions of this Section 6.14 shall not apply to any suit instituted by the
      Company, to any suit instituted by the Trustee, to any suit instituted by any
      Holder, or group of Holders, holding in the aggregate more than 10% in principal
      amount of the outstanding Securities of any Series, or to any suit instituted
      by
      any Holder for the enforcement of the payment of the principal of or interest
      on
      any Security on or after the Stated Maturity or Stated Maturities expressed
      in
      such Security (or, in the case of redemption, on the redemption
      date).

    

    ARTICLE
      VII.

    TRUSTEE

    

    Section
      7.1. Duties
      of
      Trustee.

    

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

       

    

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

    

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

    

    (i) The
      Trustee need perform only those duties that are specifically set forth in this
      Indenture and no others. The permissive right of the Trustee to take or refrain
      from taking any action hereunder shall not be construed as a duty.

    

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

    

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

    

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

    

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

    

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

    

    (d) Every
      provision of this Indenture that in any way relates to the Trustee is subject
      to
      paragraph (a), (b) and (c) of this Section 7.1.

    

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

    

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

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

       

    

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

    

    (h)
       The
      Paying Agent, the Registrar and any authenticating agent shall be entitled
      to
      the protections, immunities and standard of care as are set forth in paragraphs
      (a), (b) and (c) of this Section with respect to the Trustee.

    

    Section
      7.2. Rights
      of
      Trustee.

    

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

    

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

    

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

    

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

    

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

    

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

    

    Section
      7.3. Individual
      Rights of Trustee.

    

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

    

    Section
      7.4. Trustee's
      Disclaimer.

    

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

       

    

    The
      Trustee shall not be responsible for and makes no representation as to the
      validity or adequacy of this Indenture or the Securities, it shall not be
      accountable for the Company's use of the proceeds from the Securities, and
      it
      shall not be responsible for any statement or recital herein or any statement
      in
      the Securities or any other document in connection with the sale of the
      Securities or pursuant to this Indenture other than its
      authentication.

    

    Section
      7.5. Notice
      of
      Defaults.

    

    If
      a
      Default or Event of Default occurs and is continuing with respect to the
      Securities of any Series and if it is known to a Responsible Officer of the
      Trustee, the Trustee shall mail to each Securityholder of the Securities of
      that
      Series and, if any Bearer Securities are outstanding, publish on one occasion
      in
      an Authorized Newspaper, notice of a Default or Event of Default within 90
      days
      after it occurs or, if later, after a Responsible Officer of the Trustee has
      knowledge of such Default or Event of Default. Except in the case of a Default
      or Event of Default in payment of principal of or interest on any Security
      of
      any Series, the Trustee may withhold the notice if and so long as its corporate
      trust committee or a committee of its Responsible Officers in good faith
      determines that withholding the notice is in the interests of Securityholders
      of
      that Series.

    

    Section
      7.6.  Reports
      by Trustee to Holders.

    

    Within
      60
      days after [date] in each year, the Trustee shall transmit by mail to all
      Securityholders, as their names and addresses appear on the register kept by
      the
      Registrar and, if any Bearer Securities are outstanding, publish in an
      Authorized Newspaper, a brief report dated as of such [date], in accordance
      with, and to the extent required under, TIA Section 313.

    

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

    

    Section
      7.7. Compensation
      and Indemnity.

    

    The
      Company shall pay to the Trustee from time to time reasonable compensation
      for
      its services. The Trustee's compensation shall not be limited by any law on
      compensation of a trustee of an express trust. The Company shall reimburse
      the
      Trustee upon request for all reasonable out-of-pocket expenses incurred by
      it.
      Such expenses shall include the reasonable compensation and expenses of the
      Trustee's agents and counsel.

    

    The
      Company shall indemnify the Trustee (including the cost of defending itself)
      against any loss, liability or expense incurred by it except as set forth in
      the
      next paragraph in the performance of its duties under this Indenture as Trustee
      or Agent. The Trustee shall notify the Company promptly of any claim for which
      it may seek indemnity. The Company shall defend the claim and the Trustee shall
      cooperate in the defense. The Trustee may have separate counsel and the Company
      shall pay the reasonable fees and expenses of such counsel. The Company need
      not
      pay for any settlement made without its consent, which consent shall not be
      unreasonably withheld. This indemnification shall apply to officers, directors,
      employees, shareholders and agents of the Trustee.

    

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

       

    

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

    

    To
      secure
      the Company's payment obligations in this Section 7.7, the Trustee shall have
      a
      lien prior to the Securities of any Series on all money or property held or
      collected by the Trustee, except that held in trust to pay principal and
      interest on particular Securities of that Series.

    

    When
      the
      Trustee incurs expenses or renders services after an Event of Default specified
      in Section 6.1(e) or (f) occurs, the expenses and the compensation for the
      services are intended to constitute expenses of administration under any
      Bankruptcy Law.

    

    Section
      7.8. Replacement
      of Trustee.

    

    A
      resignation or removal of the Trustee and appointment of a successor Trustee
      shall become effective only upon the successor Trustee's acceptance of
      appointment as provided in this Section 7.8.

    

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

    

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

    

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

    

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

    

    (d) the
      Trustee becomes incapable of acting.

    

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

    

    If
      a
      successor Trustee with respect to the Securities of any one or more Series
      does
      not take office within 60 days after the retiring Trustee resigns or is removed,
      the retiring Trustee, the Company or the Holders of at least 10% in principal
      amount of the Securities of the applicable Series may petition any court of
      competent jurisdiction for the appointment of a successor Trustee.

    

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

       

    

    If
      the
      Trustee with respect to the Securities of any one or more Series fails to comply
      with Section 7.10, any Securityholder of the applicable Series may petition
      any
      court of competent jurisdiction for the removal of the Trustee and the
      appointment of a successor Trustee.

    

    A
      successor Trustee shall deliver a written acceptance of its appointment to
      the
      retiring Trustee and to the Company. Immediately after that, the retiring
      Trustee shall transfer all property held by it as Trustee to the successor
      Trustee subject to the lien provided for in Section 7.7, the resignation or
      removal of the retiring Trustee shall become effective, and the successor
      Trustee shall have all the rights, powers and duties of the Trustee with respect
      to each Series of Securities for which it is acting as Trustee under this
      Indenture. A successor Trustee shall mail a notice of its succession to each
      Securityholder of each such Series and, if any Bearer Securities are
      outstanding, publish such notice on one occasion in an Authorized Newspaper.
      Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the
      Company's obligations under Section 7.7 hereof shall continue for the benefit
      of
      the retiring trustee with respect to reasonable expenses and liabilities
      incurred by it prior to such replacement.

    

    Section
      7.9. Successor
      Trustee by Merger, Etc.

    

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

    

    Section
      7.10. Eligibility;
      Disqualification.

    

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

    

    Section
      7.11. Preferential
      Collection of Claims Against Company.

    

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

    

    ARTICLE
      VIII.

    SATISFACTION
      AND DISCHARGE; DEFEASANCE

    

    Section
      8.1. Satisfaction
      and Discharge of Indenture.

    

    This
      Indenture shall upon Company Order cease to be of further effect (except as
      hereinafter provided in this Section 8.1), and the Trustee, at the expense
      of
      the Company, shall execute proper instruments acknowledging satisfaction and
      discharge of this Indenture, when

    

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

       

    

    (a) either

    

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

    

    (ii) all
      such
      Securities not theretofore delivered to the Trustee for cancellation pursuant
      to
      (i) above

    

    (1) have
      become due and payable, or

    

    (2) will
      become due and payable at their Stated Maturity within one year, or

    

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

    

    (4) are
      deemed paid and discharged pursuant to Section 8.3, as applicable;

    

    and
      the
      Company, in the case of (1), (2) or (3) above, has deposited or caused to be
      deposited with the Trustee in trust an amount, without reinvestment, which
      is
      sufficient for the purpose of paying and discharging the entire indebtedness
      on
      such Securities not theretofore delivered to the Trustee for cancellation,
      for
      principal and interest to the date of such deposit (in the case of Securities
      which have become due and payable on or prior to the date of such deposit)
      or to
      the Stated Maturity or redemption date, as the case may be;

    

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

    

    (c) the
      Company has delivered to the Trustee an Officers' Certificate and an Opinion
      of
      Counsel, each stating that all conditions precedent herein provided for relating
      to the satisfaction and discharge of this Indenture have been complied
      with.

    

    Notwithstanding
      the satisfaction and discharge of this Indenture, the obligations of the Company
      to the Trustee under Section 7.7, and, if money shall have been deposited with
      the Trustee pursuant to clause (a) of this Section, the provisions of Sections
      2.5, 2.8, 2.9, 8.1, 8.2 and 8.5 shall survive.

    

    Section
      8.2. Application
      of Trust Funds; Indemnification.

    

    (a) Subject
      to the provisions of Section 8.5, all money deposited with the Trustee pursuant
      to Section 8.1, all money and Government Obligations deposited with the Trustee
      pursuant to Section 8.3 or 8.4 and all money received by the Trustee in respect
      of Government Obligations deposited with the Trustee pursuant to Section 8.3
      or
      8.4, shall be held in trust and applied by it, in accordance with the provisions
      of the Securities and this Indenture, to the payment, either directly or through
      any Paying Agent (including the Company acting as its own Paying Agent) as
      the
      Trustee may determine, to the persons entitled thereto, of the principal and
      interest for whose payment such money has been deposited with or received by
      the
      Trustee or to make mandatory sinking fund payments or analogous payments as
      contemplated by Sections 8.3 or 8.4.

    

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

       

    

    (b) The
      Company shall pay and shall indemnify the Trustee against any tax, fee or other
      charge imposed on or assessed against Government Obligations deposited pursuant
      to Sections 8.3 or 8.4 or the interest and principal received in respect of
      such
      Government Obligations other than any payable by or on behalf of
      Holders.

    

    (c) The
      Trustee shall deliver or pay to the Company from time to time upon Company
      Request any Government Obligations or money held by it as provided in Sections
      8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent
      certified public accountants expressed in a written certification thereof
      delivered to the Trustee, are then in excess of the amount thereof which then
      would have been required to be deposited for the purpose for which such
      Government Obligations or money were deposited or received. This provision
      shall
      not authorize the sale by the Trustee of any Government Obligations held under
      this Indenture.

    

    Section
      8.3. Legal
      Defeasance of Securities of any Series.

    

    Unless
      this Section 8.3 is otherwise specified, pursuant to subparagraph 2.2.17, to
      be
      inapplicable to Securities of any Series, the Company shall be deemed to have
      paid and discharged the entire indebtedness on all the outstanding Securities
      of
      such Series on the date of the deposit referred to in subparagraph (c)(1)
      hereof, and the provisions of this Indenture, as it relates to such outstanding
      Securities of such Series, shall no longer be in effect (and the Trustee, at
      the
      expense of the Company, shall, at Company Request, execute proper instruments
      acknowledging the same), except as to:

    

    (a) the
      rights of Holders of Securities of such Series to receive, from the trust funds
      described in subparagraph (c)(1) hereof, (i) payment of the principal of and
      each installment of principal of and interest on the outstanding Securities
      of
      such Series on the Stated Maturity of such principal or installment of principal
      or interest and (ii) the benefit of any mandatory sinking fund payments
      applicable to the Securities of such Series on the day on which such payments
      are due and payable in accordance with the terms of this Indenture and the
      Securities of such Series;

    

    (b) the
      provisions of Sections 2.5, 2.8, 2.9, 8.2, 8.3 and 8.5; and

    

    (c) the
      rights, powers, trust and immunities of the Trustee hereunder;

    

    provided
      that, the following conditions shall have been satisfied:

    

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

       

    

    (1) The
      Company shall have irrevocably deposited with the Trustee, in trust, (i)
      sufficient funds in the currency or currency unit in which the Securities of
      such Series are denominated to pay, without reinvestment, the principal of
      and
      interest to Stated Maturity (or redemption) on, the Securities of such Series,
      or (ii) such amount of direct obligations of, or obligations the principal
      of
      and interest on which are fully guaranteed by, the government which issued
      the
      currency in which the Securities of such series are denominated ("Government
      Obligations"), and which are not subject to prepayment, redemption or call,
      as
      will, together with the predetermined and certain income to accrue thereon
      without consideration of any reinvestment thereof, be sufficient to pay when
      due
      the principal of, and interest to Stated Maturity (or redemption) on, the
      Securities of such Series.

    

    (2) The
      Company shall (i) have delivered an Opinion of Counsel that the Company has
      met
      all of the conditions precedent to such defeasance and that the Holders of
      the
      Securities of such Series will not recognize income, gain or loss for United
      States Federal income tax purposes as a result of such defeasance, and will
      be
      subject to tax in the same manner as if no defeasance and discharge or covenant
      defeasance, as the case may be, had occurred or (ii) the Company shall have
      delivered to the Trustee an Opinion of Counsel to the effect that (A) the
      Company has received from, or there has been published by, the Internal Revenue
      Service a ruling or (B) since the date this Indenture was first executed, 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 in the United States
      shall confirm that, the holders of outstanding Securities of that particular
      Series will not recognize income, gain or loss for federal income tax purposes
      as a result of such defeasance.

    

    Section
      8.4. Covenant
      Defeasance.

    

    Unless
      this Section 8.4 is otherwise specified pursuant to subparagraph 2.2.17 to
      be
      inapplicable to Securities of any Series, on the date of the deposit referred
      to
      in subparagraph (a) hereof, the Company may omit to comply with any term,
      provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5 and 5.1
      as
      well as any additional covenants contained in a supplemental indenture hereto
      for a particular Series of Securities or a Board Resolution or an Officers'
      Certificate delivered pursuant to Section 2.2.21 (and the failure to comply
      with
      any such covenants shall not constitute a Default or Event of Default under
      Section 6.1) and the occurrence of any event described in clause (e) of Section
      6.1 shall not constitute a Default or Event of Default hereunder, with respect
      to the Securities of such Series, provided that the following conditions shall
      have been satisfied:

    

    (a) The
      Company shall have irrevocably deposited with the Trustee, in trust, (i)
      sufficient funds in the currency or currency unit in which the Securities of
      such Series are denominated to pay the principal of and interest to Stated
      Maturity (or redemption) on, the Securities of such Series, or (ii) such amount
      of Government Obligations, which are not subject to prepayment, redemption
      or
      call, as will, together with the predetermined and certain income to accrue
      thereon without consideration of any reinvestment thereof, be sufficient to
      pay
      when due the principal of, and interest to Stated Maturity (or redemption)
      on,
      the Securities of such Series.

    

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

       

    

    (b) The
      Company shall have delivered an Opinion of Counsel that the Company has met
      all
      of the conditions precedent to such defeasance and that the Holders of the
      Securities of such series will not recognize income, gain or loss for United
      States Federal income tax purposes as a result of such defeasance, and will
      be
      subject to tax in the same manner as if no defeasance and discharge or covenant
      defeasance, as the case may be, had occurred.

    

    Section
      8.5. Repayment
      to Company.

    

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

    

    ARTICLE
      IX.

    AMENDMENTS
      AND WAIVERS

    

    Section
      9.1.  Without
      Consent of Holders.

    

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

    

    (a) to
      evidence the succession of another corporation to the Company and the assumption
      by any such successor of the covenants of the Company herein and in the
      Securities;

    

    (b) to
      add to
      the covenants, agreements and obligations of the Company for the benefit of
      the
      Holders of all of the Securities or any Series thereof, or to surrender any
      right or power herein conferred upon the Company;

    

    (c) to
      establish the forms or terms of Securities of any Series;

    

    (d) to
      evidence and provide for the acceptance of appointment hereunder by a successor
      Trustee with respect to the Securities of one or more series and to add to
      or
      change any of the provisions of this Indenture as shall be necessary to provide
      for or facilitate the administration of the trusts hereunder by more than one
      Trustee, pursuant to the requirements of Section 7.8;

    

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

    

    (f) to
      add
      to, change or eliminate any of the provisions of this Indenture (which addition,
      change or elimination may apply to one or more Series of Securities), provided
      that any such addition, change or elimination shall neither (i) apply to any
      Security of any Series created prior to the execution of such supplemental
      indenture and entitled to the benefit of such provision nor (ii) modify the
      rights of the Holder of any such Security with respect to such
      provision;

    

    (g) to
      secure
      the Securities; or

    

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

       

    

    (h) to
      make
      any other change that does not adversely affect the rights of any Securityholder
      in any material respect.

    

    Section
      9.2. With
      Consent of Holders.

    

    With
      the
      written consent of the Holders of at least a majority in aggregate principal
      amount of the outstanding Securities of each Series affected by such
      supplemental indenture, the Company and the Trustee may amend this Indenture
      or
      the Securities of any Series or may enter into an indenture or indentures
      supplemental hereto for the purpose of adding any provisions to or changing
      in
      any manner or eliminating any of the provisions of this Indenture or of
      modifying in any manner the rights of the Holders of the Securities of such
      series and any related coupons under this Indenture; provided, however, that
      no
      such amendment or supplemental indenture shall, without the consent of the
      Holder of each outstanding Security affected thereby:

    

    (a) change
      the Stated Maturity of the principal of, or any installment of principal or
      interest on, any such Security or reduce the principal amount thereof or the
      rate of interest thereon or any premium payable upon redemption thereof or
      reduce the amount of principal of any such Discount Security that would be
      due
      and payable upon a declaration of acceleration of maturity thereof pursuant
      to
      Section 6.2, or change the coin or currency in which, any principal of, or
      any
      installment of interest on, any such Security is payable, or impair the right
      to
      institute suit for the enforcement of any such payment on or after the Stated
      Maturity thereof (or, in the case of redemption, on or after the redemption
      date);

    

    (b) reduce
      the percentage in principal amount of the outstanding Securities of any series,
      the consent of whose Holders is required for any such amendment or supplemental
      indenture, or the consent of whose Holders is required for any waiver (of
      compliance with certain provisions of this Indenture or certain defaults
      hereunder and their consequences) with respect to the Securities of such Series
      provided for in this Indenture; or

    

    (c) modify
      any of the provisions of this Section, Section 6.4 or 6.7, except to increase
      the percentage of outstanding Securities of such Series required for such
      actions to provide that certain other provisions of this Indenture cannot be
      modified or waived without the consent of the Holder of each outstanding
      Security affected thereby.

    

    A
      supplemental indenture which changes or eliminates any covenant or other
      provision of this Indenture which has expressly been included solely for the
      benefit of one or more particular Series of Securities, or which modifies the
      rights of the Holders of Securities of such Series with respect to such covenant
      or other provision, shall be deemed not to affect the rights under this
      Indenture of the Holders of Securities of any other Series.

    

    An
      amendment may not make any change that adversely affects the rights under
      Article XII of any Holder of Senior Indebtedness then outstanding unless the
      requisite holders of such Senior Indebtedness consent to such change pursuant
      to
      the terms of such Senior Indebtedness.

    

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

       

    

    It
      shall
      not be necessary for the consent of the Holders under this Section 9.2 to
      approve the particular form of any proposed amendment or supplemental indenture,
      but it shall be sufficient if such consent approves the substance
      thereof.

    

    After
      an
      amendment or supplemental indenture under this Section 9.2 becomes effective,
      the Company shall mail to each Holder of the particular Securities affected
      thereby and, if any Bearer Securities affected thereby are outstanding, publish
      on one occasion in an Authorized Newspaper, a notice briefly describing the
      amendment. Any failure by the Company to mail or publish such notice, or any
      defect therein, shall not, however, in any way impair or affect the validity
      of
      any such amendment or supplemental indenture.

    

    Section
      9.3. Compliance
      with Trust Indenture Act.

    

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

    

    Section
      9.4.  Revocation
      and Effect of Consents.

    

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

    

    Any
      amendment or waiver once effective shall bind every Securityholder of each
      Series affected by such amendment or waiver unless it is of the type described
      in any of clauses (a) through (c) of Section 9.2. In that case, the amendment
      or
      waiver shall bind each Holder of a Security who has consented to it and every
      subsequent Holder of a Security or portion of a Security that evidences the
      same
      debt as the consenting Holder's Security.

    

    Section
      9.5. Notation
      on or Exchange of Securities.

    

    The
      Trustee may place an appropriate notation about an amendment or waiver on any
      Security of any Series thereafter authenticated. The Company in exchange for
      Securities of that Series may issue and the Trustee shall authenticate upon
      request new Securities of that Series that reflect the amendment or
      waiver.

    

    Section
      9.6. Trustee
      Protected.

    

    In
      executing, or accepting the additional trusts created by, any supplemental
      indenture permitted by this Article IX or the modifications thereby of the
      trusts created by this Indenture, the Trustee shall be entitled to receive,
      and
      (subject to Section 7.1) shall be fully protected in relying upon, an Opinion
      of
      Counsel stating that the execution of such supplemental indenture is authorized
      or permitted by this Indenture. The Trustee shall sign all supplemental
      indentures, except that the Trustee need not sign any supplemental indenture
      that adversely affects its rights.

    

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

       

    

    ARTICLE
      X.

    MISCELLANEOUS

    

    Section
      10.1. Trust
      Indenture Act Controls.

    

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

    

    Section
      10.2. 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 mailed by first-class mail (registered
      or certified, return receipt requested), telecopier or overnight air courier
      guaranteeing next day delivery, to the other's address:

    

    
      	
              if
                to the Company:

            	 	 	 
	 	
              Western
                Goldfields, Inc. 

            	 	 
	 	
              2
                Blor Street 

            	 	 
	 	
              Suite
                2102, P.O. Box 110

            	 	 
	 	
              Toronto,
                Ontario 

            	 	 
	 	
              Canada
                M4W 3EZ 

            	 	 
	 	
              Attention:
                Chief Financial Officer

            	 	 
	 	
              Fax:

            	  
	
            	 	
            
	 	 	 	 
	
              if
                to the Trustee:

            	 	 	 
	 	 	 	 
	 	
            	
            	 	 
	 	
            	
            	 	 
	 	
            	
            	 	 
	 	
              Attention:
                

            	
            	
            	 	 
	 	
              Fax:
                

            	
            	
            	 	 

    

     

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

    

    Any
      notice or communication to a Securityholder shall be mailed by first-class
      mail,
      certified or registered, return receipt requested, or by overnight courier
      guaranteeing next day delivery to his or her address shown on the register
      kept
      by the Registrar and, if any Bearer Securities are outstanding, published in
      an
      Authorized Newspaper. Failure to mail a notice or communication to a
      Securityholder of any Series or any defect in it shall not affect its
      sufficiency with respect to other Securityholders of that or any other
      Series.

    

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

       

    

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

    

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

    

    Section
      10.3. Communication
      by Holders with Other Holders.

    

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

    

    Section
      10.4. 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:

    

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

    

    (b)
       an
      Opinion of Counsel stating that, in the opinion of such counsel, all such
      conditions precedent have been complied with.

    

    Section
      10.5. Statements
      Required in Certificate or Opinion.

    

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

    

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

    

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

    

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

    

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

    

    Section
      10.6. Rules
      by
      Trustee and Agents.

    

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

       

    

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

    

    Section
      10.7. Legal
      Holidays.

    

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

    

    Section
      10.8. No
      Recourse Against Others.

    

    A
      director, officer, employee or stockholder, as such, of the Company shall not
      have any liability for any obligations of the Company under the Securities
      or
      the Indenture or for any claim based on, in respect of or by reason of such
      obligations or their creation. Each Securityholder by accepting a Security
      waives and releases all such liability. The waiver and release are part of
      the
      consideration for the issue of the Securities. All Securities, including Global
      Securities, shall bear a legend in a form substantially setting forth the
      foregoing statements in this Section 10.8.

    

    Section
      10.9. Counterparts.

    

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

    

    Section
      10.10.  Governing
      Laws.

    

    THIS
      INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
      NEW
      YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT
      REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF THAT
      WOULD DEFER TO THE LAWS OF ANOTHER JURISDICTION.

    

    Section
      10.11. No
      Adverse Interpretation of Other Agreements.

    

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

    

    Section
      10.12.  Successors.

    

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

    

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

       

    

    Section
      10.13.  Severability.

    

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

    

    Section
      10.14. Table
      of
      Contents, Headings, Etc.

    

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

    

    ARTICLE
      XI.

    SINKING
      FUNDS

    

    Section
      11.1. Applicability
      of Article.

    

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

    

    The
      minimum amount of any sinking fund payment provided for by the terms of the
      Securities of any Series is herein referred to as a "mandatory sinking fund
      payment" and any other amount provided for by the terms of Securities of such
      Series is herein referred to as an "optional sinking fund payment." If provided
      for by the terms of Securities of any Series, the cash amount of any sinking
      fund payment may be subject to reduction as provided in Section 11.2. Each
      sinking fund payment shall be applied to the redemption of Securities of any
      Series as provided for by the terms of the Securities of such
      Series.

    

    Section
      11.2.  Satisfaction
      of Sinking Fund Payments with Securities.

    

    The
      Company may, in satisfaction of all or any part of any sinking fund payment
      with
      respect to the Securities of any Series to be made pursuant to the terms of
      such
      Securities (1) deliver outstanding Securities of such Series to which such
      sinking fund payment is applicable (other than any of such Securities previously
      called for mandatory sinking fund redemption) and (2) apply as a credit
      Securities of such Series to which such sinking fund payment is applicable
      and
      which have been redeemed either at the election of the Company pursuant to
      the
      terms of such Series of Securities (except pursuant to any mandatory sinking
      fund) or through the application of permitted optional sinking fund payments
      or
      other optional redemptions pursuant to the terms of such Securities, provided
      that such Securities have not been previously so credited. Such Securities
      shall
      be received by the Trustee, together with an Officers' Certificate with respect
      thereto, not later than 15 days prior to the date on which the Trustee begins
      the process of selecting Securities for redemption, and shall be credited for
      such purpose by the Trustee at the price specified in such Securities for
      redemption through operation of the sinking fund and the amount of such sinking
      fund payment shall be reduced accordingly. If as a result of the delivery or
      credit of Securities in lieu of cash payments pursuant to this Section 11.2.
      The
      principal amount of Securities of such Series to be redeemed in order to exhaust
      the aforesaid cash payment shall be less than $100,000, the Trustee need not
      call Securities of such Series for redemption, except upon receipt of a Company
      Order that such action be taken, and such cash payment shall be held by the
      Trustee or a Paying Agent and applied to the next succeeding sinking fund
      payment, provided, however, that the Trustee or such Paying Agent shall from
      time to time upon receipt of a Company Order pay over and deliver to the Company
      any cash payment so being held by the Trustee or such Paying Agent upon delivery
      by the Company to the Trustee of Securities of that Series purchased by the
      Company having an unpaid principal amount equal to the cash payment required
      to
      be released to the Company.

    

    
      
        
        

      

      
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    Section
      11.3.  Redemption
      of Securities for Sinking Fund.

    

    Not
      less
      than 45 days (unless otherwise indicated in the Board Resolution, supplemental
      indenture hereto or Officers' Certificate in respect of a particular Series
      of
      Securities) prior to each sinking fund payment date for any Series of
      Securities, the Company will deliver to the Trustee an Officers' Certificate
      specifying the amount of the next ensuing mandatory sinking fund payment for
      that Series pursuant to the terms of that Series, the portion thereof, if any,
      which is to be satisfied by payment of cash and the portion thereof, if any,
      which is to be satisfied by delivering and crediting of Securities of that
      Series pursuant to Section 11.2. and the optional amount, if any, to be added
      in
      cash to the next ensuing mandatory sinking fund payment, and the Company shall
      thereupon be obligated to pay the amount therein specified. Not less than 30
      days (unless otherwise indicated in the Board Resolution, Officers' Certificate
      or supplemental indenture in respect of a particular Series of Securities)
      before each such sinking fund payment date the Trustee shall select the
      Securities to be redeemed upon such sinking fund payment date in the manner
      specified in Section 3.2 and cause notice of the redemption thereof to be given
      in the name of and at the expense of the Company in the manner provided in
      Section 3.3. Such notice having been duly given, the redemption of such
      Securities shall be made upon the terms and in the manner stated in Sections
      3.4, 3.5 and 3.6.

    

    ARTICLE
      XII.

    SUBORDINATION
      OF SECURITIES

    

    Section
      12.1. Agreement
      of Subordination.

    

    The
      Company covenants and agrees, and each Holder of Securities issued hereunder
      by
      his or her acceptance thereof likewise covenants and agrees, that all Securities
      shall be issued subject to the provisions of this Article XII; and each Person
      holding any Security, whether upon original issue or upon transfer, assignment
      or exchange thereof, accepts and agrees to be bound by such
      provisions.

    

    The
      payment of the principal of, premium, if any, and interest on all Securities
      (including, but not limited to, the redemption price with respect to the
      Securities called for redemption in accordance with Article 3 as provided in
      the
      Indenture) issued hereunder shall, to the extent and in the manner hereinafter
      set forth, be subordinated and subject in right of payment to the prior payment
      in full of all Senior Indebtedness, whether outstanding at the date of this
      Indenture or thereafter incurred.

    

    
      
        
        

      

      
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    No
      provision of this Article XII shall prevent the occurrence of any Default or
      Event of Default hereunder.

    

    Section
      12.2. Payments
      to Holders.

    

    No
      payment shall be made with respect to the principal of, or premium, if any,
      or
      interest on the Securities (including, but not limited to, the redemption price
      with respect to the

    Securities
      to be called for redemption in accordance with Article III as provided in the
      Indenture), except payments and distributions made by the Trustee as permitted
      by the first or second paragraph of Section 12.5, if:

    

    (i)
       a
      default
      in the payment of principal, premium, interest or other obligations due on
      any
      Senior Indebtedness occurs and is continuing (or, in the case of Senior
      Indebtedness for which there is a period of grace, in the event of such a
      default that continues beyond the period of grace, if any, specified in the
      instrument or lease evidencing such Senior Indebtedness), unless and until
      such
      default shall have been cured or waived or shall have ceased to exist;
      or

    

    (ii)
       a
      default, other than a payment default, on a Designated Senior Indebtedness
      occurs and is continuing that then permits holders of such Designated Senior
      Indebtedness to accelerate its maturity and the Trustee receives a notice of
      the
      default (a "Payment Blockage Notice") from a Representative or the
      Company.

    

    If
      the
      Trustee receives any Payment Blockage Notice pursuant to clause (ii) above,
      no
      subsequent Payment Blockage Notice shall be effective for purposes of this
      Section 12.1 unless and until (A) at least 365 days shall have elapsed since
      the
      initial effectiveness of the immediately prior Payment Blockage Notice, and
      (B)
      all scheduled payments of principal, premium, if any, and interest on the
      Securities that have come due have been paid in full in cash. No nonpayment
      default that existed or was continuing on the date of delivery of any Payment
      Blockage Notice to the Trustee shall be, or be made, the basis for a subsequent
      Payment Blockage Notice.

    

    The
      Company may and shall resume payments on and distributions in respect of the
      Securities upon the earlier of:

    

    (1) the
      date
      upon which the default is cured or waived or ceases to exist, or

    

    (2) in
      the
      case of a default referred to in clause (ii) above, 179 days after notice is
      received if the maturity of such Designated Senior Indebtedness has not been
      accelerated,

    

    unless
      this Article XII otherwise prohibits the payment or distribution at the time
      of
      such payment or distribution.

    

    
      
        
        

      

      
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    Upon
      any
      payment by the Company, or distribution of assets of the Company of any kind
      or
      character, whether in cash, property or securities, to creditors upon any
      dissolution or winding-up or liquidation or reorganization of the Company,
      whether voluntary or involuntary or in bankruptcy, insolvency, receivership
      or
      other proceedings, all amounts due or to become due upon all Senior Indebtedness
      shall first be paid in full in cash or other payment satisfactory to the holders
      of such Senior Indebtedness, or payment thereof in accordance with its terms
      provided for in cash or other payment satisfactory to the holders of such Senior
      Indebtedness, before any payment is made on account of the principal of,
      premium, if any, or interest on the Securities (except payments made pursuant
      to
      Article VI from monies deposited with the Trustee pursuant thereto prior to
      commencement of proceedings for such dissolution, winding-up, liquidation or
      reorganization); and upon any such dissolution or winding-up or liquidation
      or
      reorganization of the Company or bankruptcy, insolvency, receivership or other
      proceeding, any payment by the Company, or distribution of assets of the Company
      of any kind or character, whether in cash, property or securities, to which
      the
      Holders of the Securities or the Trustee would be entitled, except for the
      provision of this Article XII, shall (except as aforesaid) be paid by the
      Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent
      or
      other Person making such payment or distribution, or by the Holders of the
      Securities or by the Trustee under this Indenture if received by them or it,
      directly to the holders of Senior Indebtedness (pro rata to such holders on
      the
      basis of the respective amounts of Senior Indebtedness held by such holders,
      or
      as otherwise required by law or a court order) or their representative or
      representatives, or to the trustee or trustees under any indenture pursuant
      to
      which any instruments evidencing any Senior Indebtedness may have been issued,
      as their respective interests may appear, to the extent necessary to pay all
      Senior Indebtedness in full, in cash or other payment satisfactory to the
      holders of such Senior Indebtedness, after giving effect to any concurrent
      payment or distribution to or for the holders of Senior Indebtedness, before
      any
      payment or distribution or provision therefor is made to the Holders of the
      Securities or to the Trustee.

    

    For
      purposes of this Article XII, the words, "cash, property or securities" shall
      not be deemed to include shares of stock of the Company as reorganized or
      readjusted, or securities of the Company or any other corporation provided
      for
      by a plan of reorganization or readjustment, the payment of which is
      subordinated at least to the extent provided in this Article XII with respect
      to
      the Securities to the payment of all Senior Indebtedness which may at the time
      be outstanding; provided that (i) the Senior Indebtedness is assumed by the
      new
      corporation, if any, resulting from any reorganization or readjustment, and
      (ii)
      the rights of the holders of Senior Indebtedness (other than leases which are
      not assumed by the Company or the new corporation, as the case may be) are
      not,
      without the consent of such holders, altered by such reorganization or
      readjustment. The consolidation of the Company with, or the merger of the
      Company into, another corporation or the liquidation or dissolution of the
      Company following the conveyance or transfer of its property as an entirety,
      or
      substantially as an entirety, to another corporation upon the terms and
      conditions provided for in Article V shall not be deemed a dissolution,
      winding-up, liquidation or reorganization for the purposes of this Section
      12.2
      if such other corporation shall, as a part of such consolidation, merger,
      conveyance or transfer, comply with the conditions stated in Article
      V.

    

    In
      the
      event of the acceleration of the Securities because of an Event of Default,
      no
      payment or distribution shall be made to the Trustee or any Holder of Securities
      in respect of the principal of, premium, if any, or interest on the Securities
      (including, but not limited to, the redemption price with respect to the
      Securities called for redemption in accordance with Article III as provided
      in
      the Indenture), except payments and distributions made by the Trustee as
      permitted by the first or second paragraph of Section 12.5, until all Senior
      Indebtedness has been paid in full in cash or other payment satisfactory to
      the
      holders of Senior Indebtedness or such acceleration is rescinded in accordance
      with the terms of this Indenture. If payment of the Securities is accelerated
      because of an Event of Default, the Company shall promptly notify holders of
      Senior Indebtedness of the acceleration.

    

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

       

    

    In
      the
      event that, notwithstanding the foregoing provisions, any payment or
      distribution of assets of the Company of any kind or character, whether in
      cash,
      property or securities (including, without limitation, by way of setoff or
      otherwise), prohibited by the foregoing, shall be received by the Trustee or
      the
      Holders of the Securities before all Senior Indebtedness is paid in full in
      cash
      or other payment satisfactory to the holders of such Senior Indebtedness, or
      provision is made for such payment thereof in accordance with its terms in
      cash
      or other payment satisfactory to the holders of such Senior Indebtedness, such
      payment or distribution shall be held in trust for the benefit of and shall
      be
      paid over or delivered to the holders of Senior Indebtedness or their
      representative or representatives, or to the trustee or trustees under any
      indenture pursuant to which any instruments evidencing any Senior Indebtedness
      may have been issued, as their respective interests may appear, as calculated
      by
      the Company, for application to the payment of all Senior Indebtedness remaining
      unpaid to the extent necessary to pay all Senior Indebtedness in full in cash
      or
      other payment satisfactory to the holders of such Senior Indebtedness, after
      giving effect to any concurrent payment or distribution to or for the holders
      of
      such Senior Indebtedness.

    

    Nothing
      in this Section 12.2 shall apply to claims of, or payments to, the Trustee
      under
      or pursuant to Section 7.7. This Section 12.2 shall be subject to the further
      provisions of Section 12.5.

    

    Section
      12.3. 
      Subrogation of Securities.

    

    Subject
      to the payment in full of all Senior Indebtedness, the rights of the Holders
      of
      the Securities shall be subrogated to the extent of the payments or
      distributions made to the holders of such Senior Indebtedness pursuant to the
      provisions of this Article XII (equally and ratably with the holders of all
      indebtedness of the Company which by its express terms is subordinated to other
      indebtedness of the Company to substantially the same extent as the Securities
      are subordinated and is entitled to like rights of subrogation) to the rights
      of
      the holders of Senior Indebtedness to receive payments or distributions of
      cash,
      property or securities of the Company applicable to the Senior Indebtedness
      until the principal, premium, if any, and interest on the Securities shall
      be
      paid in full; and, for the purposes of such subrogation, no payments or
      distributions to the holders of the Senior Indebtedness of any cash, property
      or
      securities to which the Holders of the Securities or the Trustee would be
      entitled except for the provisions of this Article XII, and no payment over
      pursuant to the provisions of this Article XII, to or for the benefit of the
      holders of Senior Indebtedness by Holders of the Securities or the Trustee,
      shall, as between the Company, its creditors other than holders of Senior
      Indebtedness, and the Holders of the Securities, be deemed to be a payment
      by
      the Company to or on account of the Senior Indebtedness; and no payments or
      distributions of cash, property or securities to or for the benefit of the
      Holders of the Securities pursuant to the subrogation provisions of this Article
      XII, which would otherwise have been paid to the holders of Senior Indebtedness
      shall be deemed to be a payment by the Company to or for the account of the
      Securities. It is understood that the provisions of this Article XII are and
      are
      intended solely for the purposes of defining the relative rights of the Holders
      of the Securities, on the one hand, and the holders of the Senior Indebtedness,
      on the other hand.

    

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

       

    

    Nothing
      contained in this Article XII or elsewhere in this Indenture or in the
      Securities is intended to or shall impair, as among the Company, its creditors
      other than the holders of Senior Indebtedness, and the Holders of the
      Securities, the obligation of the Company, which is absolute and unconditional,
      to pay to the Holders of the Securities the principal of (and premium, if any)
      and interest on the Securities as and when the same shall become due and payable
      in accordance with their terms, or is intended to or shall affect the relative
      rights of the Holders of the Securities and creditors of the Company other
      than
      the holders of the Senior Indebtedness, nor shall anything herein or therein
      prevent the Trustee or the Holder of any Security from exercising all remedies
      otherwise permitted by applicable law upon default under this Indenture, subject
      to the rights, if any, under this Article XII of the holders of Senior
      Indebtedness in respect of cash, property or securities of the Company received
      upon the exercise of any such remedy.

    

    Upon
      any
      payment or distribution of assets of the Company referred to in this Article
      XII, the Trustee, subject to the provisions of Section 7.1, and the Holders
      of
      the Securities shall be entitled to rely upon any order or decree made by any
      court of competent jurisdiction in which such bankruptcy, dissolution,
      winding-up, liquidation or reorganization proceedings are pending, or a
      certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent
      or other person making such payment or distribution, delivered to the Trustee
      or
      to the Holders of the Securities, for the purpose of ascertaining the persons
      entitled to participate in such distribution, the holders of the Senior
      Indebtedness and other indebtedness of the Company, the amount thereof or
      payable thereon and all other facts pertinent thereto or to this Article
      XII.

    

    Section
      12.4. Authorization
      to Effect Subordination.

    

    Each
      Holder of a Security by the Holder's acceptance thereof authorizes and directs
      the Trustee on the Holder's behalf to take such action as may be necessary
      or
      appropriate to effectuate the subordination as provided in this Article XII
      and
      appoints the Trustee to act as the Holder's attorney-in-fact for any and all
      such purposes. If the Trustee does not file a proper proof of claim or proof
      of
      debt in the form required in any proceeding referred to in Section 6.3 hereof
      at
      least 30 days before the expiration of the time to file such claim, the holders
      of any Senior Indebtedness or their representatives are hereby authorized to
      file an appropriate claim for and on behalf of the Holders of the
      Securities.

    

    Section
      12.5. Notice
      to
      Trustee.

    

    The
      Company shall give prompt written notice in the form of an Officers' Certificate
      to a Responsible Officer of the Trustee and to any Paying Agent of any fact
      known to the Company which would prohibit the making of any payment of monies
      to
      or by the Trustee or any Paying Agent in respect of the Securities pursuant
      to
      the provisions of this Article XII. Notwithstanding the provisions of this
      Article XII or any other provision of this Indenture, the Trustee shall not
      be
      charged with knowledge of the existence of any facts which would prohibit the
      making of any payment of monies to or by the Trustee in respect of the
      Securities pursuant to the provisions of this Article XII, unless and until
      a
      Responsible Officer of the Trustee shall have received written notice thereof
      at
      the Corporate Trust Office from the Company (in the form of an Officers'
      Certificate) or a Representative or a holder or holders of Senior Indebtedness
      or from any trustee thereof; and before the receipt of any such written notice,
      the Trustee, subject to the provisions of Section 7.1, shall be entitled in
      all
      respects to assume that no such facts exist; provided that if on a date not
      fewer than two Business Days prior to the date upon which by the terms hereof
      any such monies may become payable for any purpose (including, without
      limitation, the payment of the principal of, or premium, if any, or interest
      on
      any Security) the Trustee shall not have received, with respect to such monies,
      the notice provided for in this Section 12.5, then, anything herein contained
      to
      the contrary notwithstanding, the Trustee shall have full power and authority
      to
      receive such monies and to apply the same to the purpose for which they were
      received, and shall not be affected by any notice to the contrary which may
      be
      received by it on or after such prior date.

    

    
      
        
        

      

      
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    Notwithstanding
      anything in this Article XII to the contrary, nothing shall prevent any payment
      by the Trustee to the Holders of monies deposited with it pursuant to Section
      8.1, and any such payment shall not be subject to the provisions of Section
      12.1
      or 12.2.

    

    The
      Trustee, subject to the provisions of Section 7.1, shall be entitled to rely
      on
      the delivery to it of a written notice by a Representative or a person
      representing himself to be a holder of Senior Indebtedness (or a trustee on
      behalf of such holder) to establish that such notice has been given by a
      Representative or a holder of Senior Indebtedness or a trustee on behalf of
      any
      such holder or holders. In the event that the Trustee determines in good faith
      that further evidence is required with respect to the right of any person as
      a
      holder of Senior Indebtedness to participate in any payment or distribution
      pursuant to this Article XII, the Trustee may request

    such
      person to furnish evidence to the reasonable satisfaction of the Trustee as
      to
      the amount of Senior Indebtedness held by such person, the extent to which
      such
      person is entitled to participate in such payment or distribution and any other
      facts pertinent to the rights of such person under this Article XII, and if
      such
      evidence is not furnished the Trustee may defer any payment to such person
      pending judicial determination as to the right of such person to receive such
      payment.

    

    Section
      12.6. Trustee's
      Relation to Senior Indebtedness.

    

    The
      Trustee in its individual capacity shall be entitled to all the rights set
      forth
      in this Article XII in respect of any Senior Indebtedness at any time held
      by
      it, to the same extent as any other holder of Senior Indebtedness, and nothing
      in Section 7.11 or elsewhere in this Indenture shall deprive the Trustee of
      any
      of its rights as such holder.

    

    With
      respect to the holders of Senior Indebtedness, the Trustee undertakes to perform
      or to observe only such of its covenants and obligations as are specifically
      set
      forth in this Article XII, and no implied covenants or obligations with respect
      to the holders of Senior Indebtedness shall be read into this Indenture against
      the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the
      holders of Senior Indebtedness and, subject to the provisions of Section 7.1,
      the Trustee shall not be liable to any holder of Senior Indebtedness if it
      shall
      pay over or deliver to Holders of Securities, the Company or any other person
      money or assets to which any holder of Senior Indebtedness shall be entitled
      by
      virtue of this Article XII or otherwise.

    

    
      
        
        

      

      
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    Section
      12.7. No
      Impairment of Subordination.

    

    No
      right
      of any present or future holder of any Senior Indebtedness to enforce
      subordination as herein provided shall at any time in any way be prejudiced
      or
      impaired by any act or failure to act on the part of the Company or by any
      act
      or failure to act, in good faith, by any such holder, or by any noncompliance
      by
      the Company with the terms, provisions and covenants of this Indenture,
      regardless of any knowledge thereof which any such holder may have or otherwise
      be charged with.

    

    Section
      12.8. Article
      Applicable to Paying Agents.

    

    If
      at any
      time any Paying Agent other than the Trustee shall have been appointed by the
      Company and be then acting hereunder, the term "Trustee" as used in this Article
      XII shall (unless the context otherwise requires) be construed as extending
      to
      and including such Paying Agent within its meaning as fully for all intents
      and
      purposes as if such Paying Agent were named in this Article XII in addition
      to
      or in place of the Trustee; provided, however, that the first paragraph of
      Section 12.5 shall not apply to the Company or any Affiliate of the Company
      if
      it or such Affiliate acts as Paying Agent.

    

    Section
      12.9. Senior
      Indebtedness Entitled to Rely.

    

    The
      holders of Senior Indebtedness (including, without limitation, Designated Senior
      Indebtedness) shall have the right to rely upon this Article XII, and no
      amendment or modification of the provisions contained herein shall diminish
      the
      rights of such holders unless such holders shall have agreed in writing
      thereto.

    

    ARTICLE
      XIII. 

    GUARANTEES 

     

    Section
      13.1.  Unconditional
      Guarantee. 

     

    (a)
       Each
      Subsidiary Guarantor hereby, jointly and severally, unconditionally guarantees
      to each Holder and to the Trustee the due and punctual payment of the principal
      of, and interest on the Securities and all other amounts due and payable under
      this Indenture and the Securities by the Company whether at maturity, by
      acceleration, redemption, repurchase or otherwise, including, without
      limitation, interest on the overdue principal of and interest on the Securities,
      to the extent lawful, all in accordance with the terms hereof and thereof;
      subject, however, to the limitations set forth in this Article XIII.

     

    
      
        
        

      

      
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    (b)
       Failing
      payment when due of any amount so guaranteed for whatever reason, the Subsidiary
      Guarantors will be jointly and severally obligated to pay the same immediately.
      Each Subsidiary Guarantor hereby agrees that its obligations hereunder shall
      be
      unconditional, irrespective of the validity, regularity or enforceability of
      the
      Securities or this Indenture, the absence of any action to enforce the same,
      any
      waiver or consent by any Holder of the Securities with respect to any provisions
      hereof or thereof, the recovery of any judgment against the Company, any action
      to enforce the same or any other circumstance which might otherwise constitute
      a
      legal or equitable discharge or defense of a guarantor. Each Subsidiary
      Guarantor hereby waives diligence, presentment, demand of payments, filing
      of
      claims with a court in the event of insolvency or bankruptcy of the Company,
      any
      right to require a proceeding first against the Company, protest, notice and
      all
      demands whatsoever and covenants that this Subsidiary Guarantee will not be
      discharged except by complete performance of the obligations contained in the
      Securities, this Indenture and in the Subsidiary Guarantee. If any Holder or
      the
      Trustee is required by any court or otherwise to return to the Company, any
      Subsidiary Guarantor, or any custodian, trustee, liquidator or other similar
      official acting in relation to the Company or any Subsidiary Guarantor, any
      amount paid by the Company or any Subsidiary Guarantor to the Trustee or such
      Holder, the Subsidiary Guarantee, to the extent theretofore discharged, shall
      be
      reinstated in full force and effect. Each Subsidiary Guarantor agrees it shall
      not be entitled to any right of subrogation in relation to the Holders in
      respect of any obligations guaranteed hereby until payment in full of all
      obligations guaranteed hereby. Each Subsidiary Guarantor further agrees that,
      as
      between each Subsidiary Guarantor, on the one hand, and the Holders and the
      Trustee, on the other hand, (1) the maturity of the payment of principal of,
      interest, if any, and additional interest, if any, with respect to the
      Securities guaranteed hereby may be accelerated as provided in Article VI for
      the purposes of the applicable Subsidiary Guarantee, notwithstanding any stay,
      injunction or other prohibition preventing such acceleration in respect of
      the
      obligations guaranteed in this Indenture, and (2) in the event of any
      acceleration of such obligations as provided in Article VI, such obligations
      (whether or not due and payable) shall forthwith become due and payable by
      each
      Subsidiary Guarantor for the purpose of the applicable Subsidiary Guarantee.
      

    

    (c) A
      director, officer, employee or stockholder, as such, of an Subsidiary Guarantor
      shall not have any liability for any obligations of such Subsidiary Guarantor
      under this Indenture or for any claim based on, in respect of or by reason
      of
      such obligations or their creation.

     

    Section
      13.2.  Limitation
      of Subsidiary Guarantor's Liability. 

     

    Each
      Subsidiary Guarantor and by its acceptance hereof each Holder of Securities
      hereby confirms that it is the intention of all such parties that the guarantee
      by such Subsidiary Guarantor pursuant to its Subsidiary Guarantee not constitute
      a fraudulent transfer or conveyance for purposes of any federal, state or
      foreign law. To effectuate the foregoing intention, the Holders of Securities
      and each Subsidiary Guarantor hereby irrevocably agree that the obligations
      of
      each Subsidiary Guarantor under its Subsidiary Guarantee shall be limited to
      the
      maximum amount as will, after giving effect to all other contingent and fixed
      liabilities of such Subsidiary Guarantor and after giving effect to any
      collections from or payments made by or on behalf of any other Subsidiary
      Guarantor in respect of the obligations of such other Subsidiary Guarantor
      under
      its Subsidiary Guarantee, result in the obligations of such Subsidiary Guarantor
      under the Subsidiary Guarantee not constituting a fraudulent conveyance or
      fraudulent transfer under federal, state or foreign law. 

    

    
      
        
        

      

      
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    Section
      13.3. 
      Contribution. 

     

    In
      order
      to provide for just and equitable contribution among the Subsidiary Guarantors,
      the Subsidiary Guarantors agree, inter se, that in the event any payment or
      distribution is made by any Subsidiary Guarantor (a "Funding Guarantor") under
      the Subsidiary Guarantee, such Funding Guarantor shall be entitled to a
      contribution from each other Subsidiary Guarantor for all payments, damages
      and
      expenses incurred by the Funding Guarantor in discharging the Company's
      obligations with respect to the Securities or any other Subsidiary Guarantor's
      obligations with respect to the Subsidiary Guarantee. 

     

    Section
      13.4.  Execution
      and Delivery of Subsidiary Guarantees. 

     

    Each
      Subsidiary Guarantor hereby agrees that its execution and delivery of this
      Indenture or any supplemental indentures pursuant to Article IX shall evidence
      its Subsidiary Guarantee set forth in Section 13.1 without the need for any
      further notation on the Securities. 

     

    Each
      of
      the Subsidiary Guarantors hereby agrees that its Subsidiary Guarantee set forth
      in Section 13.1 shall remain in full force and effect notwithstanding any
      failure to endorse on each Security a notation relating to such Subsidiary
      Guarantee. 

     

    If
      an
      Officer of a Subsidiary Guarantor whose signature is on this Indenture or any
      supplemental indenture no longer holds that office at the time the Trustee
      authenticates such Securities or at any time thereafter, such Subsidiary
      Guarantor's Subsidiary Guarantee shall be valid nevertheless. 

     

    The
      delivery of any Security by the Trustee, after the authentication thereof
      hereunder, shall constitute due delivery of any Subsidiary Guarantee set forth
      in this Indenture on behalf of the Subsidiary Guarantor. 

     

    Section
      13.5 Addition
      of Subsidiary Guarantors.

    

    Any
      Person that was not a Subsidiary Guarantor on the date hereof may become a
      Subsidiary Guarantor by executing and delivering to the Trustee (A) a
      supplemental indenture in form and substance satisfactory to the Trustee, which
      subjects such Person to the provisions (including the representations and
      warranties) of this Indenture as a Subsidiary Guarantor and (B) an Opinion
      of
      Counsel and Officer's Certificate to the effect that such supplemental indenture
      has been duly authorized and executed by such Person and constitutes the legal,
      valid, binding and enforceable obligation of such Person (subject to customary
      exceptions concerning creditor's rights and equitable principles as may be
      acceptable to the Trustee in its discretion and provided that no opinion need
      be
      rendered concerning the enforceability of the Subsidiary
      Guarantee).

    

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

     

        
      Section 13.6.  Severability.
      

     

    In
      case
      any provision of this Subsidiary Guarantee shall be invalid, illegal or
      unenforceable, that portion of such provision that is not invalid, illegal
      or
      unenforceable shall remain in effect, and the validity, legality, and
      enforceability of the remaining provisions shall not in any way be affected
      or
      impaired thereby. 

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

     

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

    
      	 	 	 
	 	WESTERN
              GOLDFIELDS, INC. 
	 
 	 
 	 
 
	 	  	 
	 	
              
                

              

              By:

              Title:

            
	 	 

    
      	 	 	 
	 	[TRUSTEE]
	 
 	 
 	 
 
	 	 	 
	 	
              
By: 
	 	Title:
	 	 
	 	 
	 	SUBSIDIARY GUARANTORS, AS APPLICABLE
	 	 
	 	
              
  
	 	 

    

     

     

    
      
        
        

      

      
        53Exhibit
      10.1

    
 

    EMPLOYMENT
      AGREEMENT

    

    This
      Employment Agreement ("Agreement") is made this day 18th
      of
      August, 2006, by and between MICHAEL MAK ("Executive") and ASIA GLOBAL HOLDINGS
      CORP., a publicly-held Nevada corporation, its subsidiaries, affiliates, joint
      ventures and partnerships ("AAGH"), effective August 18, 2006 ("Effective
      Date").

    

    RECITALS

    

    The
      Board
      of Directors of AAGH believes it is in the best interests of AAGH to employ
      Executive as the President and Chief Executive Officer of AAGH.

    

    AAGH
      has
      decided to offer Executive an employment agreement, the terms and provisions
      of
      which are set forth below.

    

    NOW,
      THEREFORE, IT IS HEREBY MUTUALLY AGREED AS FOLLOWS:

    

    1.
      POSITION AND DUTIES.

    

    Executive
      will be employed as the President and Chief Executive Officer of AAGH and shall
      report only to the Board of Directors of AAGH (the "Board"). Executive shall
      perform the duties of his position, as determined by the Board, in accordance
      with the policies, practices and bylaws of AAGH. Executive also shall serve
      as
      an ex-officio member of the Board.

    

    Executive
      shall serve AAGH faithfully, loyally, honestly and to the best of his ability.
      Executive will devote his best efforts to the performance of his duties for,
      and
      in the business and affairs of, AAGH.

    

    AAGH
      reserves the right, in its sole discretion, to change or modify Executive's
      position, title and duties during the term of this Agreement, at which time
      Executive may be entitled to terminate this Agreement for Good Reason as
      provided in paragraph 7.

    

    2.
      COMPENSATION.

    

    A.
      BASE
      SALARY.

    

    Your
      starting salary will be $60,000.00 per year, payable semi-monthly. Thereafter,
      Executive's Base Salary will be reviewed at least annually in accordance with
      AAGH's executive compensation review policies and practices, as determined
      by
      the Board, in its sole discretion. Executive's Base Salary may be increased
      upon
      any such review, but in no event shall the amount of Executive's Base Salary
      as
      set forth in this paragraph 2A be decreased.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    B.
      BONUS

    

    The
      bonus
      is awarded based on performance as evaluated during the performance review
      process. If you are awarded a bonus, it will be payable to you if you remain
      employed with AAGH through the bonus payment date. Currently, the bonus
      potential ranges from 0-120% of your salary during the review period. Your
      first
      eligibility for a bonus will be August 2007. Any subsequent bonus eligibility
      will occur according to AAGH’s executive review policies and
      practices.

    

    C.
      SIGNING BONUS

    

    Additionally,
      you will have the opportunity to receive a signing bonus in the total gross
      amount of 2,000,000 144 Restricted Common Stock (“Bonus Shares”). The signing
      bonus will be payable upon execution of this Agreement. Your entitlement to
      retain the Bonus Shares is conditioned on you remaining continuously employed
      by
      AAGH for one year after your start date. In the unlikely event that you leave
      AAGH before the first anniversary of your start date, the Bonus Shares will
      not
      be earned and must be returned to AAGH. If your employment ends during the
      previously described time period due to death or total or permanent disability,
      you will not be required to return any Bonus Shares that have been paid. You
      hereby authorize AAGH to withhold the repayable amounts from any monies owed
      to
      you.

     

    D.
      STOCK
      AWARD

    

    You
      will
      be granted a Stock Award of 500,000 shares of Asia Global Holdings Corp. Series
      A Convertible Preferred Stock (“Preferred Shares”), convertible at 1 Preferred
      Share to 200 shares of Asia Global Holdings Corp. Common Stock (“Common
      Shares”). This award is payable upon the execution of this Agreement. The
      conversion, of any or all of the Preferred Shares, will take place 10 days
      after
      written notice by Executive is given to the Board of AAGH.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
3.
      MANAGEMENT INCENTIVE PROGRAM.

    

    Commencing
      with the incentive program for the fiscal year ending on December 31, 2006,
      and
      at all times thereafter, Executive shall be eligible to participate in the
      AAGH
      Management Incentive Program ("MIP") (or any other plan that is designated
      by
      the Board as replacing the MIP) and to receive such additional compensation
      as
      may be provided by the MIP from time to time.

    

    4.
      TERM
      AND TERMINATION.

    

    This
      Agreement will continue in full force and effect until it is terminated by
      the
      parties. This Agreement may be terminated in any of the following ways: (a)
      it
      may be renegotiated and replaced by a written agreement signed by both parties;
      (b) AAGH may elect to terminate this Agreement with or without "Cause", as
      defined below; (c) Executive may elect to terminate this Agreement with or
      without "Good Reason", as defined below; or (d) either party may serve notice
      on
      the other of its desire to terminate this Agreement at the end of the "Initial
      Term" or any "Renewal Term".

    

    The
      "Initial Term" of this Agreement shall expire by its terms five years from
      the
      Effective Date of this Agreement, unless sooner terminated in accordance with
      the provisions of this Agreement. This Agreement will be renewed at the end
      of
      the Initial Term for an additional five-year period (a "Renewal Term"), unless
      either party serves notice of its desire not to renew or of its desire to modify
      this Agreement on the other. Such notice must be given at least forty-five
      (45)
      days before the end of the Initial Term or the applicable Renewal
      Term.

    

    If
      AAGH
      notifies Executive of its desire not to renew this Agreement pursuant to this
      paragraph 4 and at the time of such notification AAGH does not have "Cause"
      to
      terminate this Agreement pursuant to paragraph 7A, Executive shall receive
      the
      Severance Benefits pursuant to paragraph 8.

    

    If
      Executive notifies AAGH of his desire not to renew this Agreement pursuant
      to
      this paragraph 4 and at the time of such notification Executive has Good Reason
      to terminate this Agreement pursuant to paragraph 6A, Executive shall receive
      the Severance Benefits pursuant to paragraph 8. Executive also shall receive
      the
      Severance Benefits pursuant to paragraph 8 if AAGH proposes to modify this
      Agreement in a manner that gives rise to Good Reason pursuant to paragraph
      6A
      for Executive's termination of employment and Executive rejects such proposed
      modifications. Severance Benefits will not be payable pursuant to the preceding
      sentence if AAGH rescinds the proposed modifications and offers Executive a
      new
      Agreement that does not include any proposed modifications that give rise to
      Good Reason for Executive's termination of employment.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
5.
      TERMINATION BY AAGH.

    

    A.
      TERMINATION FOR CAUSE.

    

    AAGH
      may
      terminate this Agreement and Executive's employment for Cause at any time upon
      written notice. This means that AAGH has the right to terminate the employment
      relationship for Cause at any time should there be Cause to do so.

    

    For
      purposes of this Agreement, "Cause" shall be limited to discharge resulting
      from
      a determination by the Board that Executive: (a) has been convicted of a felony
      involving dishonesty, fraud, theft or embezzlement; (b) has repeatedly failed
      or
      refused, after written notice from AAGH, in a material respect to follow
      reasonable policies or directives established by AAGH; (c) has willfully and
      persistently failed, after written notice from AAGH, to attend to material
      duties or obligations imposed upon him under this Agreement; (d) has performed
      an act or failed to act, which, if he were prosecuted and convicted, would
      constitute a felony involving One Thousand Dollars ($1,000) or more of money
      or
      property of AAGH; or (e) has misrepresented or concealed a material fact for
      purposes of securing employment with AAGH or this Employment Agreement. The
      existence of "Cause" shall be determined by AAGH's Board of Directors acting
      in
      good faith after prior notice to Executive and after providing Executive with
      an
      opportunity to be heard.

    

    Because
      Executive is in a position which involves great responsibilities, AAGH is not
      required to utilize its progressive discipline policy.

    

    If
      this
      Agreement and Executive's employment is terminated for Cause, Executive shall
      receive no Severance Benefits.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
B.
      TERMINATION WITHOUT CAUSE.

    

    AAGH
      also
      may terminate this Agreement and Executive's employment without Cause at any
      time by giving sixty (60) days prior written notice to Executive. In the event
      this Agreement and Executive's employment are terminated by AAGH without Cause,
      Executive shall receive the Severance Benefits pursuant to paragraph 8. AAGH
      may
      place Executive on a paid administrative leave, and bar or restrict Executive's
      access to AAGH facilities, contemporaneously with or at any time following
      the
      delivery of the written notice to Executive.

    

    6.
      TERMINATION BY EXECUTIVE.

    

    Executive
      may terminate this Agreement and his employment with or without "Good Reason"
      in
      accordance with the provisions of this paragraph 6.

    

    A.
      TERMINATION FOR GOOD REASON.

    

    Executive
      may terminate this Agreement and his employment for "Good Reason" by giving
      written notice to AAGH within sixty (60) days, or such longer period as may
      be
      agreed to in writing by AAGH, of Executive's receipt of notice of the occurrence
      of any event constituting "Good Reason", as described below.

    

    Executive
      shall have "Good Reason" to terminate this Agreement and his employment upon
      the
      occurrence of any of the following events: (a) Executive is demoted to a
      position of less stature or importance within AAGH than the position described
      in paragraph 1; (b) Executive is assigned duties inconsistent with the
      positions, duties, responsibility and status of the President and Chief
      Executive Officer of AAGH; (c) Executive is required to relocate to an
      employment location that is more than twenty-five (25) miles from his current
      employment location (which the parties agree is AAGH's present Hong Kong
      headquarters); (d) Executive's Base Salary rate (which shall include, for the
      first year of Executive's employment only, any additional compensation to which
      Executive is entitled under paragraph 2B) is reduced to a level that is at
      least
      ten percent (10%) less than the salary (and in the case of Executive's first
      year of employment only, the additional compensation to which Executive is
      entitled under paragraph 2B) paid to Executive during any prior calendar year,
      unless Executive has agreed to said reduction; (e) the potential incentive
      compensation (or bonus) to which Executive may become entitled under the MIP
      at
      any level of performance by the Executive or AAGH is reduced by seventy-five
      percent (75%) or more as compared to any prior year; or (f) Executive is placed
      on an administrative leave or is barred or restricted access to AAGH facilities
      for a period of more than sixty (60) days provided, however, that the terms
      of
      this clause (f) shall not apply in the event that Executive is placed on an
      administrative leave pursuant to paragraphs 5B or 6C hereof or in the event
      that
      Executive is placed on an administrative leave because AAGH has "Cause" to
      terminate Executive's employment with AAGH.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
If
      Executive terminates this Agreement and his employment for Good Reason,
      Executive shall be entitled to receive Severance Benefits pursuant to paragraph
      8.

    

    B.
      TERMINATION WITHOUT GOOD REASON.

    

    Executive
      also may terminate this Agreement and his employment without Good Reason at
      any
      time by giving thirty (30) days notice to AAGH. If Executive terminates this
      Agreement and his employment without Good Reason, Executive shall not receive
      Severance Benefits pursuant to paragraph 8.

    

    C.
      ADMINISTRATIVE LEAVE.

    

    AAGH
      may
      place Executive on a paid administrative leave and bar or restrict Executive's
      access to AAGH facilities, contemporaneously with or at any time following
      the
      delivery of the written notice of termination by Executive pursuant to paragraph
      6A or 6B.

    

    7.
      DEATH
      OR DISABILITY.

    

    This
      Agreement will terminate automatically on Executive's death. Any compensation
      or
      other amounts due to Executive for services rendered prior to his death shall
      be
      paid to Executive's surviving spouse, or if Executive does not leave a surviving
      spouse, to Executive's estate. No other benefits shall be payable to Executive's
      heirs pursuant to this Agreement, but amounts may be payable pursuant to any
      life insurance or other benefit plans maintained by AAGH.

    

    In
      the
      event Executive becomes "Disabled", Executive's employment hereunder and AAGH's
      obligation to pay Executive's Base Salary and, in the event Executive becomes
      "Disabled" during the first year of his employment with AAGH any additional
      compensation to which Executive may be entitled pursuant to paragraph 2B, (less
      any amounts payable to Executive pursuant to any long-term disability insurance
      policy paid for by AAGH) shall continue for a period of twelve (12) months
      from
      the date of Executive's initial absence due to such Disability. If at the end
      of
      said twelve (12) month period Executive has not recovered from such Disability,
      Executive's employment hereunder shall automatically cease and terminate.
      Executive shall be considered "Disabled" or to be suffering from a "Disability"
      for purposes of this paragraph 7 if, in the judgment of a licensed physician
      selected by the Board of Directors of AAGH and confirmed by a licensed physician
      designated by Executive, and after any reasonable accommodations required by
      applicable law, he is unable to perform the essential functions of his position
      due to a physical or mental impairment, and such incapacity is expected to
      continue for a period of at least twelve (12) consecutive months from the date
      of the initial absence due to such incapacity. The determination by said
      physicians shall be binding and conclusive for all purposes. If the physician
      selected by the Board and the physician selected by Executive cannot agree,
      the
      two (2) physicians shall select a third (3rd) physician. The decision of the
      third (3rd) physician concerning Executive's Disability then shall be binding
      and conclusive on all interested parties.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
8.
      SEVERANCE BENEFITS.

     

    If
      during
      the Initial Term or any Renewal Term, this Agreement and Executive's employment
      are terminated without Cause by AAGH pursuant to paragraph 5B prior to the
      last
      day of the Initial Term or any Renewal Term, or if Executive elects to terminate
      this Agreement for Good Reason pursuant to paragraph 6A, Executive shall receive
      the "Severance Benefits" provided by this paragraph. To the extent provided
      in
      paragraph 4, Executive also shall receive the Severance Benefits if this
      Agreement is not renewed. In addition, Executive also shall receive the
      Severance Benefits if his employment is terminated due to Disability pursuant
      to
      paragraph 7.

    

    The
      Severance Benefits shall begin immediately following the effective date of
      termination of employment and will continue to be payable for the balance,
      if
      any, of the Initial Term or the then current Renewal Term and for a period
      of
      twelve (12) months thereafter.

    

    The
      Executive's Severance Benefits shall consist of the continuation of the
      Executive's then Base Salary and any applicable additional compensation as
      set
      forth in paragraph 2B for the balance, if any, of the Initial Term or the then
      current Renewal Term and for a period of twelve (12) months thereafter;
      provided, however, that for the twelve (12) month period following the end
      of
      the Initial Term or the then current Renewal Term in lieu of receiving the
      Base
      Salary and any applicable additional compensation called for by paragraph 2B,
      Executive shall receive Two Hundred Thousand Dollars ($200,000.00), payable
      in
      equal semi-monthly installments. The Severance Benefits also shall consist
      of
      the continuation of any health, life, disability, or other insurance benefits
      that Executive was receiving as of his last day of active employment for the
      balance, if any, of the Initial Term or the then current Renewal Term and for
      a
      period of twelve (12) months thereafter. If a particular insurance benefit
      may
      not be continued for any reason, AAGH shall pay the cash equivalent to the
      Executive on a monthly basis or in a single lump sum. The amount of the cash
      equivalent of the benefit and whether the cash equivalent will be paid in
      monthly installments or in a lump sum will be determined by AAGH in the exercise
      of its discretion.

    

    If
      Executive voluntarily terminates this Agreement and his employment without
      Good
      Reason prior to the end of the Initial Term or any Renewal Term, or if AAGH
      terminates the Agreement and Executive's employment for Cause, no Severance
      Benefits shall be paid to Executive. No Severance Benefits are payable in the
      event of Executive's death while in the active employ of AAGH.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
Severance
      Benefits shall immediately cease if Executive commits a material violation
      of
      any of the terms of this Agreement relating to confidentiality and
      non-disclosure, as set forth in paragraph 10, or the Covenant-Not-To-Compete,
      as
      set forth in paragraph 11. Only material violations will result in the loss
      of
      Severance Benefits. In addition, if a violation, even if material, is one that
      may be cured, the violation will not be considered to be material unless
      Executive fails to cure said violation within thirty (30) days after receiving
      written notice of said violation from AAGH or unless Executive repeats said
      violation at any time after receiving said notice.

    

    In
      the
      event that AAGH ceases payment of Severance Benefits to Executive in accordance
      with the preceding paragraph due to AAGH's good faith belief that Executive
      has
      committed a material violation of any of the terms of this Agreement relating
      to
      confidentiality and non-disclosure, as set forth in paragraph 10, or the
      Covenant-Not-To-Compete, as set forth in paragraph 11, the confidentiality
      and
      non-disclosure requirements set forth in paragraph 11 and the
      Covenant-Not-To-Compete set forth in paragraph 11 shall remain in full force
      and
      effect. In the event that AAGH ceases payment of Severance Benefits to Executive
      without a good faith belief the Executive has committed a material violation
      of
      such provisions, in addition to such other remedies as may be available to
      Executive in law or in equity, the confidentiality and non-disclosure
      requirements set forth in paragraph 11 and the Covenant-Not-To-Compete set
      forth
      in paragraph 11 shall lapse and be without force and effect unless AAGH resumes
      the payments within sixty (60) days of its receipt of a demand to do so from
      Executive.

    

    The
      payment of Severance Benefits shall not be affected by whether Executive seeks
      or obtains other employment. Executive shall have no obligation to seek or
      obtain other employment and Executive's Severance Benefits shall not be impacted
      by Executive's failure to mitigate.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
9.
      BENEFITS.

    

    Executive
      will be entitled to participate in any benefit plans, including, but not limited
      to, retirement plans, stock option plans, disability plans, life insurance
      plans
      and health and dental plans available to other AAGH executive employees, subject
      to any restrictions (including waiting periods) specified in said
      plans.

    

    Executive
      is entitled to six (6) weeks of paid vacation per calendar year, with such
      vacation to be scheduled and taken by Executive in his discretion, provided
      that
      such vacation shall not interfere with the performance of Executive's duties
      hereunder.

    

    10.
      CONFIDENTIALITY AND NON-DISCLOSURE.

    

    During
      the course of his employment, Executive will become exposed to a substantial
      amount of confidential and proprietary information, including, but not limited
      to financial information, annual reports, audited and unaudited financial
      reports, operational budgets and strategies, methods of operation, customer
      lists, strategic plans, business plans, marketing plans and strategies, new
      business strategies, merger and acquisition strategies, management systems
      programs, computer systems, personnel and compensation information and payroll
      data, and other such reports, documents or information (collectively the
      "Confidential and Proprietary Information"). In the event his employment is
      terminated by either party for any reason, Executive promises that he will
      not
      take with him any copies of such Confidential and Proprietary Information in
      any
      form, format, or manner whatsoever (including computer print-outs, computer
      tapes, floppy disks, CD-Roms, etc.) nor will he disclose the same in whole
      or in
      part to any person or entity, in any manner either directly or indirectly.
      Excluded from this Agreement is information that is already disclosed to third
      parties and is in the public domain or that AAGH consents to be disclosed,
      with
      such consent to be in writing. The provisions of this paragraph shall survive
      the termination of this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
11.
      COVENANT-NOT-TO-COMPETE.

    

    A.
      INTERESTS TO BE PROTECTED.

    

    The
      parties acknowledge that during the term of his employment, Executive will
      perform essential services for AAGH, its employees and shareholders, and for
      clients of AAGH. Therefore, Executive will be given an opportunity to meet,
      work
      with and develop close working relationships with AAGH's clients on a first-hand
      basis and will gain valuable insight as to the clients' operations, personnel
      and need for services. In addition, Executive will be exposed to, have access
      to, and be required to work with, a considerable amount of AAGH's Confidential
      and Proprietary Information.

    

    The
      parties also expressly recognize and acknowledge that the personnel of AAGH
      have
      been trained by, and are valuable to AAGH, and that if AAGH must hire new
      personnel or retrain existing personnel to fill vacancies it will incur
      substantial expense in recruiting and training such personnel. The parties
      expressly recognize that should Executive compete with AAGH in any manner
      whatsoever, it could seriously impair the goodwill and diminish the value of
      AAGH's business. The parties acknowledge that this covenant has an extended
      duration; however, they agree that this covenant is reasonable and it is
      necessary for the protection of AAGH, its shareholders and
      employees.

    

    For
      these
      and other reasons, and the fact that there are many other employment
      opportunities available to Executive if he should terminate, the parties are
      in
      full and complete agreement that the following restrictive covenants (which
      together are referred to as the "Covenant-Not-To-Compete") are fair and
      reasonable and are freely, voluntarily and knowingly entered into. Further,
      each
      party has been given the opportunity to consult with independent legal counsel
      before entering into this Agreement.

    

    B.
      DEVOTION TO EMPLOYMENT.

    

    Executive
      shall devote substantially all his business time and efforts to the performance
      of his duties on behalf of AAGH. During his term of employment, Executive shall
      not at any time or place or to any extent whatsoever, either directly or
      indirectly, without the express written consent of AAGH, engage in any outside
      employment, or in any activity competitive with or adverse to AAGH's business,
      practice or affairs, whether alone or as partner, officer, director, employee,
      shareholder of any corporation or as a trustee, fiduciary, consultant or other
      representative. This is not intended to prohibit Executive from engaging in
      nonprofessional activities such as personal investments or conducting to a
      reasonable extent private business affairs which may include other boards of
      directors' activity, as long as they do not conflict with AAGH. Participation
      to
      a reasonable extent in civic, social or community activities is
      encouraged.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
C.
      NON-SOLICITATION OF CLIENTS.

    

    During
      the term of Executive's employment with AAGH and for a period of twelve (12)
      months after the termination of employment with AAGH, regardless of who
      initiates the termination and for whatever reason, Executive shall not directly
      or indirectly, for himself, or on behalf of, or in conjunction with, any other
      person(s), company, partnership, corporation, or governmental entity, in any
      manner whatsoever, call upon, contact, encourage, handle or solicit client(s)
      of
      AAGH with whom he has worked as an employee of AAGH at any time prior to
      termination, or at the time of termination, for the purpose of soliciting or
      selling such customer the same, similar, or related services that he provided
      on
      behalf of AAGH.

    

    D.
      NON-SOLICITATION OF EMPLOYEES.

    

    During
      the term of Executive's employment with AAGH and for a period of twelve (12)
      months after the termination of employment with AAGH, regardless of who
      initiates the termination and for any reason, Executive shall not directly
      or
      indirectly, for himself, or on behalf of, or in conjunction with, any other
      person(s), company, partnership, corporation, or governmental entity, seek
      to
      hire, and/or hire any of AAGH's personnel or employees for the purpose of having
      such employee engage in services that are the same, similar or related to the
      services that such employee provided for AAGH.

    

    E.
      COMPETING BUSINESS.

    

    During
      the term of this Agreement and for a period of twelve (12) months after the
      termination of employment with AAGH, regardless of who initiates the termination
      and for any reason, Executive shall not, directly or indirectly, for himself,
      or
      on behalf of, or in conjunction with, any other person(s), company, partnership,
      corporation, or governmental entity, in any manner whatsoever, engage in the
      same or similar business as AAGH, which would be in direct competition with
      any
      AAGH line of business, in any geographical service area where AAGH is engaged
      in
      business, or was considering engaging in business at any time prior to the
      termination or at time of termination. For the purposes of this provision,
      the
      term "competition" shall mean directly or indirectly engaging in or having
      a
      substantial interest in a business or operation which has been, is, or will
      be,
      performing the same services provided by AAGH.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
F.
      JUDICIAL AMENDMENT.

    

    If
      the
      scope of any provision of this Agreement is found by the Court to be too broad
      to permit enforcement to its full extent, then such provision shall be enforced
      to the maximum extent permitted by law. The parties agree that the scope of
      any
      provision of this Agreement may be modified by a judge in any proceeding to
      enforce this Agreement, so that such provision can be enforced to the maximum
      extent permitted by law. If any provision of this Agreement is found to be
      invalid or unenforceable for any reason, it shall not affect the validity of
      the
      remaining provisions of this Agreement.

    

    G.
      INJUNCTIVE RELIEF, DAMAGES AND FORFEITURE.

    

    Due
      to
      the nature of Executive's position with AAGH, and with full realization that
      a
      violation of this Agreement will cause immediate and irreparable injury and
      damage, which is not readily measurable, and to protect AAGH's interests,
      Executive understands and agrees that in addition to instituting legal
      proceedings to recover damages resulting from a breach of this Agreement, AAGH
      may seek to enforce this Agreement with an action for injunctive relief, to
      cease or prevent any actual or threatened violation of this Agreement on the
      part of Executive.

    

    H.
      SURVIVAL.

    

    The
      provisions of this paragraph shall survive the termination of this
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
12.
      DEFERRAL OF AMOUNTS PAYABLE UNDER THIS AGREEMENT.

    

    A
      payment
      due pursuant to this Agreement or the MIP may be deferred if and to the extent
      that the payment does not satisfy the requirements to be "qualified
      performance-based compensation" (as such term is defined by the regulations
      issued under Section 162(m) of the Internal Revenue Code of 1986 (the "Code"))
      and when combined with all other payments received during the year that are
      subject to the limitations on deductibility under Section 162(m) of the Code,
      the payment exceeds the limitations on deductibility under Section 162(m) of
      the
      Code. The deferral of payments shall be in the discretion of the Compensation
      Committee of AAGH, and shall be made pursuant to a Deferred Compensation
      Agreement or Plan acceptable to AAGH and Executive. Such deferred amounts shall
      be paid no later than the sixtieth (60th) day after the end of the next
      succeeding calendar year, provided that such payment, when combined with any
      other payments subject to the Section 162(m) limitations received during the
      year, does not exceed the limitations on deductibility under Section 162(m)
      of
      the Code. If the payments in such succeeding calendar year exceed the
      limitations on deductibility under Section 162(m) of the Code, such payments
      shall continue to be deferred to the next succeeding year. The above procedure
      shall be repeated until such payments can be paid without exceeding the
      limitation on deductibility under Section 162(m) of the Code.

    

    13.
      OTHER
      AGREEMENTS.

    

    AAGH
      and
      Executive will enter into a Change of Control Agreement, which will provide
      the
      Executive with certain additional protections if his employment is terminated
      in
      certain instances following a "change of control." Nothing in this Agreement
      is
      intended to alter or modify the Change of Control Agreement, which, once
      executed, shall continue in full force and effect.

    

    14.
      BUSINESS EXPENSES.

    

    AAGH
      will
      reimburse Executive for any and all necessary, customary, and usual expenses,
      properly receipted in accordance with AAGH's policies, incurred by Executive
      on
      behalf of AAGH.

    

    15.
      AMENDMENTS.

    

    This
      Agreement and the Executive's Change of Control Agreement constitute the entire
      agreement between the parties as to the subject mater hereof. Accordingly,
      there
      are no side agreements or verbal agreements other than those which are stated
      above. Any amendment, modification or change in this Agreement must be done
      so
      in writing and signed by both parties.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
16.
      SEVERABILITY.

    

    In
      the
      event a court or arbitrator declares that any provision of this Agreement is
      invalid or unenforceable, it shall not affect or invalidate any of the remaining
      provisions. Further, the court shall have the authority to re-write that portion
      of the Agreement it deems unenforceable, to make it enforceable.

    

    17.
      GOVERNING LAW.

    

    The
      law
      of the Sate of Nevada shall govern the interpretation and application of all
      of
      the provisions of this Agreement.

    

    18.
      INDEMNITY.

    

    AAGH
      shall indemnify Executive to the fullest extent permitted or required by the
      laws of the State of Nevada of and from any "Expenses" incurred by Executive
      in
      any "Proceeding."

    

    For
      purposes of this paragraph 18, "Expenses" shall mean and include all expense,
      liability and loss including expenses of investigations, judicial or
      administrative proceedings or appeals, attorney, accountant and other
      professional fees and disbursements, judgments, fines, and amounts paid in
      settlement.

    

    For
      purposes of this paragraph 18, "Proceeding" shall mean and include any
      threatened, pending or completed action, suit or proceeding, whether brought
      in
      the right of the Corporation or otherwise and whether of a civil, criminal,
      administrative or investigative nature, in which the Executive may be or may
      have been involved as a party, witness or otherwise, by reason of the fact
      that
      the Executive is or was an officer of AAGH or is or was serving at the request
      of AAGH as a director, officer, employee or agent of another corporation,
      partnership, joint venture, trust or other enterprise, whether or not serving
      in
      such capacity at the time any liability or expense is incurred for which
      indemnification may be provided under this Agreement.

    

    AAGH
      shall pay the Expenses incurred by Executive in any Proceeding in advance of
      the
      final disposition of the Proceeding at the written request of Executive, if
      Executive (a) furnishes AAGH with a written affirmation of Executive's good
      faith belief that he is entitled to indemnification by AAGH; and (b) furnishes
      AAGH with a written undertaking to repay the advance to the extent that it
      is
      ultimately determined that Executive is not entitled to be indemnified by AAGH.
      Such undertaking shall be an unlimited general obligation of Executive, but
      need
      not be secured. Advances pursuant to this paragraph 19 shall be made no later
      than twenty (20) days after AAGH's receipt of the affirmation and undertakings
      set forth above and shall be made without regard to the Executive's ability
      to
      repay the amount advanced and without regard to Executive's ultimate entitlement
      to indemnification under this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
19.
      DISPUTE RESOLUTION.

    

    A.
      MEDIATION.

    

    Any
      and
      all disputes arising under, pertaining to or touching upon this Agreement or
      the
      statutory rights or obligations of either party hereto, shall, if not settled
      by
      negotiation, be subject to non-binding mediation under the National Rules for
      the Resolution of Employment Disputes of the American Arbitration Association
      ("AAA") in effect on the date of the first notice of demand for mediation,
      before an independent mediator selected by the parties pursuant to paragraph
      19D. Notwithstanding the foregoing, both Executive and AAGH may seek preliminary
      judicial relief if such action is necessary to avoid irreparable damage during
      the pendency of the proceedings described in this paragraph 19. Any demand
      for
      mediation shall be made in writing and served upon the other party to the
      dispute, by certified mail, return receipt requested, at the business address
      of
      AAGH, or at the last known residence address of Executive, respectively. The
      demand shall set forth with reasonable specificity the basis of the dispute
      and
      the relief sought. The mediation hearing will occur at a time and place
      convenient to the parties in Clark County, Nevada, within thirty (30) days
      of
      the date of selection or appointment of the mediator.

    

    B.
      ARBITRATION.

    

    In
      the
      event that the dispute is not settled through mediation, the parties shall
      then
      proceed to binding arbitration before a single independent arbitrator selected
      pursuant to paragraph 19D. The mediator shall not serve as arbitrator. TO THE
      EXTENT ALLOWABLE UNDER APPLICABLE LAW, ALL DISPUTES INVOLVING ALLEGED UNLAWFUL
      EMPLOYMENT DISCRIMINATION, BREACH OF CONTRACT OR POLICY, OR EMPLOYMENT TORT
      COMMITTED BY AAGH OR A REPRESENTATIVE OF AAGH, INCLUDING CLAIMS OF VIOLATIONS
      OF
      FEDERAL OR STATE DISCRIMINATION STATUTES OR PUBLIC POLICY, SHALL BE RESOLVED
      PURSUANT TO THIS POLICY AND THERE SHALL BE NO RECOURSE TO COURT, WITH OR WITHOUT
      A JURY TRIAL. The arbitration hearing shall occur at a time and place convenient
      to the parties in Clark County, Nevada, within thirty (30) days of selection
      or
      appointment of the arbitrator. If AAGH has adopted a policy that is applicable
      to arbitrations with executives, the arbitration shall be conducted in
      accordance with said policy to the extent that the policy is consistent with
      this Agreement and the Federal Arbitration Act, 9 U.S.C. Sections 1-16. If
      no
      such policy has been adopted, the arbitration shall be governed by the National
      Rules for the Resolution of Employment Disputes of AAA in effect on the date
      of
      the first notice of demand for arbitration. The arbitrator shall issue written
      findings of fact and conclusions of law, and an award, within fifteen (15)
      days
      of the date of the hearing unless the parties otherwise agree.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
C.
      DAMAGES.

    

    In
      cases
      of breach of contract or policy, damages shall be limited to contract damages.
      In cases of discrimination claims prohibited by statute, the arbitrator may
      direct payment consistent with the applicable statute. In cases of employment
      tort, the arbitrator may award punitive damages if proved by clear and
      convincing evidence. The arbitrator may award fees to the prevailing party
      and
      assess costs of the arbitration to the non-prevailing party. Issues of
      procedure, arbitrability, or confirmation of award shall be governed by the
      Federal Arbitration Act, 9 U.S.C. Sections 1-16, except that Court review of
      the
      arbitrator's award shall be that of an appellate court reviewing a decision
      of a
      trial judge sitting without a jury.

    

    D.
      SELECTION OF MEDIATORS OR ARBITRATORS.

    

    The
      parties shall select the mediator or arbitrator from a panel list made available
      by the AAA. If the parties are unable to agree to a mediator or arbitrator
      within ten (10) days of receipt of a demand for mediation or arbitration, the
      mediator or arbitrator will be chosen by alternatively striking from a list
      of
      five (5) mediators or arbitrators obtained by AAGH from AAA. Executive shall
      have the first strike.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
IN
      WITNESS WHEREOF, AAGH and Executive have executed this Agreement on this
      18th
      day of
      August, 2006.

    

    "EXECUTIVE"      

    

    By: 
      /s/ Michael Mak

    
      
        
Michael
        Mak

    

    

    

    AAGH
      CORPORATION

    

    By: 
      /s/ John Leper

      
        

      

      John
        Leper

      Secretary
        Of Asia Global Holdings Corp.

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