Document:

Employment and Non-Competition Agreement dated October 1, 2003

 EXHIBIT 10.25 
  
 This EMPLOYMENT AND NON-COMPETITION AGREEMENT dated as of October 1, 2003 (the “Start Date”), by and between
Vsource (USA) Inc. (the “Company”) and Ted Crawford (“Employee”), 1900 Hillcroft, Rockwall, TX 75087. 
  
 In consideration of Employee’s employment by the Company, the parties hereto agree as follows: 
  
 1. Employment. Subject to earlier termination in accordance with the provisions
herein, this Agreement shall be an at-will agreement commencing as of the Start Date. 
  
 a. Duties. The Company agrees to employ Employee and Employee agrees to serve the Company, as its President, Human Capital Management (HCM) Solutions, subject to the direction of the C.E.O and the Board of
Directors of the Company (the “Board”), and to have such authority and duties relative to the operation of the Company as may be determined by the C.E.O and the Board. 
  
 b. Term. The initial term of this Agreement shall be from the Start Date hereof until the day that is one year after
the Start Date (the “Initial Term”). This Agreement shall renew automatically for additional one (1) year terms unless either party gives notice of termination not less than 90 days prior to the end of the existing term. 
  
 c. Best Efforts. During the term of his employment under this
Agreement, Employee shall devote his full business time, attention, skill, and efforts to the faithful performance of his duties hereunder, and will use his best efforts to advance the interests of the Company, the Company’s parent company,
Vsource, Inc. or any parent company thereof, and any subsidiaries thereof (the “Vsource Companies”). 
  
 d. Eligibility. This Agreement and the benefits contained herein are contingent upon Employee’s being authorized to work and reside in the
host country in which the Company and Employee mutually elect to base Employee (the “Host Country”). If Employee loses his authorization to work in the Host Country at any time, for any reason during the life of this Agreement, the Company
will consider Employee’s circumstances, but may, at its sole discretion, consider all, or any portion of this Agreement void. 
  
 e. Statutory Benefits. In the event Employee is not a citizen of the Host Country or is otherwise not entitled to receive statutory benefits in the
Host Country, Employee understands and agrees that any differential payments, adjustments, allowances or gratuities provided by the Company under this Agreement or otherwise are, at the election of the Company, in substitution for the statutory
benefits required under the laws of the Host Country to compensate employees who are not entitled to receive these contractual benefits. 
  
 f. Location. Your initial location and the initial Host Country will be Dallas, Texas, U.S. Your location and Host Country may be moved as mutually
agreed upon between Employee and the C.E.O. 
  
 2. Compensation. The
Company shall pay to Employee, as consideration for the services to be rendered by Employee hereunder, a base salary of U.S.$180,000 per year (the “Base Salary”). Employee shall be eligible for a annual target incentive bonus
(“Bonus”) equal to 100% of Employee’s Base Salary, which shall be payable upon fulfillment of and in accordance with the terms and conditions set forth in a C.E.O.-established and Board of Director’s approved annual sales plan.
Base Salary payments shall be made in equal 

 
installments in accordance with the Company’s then prevailing payroll policy. The Bonus, if any, shall be paid no later than bonuses are paid to the
Company’s other senior management and shall be paid in cash. 
  
 3. Stock
Options, Restricted Stock and Similar Types of Compensation Benefits. Stock option grants, participation in restricted stock programs or deferred compensation programs and other similar types of compensation plans will be decided by the C.E.O.
and the Board but in any event will be on generally the same terms and conditions made available to other members of senior management of the Vsource Companies. Notwithstanding the foregoing, the Company agrees, subject to Vsource obtaining any
necessary approval of its Board, to grant Employee: 
  
 100,000 stock options
that vest over three (3) years, at an exercise price to be determined by the Board of Directors. The terms and conditions of your stock options will be set forth in a written stock option agreement that will be provided to you at the beginning of
the next fiscal quarter following your date of hire. The other terms of this option will be as determined by the Board of Directors of Vsource. 
  
 4. Benefits. Employee shall be treated in at least the same manner as, and shall be entitled to at least such benefits and other prerequisites and terms and
conditions at least no less favorable than those generally provided to the Company’s senior management. Employee shall be eligible to participate in the Company’s medical insurance, life insurance and 401(k) programs on like terms with the
Company’s senior management. In addition, upon presentation of proper receipts or other proof, Employee shall be reimbursed promptly by the Company for up to $20,000 of reasonable expenses incurred by Employee in connection with the packing and
moving of Employee’s household goods to Texas. 
  
 5. Expenses. Upon
presentation of proper vouchers, receipts or other proof, Employee shall be reimbursed promptly by the Company for all reasonable travel and other expenses, including monthly cell phone usage, incurred by Employee in connection with performing his
employment obligations hereunder. 
  
 6. Vacations. Employee shall be
entitled to four (4) weeks paid vacation per year during the term of his employment. 
  
 7. Termination of Employment. 
  
 a. By the
Employee. Employee’s employment may be terminated by Employee, without cause (a “Voluntary Termination”) (i) during the Initial Term, at any time with 30 days notice, and (ii) at any time after the Initial Term, upon 30 days
written notice to the Company. 
  
 b. By the Company.
Employee’s employment may be terminated by the Company: 
  
 i. Immediately, in the event that (1) Employee is convicted or pleads guilty or nolo contendere to a felony or a crime of moral turpitude, (2) the C.E.O. or the Board determines in good faith that Employee has
been grossly negligent or acted dishonestly to the material detriment of the Company, (3) Employee willfully disobeys the instructions or mandates of the C.E.O or the Board and such 

  

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disobedience continues after Employee is afforded a reasonable opportunity to cure such disobedience, or (4) the C.E.O or the Board makes a good faith
determination that Employee has engaged in actions amounting to willful misconduct or failed to perform his duties hereunder and such failure continues after Employee is afforded reasonable opportunity to cure such failure (each of (1), (2), (3) or
(4), refereed to herein as a “Termination for Actual Cause”); or 
  
 ii. Immediately, in the event that Employee is indicted or otherwise formally charged with a felony or a crime of moral turpitude, in which case the C.E.O. or the Board may, upon three (3) days written notice, suspend
Employee’s employment by the Company. Thereafter, all payments of salary and bonuses, if any, to which Employee otherwise would be entitled under this Agreement shall be paid into an interest bearing escrow account. In the event that Employee
shall be acquitted of such charges or such charges shall otherwise be dismissed, Employee shall be reinstated as an employee, and all salary and accrued bonuses paid into escrow, plus accrued interest, shall be paid to Employee. In the event
Employee shall be convicted or pleads guilty or nolo contendere to such charges and his employment is terminated hereunder; all salary and accrued bonuses paid into escrow plus accrued interest, shall be paid over to the Company, and for purposes of
this Agreement, Employee’s employment shall be deemed to have terminated as of the date of his suspension and such termination shall be deemed a Termination for Actual Cause. 
  
 iii. the C.E.O. or the Board, each in its discretion, resolves to terminate Employee’s employment for
any reason other than those set forth in sub-sections b(i) or b(ii) above, upon up to 90 days notice to Employee. 
  
 c. Death of Employee. In the event of Employee’s death during the term of his employment, Employee’s employment pursuant to this
Agreement shall be deemed to have terminated on the last day of the calendar month during which Employee’s death occurred. 
  
 d. Disability. In the event Employee is unable to perform his normal duties by reason of disability, then at the sole discretion of the C.E.O. or
the Board, Employee’s employment pursuant to this Agreement may be treated as having been terminated on the last day of the calendar month during which Employee shall have been deemed disabled. For purposes of this Section,
“disability” shall mean the inability of Employee to perform his normal duties under this Agreement for a cumulative period in excess of six (6) months within any twelve (12) month period due to illness, injury, incapacity or other
disability, either physical or mental. 
  
 8. Severance. 
  
 a. Voluntary Termination or Termination for Actual Cause. In the
event of Voluntary Termination or Termination for Actual Cause, the Company shall pay to Employee, in full discharge of its obligations hereunder, Base Salary through the date specified in the applicable notice as the termination date (the
“Termination Date”) of his employment, plus any Bonus that has been awarded but not yet been paid, expenses and vacation pay through the Termination Date, plus any compensation or benefits to which he may be entitled pursuant to the
benefit plans of the Company (in the aggregate, the amounts in this sentence shall be the “Accrued Amounts”); provided, that in the case of a Voluntary 

  

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Termination, if the Company permits Employee to terminate employment on a date earlier than the Termination Date, then the Company shall only be obligated to
pay Employee’s Accrued Amounts through such earlier date. 
  
 b. Death or Disability. In event Employee’s employment by the Company terminates on account of Employee’s death or disability, the Company shall pay to Employee (or his estate), in full discharge of its obligations
hereunder, Employee’s Accrued Amounts through the Termination Date. 
  
 c. Termination Without Actual Cause. In the event Employee’s employment by the Company is terminated by the Company other than for Termination for Actual Cause, Employee shall be entitled to receive (i)
the Accrued Amounts and (ii) a lump sum termination payment equal to one-twelfth of Employee’s then Base Salary. Such lump sum termination payment shall be made to Employee not later than 30 days after the date of such termination. If the
Employee is located in a Host Country other than the U.S., the Company shall provide for the reasonable movement of household goods and transportation for Employee and his family back to a city in the U.S. designated by the Employee. 
  
 9. Non-Competition; Non-Solicitation. Employee covenants and agrees that: 

 
 a. during the term of Employee’s employment with the Company (the
“Non-Compete Period”), Employee will refrain from directly or indirectly (as a director, officer, employee, manager, consultant, independent contractor, advisor or otherwise) engaging in competition with, or owning any interest in,
performing any services for, participating in or being connected with any business or organization which engages in competition with any of the Vsource Companies; and 
  
 b. during the term of Employee’s employment with the Company and for a period (the “Non-Solicitation Period”)
commencing on the Termination Date and ending on the date which is one (1) year from the date of the final payment by the Company to Employee pursuant to this Agreement, Employee will refrain from: (i) soliciting directly or indirectly the patronage
or business of any customer or potential customer of the Vsource Companies with whom Employee has had personal contact or dealings on behalf of any of the Vsource Companies during the his employment with the Company; and (ii) directly or indirectly
employing, soliciting for employment, or advising or recommending to any other person that they employ or solicit for employment, any employee of any of the Vsource Companies. 
  
 In connection with the foregoing provisions of this Section 9, Employee represents that his experience, capabilities and
circumstances are such that the provisions of these Sections will not prevent him from earning a livelihood and that the limitations set forth herein are reasonable and properly required for the adequate protection of the Company. 
  
 10. Confidential Information. 
  
 a. Non-Disclosure. Employee agrees not to use other than for the
benefit of the Company and to keep confidential, during the term of Employee’s employment with the Company and for at least two (2) years thereafter, all information about the Vsource Companies which any of the Vsource Companies treat as
confidential (the “Confidential 

  

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Information”), including, but not limited to, information about customers, marketing plans, marketing techniques, technical information, financial
information, trade secrets and possible new products or services. During this period, Employee covenants and agrees that he will not, at any time, directly or indirectly, without the prior written consent of the Company, use or disclose to any
third-party any Confidential Information, except information which at the time: 
  
 (i) is available to others in the business or generally known to the public other than as a result of disclosure by him/her not permitted
hereunder, 
  
 (ii) is lawfully acquired from a
third party who is not obligated to any of the Vsource Companies to maintain such information in confidence or 
  
 (iii) is used in any dispute or proceedings between the parties and/or Employee is legally compelled to disclose such information;
provided, however, that prior to any such compelled disclosure, Employee will: 
  
 (a) assert the privileged and confidential nature of the Confidential Information against the third party seeking disclosure and

  
 (b) cooperate fully with the Company in
protecting against any such disclosure and/or obtaining a protective order narrowing the scope of such disclosure and/or use of the Confidential Information. 
  
 In the event that such protection against disclosure is not obtained, Employee will be entitled to disclose the Confidential Information, but only as and
to the extent necessary to legally comply with such compelled disclosure. 
  
 b. Contact with Media. Employee agrees that prior to speaking with the any member of the media industry – press, radio, television or web – during his employment with the Company regarding any topic,
and after his employment with the Company regarding the Company, its business or its clients, he will inform and, in the case of media contact that is beyond Employee’s regular duties, obtain written concurrence from the Company prior to doing
so. 
  
 c. Disclosure to the Company. Employee shall
disclose promptly to the Company and assign all his right, title and interest in all new discoveries, ideas, formulae, products, methods, processes, designs, trade secrets, copyrightable material, patentable inventions, or other useful technical
information or know-how and all improvements, modifications or alterations of existing discoveries made, discovered, or developed by him, either alone or in conjunction with any other person during the term of his employment by the Company, or using
any of the Vsource Companies’ materials or facilities, which discoveries or developments are based on, derived from, or make use of any information directly related to the business disclosed to, or otherwise acquired by, Employee from any
Vsource Company during his employment by the Company. 
  
 Employee
agrees that any copyright, patent, trademark, or other proprietary rights in any such discoveries shall be the sole and exclusive property of the Company, and the Company need not account to Employee for any revenue or profit derived therefrom.

  

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 If by operation of law or otherwise, any or all of the items set forth in the sections documented, or any
component or element thereof, is considered to be the intellectual property right of Employee, Employee hereby agrees to irrevocably assign to the Company, its successor and assigns, ownership of all United States and other international copyrights
and all other intellectual property rights available with respect to each such element or item. 
  
 Employee shall be deemed to have granted the Company an irrevocable power of attorney to execute as Employee’s agent any and all documents (including
copyright registrations) deemed necessary by the Company to perfect the Company’s intellectual property rights in and to each of the items set forth in these sections. 
  
 In the case where an Employee enters into a new business venture or takes a financial stake in another enterprise during his
employment with us, the Employee is required to inform the Company of this event prior to doing so to ensure there is no conflict of interest and is required to obtain the written consent of the Company prior to joining the board of directors or
becoming a partner, or any equivalent position, of any third party entity, regardless of whether Employee holds an interest in such third-party entity or whether such third-party entity is a competitor to the Company or any of the Vsource Companies.

  
 The Employee represents that he/she is under no obligation or
agreement that would prevent him/her from being an employee of the Company or which will adversely impact his ability to perform the expected services. As a condition of employment, the Employee hereby acknowledges and agrees that no confidential
documents, computer discs, computer stored information or any other confidential property of any previous employer are to be brought on the premises or used in any way in his employment with the Company. As a further condition of employment, the
Employee agrees not to use or disclose the trade secrets or confidential information, if any, of a previous employer in connection with his services with the Company. 
  
 d. Trade Secrets. Employee agrees, in order to effectuate the intent of the parties hereunder with respect to
confidentiality of the trade secrets of the Company, to return to the Company forthwith upon the request of the Company or the termination of his employment or promptly thereafter, all documents, materials, photographs, memorandums, and all copies
or reproductions thereof, or any property of a similar or different nature containing information relating to the business of the Vsource Companies or other Confidential Information, whether such material was furnished by any Vsource Company, or
otherwise. Employee further agrees to use his best efforts and to exercise utmost diligence to protect and guard and keep secret and confidential all Confidential Information that shall come into his possession by reason of his employment by the
Company. 
  
 e. Company Property. The Employer shall use
only licensed software in accordance with Company policy and applicable license agreements. Employee agrees to return to the Vsource Companies forthwith upon the request of any Vsource Company or the termination of his employment or promptly
thereafter, all other properly belonging to the Vsource Companies. 
  
 11.
Damages. Employee acknowledges that the Company may suffer irreparable harm, which cannot readily be measured by monetary terms, if Employee breaches his obligations under Section 10 or any other section. Employee agrees and acknowledges that,
in the event of any such breach, the Company shall be entitled to cancel any and all unvested options or 

  

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Company-granted rights to purchase shares, of its or Vsource’s capital stock received by the Employee as compensation or benefits and/or cancel
Employees rights to receive additional compensation pursuant to Section 2, 3 or 8 as compensation for services rendered. Employee further acknowledges and agrees that the Company may obtain injunctive or other equitable relief against Employee to
prevent or restrain such breach causing such harm; provided, however, that where such breach involves subject matter that is susceptible of being cured, Employee will cure such breach as promptly as practicable upon notice of such breach to
Employee. Such injunctive relief shall be in addition to any other remedies the Company might have under this Agreement or at law. 
  
 12. Miscellaneous. 
  
 a. Notice. Any notices or other communications to Employee or to the Company under or relating to this Agreement must be in writing and will be
deemed given when delivered in person or sent by facsimile transmission to the Company or Employee, as the case may be, at the Company’s principal offices, or on the third day after the day on which mailed to the Company or Employee, as the
case may be, by first class mail addressed to the Company or Employee at the Company’s principal offices, except that after the term of this Agreement terminates, any notice or other communication to Employee will be deemed given when delivered
in person or sent by facsimile transmission, or on the third day after the day on which mailed by first class mail, to Employee at an address specified by Employee to the Company in the manner provided in this Section (or, if Employee does not
specify an address, at the Company’s principal offices). 
  
 c. Entire Agreement; Amendment. This Agreement represents the entire understanding of the parties with respect to the subject matter hereof and supercedes any prior agreement, including the consulting agreement in effect between
Employee and Vsource (CI) Ltd. No termination, revocation, waiver, modification, amendment or supplement to this Agreement shall be binding unless consented to in writing by Employee and the Company. 
  
 d. Governing Law. This Agreement shall be interpreted and construed in
accordance with the laws of California, without giving effect to the conflict of laws provisions thereof. 
  
 e. Interpretation. As used in this Agreement, the masculine gender shall include the feminine or neuter gender and the plural shall include the
singular wherever appropriate. The titles of the paragraphs and sections have been inserted as a matter of convenience of reference only and shall not control or affect the meaning or construction of any of the terms or provisions hereof. Nothing
herein shall be construed against or more favorably toward any party by reason of any party having drafted this Agreement or any portion hereof. 
  
 f. Severability. Any provision of this Agreement that is invalid, illegal or unenforceable in any jurisdiction shall be automatically reformed and
construed so as to be valid, operative and enforceable to the maximum extent permitted by law, or if no reformation is permissible, shall be ineffective to the extent of such invalidity, illegality or unenforceability without invalidating or
rendering unenforceable the remaining provisions of this Agreement, and any such invalidity, illegality or unenforceability shall not, of itself, affect the validity, legality or enforceability of such provision in any other jurisdiction.

  

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 g. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall
constitute one and the same instrument. 
  
 h. No Waiver.
No failure or delay on the part of either party is exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power preclude any other right or power. 
  
 i. Previous Employer. Employee hereby represents that he is under no
obligation or agreement that would prevent him from being an employee of the Company or adversely impact his ability to perform the expected services for the Company. As a condition of employment, no confidential documents, computer discs, computer
stored information, or any other confidential properly of any previous employer are to be brought on the premises or used in any way in your employment by the Company. As a further condition of employment, Employee agrees not to use or disclose the
trade secrets or confidential information, if any, of a previous employer in connection with Employee’s services for the Company. 
  

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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first above
written. 
  

	 Vsource (USA) Inc.

		
	 By:
	 	 /s/ Phillip E. Kelly

	 	 	 Name: Phillip E. Kelly

		
	 	 	 Title:    Chief Executive Officer

		
	 By:
	 	 /s/ Ted Crawford

	 	 	 Name:
	 	 Ted Crawford

			
	 	 	 Address:
	 	 
			
	 	 	 Nationality:
	 	 U.S.

  

 -9-EXHIBIT 4(a)

 Exhibit 4(a) 
  
 OFFICERS’ CERTIFICATE ESTABLISHING 
 THE TERMS OF THE NOTES 
 Pursuant to Section 301 of the Indenture 
  
 We, Edmund B. Cronin, Jr., a trustee and the Chairman, President and Chief
Executive Officer of Washington Real Estate Investment Trust (the “Trust”), and Sara L. Grootwassink, Chief Financial Officer of the Trust, do hereby deliver this Certificate establishing the following terms of the Notes (defined
below) pursuant to (i) resolutions adopted by the Board of Trustees of the Trust dated as of December 3, 2003 and (ii) Section 301 of the Indenture, dated as of August 1, 1996, between the Trust and J.P. Morgan Trust Company, National Association
(successor to The First National Bank of Chicago), as Trustee (the “Indenture”), and do hereby certify that (terms used in this Certificate and not defined herein having the same definitions as in the Indenture): 
  
 (1)         The Notes
shall constitute a separate series of Securities having the title the “51⁄4% Senior Notes due January 15, 2014” (the “Notes”). 
  
 (2)         The aggregate principal amount of the Notes that may be authenticated and delivered
under the Indenture (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305, 306, 906, 1107 or 1305 of the Indenture) shall be $100,000,000.

  
 (3)
        The Notes shall mature on January 15, 2014 ( the “Maturity Date”), subject to prior redemption at the option of the Trust as described in paragraph (9). 
  
 (4)         The rate
at which the Notes shall bear interest shall be 51⁄4% per annum. The date from which such interest shall accrue shall be December 11, 2003; the Interest Payment Dates on which such interest will be payable shall be January 15 and July 15 in each
year, beginning July 15, 2004, and on the Maturity Date; the Regular Record Dates for the interest payable on the Notes on any Interest Payment Date shall be 15 calendar days prior to the related Interest Payment Date regardless of whether such day
is a Business Day; the interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 
  
 (5)         The Notes shall be issuable in denominations of $1,000 and integral multiples thereof.

  
 (6)
        The place where the principal of (and Make-Whole Amount, if any) and interest on the Notes shall be payable and the Notes may be surrendered for registration of transfer or exchange and where notices
or demands to or upon the 

 
Trust in respect of the Notes and the Indenture may be served shall be the Corporate Trust Office of J.P. Morgan Trust Company, National Association, at 4
New York Plaza, 1st Floor, New York, New York 10004. 
  
 (7)         The entire outstanding principal amount of the Notes (and Make-Whole Amount, if any) shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 502 of
the Indenture. 
  
 (8)         Payment of the principal of (and Make-Whole Amount, any) and interest on the Notes shall be payable in Dollars and the Notes shall be denominated in Dollars. 
  
 (9)         The Notes
shall be redeemable at any time at the option of the Trust, in whole or in part, at a Redemption Price, payable in Dollars, equal to the sum of (i) the principal amount of the Notes being redeemed plus accrued interest thereon to the redemption date
and (ii) the Make-Whole Amount, if any, with respect to such Notes. 
  
 “Make-Whole Amount” shall mean, in connection with any optional redemption or accelerated payment of any Notes, the excess, if any, of (a) the aggregate present value as of the date of such redemption
or accelerated payment of each dollar of principal being redeemed or paid and the amount of interest (exclusive of interest accrued to the date of redemption or accelerated payment) that would have been payable in respect of each such dollar if such
redemption or accelerated payment had not been made, determined by discounting, on a semi-annual basis, such principal and interest at the applicable Reinvestment Rate (determined on the third Business Day preceding the date such notice of
redemption is given or declaration of acceleration is made) from the respective dates on which such principal and interest would have been payable if such redemption or accelerated payment had not been made, over (b) the aggregate principal amount
of the Notes being redeemed or paid. 
  
 “Reinvestment Rate” shall mean 0.15% plus the arithmetic mean of the yields under the heading “Week Ending” published in the most recent Statistical Release under the caption “Treasury Constant
Maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity, as of the payment date of the principal of the Notes being redeemed or paid. If no maturity exactly corresponds to such maturity,
yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a
straight-line basis, rounding in each of such relevant periods to the nearest month. For the purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount
shall be used. 
  
 “Statistical
Release” shall mean the statistical release designated “H.15(519)” 

  

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or any successor publication which is published weekly by the Federal Reserve System and which establishes yields on actively traded United States government
securities adjusted to constant maturities, or, if such statistical release is not published at the time of any determination under the Indenture, then such other reasonably comparable index which shall be designated by the Trust. 
  
 (10)         The
Trust shall not be obligated to redeem, repay or purchase Notes pursuant to any sinking fund or analogous provision or at the option of a Holder thereof. 
  
 (11)         The Holders of the Notes shall have no special rights in addition to those provided
in the Indenture upon the occurrence of any particular events. 
  
 (12)         Other than as set forth herein, there shall be no deletions from, modifications of or additions to the Events of Default or additional covenants of the Trust with
respect to the Notes set forth in the Indenture. 
  
 (13)         The Notes will be represented by a single global security (the “Global Security”) registered in the name of the Depository Trust Company (“DTC”) or its
nominee. DTC or its nominee will credit, on its book-entry registration and transfer system, the amounts of Notes represented by the Global Security. Ownership of beneficial interests in the Global Security will be limited to institutions that have
accounts with DTC or its nominee (“Participants”) and to persons that may hold interests through Participants. Beneficial owners of interests in the Global Security may exchange such interests for Notes of like tenor of any
authorized form and denomination only in the manner provided in Section 305 of the Indenture. DTC shall be the depositary of the Global Security. The form of such Global Security, attached hereto as Exhibit A, is hereby approved. 

 
 (14)         The
Notes shall not be issuable as Bearer Securities. 
  
 (15)         Interest on any Note shall be payable only to the Person in whose name that Note (or one or more Predecessor Securities thereof) is registered at the close of business on the Regular
Record Date for such interest. 
  
 (16)         Sections 1402 and 1403 of the Indenture shall be applicable to the Notes. 
  
 (17)         The Notes shall not be issuable in definitive form except under the circumstances
described in Section 305 of the Indenture. 
  
 (18)         The Trust shall not pay Additional Amounts as contemplated by Section 1010 of the Indenture on the Notes. 
  

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 (19)         The Trust shall have no obligation
to permit the conversion of the Notes into Common Shares or Preferred Shares of the Trust. 
  

	
	 
	

	 Edmund B. Cronin, Jr., Chairman, President
 and Chief Executive Officer

	
	 
	

	 Sara L. Grootwassink, Chief Financial Officer

 Date: December 8, 2003 
  

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 Exhibit A 
 Form of Note 
  
  

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