Document:

ex10_6.htm

    
      

    

    Exhibit
      10.6

     

    EXECUTION
      VERSION

     

    PLEDGE
      AND SECURITY AGREEMENT

     

    PLEDGE
      AND SECURITY AGREEMENT,
      dated as of December ___, 2007 (this "Agreement") made by EnterConnect
      Inc., a Nevada
      corporation ("ECI") and
      each other Subsidiary of ECI hereafter becoming party hereto (each such other
      Subsidiary, together with ECI each a "Grantor" and, collectively,
      the "Grantors"), in
      favor of The Bank of New
      York, in its capacity as collateral agent (in such capacity, the "Collateral Agent") for the
      "Buyers" (as defined below) party to the Securities Purchase Agreement, dated
      as
      of even date herewith (as amended, restated or otherwise modified from time
      to
      time, the "Securities Purchase
      Agreement").

     

    W 
I 
T 
NE
 S 
S 
E 
T 
H:

     

    WHEREAS,
      ECI and each party listed as a "Buyer" Schedule of Buyers attached thereto
      (collectively, the "Buyers") are parties to
      the
      Securities Purchase Agreement, pursuant to which ECI shall be required to sell,
      and the Buyers shall purchase or have the right to purchase, the "Notes" (as
      defined therein);

     

    WHEREAS,
      it is a condition precedent to the Buyers entering into the Securities Purchase
      Agreement that ECI shall have executed and delivered to the Collateral Agent
      this Agreement providing for the grant to the Collateral Agent for the benefit
      of the Buyers of a security interest in all personal property of ECI to secure
      all of ECI's obligations under the Securities Purchase Agreement and the "Notes"
      (as defined therein) issued pursuant thereto (as such Notes may be amended,
      restated, replaced or otherwise modified from time to time in accordance with
      the terms thereof, collectively, the "Notes");

     

    WHEREAS,
      ECI and each other Grantor are or will be mutually dependent on each other
      in
      the conduct of their respective businesses as an integrated operation, with
      the
      credit needed from time to time by one often being provided through financing
      obtained by the other and the ability to obtain such financing being dependent
      on the successful operations of ECI and each other Grantor;

     

    WHEREAS,
      Each Grantor has determined that the execution, delivery and performance of
      this
      Agreement and the Guaranty directly benefits, and are in the best interest
      of
      ECI; and

     

    NOW,
      THEREFORE, in consideration of the premises and the agreements herein and in
      order to induce the Buyers to perform under the Securities Purchase Agreement,
      each Grantor agrees with the Collateral Agent, for the benefit of the Buyers,
      as
      follows:

     

    SECTION
      1.   Definitions.

     

    (a)           
      Reference is hereby made to the Securities Purchase Agreement and the Notes
      for
      a statement of the terms thereof. All terms used in this Agreement and the
      recitals hereto which are defined in the Securities Purchase Agreement, the
      Notes or in Articles 8 or 9 of the Uniform Commercial Code (the "UCC") as in effect from
      time
      to time in the State of New York, and which are not otherwise defined herein
      shall have the same meanings herein as set forth therein; provided that terms
      used herein which are defined in the UCC as in effect in the State of New York
      on the date hereof shall continue to have the same meaning notwithstanding
      any
      replacement or amendment of such statute.

     

    
      
        
          
          

        

        
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    (b)           
      The following terms shall have the respective meanings provided for in the
      UCC:
      "Accounts", "Cash Proceeds", "Chattel Paper", "Commercial Tort Claim",
      "Commodity Account", "Commodity Contracts", "Deposit Account", "Documents",
      "Equipment", "Fixtures", "General Intangibles", "Goods", "Instruments",
      "Inventory", "Investment Property", "Letter-of-Credit Rights", "Noncash
      Proceeds", "Payment Intangibles", "Proceeds", "Promissory Notes", "Security",
      "Record", "Security Account", "Software", and "Supporting
      Obligations".

     

    (c)           
      As used in this Agreement, the following terms shall have the respective
      meanings indicated below, such meanings to be applicable equally to both the
      singular and plural forms of such terms:

     

    "Copyright
      Licenses" means all
      licenses, contracts or other agreements, whether written or oral, naming any
      Grantor as licensee or licensor and providing for the grant of any right to
      use
      or sell any works covered by any copyright (including, without limitation,
      all
      Copyright Licenses set forth in Schedule II
      hereto).

     

    "Copyrights"
      means all domestic
      and foreign copyrights, whether registered or not, including, without
      limitation, all copyright rights throughout the universe (whether now or
      hereafter arising) in any and all media (whether now or hereafter developed),
      in
      and to all original works of authorship fixed in any tangible medium of
      expression, acquired or used by any Grantor (including, without limitation,
      all
      copyrights described in Schedule II hereto),
      all applications, registrations and recordings thereof (including, without
      limitation, applications, registrations and recordings in the United States
      Copyright Office or in any similar office or agency of the United States or
      any
      other country or any political subdivision thereof), and all reissues,
      divisions, continuations, continuations in part and extensions or renewals
      thereof.

     

    "Event
      ofDefault" shall have
      the
      meaning set forth in the Notes.

     

    "Guaranty"
      shall have the
      meaning as set forth in Section 5(m)
      hereto.

     

    "Insolvency
      Proceeding" means
      any proceeding commenced by or against any Person under any provision of the
      Bankruptcy Code (Chapter 11 of Title 11 of the United States Code) or under
      any other bankruptcy or insolvency law, assignments for the benefit of
      creditors, formal or informal moratoria, compositions, or extensions generally
      with creditors, or proceedings seeking reorganization, arrangement, or other
      similar relief.

     

    "Intellectual
      Property" means
      the Copyrights, Trademarks and Patents.

     

    "Licenses"
      means the Copyright
      Licenses, the Trademark Licenses and the Patent Licenses.

     

    "Lien"
      means any mortgage, deed
      of trust, pledge, lien (statutory or otherwise), security interest, charge
      or
      other encumbrance or security or preferential arrangement of any nature,
      including, without limitation, any conditional sale or title retention
      arrangement, any capitalized lease and any assignment, deposit arrangement
      or
      financing lease intended as, or having the effect of, security.

     

    
      
        
          
          

        

        
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    "Majority
      Buyers" means the
      action, consent or vote of Buyers holding [__%] or more of the
      outstanding principal amount of the Notes, or the action, consent or vote of
      the
      Collateral Agent at the direction of such Buyers..

     

    "Patent
      Licenses" means all
      licenses, contracts or other agreements, whether written or oral, naming any
      Grantor as licensee or licensor and providing for the grant of any right to
      manufacture, use or sell any invention covered by any Patent (including, without
      limitation, all Patent Licenses set forth in Schedule II
      hereto).

     

    "Patents"
      means all domestic
      and foreign letters patent, design patents, utility patents, industrial designs,
      inventions, trade secrets, ideas, concepts, methods, techniques, processes,
      proprietary information, technology, know-how, formulae, rights of publicity
      and
      other general intangibles of like nature, now existing or hereafter acquired
      (including, without limitation, all domestic and foreign letters patent, design
      patents, utility patents, industrial designs, inventions, trade secrets, ideas,
      concepts, methods, techniques, processes, proprietary information, technology,
      know-how and formulae described in Schedule II hereto),
      all applications, registrations and recordings thereof (including, without
      limitation, applications, registrations and recordings in the United States
      Patent and Trademark Office, or in any similar office or agency of the United
      States or any other country or any political subdivision thereof), and all
      reissues, divisions, continuations, continuations in part and extensions or
      renewals thereof.

     

    "Trademark
      Licenses" means all
      licenses, contracts or other agreements, whether written or oral, naming any
      Grantor as licensor or licensee and providing for the grant of any right
      concerning any Trademark, together with any goodwill connected with and
      symbolized by any such trademark licenses, contracts or agreements and the
      right
      to prepare for sale or lease and sell or lease any and all Inventory now or
      hereafter owned by any Grantor and now or hereafter covered by such licenses
      (including, without limitation, all Trademark Licenses described in Schedule II
      hereto).

     

    "Trademarks"
      means all domestic
      and foreign trademarks, service marks, collective marks, certification marks,
      trade names, business names, d/b/a's, Internet domain names, trade styles,
      designs, logos and other source or business identifiers and all general
      intangibles of like nature, now or hereafter owned, adopted, acquired or used
      by
      any Grantor (including, without limitation, all domestic and foreign trademarks,
      service marks, collective marks, certification marks, trade names, business
      names, d/b/a's, Internet domain names, trade styles, designs, logos and other
      source or business identifiers described in Schedule II hereto),
      all applications, registrations and recordings thereof (including, without
      limitation, applications, registrations and recordings in the United States
      Patent and Trademark Office or in any similar office or agency of the United
      States, any state thereof or any other country or any political subdivision
      thereof), and all reissues, extensions or renewals thereof, together with all
      goodwill of the business symbolized by such marks and all customer lists,
      formulae and other Records of any Grantor relating to the distribution of
      products and services in connection with which any of such marks are
      used.

     

    
      
        
          
          

        

        
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    SECTION
      2.   Grant of Security Interest. As collateral security for all
      of the "Obligations" (as defined in Section 3 hereof), each Grantor hereby
      pledges and assigns to the Collateral Agent for the benefit of the Buyers,
      and
      grants to the Collateral Agent for the benefit of the Buyers a continuing
      security interest in, all personal property of such Grantor, wherever located
      and whether now or hereafter existing and whether now owned or hereafter
      acquired, of every kind and description, tangible or intangible (collectively,
      the "Collateral"),
      including, without limitation, the following:

     

    (a)           
      all Accounts;

     

    (b)           
      all Chattel Paper (whether tangible or electronic);

     

    (c)           
      the Commercial Tort Claims specified on Schedule VI
      hereto;

     

    (d)           
      all Deposit Accounts (including, without limitation, all cash, and all other
      property from time to time deposited therein and the monies and property in
      the
      possession or under the control of the Collateral Agent or any Buyer or any
      affiliate, representative, agent or correspondent of the Collateral Agent or
      any
      Buyer; 

     

    (e)           
      all Documents;

     

    (f)           
      all Equipment;

     

    (g)           
      all Fixtures;

     

    (h)           
      all General Intangibles (including, without limitation, all Payment
      Intangibles);

     

    (i)           
      all Goods;

     

    (j)           
      all Instruments (including, without limitation, Promissory Notes and each
      certificated Security);

     

    (k)           
      all Inventory;

     

    (l)           
      all Investment Property;

     

    (m)           
      all Copyrights, Patents and Trademarks, and all Licenses;

     

    (n)           
      all Letter-of-Credit Rights;

     

    (o)           
      all Supporting Obligations;

     

    (p)           
      all other tangible and intangible personal property of such Grantor (whether
      or
      not subject to the UCC), including, without limitation, all bank and other
      accounts and all cash and all investments therein, all proceeds, products,
      offspring, accessions, rents, profits, income, benefits, substitutions and
      replacements of and to any of the property of such Grantor described in the
      preceding clauses of this Section 2 (including,
      without limitation, any proceeds of insurance thereon and all causes of action,
      claims and warranties now or hereafter held by such Grantor in respect of any
      of
      the items listed above), and all books, correspondence, files and other Records,
      including, without limitation, all tapes, desks, cards, Software, data and
      computer programs in the possession or under the control of such Grantor or
      any
      other Person from time to time acting for such Grantor that at any time evidence
      or contain information relating to any of the property described in the
      preceding clauses of this Section 2 or are
      otherwise necessary or helpful in the collection or realization thereof;
      and

     

    
      
        
        

      

      
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    (q)           
      all Proceeds, including all Cash Proceeds and Noncash Proceeds, and products
      of
      any and all of the foregoing Collateral;

     

    in
      each
      case howsoever such Grantor's interest therein may arise or appear (whether
      by
      ownership, security interest, claim or otherwise).

     

    SECTION
      3.   Security for Obligations. The security interest created
      hereby in the Collateral constitutes continuing collateral security for all
      of
      the following obligations, whether now existing or hereafter incurred
      (collectively, the "Obligations"):

     

    (a)           
      (i) the payment by ECI, as and when due and payable (by scheduled maturity,
      required prepayment, acceleration, demand or otherwise), of all amounts from
      time to time owing by it in respect of the Securities Purchase Agreement, the
      Notes and the other "Transaction Documents" (as
      defined in the Securities Purchase Agreement), and (ii) the payment by each
      Grantor other than ECI as and when due and payable of all "Guaranteed Obligations" under
      (as defined in) the Guaranty, including, without limitation, (A) all principal
      of and interest on the Notes (including, without limitation, all interest that
      accrues after the commencement of any Insolvency Proceeding of any Grantor,
      whether or not the payment of such interest is unenforceable or is not allowable
      due to the existence of such Insolvency Proceeding), and (B) all fees,
      commissions, expense reimbursements, indemnifications and all other amounts
      due
      or to become due under any of the Transaction Documents; and

     

    (b)           
      the due performance and observance by each Grantor of all of its other
      obligations from time to time existing in respect of any of the Transaction
      Documents for so long as the Notes are outstanding.

     

    SECTION
      4.   Representations and Warranties. Each Grantor represents and
      warrants as follows:

     

    (a)           
      Schedule I
      hereto sets forth (i) the exact legal name of such Grantor, and (ii) the
      organizational identification number of such Grantor or states that no such
      organizational identification number exists.

     

    (b)           
      There is no pending or written notice threatening any action, suit, proceeding
      or claim affecting such Grantor before any governmental authority or any
      arbitrator, or any order, judgment or award by any governmental authority or
      arbitrator, that may adversely affect the grant by such Grantor, or the
      perfection, of the security interest purported to be created hereby in the
      Collateral, or the exercise by the Collateral Agent of any of its rights or
      remedies hereunder.

     

    
      
        
          
          

        

        
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    (c)           
      All Federal, state and local tax returns and other reports required by
      applicable law to be filed by such Grantor have been filed, or extensions have
      been obtained, and all taxes, assessments and other governmental charges imposed
      upon such Grantor or any property of such Grantor (including, without
      limitation, all federal income and social security taxes on employees' wages)
      and which have become due and payable on or prior to the date hereof have been
      paid, except to the extent contested in good faith by proper proceedings which
      stay the imposition of any penalty, fine or Lien resulting from the non-payment
      thereof and with respect to which adequate reserves have been set aside for
      the
      payment thereof in accordance with generally accepted accounting principles
      consistently applied ("GAAP").

     

    (d)           
      All Equipment, Fixtures, Goods and Inventory of such Grantor now existing are,
      and all Equipment, Fixtures, Goods and Inventory of such Grantor hereafter
      existing will be, located and/or based at the addresses specified therefor
      in
Schedule III
      hereto, except that such Grantor will give the Collateral Agent not less than
      30
      days' prior written notice of any change of the location of any such Collateral,
      other than to locations set forth on Schedule III and with
      respect to which the Buyers or the Collateral Agent have filed UCC financing
      statements and otherwise fully perfected the Collateral Agent’s Liens
      thereon.  Such Grantor's chief place of business and chief executive
      office, the place where such Grantor keeps its Records concerning Accounts
      and
      all originals of all Chattel Paper are located at the addresses specified
      therefor in Schedule
      III hereto.  None of the Accounts is evidenced by Promissory
      Notes or other Instruments.  Set forth in Schedule IV hereto is
      a complete and accurate list, as of the date of this Agreement, of (i) each
      Promissory Note, Security and other Instrument owned by each Grantor and (ii)
      each Deposit Account, Securities Account and Commodities Account of each
      Grantor, together with the name and address of each institution at which each
      such Account is maintained, the account number for each such Account and a
      description of the purpose of each such Account.  Set forth in Schedule II hereto is
      a complete and correct list of each trade name used by each Grantor and the
      name
      of, and each trade name used by, each person from which such Grantor has
      acquired any substantial part of the Collateral.  Not withstanding anything to
      the
      contrary contained herein, the Collateral Agent shall have no responsibility
      for
      preparing, recording, filing, re-recording, or re-filing of any financing
      statement, continuation statement, mortgage or other instrument in any public
      office with respect to any Collateral or otherwise.

     

    (e)           
      Such Grantor has delivered to the Collateral Agent complete and correct copies
      of each License described in Schedule II hereto,
      including all schedules and exhibits thereto, which represents all of the
      Licenses existing on the date of this Agreement.  Each such License
      sets forth the entire agreement and understanding of the parties thereto
      relating to the subject matter thereof, and there are no other agreements,
      arrangements or understandings, written or oral, relating to the matters covered
      thereby or the rights of such Grantor or any of its affiliates in respect
      thereof.  Each material License now existing is, and any material
      License entered into in the future will be, the legal, valid and binding
      obligation of the parties thereto, enforceable against such parties in
      accordance with its terms.  No default under any material License by
      any such party has occurred, nor does any defense, offset, deduction or
      counterclaim exist thereunder in favor of any such party.

     

    (f)           
      Such Grantor owns and controls, or otherwise possesses adequate rights to use,
      all Trademarks, Patents and Copyrights, which are the only trademarks, patents,
      copyrights, inventions, trade secrets, proprietary information and technology,
      know-how, formulae, rights of publicity necessary to conduct its business in
      substantially the same manner as conducted as of the date hereof. Schedule II hereto
      sets forth a true and complete list of all registered copyrights, issued
      patents, Trademarks, and Licenses annually owned or used by such Grantor as
      of
      the date hereof.  To the best knowledge of each Grantor, all such
      Intellectual Property of such Grantor is subsisting and in full force and
      effect, has not been adjudged invalid or unenforceable, is valid and enforceable
      and has not been abandoned in whole or in part.  Except as set forth
      in Schedule II, no such Intellectual Property is the subject of any licensing
      or
      franchising agreement.  Such Grantor has no knowledge of any conflict
      with the rights of others to any Intellectual Property and, to the best
      knowledge of such Grantor, such Grantor is not now infringing or in conflict
      with any such rights of others in any material respect, and to the best
      knowledge of such Grantor, no other Person is now infringing or in conflict
      in
      any material respect with any such properties, assets and rights owned or used
      by such Grantor.  Such Grantor has not received any notice that it is
      violating or has violated the trademarks, patents, copyrights, inventions,
      trade
      secrets, proprietary information and technology, know-how, formulae, rights
      of
      publicity or other intellectual property rights of any third party.

     

    
      
        
          
          

        

        
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    (g)           
      Such Grantor is and will be at all times the sole and exclusive owner of, or
      otherwise has and will have adequate rights in, the Collateral free and clear
      of
      any Liens, except for Permitted Liens on any Collateral. No effective UCC
      financing statement or other instrument similar in effect covering all or any
      part of the Collateral is on file in any recording or filing office except
      such
      as may have been filed in favor of the Collateral Agent relating to this
      Agreement.

     

    (h)           
      The exercise by the Collateral Agent of any of its rights and remedies hereunder
      will not contravene any law or any contractual restriction binding on or
      otherwise affecting such Grantor or any of its properties and will not result
      in
      or require the creation of any Lien, upon or with respect to any of its
      properties.

     

    (i)           
      No authorization or approval or other action by, and no notice to or filing
      with, any governmental authority or other regulatory body, or any other Person,
      is required for (i) the grant by such Grantor, or the perfection, of the
      security interest purported to be created hereby in the Collateral, or
      (ii) the exercise by the Collateral Agent of any of its rights and remedies
      hereunder, except (A) for the filing under the UCC as in effect in the
      applicable jurisdiction of the UCC financing statements, all of which UCC
      financing statements, have been duly filed and are in full force and effect,
      (B) with respect to the recordation and/or perfection of the security
      interests created hereby in the Intellectual Property, for the recording of
      the
      appropriate Assignment for Security substantially in the form of Exhibit A hereto,
      as
      applicable, in the United States Patent and Trademark Office or the United
      States Copyright Office, as applicable, and (C) with respect to the
      perfection of the security interest created hereby in foreign Intellectual
      Property and Licenses, for registrations and filings in jurisdictions located
      outside of the United States and covering rights in such jurisdictions relating
      to the Intellectual Property and Licenses.

     

    (j)           
      This Agreement creates in favor of the Collateral Agent a legal, valid and
      enforceable security interest in the Collateral, as security for the
      Obligations. The Collateral Agent's having possession of or control over all
      Instruments, Investment Property and cash constituting Collateral from time
      to
      time, the recording of the appropriate Assignment for Security executed pursuant
      hereto in the United States Patent and Trademark Office and the United States
      Copyright Office, as applicable, and the filing of the UCC financing statements
      and the other filings and recordings, as applicable, described in Schedule V hereto
      and, with respect to the Intellectual Property hereafter existing and not
      covered by an appropriate Assignment for Security, the recording in the United
      States Patent and Trademark Office or the United States Copyright Office, as
      applicable, of appropriate instruments of assignment, result in the perfection
      of such security interests.  Such security interests are, or in the
      case of Collateral in which such Grantor obtains rights after the date hereof,
      will be, perfected, first priority security interests, subject only to Permitted
      Liens and the recording of such instruments of assignment.  Such
      recordings and filings and all other action necessary or desirable to perfect
      and protect such security interest have been duly taken, except for the
      Collateral Agent's having possession of or control over all Instruments,
      Investment Property and cash constituting Collateral after the date hereof
      and
      the other filings and recordations described in Section 4(l)
      hereof.

     

    
      
        
          
          

        

        
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    (k)           
      As of the date hereof, such Grantor does not hold any Commercial Tort Claims
      nor
      is aware of any such pending claims, except for such claims described in Schedule
      VI.

     

    (l)           
      As of the date hereof, ECI does not have any Subsidiaries.

     

    SECTION
      5.   Covenants as to the Collateral. So long as any of the
      Obligations shall remain outstanding, unless the Collateral Agent shall
      otherwise consent in writing:

     

    (a)           
      Further
      Assurances.  Each Grantor will at its expense, at any time and
      from time to time, promptly execute and deliver all further instruments and
      documents and take all further action that the Majority Buyers may reasonably
      request in order to:  (i) perfect and protect the security
      interest purported to be created hereby; (ii) enable the Collateral Agent
      to exercise and enforce its rights and remedies hereunder in respect of the
      Collateral; or (iii) otherwise effect the purposes of this Agreement,
      including, without limitation:  (A) marking conspicuously all
      Chattel Paper and each License and, at the request of the Collateral Agent,
      each
      of its Records pertaining to the Collateral with a legend, in form and substance
      satisfactory to the Majority Buyers, indicating that such Chattel Paper, License
      or Collateral is subject to the security interest created hereby,
      (B) delivering possession of and pledging (or granting control over in
      favor of) to the Collateral Agent hereunder each Promissory Note, Security,
      Chattel Paper or other Instrument, now or hereafter owned by such Grantor,
      duly
      endorsed and accompanied by executed instruments of transfer or assignment,
      all
      in form and substance satisfactory to the Majority Buyers, (C) executing
      and filing (to the extent, if any, that such Grantor's signature is required
      thereon) or authenticating the filing of, such financing or continuation
      statements, or amendments thereto, as may be required by applicable law or
      may
      be necessary or desirable or that the Majority Buyers may request in order
      to
      perfect and preserve the security interest purported to be created hereby,
      (D) furnishing to the Collateral Agent from time to time statements and
      schedules further identifying and describing the Collateral and such other
      reports in connection with the Collateral in each case as the Majority Buyers
      may reasonably request, all in reasonable detail, (E) if any Collateral
      shall be in the possession of a third party, notifying such Person of the
      Collateral Agent's security interest created hereby and obtaining a written
      acknowledgment from such Person that such Person holds possession of the
      Collateral for the benefit of the Collateral Agent, which such written
      acknowledgement shall be in form and substance satisfactory to the Majority
      Buyers, (F) if at any time after the date hereof, such Grantor acquires or
      holds any Commercial Tort Claim, promptly notifying the Collateral Agent in
      a
      writing signed by such Grantor setting forth a brief description of such
      Commercial Tort Claim and granting to the Collateral Agent a security interest
      therein and in the proceeds thereof, which writing shall incorporate the
      provisions hereof and shall be in form and substance satisfactory to the
      Majority Buyers, (G) upon the acquisition after the date hereof by such
      Grantor of any motor vehicle or other Equipment subject to a certificate of
      title or ownership (other than a Motor Vehicle or Equipment that is subject
      to a
      purchase money security interest), causing the Collateral Agent to be listed
      as
      the lienholder on such certificate of title or ownership and delivering evidence
      of the same to the Collateral Agent in accordance with the Securities Purchase
      Agreement; and (H) taking all actions required by any earlier versions of
      the UCC or by other law, as applicable, in any relevant UCC jurisdiction, or
      by
      other law as applicable in any foreign jurisdiction.

     

    
      
        
          
          

        

        
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    (b)           
      Location of Equipment
      and Inventory.  Each Grantor will keep the Equipment and
      Inventory at the locations specified therefor in Section 4(d)
      hereof or, upon not less than thirty (30) days' prior written notice to the
      Collateral Agent accompanied by a new Schedule III hereto
      indicating each new location of the Equipment and Inventory, at such other
      locations in the United States.

     

    (c)           
      Condition of
      Equipment.  Each Grantor will maintain or cause the Equipment
      (necessary or useful to its business) to be maintained and preserved in good
      condition, repair and working order, ordinary wear and tear excepted, and will
      forthwith, or in the case of any loss or damage to any Equipment of such
      Guarantor within a commercially reasonable time after the occurrence thereof,
      make or cause to be made all repairs, replacements and other improvements in
      connection therewith which are necessary or desirable, consistent with past
      practice, or which the Majority Buyers may request to such end.  Such
      Grantor will promptly furnish to the Collateral Agent a statement describing
      in
      reasonable detail any such loss or damage in excess of $250,000 to any
      Equipment.

     

    (d)           
      Taxes,
      Etc.  Each Grantor agrees to pay promptly when due all property
      and other taxes, assessments and governmental charges or levies imposed upon,
      and all claims (including claims for labor, materials and supplies) against,
      the
      Equipment and Inventory, except to the extent the validity thereof is being
      contested in good faith by proper proceedings which stay the imposition of
      any
      penalty, fine or Lien resulting from the non-payment thereof and with respect
      to
      which adequate reserves in accordance with GAAP have been set aside for the
      payment thereof.

     

    (e)           
      Insurance.

     

    (i)           
      Each Grantor will, at its own expense, maintain insurance (including, without
      limitation, commercial general liability and property insurance) with respect
      to
      the Equipment and Inventory in such amounts, against such risks, in such form
      and with responsible and reputable insurance companies or associations as is
      required by any governmental authority having jurisdiction with respect thereto
      or as is otherwise carried generally in accordance with sound business practice
      by companies in similar businesses similarly situated and in any event, in
      amount, adequacy and scope reasonably satisfactory to the Majority Buyers.
      Each
      such policy for liability insurance shall provide for all losses to be paid
      on
      behalf of the Collateral Agent and such Grantor as their respective interests
      may appear, and each policy for property damage insurance shall provide that,
      during the continuance of an Event of Default, all losses shall be adjusted
      with, and paid directly to, the Collateral Agent. Each such policy shall in
      addition (A) name the Collateral Agent as an additional insured party thereunder
      (without any representation or warranty by or obligation upon the Collateral
      Agent) as their interests may appear, (B) contain an agreement by the insurer
      that any loss thereunder shall be payable to the Collateral Agent on its own
      account during the continuance of an Event of Default, notwithstanding any
      action, inaction or breach of representation or warranty by such Grantor, (C)
      provide that there shall be no recourse against the Collateral Agent for payment
      of premiums or other amounts with respect thereto, and (D) provide that at
      least
      30 days' prior written notice of cancellation, lapse, expiration or other
      adverse change shall be given to the Collateral Agent by the insurer. Such
      Grantor will, if so requested by the Collateral Agent, deliver to the Collateral
      Agent original or duplicate policies of such insurance and, as often as the
      Collateral Agent or the Majority Buyers may reasonably request, a report of
      a
      reputable insurance broker with respect to such insurance. Such Grantor will
      also, at the request of the Collateral Agent, execute and deliver instruments
      of
      assignments of such insurance policies and cause the respective insurers to
      acknowledge notice of such assignment.

     

    
      
        
          
          

        

        
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    (ii)           
      Reimbursement under any liability insurance maintained by a Grantor pursuant
      to
      this Section
      5(e) may be paid directly to the Person who shall have incurred liability
      covered by such insurance.  In the case of any loss involving damage
      to Equipment or Inventory, only during the continuance of an Event of Default,
      any proceeds of insurance maintained by a Grantor pursuant to this Section 5(e) shall be
      paid to the Collateral Agent (except as to which paragraph (iii) of this Section 5(e) is not
      applicable), such Grantor will make or cause to be made the necessary repairs
      to
      or replacements of such Equipment or Inventory, and any proceeds of insurance
      maintained by such Grantor pursuant to this Section 5(e) shall be
      paid by the Collateral Agent to such Grantor as reimbursement for the costs
      of
      such repairs or replacements.

     

    (iii)           
      Only during the continuance of an Event of Default, all insurance payments
      in
      respect of such Equipment or Inventory shall be paid to the Collateral Agent
      and
      applied as specified in Section 7(b)
      hereof.

     

    (f)           
      Provisions Concerning
      the Accounts and the Licenses.

     

    (i)           
      Each Grantor will (A) give the Collateral Agent at least 30 days' prior written
      notice of any change in such Grantor's name, identity or organizational
      structure, (B) maintain its jurisdiction of incorporation as set forth in Section 4(b) hereto,
      (C) immediately notify the Collateral Agent upon obtaining an organizational
      identification number, if on the date hereof such Grantor did not have such
      identification number, and (D) keep adequate records concerning the Accounts
      and
      Chattel Paper and permit representatives of the Collateral Agent or the Buyers
      during normal business hours on reasonable notice to such Grantor, to inspect
      and make abstracts from such Records and Chattel Paper.

     

    
      
        
          
          

        

        
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    (ii)           
      Each Grantor will, except as otherwise provided in this subsection (f),
      continue to collect, at its own expense, all amounts due or to become due under
      the Accounts.  In connection with such collections during the
      continuance of an Event of Default, such Grantor may (and, at the Collateral
      Agent's direction, will) take such action as such Grantor or the Majority Buyers
      may deem necessary or advisable to enforce collection or performance of the
      Accounts; provided, however,
      that the
      Collateral Agent shall have the right at any time, upon the occurrence and
      during the continuance of an Event of Default, to notify the account debtors
      or
      obligors under any Accounts of the assignment of such Accounts to the Collateral
      Agent and to direct such account debtors or obligors to make payment of all
      amounts due or to become due to such Grantor thereunder directly to the
      Collateral Agent or its designated agent and, upon such notification and at
      the
      expense of such Grantor and to the extent permitted by law, to enforce
      collection of any such Accounts and to adjust, settle or compromise the amount
      or payment thereof, in the same manner and to the same extent as such Grantor
      might have done.  After receipt by a Grantor of a notice from the
      Collateral Agent that the Collateral Agent has notified, intends to notify,
      or
      has enforced or intends to enforce a Grantor's rights against the account
      debtors or obligors under any Accounts as referred to in the proviso to the
      immediately preceding sentence, (A) all amounts and proceeds (including
      Instruments) received by such Grantor in respect of the Accounts shall be
      received in trust for the benefit of the Collateral Agent hereunder, shall
      be
      segregated from other funds of such Grantor and shall be forthwith paid over
      to
      the Collateral Agent in the same form as so received (with any necessary
      endorsement) to be held as cash collateral and applied as specified in Section 7(b) hereof,
      and (B) such Grantor will not adjust, settle or compromise the amount or payment
      of any Account or release wholly or partly any account debtor or obligor thereof
      or allow any credit or discount thereon.  In addition, upon the
      occurrence and during the continuance of an Event of Default, the Collateral
      Agent may (acting at the direction of the Majority Buyers, in their sole and
      absolute discretion) direct any or all of the banks and financial institutions
      with which such Grantor either maintains a Deposit Account or a lockbox or
      deposits the proceeds of any Accounts to send immediately to the Collateral
      Agent by wire transfer (to such account as the Collateral Agent shall specify,
      or in such other manner as the Collateral Agent shall direct) all or a portion
      of such securities, cash, investments and other items held by such
      institution.  Any such securities, cash, investments and other items
      so received by the Collateral Agent shall (acting at the direction of the
      Majority Buyers, in their sole and absolute discretion) be held as additional
      Collateral for the Obligations or distributed in accordance with Section 7
      hereof.

     

    (iii)           
      Upon the occurrence and during the continuance of any breach or default under
      any material License referred to in Schedule II hereto by
      any party thereto other than a Grantor, the Grantor party thereto will, promptly
      after obtaining knowledge thereof, give the Collateral Agent written notice
      of
      the nature and duration thereof, specifying what action, if any, it has taken
      and proposes to take with respect thereto and thereafter will take reasonable
      steps to protect and preserve its rights and remedies in respect of such breach
      or default, or will obtain or acquire an appropriate substitute
      License.

     

    (iv)           
      Each Grantor will, at its expense, promptly deliver to the Collateral Agent
      a
      copy of each notice or other communication received by it by which any other
      party to any material License referred to in Schedule II hereto
      purports to exercise any of its rights or affect any of its obligations
      thereunder, together with a copy of any reply by such Grantor
      thereto.

     

    
      
        
          
          

        

        
          -11-

          
            

          

        

        
          
          

        

      

    

     

    (v)           
      Each Grantor will exercise promptly and diligently each and every right which
      it
      may have under each material License (other than any right of termination)
      and
      will duly perform and observe in all respects all of its obligations under
      each
      material License and will take all action reasonably necessary to maintain
      such
      Licenses in full force and effect. No Grantor will, without the prior written
      consent of the Majority Buyer, cancel, terminate, materially amend or otherwise
      materially modify in any respect, or waive any provision of, any material
      License referred to in Schedule II
      hereto.

     

    (g)           
      Transfers and Other
      Liens.

     

    (i)           
      No Grantor will sell, assign (by operation of law or otherwise), lease, license,
      exchange or otherwise transfer or dispose of any of the Collateral, except
      (A)
      Inventory in the ordinary course of business, and (B) worn-out or obsolete
      assets not necessary to the business.

     

    (ii)           
      No Grantor will create, suffer to exist or grant any Lien upon or with respect
      to any Collateral, other than Permitted Liens.

     

    (h)           
      Intellectual
      Property.

     

    (i)           
      If applicable, each Grantor shall, upon the Collateral Agent's written request,
      duly execute and deliver the applicable Assignment for Security in the form
      attached hereto as Exhibit
      A.  Each Grantor (either itself or through licensees) will, and
      will cause each licensee thereof to, take all action necessary to maintain
      all
      of the Intellectual Property in full force and effect, including, without
      limitation, using the proper statutory notices and markings and using the
      Trademarks on each applicable trademark class of goods in order to so maintain
      the Trademarks in full force and free from any claim of abandonment for non-use,
      and such Grantor will not (nor permit any licensee thereof to) do any act or
      knowingly omit to do any act whereby any Intellectual Property may become
      invalidated; provided, however,
      that so long
      as no Event of Default has occurred and is continuing, such Grantor shall not
      have an obligation to use or to maintain any Intellectual Property (A) that
      relates solely to any product or work, that has been, or is in the process
      of
      being, discontinued, abandoned or terminated, (B) that is being replaced with
      Intellectual Property substantially similar to the Intellectual Property that
      may be abandoned or otherwise become invalid, so long as the failure to use
      or
      maintain such Intellectual Property does not materially adversely affect the
      validity of such replacement Intellectual Property and so long as such
      replacement Intellectual Property is subject to the Lien created by this
      Agreement or (C) that is substantially the same as another Intellectual Property
      that is in full force, so long as the failure to use or maintain such
      Intellectual Property does not materially adversely affect the validity of
      such
      replacement Intellectual Property and so long as such other Intellectual
      Property is subject to the Lien and security interest created by this
      Agreement.  Each Grantor will cause to be taken all necessary steps in
      any proceeding before the United States Patent and Trademark Office and the
      United States Copyright Office or any similar office or agency in any other
      country or political subdivision thereof to maintain each registration of the
      Intellectual Property (other than the Intellectual Property described in the
      proviso to the immediately preceding sentence), including, without limitation,
      filing of renewals, affidavits of use, affidavits of incontestability and
      opposition, interference and cancellation proceedings and payment of maintenance
      fees, filing fees, taxes or other governmental fees.  If any
      Intellectual Property (other than Intellectual Property described in the proviso
      to the first sentence of subsection (i) of this clause (h)) is infringed,
      misappropriated, diluted or otherwise violated in any material respect by a
      third party, such Grantor shall (x) upon learning of such infringement,
      misappropriation, dilution or other violation, promptly notify the Collateral
      Agent and (y) to the extent such Grantor shall deem appropriate under the
      circumstances, promptly sue for infringement, misappropriation, dilution or
      other violation, seek injunctive relief where appropriate and recover any and
      all damages for such infringement, misappropriation, dilution or other
      violation, or take such other actions as such Grantor shall deem appropriate
      under the circumstances to protect such Intellectual Property.  Each
      Grantor shall furnish to the Collateral Agent from time to time upon its request
      statements and schedules further identifying and describing the Intellectual
      Property and Licenses and such other reports in connection with the Intellectual
      Property and Licenses as the Majority Buyers may reasonably request, all in
      reasonable detail and promptly upon request of the Majority Buyers, following
      receipt by the Collateral Agent of any such statements, schedules or reports,
      such Grantor shall modify this Agreement by amending Schedule II hereto,
      as the case may be, to include any Intellectual Property and License, as the
      case may be, which becomes part of the Collateral under this Agreement and
      shall
      execute and authenticate such documents and do such acts as shall be necessary
      or, in the judgment of the Majority Buyers, desirable to subject such
      Intellectual Property and Licenses to the Lien and security interest created
      by
      this Agreement.  Notwithstanding anything herein to the contrary, upon
      the occurrence and during the continuance of an Event of Default, such Grantor
      may not abandon or otherwise permit any Intellectual Property to become invalid
      without the prior written consent of the Collateral Agent, and if any
      Intellectual Property is infringed, misappropriated, diluted or otherwise
      violated in any material respect by a third party, such Grantor will take such

      action as the Majority Buyers shall deem appropriate under the circumstances
      to
      protect such Intellectual Property.

     

    
      
        
          
          

        

        
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    (ii)           
      In no event shall a Grantor, either itself or through any agent, employee,
      licensee or designee, file an application for the registration of any Trademark
      or Copyright or the issuance of any Patent with the United States Patent and
      Trademark Office or the United States Copyright Office, as applicable, or in
      any
      similar office or agency of the United States or any country or any political
      subdivision thereof unless it gives the Collateral Agent prompt written notice
      before or after the occurrence thereof. Each Grantor shall execute, authenticate
      and deliver any and all assignments, agreements, instruments, documents and
      papers as the Majority Buyers may reasonably request to evidence the Collateral
      Agent's security interest hereunder in such Intellectual Property and the
      General Intangibles of such Grantor relating thereto or represented thereby,
      and
      such Grantor hereby appoints the Collateral Agent its attorney-in-fact to
      execute and/or authenticate and file all such writings for the foregoing
      purposes, all acts of such attorney being hereby ratified and confirmed, and
      such power (being coupled with an interest) shall be irrevocable until (A)
      the
      earliest to occur of (x) the indefeasible payment in full in cash of all of
      the
      Obligations, or (y) the indefeasible conversion of all the Notes in full to
      Common Stock, or (z) the indefeasible payment in cash of the Obligations in
      part
      and the indefeasible conversion of all then outstanding balance of the Notes
      in
      full to Common Stock, and (B) the termination of each of the Transaction
      Documents.

     

    (i)           
      Deposit, Commodities
      and Securities Accounts.  Each Grantor shall cause each bank
      and other financial institution with an account referred to in Schedule IV hereto to
      execute and deliver to the Collateral Agent a control agreement, in form and
      substance in form and substance satisfactory to the Collateral Agent,1
      duly executed by such Grantor and such bank or
      financial institution, or enter into other arrangements in form and substance
      satisfactory to the Majority Buyers, pursuant to which such institution shall
      irrevocably agree, interalia,
      that
      (i) it will comply at any time with the instructions originated by the
      Collateral Agent to such bank or financial institution directing the disposition
      of cash, Commodity Contracts, securities, Investment Property and other items
      from time to time credited to such account, without further consent of such
      Grantor, which instructions the Collateral Agent will not give to such bank
      or
      other financial institution in the absence of a continuing Event of Default,
      (ii) all cash, Commodity Contracts, securities, Investment Property and
      other items of such Grantor deposited with such institution shall be subject
      to
      a perfected, first priority security interest in favor of the Collateral Agent,
      (iii) any right of set off, banker's Lien or other similar Lien, security
      interest or encumbrance shall be fully waived as against the Collateral Agent,
      and (iv) upon receipt of written notice from the Collateral Agent during
      the continuance of an Event of Default, such bank or financial institution
      shall
      immediately send to the Collateral Agent by wire transfer (to such account
      as
      the Collateral Agent shall specify, or in such other manner as the Collateral
      Agent shall direct) all such cash, the value of any Commodity Contracts,
      securities, Investment Property and other items held by it.  Without
      the prior written consent of the Collateral Agent, such Grantor shall not make
      or maintain any Deposit Account, Commodity Account or Securities Account except
      for the accounts set forth in Schedule IV
      hereto.  The provisions of this paragraph 5(i) shall not apply to (i)
      Deposit Accounts for which the Collateral Agent is the depositary and (ii)
      Deposit Accounts specially and exclusively used for payroll, payroll taxes
      and
      other employee wage and benefit payments to or for the benefit of a Grantor's
      salaried employees.

    

      
        
          
          

        

        
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    (j)           
      Motor
      Vehicles.

     

    (i)           
      Upon the Collateral Agent's written request (at the direction of the Majority
      Buyers), each Grantor shall deliver to the Collateral Agent originals of the
      certificates of title or ownership for all motor vehicles owned by it with
      the
      Collateral Agent listed as lienholder, for the benefit of the
      Buyers.

     

    (ii)           
      Each Grantor hereby appoints the Collateral Agent as its attorney-in-fact,
      effective the date hereof and terminating upon the termination of this Agreement
      (at the direction of the Majority Buyers), for the purpose of (A) executing
      on
      behalf of such Grantor title or ownership applications for filing with
      appropriate state agencies to enable motor vehicles now owned or hereafter
      acquired by such Grantor to be re-titled and the Collateral Agent listed as
      lienholder thereof, (B) filing such applications with such state agencies,
      and
      (C) executing such other documents and instruments on behalf of, and taking
      such
      other action in the name of, such Grantor as the Majority Buyers may deem
      necessary or advisable to accomplish the purposes hereof (including, without
      limitation, for the purpose of creating in favor of the Collateral Agent a
      perfected Lien on the motor vehicles and exercising the rights and remedies
      of
      the Collateral Agent hereunder). This appointment as attorney-in-fact is coupled
      with an interest and is irrevocable until all of the Obligations are
      indefeasibly paid in full in cash and after all Transaction Documents have
      been
      terminated.

     
_________________________

      
      
        	
                1

              	
                Please
                  note that Collateral Agent will not indemnify any third party financial
                  institution in connection with such
                  agreement.),

              

        
          
            
            

          

          
            -14-

            
              

            

          

          
            
            

          

        

      

       

    

    (iii)           
      Any certificates of title or ownership delivered pursuant to the terms hereof
      shall be accompanied by odometer statements for each motor vehicle covered
      thereby.

     

    (iv)           
      So long as no Event of Default shall have occurred and be continuing, upon
      the
      request of such Grantor, the Collateral Agent shall execute and deliver to
      such
      Grantor such instruments as such Grantor shall reasonably request to remove
      the
      notation of the Collateral Agent as lienholder on any certificate of title
      for
      any motor vehicle; provided, however,
      that any
      such instruments shall be delivered, and the release effective, only upon
      receipt by the Collateral Agent of a certificate from such Grantor stating
      that
      such motor vehicle is to be sold or has suffered a casualty loss (with title
      thereto passing to the casualty insurance company therefor in settlement of
      the
      claim for such loss) and the amount that such Grantor will receive as sale
      proceeds or insurance proceeds.  Any proceeds of such sale or casualty
      loss shall be paid to the Collateral Agent hereunder immediately upon receipt,
      to be applied to the Obligations then outstanding.

     

    (k)           
      Control.  Each
      Grantor hereby agrees to take any or all action that may be necessary or
      desirable or that the Majority Buyers may request in order for the Collateral
      Agent to obtain control in accordance with Sections 9-105 – 9-107 of the UCC
      with respect to the following Collateral:  (i) Electronic Chattel
      Paper, (ii) Investment Property, and (iii) Letter-of-Credit Rights.

     

    (l)           
      Inspection and
      Reporting.  Each Grantor shall permit the Collateral Agent, the
      Buyers or any agent or representatives thereof or such professionals or other
      Persons as the Collateral Agent may designate, not more than one time a year
      in
      the absence of an Event of Default, (i) to examine and make copies of and
      abstracts from such Grantor's records and books of account, (ii) to visit and
      inspect its properties, (iii) to verify materials, leases, Instruments,
      Accounts, Inventory and other assets of such Grantor from time to time, and
      (iii) to conduct audits, physical counts, appraisals and/or valuations,
      examinations at the locations of such Grantor.  Each Grantor shall
      also permit the Collateral Agent, the Buyers or any agent or representatives
      thereof or such professionals or other Persons as the Collateral Agent may
      designate to discuss such Grantor's affairs, finances and accounts with any
      of
      its directors, officers, managerial employees, independent accountants or any
      of
      its other representatives.

     

    (m)           
      Future
      Subsidiaries.  ECI and each other Grantor hereby agrees if ECI
      or such other Grantor shall hereafter own, create or acquire any Subsidiary
      that
      is not a Grantor hereunder or a party to the Grantor, then, ECI or such other
      Grantor shall promptly notify the Collateral Agent thereof and, simultaneously
      therewith, ECI or such other such Grantor shall cause such Subsidiary to become
      a party to the Guaranty, in the form attached hereto as Exhibit B hereto (as
      amended, restated or otherwise modified from time to time, the "Guaranty"), as a "Guarantor"
      thereunder, and to
      this Agreement as an additional "Grantor" hereunder, and to
      duly execute and/or deliver such opinions of counsel and other documents, in
      form and substance acceptable to the Majority Buyers, as the Majority Buyers
      shall reasonably request with respect thereto.

     

    
      
        
          
          

        

        
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    SECTION
      6.   Additional Provisions Concerning the
      Collateral.

     

    (a)           
      Each Grantor hereby (i) authorizes the Buyers or the Collateral Agent to
      file one or more UCC financing or continuation statements, and amendments
      thereto, relating to the Collateral and (ii) ratifies such authorization to
      the extent that the Buyers or the Collateral Agent has filed any such financing
      or continuation statements, or amendments thereto, prior to the date
      hereof.  A photocopy or other reproduction of this Agreement or any
      UCC financing statement covering the Collateral or any part thereof shall be
      sufficient as a UCC financing statement where permitted by law.

     

    (b)           
      Each Grantor hereby irrevocably appoints the Collateral Agent as its
      attorney-in-fact and proxy, with full authority in the place and stead of such
      Grantor and in the name of such Grantor or otherwise, from time to time in
      the
      Majority Buyers' reasonable discretion, so long as an Event of Default shall
      have occurred and is continuing, to take any action and to execute any
      instrument which the Majority Buyers may reasonably deem necessary or advisable
      to accomplish the purposes of this Agreement (subject to the rights of such
      Grantor under Section
      5 hereof), including, without limitation, (i) to obtain and adjust
      insurance required to be paid to the Collateral Agent pursuant to Section 5(e) hereof,
      (ii) to ask, demand, collect, sue for, recover, compound, receive and give
      acquittance and receipts for moneys due and to become due under or in respect
      of
      any Collateral, (iii) to receive, endorse, and collect any drafts or other
      instruments, documents and chattel paper in connection with clause (i) or (ii)
      above, (iv) to file any claims or take any action or institute any proceedings
      which the Collateral Agent may deem necessary or desirable for the collection
      of
      any Collateral or otherwise to enforce the rights of the Collateral Agent and
      the Buyers with respect to any Collateral, and (v) to execute assignments,
      licenses and other documents to enforce the rights of the Collateral Agent
      and
      the Buyers with respect to any Collateral.  This power is coupled with
      an interest and is irrevocable until the earliest to occur of (x) the
      indefeasible payment in full in cash of all of the Obligations, or (y) the
      indefeasible conversion of all the Notes in full to Common Stock, or (z) the
      indefeasible payment in cash of the Obligations in part and the indefeasible
      conversion of all then outstanding balance of the Notes in full to Common
      Stock.

     

    (c)           
      For the purpose of enabling the Collateral Agent to exercise rights and remedies
      hereunder, at such time as the Collateral Agent shall be lawfully entitled
      to
      exercise such rights and remedies, and for no other purpose, each Grantor hereby
      grants to the Collateral Agent, to the extent assignable, an irrevocable,
      non-exclusive license (exercisable without payment of royalty or other
      compensation to such Grantor) to use, assign, license or sublicense any
      Intellectual Property now owned or hereafter acquired by such Grantor, wherever
      the same may be located, including in such license reasonable access to all
      media in which any of the licensed items may be recorded or stored and to all
      computer programs used for the compilation or printout thereof. Notwithstanding
      anything contained herein to the contrary, but subject to the provisions of
      the
      Securities Purchase Agreement that limit the right of such Grantor to dispose
      of
      its property and Section 5(h) hereof,
      so long as no Event of Default shall have occurred and be continuing, such
      Grantor may exploit, use, enjoy, protect, license, sublicense, assign, sell,
      dispose of or take other actions with respect to the Intellectual Property
      in
      the ordinary course of its business.  In furtherance of the foregoing,
      unless an Event of Default shall have occurred and be continuing, the Collateral
      Agent shall from time to time, upon the request of a Grantor, execute and
      deliver any instruments, certificates or other documents, in the form so
      requested, which such Grantor shall have certified are appropriate (in such
      Grantor's judgment) to allow it to take any action permitted above (including
      relinquishment of the license provided pursuant to this clause (c) as to any
      Intellectual Property).  Further, upon the earliest to occur of (x)
      the indefeasible payment in full in cash of all of the Obligations, or (y)
      the
      indefeasible conversion of all the Notes in full to Common Stock, or (z) the
      indefeasible payment in cash of the Obligations in part and the indefeasible
      conversion of all then outstanding balance of the Notes in full to Common Stock,
      the Collateral Agent (subject to Section 10(e) hereof)
      shall release and reassign to such Grantor all of the Collateral Agent's right,
      title and interest in and to the Intellectual Property, and the Licenses, all
      without recourse, representation or warranty whatsoever.  The exercise
      of rights and remedies hereunder by the Collateral Agent shall not terminate
      the
      rights of the holders of any licenses or sublicenses theretofore granted by
      such
      Grantor in accordance with the second sentence of this clause
      (c).  Each Grantor hereby releases the Collateral Agent from any
      claims, causes of action and demands at any time arising out of or with respect
      to any actions taken or omitted to be taken by the Collateral Agent under the
      powers of attorney granted herein other than actions taken or omitted to be
      taken through the Collateral Agent's gross negligence or willful misconduct,
      as
      determined by a final determination of a court of competent
      jurisdiction.

     

    
      
        
          
          

        

        
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    (d)           
      If a Grantor fails to perform any agreement contained herein, the Collateral
      Agent may (but shall not be obligated to) itself perform, or cause performance
      of, such agreement or obligation, in the name of such Grantor or the Collateral
      Agent, and the expenses of the Collateral Agent incurred in connection therewith
      shall be payable by such Grantor pursuant to Section 8 hereof and
      shall be secured by the Collateral.

     

    (e)           
      The powers conferred on the Collateral Agent hereunder are solely to protect
      its
      interest in the Collateral and shall not impose any duty upon it to exercise
      any
      such powers. Except for the safe custody of any Collateral in its possession
      and
      the accounting for moneys actually received by it hereunder, the Collateral
      Agent shall have no duty as to any Collateral or as to the taking of any
      necessary steps to preserve rights against prior parties or any other rights
      pertaining to any Collateral.

     

    (f)           
      Anything herein to the contrary notwithstanding (i) each Grantor shall
      remain liable under the Licenses and otherwise with respect to any of the
      Collateral to the extent set forth therein to perform all of its obligations
      thereunder to the same extent as if this Agreement had not been executed,
      (ii) the exercise by the Collateral Agent of any of its rights hereunder
      shall not release such Grantor from any of its obligations under the Licenses
      or
      otherwise in respect of the Collateral, and (iii) the Collateral Agent
      shall not have any obligation or liability by reason of this Agreement under
      the
      Licenses or with respect to any of the other Collateral, nor shall the
      Collateral Agent be obligated to perform any of the obligations or duties of
      such Grantor thereunder or to take any action to collect or enforce any claim
      for payment assigned hereunder.

     

    SECTION
      7.   Remedies Upon Event of Default. If any Event of Default
      shall have occurred and be continuing:

     

    
      
        
          
          

        

        
          -17-

          
            

          

        

        
          
          

        

      

    

     

    (a)           
      The Collateral Agent may (at the direction of the Majority Buyers) exercise
      in
      respect of the Collateral, in addition to any other rights and remedies provided
      for herein or otherwise available to it, all of the rights and remedies of
      a
      secured party upon default under the UCC (whether or not the UCC applies to
      the
      affected Collateral), and also may (i) take absolute control of the
      Collateral, including, without limitation, transfer into the Collateral Agent's
      name or into the name of its nominee or nominees (to the extent the Collateral
      Agent has not theretofore done so) and thereafter receive, for the benefit
      of
      the Collateral Agent, all payments made thereon, give all consents, waivers
      and
      ratifications in respect thereof and otherwise act with respect thereto as
      though it were the outright owner thereof, (ii) require each Grantor to,
      and each Grantor hereby agrees that it will at its expense and upon request
      of
      the Collateral Agent forthwith, assemble all or part of its respective
      Collateral as directed by the Collateral Agent and make it available to the
      Collateral Agent at a place or places to be designated by the Collateral Agent
      that is reasonably convenient to both parties, and the Collateral Agent may
      enter into and occupy any premises owned or leased by such Grantor where the
      Collateral or any part thereof is located or assembled for a reasonable period
      in order to effectuate the Collateral Agent's rights and remedies hereunder
      or
      under law, without obligation to such Grantor in respect of such occupation,
      and
      (iii) without notice except as specified below and without any obligation
      to prepare or process the Collateral for sale, (A) sell the Collateral or
      any part thereof in one or more parcels at public or private sale, at any of
      the
      Collateral Agent's offices or elsewhere, for cash, on credit or for future
      delivery, and at such price or prices and upon such other terms as the
      Collateral Agent may deem commercially reasonable and/or (B) lease, license
      or dispose of the Collateral or any part thereof upon such terms as the
      Collateral Agent may deem commercially reasonable.  Each Grantor
      agrees that, to the extent notice of sale or any other disposition of its
      respective Collateral shall be required by law, at least ten (10) days' notice
      to such Grantor of the time and place of any public sale or the time after
      which
      any private sale or other disposition of its respective Collateral is to be
      made
      shall constitute reasonable notification.  The Collateral Agent shall
      not be obligated to make any sale or other disposition of any Collateral
      regardless of notice of sale having been given.  The Collateral Agent
      may adjourn any public or private sale from time to time by announcement at
      the
      time and place fixed therefor, and such sale may, without further notice, be
      made at the time and place to which it was so adjourned.  Each Grantor
      hereby waives any claims against the Collateral Agent and the Buyers arising
      by
      reason of the fact that the price at which its respective Collateral may have
      been sold at a private sale was less than the price which might have been
      obtained at a public sale or was less than the aggregate amount of the
      Obligations, even if the Collateral Agent accepts the first offer received
      and
      does not offer such Collateral to more than one offeree, and waives all rights
      that such Grantor may have to require that all or any part of such Collateral
      be
      marshalled upon any sale (public or private) thereof.  Each Grantor
      hereby acknowledges that (i) any such sale of its respective Collateral by
      the Collateral Agent shall be made without warranty, (ii) the Collateral
      Agent may specifically disclaim any warranties of title, possession, quiet
      enjoyment or the like, and (iii) such actions set forth in clauses (i)
      and (ii) above shall not adversely affect the commercial reasonableness of
      any
      such sale of Collateral.  In addition to the foregoing, (1) upon
      written notice to any Grantor from the Collateral Agent, such Grantor shall
      cease any use of the Intellectual Property or any trademark, patent or copyright
      similar thereto for any purpose described in such notice; (2) the Collateral
      Agent may, at any time and from time to time, upon 10 days' prior notice to
      such
      Grantor, license, whether general, special or otherwise, and whether on an
      exclusive or non-exclusive basis, any of the Intellectual Property, throughout
      the universe for such term or terms, on such conditions, and in such manner,
      as
      the Collateral Agent shall in its sole discretion determine; and (3) the
      Collateral Agent may, at any time, pursuant to the authority granted in Section 6 hereof
      (such authority being effective upon the occurrence and during the continuance
      of an Event of Default), execute and deliver on behalf of such Grantor, one
      or
      more instruments of assignment of the Intellectual Property (or any application
      or registration thereof), in form suitable for filing, recording or registration
      in any country.

     

    
      
        
          
          

        

        
          -18-

          
            

          

        

        
          
          

        

      

    

     

    (b)           
      Any cash held by the Collateral Agent as Collateral and all Cash Proceeds
      received by the Collateral Agent in respect of any sale of or collection from,
      or other realization upon, all or any part of the Collateral may, in the
      reasonable discretion of the Collateral Agent, be held by the Collateral Agent
      as collateral for, and/or then or at any time thereafter applied (after payment
      of any amounts payable to the Collateral Agent pursuant to Section 8 hereof)
      in
      whole or in part by the Collateral Agent against, all or any part of the
      Obligations in such order as the Collateral Agent shall elect, consistent with
      the provisions of the Securities Purchase Agreement.  Any surplus of
      such cash or Cash Proceeds held by the Collateral Agent and remaining after
      the
      earliest to occur of (x) the indefeasible payment in full in cash of all of
      the
      Obligations, or (y) the indefeasible conversion of all the Notes in full to
      Common Stock, or (z) the indefeasible payment in cash of the Obligations in
      part
      and the indefeasible conversion of all then outstanding balance of the Notes
      in
      full to Common Stock, shall be paid over to whomsoever shall be lawfully
      entitled to receive the same or as a court of competent jurisdiction shall
      direct.

     

    (c)           
      In the event that the proceeds of any such sale, collection or realization
      are
      insufficient to pay all amounts to which the Collateral Agent and the Buyers
      are
      legally entitled, each Grantor shall be liable for the deficiency, together
      with
      interest thereon at the highest rate specified in any of the applicable
      Transaction Documents for interest on overdue principal thereof or such other
      rate as shall be fixed by applicable law, together with the costs of collection
      and the reasonable fees, costs, expenses and other client charges of any
      attorneys employed by the Collateral Agent to collect such
      deficiency.

     

    (d)           
      Each Grantor hereby acknowledges that if the Collateral Agent complies with
      any
      applicable state, provincial, or federal law requirements in connection with
      a
      disposition of the Collateral, such compliance will not adversely affect the
      commercial reasonableness of any sale or other disposition of the
      Collateral.

     

    (e)           
      The Collateral Agent shall not be required to marshal any present or future
      collateral security (including, but not limited to, this Agreement and the
      Collateral) for, or other assurances of payment of, the Obligations or any
      of
      them or to resort to such collateral security or other assurances of payment
      in
      any particular order, and all of the Collateral Agent's rights hereunder and
      in
      respect of such collateral security and other assurances of payment shall be
      cumulative and in addition to all other rights, however existing or arising.
      To
      the extent that each Grantor lawfully may, such Grantor hereby agrees that
      it
      will not invoke any law relating to the marshalling of collateral which might
      cause delay in or impede the enforcement of the Collateral Agent's rights under
      this Agreement or under any other instrument creating or evidencing any of
      the
      Obligations or under which any of the Obligations is outstanding or by which
      any
      of the Obligations is secured or payment thereof is otherwise assured, and,
      to
      the extent that it lawfully may, such Grantor hereby irrevocably waives the
      benefits of all such laws.

     

    
      
        
          
          

        

        
          -19-

          
            

          

        

        
          
          

        

      

    

     

    SECTION
      8.   Indemnity and Expenses.

     

    (a)           
      Each Grantor agrees, jointly and severally, to defend, protect, indemnify and
      hold the Collateral Agent and each of the Buyers, jointly and severally,
      harmless from and against any and all claims, damages, losses, liabilities,
      obligations, penalties, fees, costs and expenses (including, without limitation,
      reasonable legal fees, costs, expenses, and disbursements of such Person's
      counsel) to the extent that they arise out of or otherwise result from this
      Agreement (including, without limitation, enforcement of this Agreement), except
      claims, losses or liabilities resulting solely and directly from such Person's
      gross negligence or willful misconduct, as determined by a final judgment of
      a
      court of competent jurisdiction.

     

    (b)           
      Each Grantor agrees, jointly and severally, to upon demand pay to the Collateral
      Agent the amount of any and all costs and expenses, including the reasonable
      fees, costs, expenses and disbursements of counsel for the Collateral Agent
      and
      of any experts and agents (including, without limitation, any collateral trustee
      which may act as agent of the Collateral Agent), which the Collateral Agent
      may
      incur in connection with (i) the preparation, negotiation, execution,
      delivery, recordation, administration, amendment, waiver or other modification
      or termination of this Agreement, (ii) the custody, preservation, use or
      operation of, or the sale of, collection from, or other realization upon, any
      Collateral, (iii) the exercise or enforcement of any of the rights of the
      Collateral Agent hereunder, or (iv) the failure by any Grantor to perform
      or observe any of the provisions hereof.

     

    SECTION
      9.   Notices, Etc. All notices and other communications provided
      for hereunder shall be in writing and shall be mailed (by certified mail,
      postage prepaid and return receipt requested), telecopied or delivered, if
      to a
      Grantor at its address specified below and if to the Collateral Agent to it,
      at
      its address specified below; or as to any such Person, at such other address
      as
      shall be designated by such Person in a written notice to such other Person
      complying as to delivery with the terms of this Section 9. All such notices
      and
      other communications shall be effective (a) if sent by certified mail,
      return receipt requested, when received or three days after deposited in the
      mails, whichever occurs first, (b) if telecopied, when transmitted (during
      normal business hours) and confirmation is received, otherwise, the day after
      the notice was transmitted if confirmation is received, or (c) if
      delivered, upon delivery.

     

    SECTION
      10. Miscellaneous.

     

    (a)           
      No amendment of any provision of this Agreement shall be effective unless it
      is
      in writing and signed by each Grantor and the Collateral Agent, and no waiver
      of
      any provision of this Agreement, and no consent to any departure by a Grantor
      therefrom, shall be effective unless it is in writing and signed by the
      Collateral Agent, and then such waiver or consent shall be effective only in
      the
      specific instance and for the specific purpose for which given.

     

    (b)           
      No failure on the part of the Collateral Agent to exercise, and no delay in
      exercising, any right hereunder or under any of the other Transaction Documents
      shall operate as a waiver thereof; nor shall any single or partial exercise
      of
      any such right preclude any other or further exercise thereof or the exercise
      of
      any other right. The rights and remedies of the Collateral Agent or any Buyer
      provided herein and in the other Transaction Documents are cumulative and are
      in
      addition to, and not exclusive of, any rights or remedies provided by law.
      The
      rights of the Collateral Agent or any Buyer under any of the other Transaction
      Documents against any party thereto are not conditional or contingent on any
      attempt by such Person to exercise any of its rights under any of the other
      Transaction Documents against such party or against any other Person, including
      but not limited to, any Grantor.

     

    
      
        
          
          

        

        
          -20-

          
            

          

        

        
          
          

        

      

    

     

    (c)           
      Any provision of this Agreement that is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining portions
      hereof or thereof or affecting the validity or enforceability of such provision
      in any other jurisdiction.

     

    (d)           
      This Agreement shall create a continuing security interest in the Collateral
      and
      shall (i) remain in full force and effect until the earliest to occur of (x)
      the
      indefeasible payment in full in cash of all of the Obligations, or (y) the
      indefeasible conversion of all the Notes in full to Common Stock, or (z) the
      indefeasible payment in cash of the Obligations in part and the indefeasible
      conversion of all then outstanding balance of the Notes in full to Common Stock,
      and (ii) be binding on each Grantor and all other Persons who become bound
      as
      debtor to this Agreement in accordance with Section 9-203(d) of the UCC and
      shall inure, together with all rights and remedies of the Collateral Agent
      and
      the Buyers hereunder, to the benefit of the Collateral Agent and the Buyers
      and
      their respective permitted successors, transferees and assigns. Without limiting
      the generality of clause (ii) of the immediately preceding sentence, without
      notice to any Grantor, the Collateral Agent and the Buyers may assign or
      otherwise transfer their rights and obligations under this Agreement and any
      of
      the other Transaction Documents, to any other Person and such other Person
      shall
      thereupon become vested with all of the benefits in respect thereof granted
      to
      the Collateral Agent and the Buyers herein or otherwise. Upon any such
      assignment or transfer, all references in this Agreement to the Collateral
      Agent
      or any such Buyer shall mean the assignee of the Collateral Agent or such Buyer.
      None of the rights or obligations of any Grantor hereunder may be assigned
      or
      otherwise transferred without the prior written consent of the Collateral Agent,
      and any such assignment or transfer without the consent of the Collateral Agent
      shall be null and void.

     

    (e)           
      Upon the earliest of written notice to the Collateral Agent from the Buyers
      of
      (x) the indefeasible payment in full in cash of all of the Obligations, or
      (y)
      the indefeasible conversion of all the Notes in full to Common Stock, or (z)
      the
      indefeasible payment in cash of the Obligations in part and the indefeasible
      conversion of all then outstanding balance of the Notes in full to Common Stock,
      (A) this Agreement and the security interests created hereby shall terminate
      and
      all rights to the Collateral shall revert to the respective Grantor that granted
      such security interests hereunder, and (B) the Collateral Agent will, upon
      such
      Grantor's request and at such Grantor's expense, (1) return to such Grantor
      such
      of the Collateral as shall not have been sold or otherwise disposed of or
      applied pursuant to the terms hereof, and (2) promptly execute and deliver
      to
      such Grantor such documents as such Grantor shall reasonably request to evidence
      such termination, all without any representation, warranty or recourse
      whatsoever. 

     

    (f)           
      THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED AND INTERPRETED IN ACCORDANCE
      WITH THE LAWS OF THE STATE OF NEW YORK, EXCEPT AS REQUIRED BY MANDATORY
      PROVISIONS OF LAW AND EXCEPT TO THE EXTENT THAT THE VALIDITY AND PERFECTION
      OR
      THE PERFECTION AND THE EFFECT OF PERFECTION OR NON-PERFECTION OF THE SECURITY
      INTEREST CREATED HEREBY, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR
      COLLATERAL ARE GOVERNED BY THE LAW OF A JURISDICTION OTHER THAN THE STATE OF
      NEW
      YORK.

     

    
      
        
          
          

        

        
          -21-

          
            

          

        

        
          
          

        

      

    

     

    (g)           
      ANY LEGAL ACTION, SUIT OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY
      DOCUMENT RELATED THERETO MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK
      IN THE COUNTY OF NEW YORK OR THE UNITED STATES OF AMERICA FOR THE SOUTHERN
      DISTRICT OF NEW YORK, AND APPELLATE COURTS THEREOF, AND, BY EXECUTION AND
      DELIVERY OF THIS AGREEMENT, EACH GRANTOR HEREBY ACCEPTS FOR ITSELF AND IN
      RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF
      THE
      AFORESAID COURTS. EACH PARTY HERETO HEREBY EXPRESSLY AND IRREVOCABLY WAIVES,
      TO
      THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION, INCLUDING, WITHOUT
      LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF
      FORUMNONCONVENIENS,
      WHICH IT
      MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION, SUIT OR PROCEEDING
      IN SUCH RESPECTIVE JURISDICTIONS AND CONSENTS TO THE GRANTING OF SUCH LEGAL
      OR
      EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT.

     

    (h)           
      EACH GRANTOR AND (BY ITS ACCEPTANCE OF THE BENEFITS OF THIS AGREEMENT) THE
      COLLATERAL AGENT WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF
      ANY
      LITIGATION BASED ON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
      OR ANY OF THE OTHER TRANSACTION DOCUMENTS, OR ANY COURSE OF CONDUCT, COURSE
      OF
      DEALING, VERBAL OR WRITTEN STATEMENT OR OTHER ACTION OF THE PARTIES
      HERETO.

     

    (i)           
      Each Grantor irrevocably consents to the service of process of any of the
      aforesaid courts in any such action, suit or proceeding by the mailing of copies
      thereof by registered or certified mail (or any substantially similar form
      of
      mail), postage prepaid, to such Grantor at its address provided herein, such
      service to become effective 10 days after such mailing.

     

    (j)           
      Nothing contained herein shall affect the right of the Collateral Agent to
      serve
      process in any other manner permitted by law or commence legal proceedings
      or
      otherwise proceed against any Grantor or any property of such Grantor in any
      other jurisdiction.

     

    (k)           
      Each Grantor irrevocably and unconditionally waives any right it may have to
      claim or recover in any legal action, suit or proceeding referred to in this
      Section any special, exemplary, punitive or consequential damages.

     

    (l)           
      Section headings herein are included for convenience of reference only and
      shall
      not constitute a part of this Agreement for any other purpose.

     

    
      
        
          
          

        

        
          -22-

          
            

          

        

        
          
          

        

      

    

     

    (m)           
      This Agreement may be executed in any number of counterparts and by different
      parties hereto in separate counterparts, each of which shall be deemed to be
      an
      original, but all of which taken together constitute one in the same
      Agreement.

     

    [REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
          
          

        

        
          -23-

          
            

          

        

        
          
          

        

      

    

     

    IN
      WITNESS WHEREOF, each Grantor has caused this Agreement to be executed and
      delivered by its officer thereunto duly authorized, as of the date first above
      written.

     

    

     

    
      	 	ENTERCONNECT
              INC.
	 	 
	 	 
	 	By:
              	 
	 	 	Name:
	 	
               

            	Title:
	 	 	 

    

     

    
      	 	
              Address: 
                

            	
              100
                Century Center Court, Suite 100

              San
                Jose, CA 95112-4537

            

    

     

     

    
      ACCEPTED
        BY:

    

     

    
      THE
        BANK OF NEW YORK,

    

    as
      Collateral Agent 

     

    

     

    
      	
              By: 
                 

            	 	 
	 	
              Name

            
	 	
              Title:

            

    

     

     

    
      	
              Address:

            	 	
              101
                Barclay Street

            	 
	 	 	
              Floor
                8W

            	 
	 	 	
              New
                York, New York 10286

            	 
	 	 	
              Attn:
                Corporate Finance Group

            	 

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    SCHEDULE
      I

     

    LEGAL
      NAMES; ORGANIZATIONAL
      IDENTIFICATION NUMBERS; STATES OR JURISDICTION OF
      ORGANIZATION

     

     

    
      	
              Legal
                Name

              
              

            	
              Organizational
                Identification
                Number

              
              

            	
              State
                of Incorporation

              
              

            
	
              ENTERCONNECT
                INC.

              
              

            	
              E0833882006-1

              
              

            	
              Nevada

              
              

            

    

    

      
        
          
          

        

        
          Sched.
            I-1

          
            

          

        

        
          
          

        

      

    SCHEDULE
      II

     

    INTELLECTUAL
      PROPERTY AND
      LICENSES

     

     

    
      Registered
        Trademarks

    

     

    
      	
              Grantor

              
              

            	
              Country

              
              

            	
              Trademark

              
              

            	
              Registration
                Number

              
              

            
	
              Enterconnect
                Inc.

              
              

            	
              U.S.

              
              

            	
              ENTERCONNECT

              
              

            	
              2792541

              
              

            

    

    

      
        
          
          

        

        
          Sched.
            II-1

          
            

          

        

        
          
          

        

      

    

     

    SCHEDULE
      III

     

    LOCATIONS
      OF
      GRANTOR

     

    

    
      	
              Grantor

            	
              Location

            	
              Description

            
	
              
              

              Enterconnect
                Inc.

            	
              
              

              100
                Century Center Court,

              Suite
                650

              San
                Jose, California 95112-4537

              
              

            	
              
              

              Chief
                executive office, chief place of business and location of
                records

            

    

    

      
        
          
          

        

        
          Sched.
            III-1

          
            

          

        

        
          
          

        

      

    

     

    SCHEDULE
      IV

     

    PROMISSORY
      NOTES,
      SECURITIES, DEPOSIT ACCOUNTS,
      SECURITIES
      ACCOUNTS AND COMMODITIES ACCOUNTS

     

     

    
      Promissory
        Notes:

    

     

    
      None.
        

    

     

    Securities
      and Other
      Instruments:

     

    None.

     

     

    
      	
              Grantor

              
              

            	
              Name
                and Address of Institution Maintaining
                Account

              
              

            	
              Account
                Number

              
              

            	
              Type
                of Account

              
              

            
	
              Enterconnect
                Inc.

              
              

            	
              SunTrust
                Bank

              Mail
                Code GA-ATL - 0503

              1755
                Mars Hill Road

              Acworth,
                GA 30101

              
              

            	
              1000054655096

              
              

            	
              Checking

              
              

            
	
              Enterconnect
                Inc.

              
              

            	
              SunTrust
                Bank

              Mail
                Code GA-ATL-0503

              1755
                Mars Hill Road

              Acworth,
                GA 30101

              
              

            	
              1000057566209

              
              

            	
              Savings

              
              

            

    

    

      
        
          
          

        

        
          Sched.
            IV-1

          
            

          

        

        
          
          

        

      

    

    SCHEDULE
      V

    

    UCC-1
      FINANCING
      STATEMENTS

     

    

    
      	
              
              

              Grantor

            	
              
              

              Jurisdiction

            
	
              
              

              Enterconnect
                Inc.

            	
              
              

              Secretary
                of State of the State of Nevada

            

    

    

      
        
          
          

        

        
          Sched.
            V-1

          
            

          

        

        
          
          

        

      

    

     

    SCHEDULE
      VI

     

    COMMERCIAL
      TORT
      CLAIMS

     

     

    None.

    

      
        
          
          

        

        
          Sched.
            VI-1

          
            

          

        

        
          
          

        

      

    EXHIBIT
      A

     

    ASSIGNMENT
      FOR
      SECURITY

     

    

     

    

     

    [TRADEMARKS]
      [PATENTS]
      [COPYRIGHTS]

     

    WHEREAS,
      ____________________.(the
      "Assignor")
      [has adopted, used and is using, and holds all right, title and interest in
      and
      to, the trademarks and service marks listed on the annexed Schedule 1A,
      which trademarks and service marks are registered or applied for in the United
      States Patent and Trademark Office (the "Trademarks")] [holds
      all right, title and interest in the letter patents, design patents and utility
      patents listed on the annexed Schedule 1A,
      which patents are issued or applied for in the United States Patent and
      Trademark Office (the "Patents")] [holds
      all
      right, title and interest in the copyrights listed on the annexed Schedule 1A, which
      copyrights are registered in the United States Copyright Office (the "Copyrights")];

     

    WHEREAS,
      the Assignor has entered into a Security Agreement, dated as of
      ________________, 2007 (as amended, restated or otherwise modified from time
      to
      time the "Security
      Agreement"), in favor of The Bank of New York, as collateral agent for
      certain purchasers (the "Assignee");

     

    WHEREAS,
      pursuant to the Security Agreement, the Assignor has assigned to the Assignee
      and granted to the Assignee for the benefit of the Buyers (as defined in the
      Security Agreement) a continuing security interest in all right, title and
      interest of the Assignor in, to and under the [Trademarks, together with, among
      other things, the good-will of the business symbolized by the Trademarks]
      [Patents] [Copyrights] and the applications and registrations thereof, and
      all
      proceeds thereof, including, without limitation, any and all causes of action
      which may exist by reason of infringement thereof and any and all damages
      arising from past, present and future violations thereof (the "Collateral"), to
      secure the payment, performance and observance of the "Obligations" (as defined
      in the Security Agreement);

     

    NOW,
      THEREFORE, for good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, the Assignor does hereby pledge, convey, sell,
      assign, transfer and set over unto the Assignee and grants to the Assignee
      for
      the benefit of the Buyers a continuing security interest in the Collateral
      to
      secure the prompt payment, performance and for the benefit of the Buyers
      observance of the Obligations.

     

    The
      Assignor does hereby further acknowledge and affirm that the rights and remedies
      of the Assignee with respect to the Collateral are more fully set forth in
      the
      Security Agreement, the terms and provisions of which are hereby incorporated
      herein by reference as if fully set forth herein.

     

    
      
        
          
          

        

        
          Exh.
            A-1

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Assignor has caused this Assignment to be duly executed
      by
      its officer thereunto duly authorized as of _____________, 20__

     

    
      	
               

            	
              [GRANTOR]
                

            

    

     

    
      	 	
              By:  
                

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    STATE
      OF
      ____________

    ss.:

    COUNTY
      OF
      __________

     

    On
      this
      ____ day of _______________, 20__, before me personally came ________________,
      to me known to be the person who executed the foregoing instrument, and who,
      being duly sworn by me, did depose and say that s/he is the ________________
      of
      _______________________________________, a ____________________, and that s/he
      executed the foregoing instrument in the firm name of
      _______________________________________, and that s/he had authority to sign
      the
      same, and s/he acknowledged to me that he executed the same as the act and
      deed
      of said firm for the uses and purposes therein mentioned.

    

      
        
          
          

        

        
          Exh.
            A-3

          
            

          

        

        
          
          

        

      

    SCHEDULE
      1A TO ASSIGNMENT
      FOR SECURITY

     

     

    [Trademarks
      and Trademark Applications]

    [Patent
      and Patent Applications]

    [Copyright
      and Copyright Applications]

    Owned
      by
      ______________________________

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    EXHIBIT
      B

    

    

    

    FORM
      OF
      GUARANTY

    
 

    Sched.
      VI-1ex4_4.htm

    
      

    

    Exhibit
      4.4 ----- Form of Senior Indenture.

    
 

    HYPERDYNAMICS
      CORPORATION

    

    Issuer

    

    AND

    

    [______________________]

    

    Trustee

    

    INDENTURE

    

    Dated
      as of____________ 200___

    

    Senior
      Debt Securities

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Table
      of Contents

     

     

    
      	
                

            	
              Page

            
	
              ARTICLE
                I DEFINITIONS  

            	
              1

            
	
              SECTION
                1.1 DEFINITIONS OF TERMS.  

            	
              1

            
	
              ARTICLE
                II ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE
                OF
                SECURITIES  

            	
              5

            
	
              SECTION
                2.1 DESIGNATION AND TERMS OF SECURITIES.  

            	
              5

            
	
              SECTION
                2.2 FORM OF SECURITIES AND TRUSTEE’S CERTIFICATE.  

            	
              7

            
	
              SECTION
                2.3 DENOMINATIONS: PROVISIONS FOR PAYMENT.  

            	
              7

            
	
              SECTION
                2.4 EXECUTION AND AUTHENTICATIONS.  

            	
              9

            
	
              SECTION
                2.5 REGISTRATION OF TRANSFER AND EXCHANGE.  

            	
              10

            
	
              SECTION
                2.6 TEMPORARY SECURITIES.  

            	
              11

            
	
              SECTION
                2.7 MUTILATED, DESTROYED, LOST OR STOLEN SECURITIES.  

            	
              11

            
	
              SECTION
                2.8 CANCELLATION.  

            	
              12

            
	
              SECTION
                2.9 BENEFITS OF INDENTURE.  

            	
              12

            
	
              SECTION
                2.10 AUTHENTICATING AGENT.  

            	
              12

            
	
              SECTION
                2.11 GLOBAL SECURITIES.  

            	
              13

            
	
              ARTICLE
                III REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS  

            	
              14

            
	
              SECTION
                3.1 REDEMPTION.  

            	
              14

            
	
              SECTION
                3.2 NOTICE OF REDEMPTION.  

            	
              14

            
	
              SECTION
                3.3 PAYMENT UPON REDEMPTION.  

            	
              15

            
	
              SECTION
                3.4 SINKING FUND.  

            	
              16

            
	
              SECTION
                3.5 SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES.  

            	
              16

            
	
              SECTION
                3.6 REDEMPTION OF SECURITIES FOR SINKING FUND.  

            	
              16

            
	
              ARTICLE
                IV COVENANTS  

            	
              17

            
	
              SECTION
                4.1 PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.  

            	
              17

            
	
              SECTION
                4.2 MAINTENANCE OF OFFICE OR AGENCY.  

            	
              17

            
	
              SECTION
                4.3 PAYING AGENTS.  

            	
              18

            
	
              SECTION
                4.4 APPOINTMENT TO FILL VACANCY IN OFFICE OF TRUSTEE.  

            	
              19

            
	
              SECTION
                4.5 COMPLIANCE WITH CONSOLIDATION PROVISIONS.  

            	
              19

            
	
              ARTICLE
                V SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE
                TRUSTEE  

            	
              19

            

    

     

    
      
        
        

      

      
        -i-

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                5.1 COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF
                SECURITYHOLDERS.  

            	
              19

            
	
              SECTION
                5.2 PRESERVATION OF INFORMATION; COMMUNICATIONS WITH
                SECURITYHOLDERS.  

            	
              19

            
	
              SECTION
                5.3 REPORTS BY THE COMPANY.  

            	
              20

            
	
              SECTION
                5.4 REPORTS BY THE TRUSTEE.  

            	
              20

            
	
              ARTICLE
                VI REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF
                DEFAULT  

            	
              20

            
	
              SECTION
                6.1 EVENTS OF DEFAULT.  

            	
              20

            
	
              SECTION
                6.2 COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
                TRUSTEE.  

            	
              22

            
	
              SECTION
                6.3 APPLICATION OF MONEYS COLLECTED.  

            	
              23

            
	
              SECTION
                6.4 LIMITATION ON SUITS.  

            	
              24

            
	
              SECTION
                6.5 RIGHTS AND REMEDIES CUMULATIVE; DELAY OR OMISSION NOT
                WAIVER.  

            	
              24

            
	
              SECTION
                6.6 CONTROL BY SECURITYHOLDERS.  

            	
              25

            
	
              SECTION
                6.7 UNDERTAKING TO PAY COSTS.  

            	
              25

            
	
              ARTICLE
                VII CONCERNING THE TRUSTEE  

            	
              26

            
	
              SECTION
                7.1 CERTAIN DUTIES AND RESPONSIBILITIES OF TRUSTEE.  

            	
              26

            
	
              SECTION
                7.2 CERTAIN RIGHTS OF TRUSTEE.  

            	
              27

            
	
              SECTION
                7.3 TRUSTEE NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OR
                SECURITIES.  

            	
              28

            
	
              SECTION
                7.4 MAY HOLD SECURITIES.  

            	
              28

            
	
              SECTION
                7.5 MONEYS HELD IN TRUST.  

            	
              28

            
	
              SECTION
                7.6 COMPENSATION AND REIMBURSEMENT.  

            	
              29

            
	
              SECTION
                7.7 RELIANCE ON OFFICERS’ CERTIFICATE.  

            	
              29

            
	
              SECTION
                7.8 DISQUALIFICATION; CONFLICTING INTERESTS.  

            	
              29

            
	
              SECTION
                7.9 CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.  

            	
              30

            
	
              SECTION
                7.10 RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.  

            	
              30

            
	
              SECTION
                7.11 ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.  

            	
              31

            
	
              SECTION
                7.12 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO
                BUSINESS.  

            	
              33

            
	
              SECTION
                7.13 PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE COMPANY.  

            	
              33

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                7.14 NOTICE OF DEFAULT.  

            	
              33

            
	
              ARTICLE
                VIII CONCERNING THE SECURITYHOLDERS  

            	
              33

            
	
              SECTION
                8.1 EVIDENCE OF ACTION BY SECURITYHOLDERS.  

            	
              33

            
	
              SECTION
                8.2 PROOF OF EXECUTION BY SECURITYHOLDERS.  

            	
              34

            
	
              SECTION
                8.3 WHO MAY BE DEEMED OWNERS.  

            	
              34

            
	
              SECTION
                8.4 CERTAIN SECURITIES OWNED BY COMPANY DISREGARDED.  

            	
              34

            
	
              SECTION
                8.5 ACTIONS BINDING ON FUTURE SECURITYHOLDERS.  

            	
              35

            
	
              ARTICLE
                IX SUPPLEMENTAL INDENTURES  

            	
              35

            
	
              SECTION
                9.1 SUPPLEMENTAL INDENTURES WITHOUT THE CONSENT OF
                SECURITYHOLDERS.  

            	
              35

            
	
              SECTION
                9.2 SUPPLEMENTAL INDENTURES WITH CONSENT OF SECURITYHOLDERS.  

            	
              36

            
	
              SECTION
                9.3 EFFECT OF SUPPLEMENTAL INDENTURES.  

            	
              37

            
	
              SECTION
                9.4 SECURITIES AFFECTED BY SUPPLEMENTAL INDENTURES.  

            	
              37

            
	
              SECTION
                9.5 EXECUTION OF SUPPLEMENTAL INDENTURES.  

            	
              37

            
	
              ARTICLE
                X SUCCESSOR ENTITY  

            	
              38

            
	
              SECTION
                10.1 COMPANY MAY CONSOLIDATE, ETC.  

            	
              38

            
	
              SECTION
                10.2 SUCCESSOR ENTITY SUBSTITUTED.  

            	
              39

            
	
              SECTION
                10.3 EVIDENCE OF CONSOLIDATION, ETC. TO TRUSTEE.  

            	
              39

            
	
              ARTICLE
                XI SATISFACTION AND DISCHARGE  

            	
              39

            
	
              SECTION
                11.1 SATISFACTION AND DISCHARGE OF INDENTURE.  

            	
              39

            
	
              SECTION
                11.2 DISCHARGE OF OBLIGATIONS.  

            	
              40

            
	
              SECTION
                11.3 DEPOSITED MONEYS TO BE HELD IN TRUST.  

            	
              40

            
	
              SECTION
                11.4 PAYMENT OF MONEYS HELD BY PAYING AGENTS.  

            	
              40

            
	
              SECTION
                11.5 REPAYMENT TO COMPANY.  

            	
              40

            
	
              ARTICLE
                XII IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
                DIRECTORS  

            	
              41

            
	
              SECTION
                12.1 NO RECOURSE.  

            	
              41

            
	
              ARTICLE
                XIII MISCELLANEOUS PROVISIONS  

            	
              41

            
	
              SECTION
                13.1 EFFECT ON SUCCESSORS AND ASSIGNS.  

            	
              41

            
	
              SECTION
                13.2 ACTIONS BY SUCCESSOR.  

            	
              41

            
	
              SECTION
                13.3 SURRENDER OF COMPANY POWERS.  

            	
              42

            
	
              SECTION
                13.4 NOTICES.  

            	
              42

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                13.5 GOVERNING LAW.  

            	
              42

            
	
              SECTION
                13.6 TREATMENT OF SECURITIES AS DEBT.  

            	
              42

            
	
              SECTION
                13.7 COMPLIANCE CERTIFICATES AND OPINIONS.  

            	
              42

            
	
              SECTION
                13.8 PAYMENTS ON BUSINESS DAYS.  

            	
              43

            
	
              SECTION
                13.9 CONFLICT WITH TRUST INDENTURE ACT.  

            	
              43

            
	
              SECTION
                13.10 COUNTERPARTS.  

            	
              43

            
	
              SECTION
                13.11 SEPARABILITY.  

            	
              43

            
	
              SECTION
                13.12 COMPLIANCE CERTIFICATES.  

            	
              43

            

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    

    INDENTURE

    

    INDENTURE,
      dated as of _____ 200___, among Hyperdynamics Corporation, a Delaware
      corporation (the “Company”), and _____, as trustee (the “Trustee”):

    

    WHEREAS,
      for its lawful corporate purposes, the Company has duly authorized the execution
      and delivery of this Indenture to provide for the issuance of debt securities
      (hereinafter referred to as the “Securities”), in an unlimited aggregate
      principal amount to be issued from time to time in one or more series as in
      this
      Indenture provided, as registered Securities without coupons, to be
      authenticated by the certificate of the Trustee;

    

    WHEREAS,
      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; and

    

    WHEREAS,
      all things necessary to make this Indenture a valid agreement of the Company,
      in
      accordance with its terms, have been done.

    

    NOW,
      THEREFORE, in consideration of the premises and the purchase of the Securities
      by the holders thereof, it is mutually covenanted and agreed as follows for
      the
      equal and ratable benefit of the holders of Securities:

    

    ARTICLE
      1

    DEFINITIONS

    

    SECTION
      1.1 DEFINITIONS OF TERMS.

    

    The
      terms
      defined in this Section (except as in this Indenture or any indenture
      supplemental hereto otherwise expressly provided or unless the context otherwise
      requires) for all purposes of this Indenture and of any indenture supplemental
      hereto shall have the respective meanings specified in this Section and shall
      include the plural as well as the singular. All other terms used in this
      Indenture that are defined in the Trust Indenture Act of 1939, as amended,
      or
      that are by reference in such Act defined in the Securities Act of 1933, as
      amended (except as herein or any indenture supplemental hereto otherwise
      expressly provided or unless the context otherwise requires), shall have the
      meanings assigned to such terms in said Trust Indenture Act and in said
      Securities Act as in force at the date of the execution of this
      instrument.

    

    “Authenticating
      Agent” means an authenticating agent with respect to all or any of the series of
      Securities appointed by the Trustee pursuant to Section 2.10.

    

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

    

    “Board
      of
      Directors” means the Board of Directors of the Company or any duly authorized
      committee of such Board.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    “Board
      Resolution” means a copy of a resolution certified by the Secretary or an
      Assistant Secretary of the Company to have been duly adopted by the Board of
      Directors and to be in full force and effect on the date of such
      certification.

    

    “Business
      Day” means, with respect to any series of Securities, any day other than a day
      on which federal or state banking institutions in the Borough of Manhattan,
      the
      City of New York, are authorized or obligated by law, executive order or
      regulation to close.

    

    “Certificate”
      means a certificate signed by the chairman of the Board of Directors, any
      principal executive officer, any chief executive officer, any president, any
      senior vice president, any vice president, any principal financial officer
      or
      any principal accounting officer, any treasurer or any assistant treasurer,
      any
      controller or any assistant controller, any secretary or any assistant secretary
      of the Company. The Certificate need not comply with the provisions of
      Section 13.7.

    

    “Company”
      means Hyperdynamics Corporation, a corporation duly
      organized and existing under the laws of the State of Delaware, and, subject
      to
      the provisions of Article Ten of this Agreement, shall also include its
      successors and assigns.

    

    “Corporate
      Trust Office” means the office of the Trustee at which, at any particular time,
      its corporate trust business shall be principally administered, which office
      at
      the date hereof is located at   
      ,   ;
      Attention:       , except
      that whenever a provision herein refers to an office or agency of the Trustee
      in
      the borough of ___________in the city of ___________, state of ___________
      such office is located, at the date hereof, at__________,
      Attn:_________].

    

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

    

    “Default”
      means any event, act or condition that with notice or lapse of time, or both,
      would constitute an Event of Default.

    

    “Depositary”
      means, with respect to Securities of any series for which the Company shall
      determine that such Securities will be issued as a Global Security, The
      Depository Trust Company, New York, New York, another clearing agency, or any
      successor registered as a clearing agency under the Securities and Exchange
      Act
      of 1934, as amended (the “Exchange Act”), or other applicable statute or
      regulation, which, in each case, shall be designated by the Company pursuant
      to
      either Section 2.1 or 2.11.

    

    “Event
      of
      Default” means, with respect to Securities of a particular series, any event
      specified in Section 6.1, continued for the period of time, if any, therein
      designated.

    

    “Global
      Security” means, with respect to any series of Securities, a Security executed
      by the Company and delivered by the Trustee to the Depositary or pursuant to
      the
      Depositary’s instruction, all in accordance with the Indenture, which shall be
      registered in the name of the Depositary or its nominee.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “Governmental
      Obligations” means securities that are (a) direct obligations of the United
      States of America for the payment of which its full faith and credit is pledged
      or (b) obligations of a Person controlled or supervised by and acting as an
      agency or instrumentality of the United States of America, the payment of which
      is unconditionally guaranteed as a full faith and credit obligation by the
      United States of America that, in either case, are not callable or redeemable
      at
      the option of the issuer thereof, and shall also include a depositary receipt
      issued by a bank (as defined in Section 3(a)(2) of the Securities Act of
      1933, as amended) as custodian with respect to any such Governmental Obligation
      or a specific payment of principal of or interest on any such Governmental
      Obligation held by such custodian for the account of the holder of such
      depositary receipt; provided, however, that (except as required by law) such
      custodian is not authorized to make any deduction from the amount payable to
      the
      holder of such depositary receipt from any amount received by the custodian
      in
      respect of the Governmental Obligation or the specific payment of principal
      of
      or interest on the Governmental Obligation evidenced by such depositary
      receipt.

    

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

    

    “Indenture”
      means this instrument as originally executed or as it may from time to time
      be
      supplemented or amended by one or more indentures supplemental hereto entered
      into in accordance with the terms hereof.

    

    “Interest
      Payment Date,” when used with respect to any installment of interest on a
      Security of a particular series, means the date specified in such Security
      or in
      a Board Resolution or in an indenture supplemental hereto with respect to such
      series as the fixed date on which an installment of interest with respect to
      Securities of that series is due and payable.

    

    “Officers’
      Certificate” means a certificate signed by a chief executive officer, a
      president, a senior vice president or a vice president and by the chief
      financial officer or the treasurer or an assistant treasurer or the controller
      or an assistant controller or the secretary or an assistant secretary of the
      Company that is delivered to the Trustee in accordance with the terms hereof.
      Each such certificate shall include the statements provided for in
      Section 13.7, if and to the extent required by the provisions
      thereof.

    

    “Opinion
      of Counsel” means an opinion in writing subject to customary exceptions of legal
      counsel, who may be an employee of or counsel for the Company, that is delivered
      to the Trustee in accordance with the terms hereof. Each such opinion shall
      include the statements provided for in Section 13.7, if and to the extent
      required by the provisions thereof.

    

    “Outstanding,”
      when used with reference to Securities of any series, means, subject to the
      provisions of Section 8.4, as of any particular time, all Securities of
      that series theretofore authenticated and delivered by the Trustee under this
      Indenture, except (a) Securities theretofore canceled by the Trustee or any
      paying agent, or delivered to the Trustee or any paying agent for cancellation
      or that have previously been canceled; (b) Securities or portions thereof
      for the payment or redemption of which moneys or Governmental Obligations in
      the
      necessary amount shall have been deposited in trust with the Trustee or with
      any
      paying agent (other than the Company) or shall have been set aside and
      segregated in trust by the Company (if the Company shall
      act
      as its own paying agent); provided, however, that if such Securities or portions
      of such Securities are to be redeemed prior to the maturity thereof, notice
      of
      such redemption shall have been given as in Article Three provided, or provision
      satisfactory to the Trustee shall have been made for giving such notice; and
      (c) Securities in lieu of or in substitution for which other Securities
      shall have been authenticated and delivered pursuant to the terms of
      Section 2.7.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

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

    

    “Predecessor
      Security” of any particular Security means every previous Security evidencing
      all or a portion of the same debt as that evidenced by such particular Security;
      and, for the purposes of this definition, any Security authenticated and
      delivered under Section 2.7 in lieu of a lost, destroyed or stolen Security
      shall be deemed to evidence the same debt as the lost, destroyed or stolen
      Security.

    

    “Responsible
      Officer” when used with respect to the Trustee means any officer in the
      Corporate Trust Office of the Trustee, or to whom any corporate trust matter
      is
      referred because of his or her knowledge of and familiarity with the particular
      subject.

    

    “Securities”
      means the debt Securities authenticated and delivered under this
      Indenture.

    

    “Securityholder,”
      “holder of Securities,” “registered holder,” or other similar term, means the
      Person or Persons in whose name or names a particular Security shall be
      registered on the books of the Company kept for that purpose in accordance
      with
      the terms of this Indenture.

    

    “Subsidiary”
      means, with respect to any Person, (i) any corporation at least a majority
      of whose outstanding Voting Stock shall at the time be owned, directly or
      indirectly, by such Person or by one or more of its Subsidiaries or by such
      Person and one or more of its Subsidiaries, (ii) any general partnership,
      joint venture or similar entity, at least a majority of whose outstanding
      partnership or similar interests shall at the time be owned by such Person,
      or
      by one or more of its Subsidiaries, or by such Person and one or more of its
      Subsidiaries and (iii) any limited partnership of which such Person or any
      of its Subsidiaries is a general partner.

    

    “Trustee”
      means                                        ,
      and, subject to the provisions of Article Seven, shall also include its
      successors and assigns, and, if at any time there is more than one Person acting
      in such capacity hereunder, “Trustee” shall mean each such Person. The term
“Trustee” as used with respect to a particular series of the Securities shall
      mean the trustee with respect to that series.

    

    “Trust
      Indenture Act” means the Trust Indenture Act of 1939, as amended.

    

    “Voting
      Stock,” as applied to stock of any Person, means shares, interests,
      participations or other equivalents in the equity interest (however designated)
      in such Person having ordinary voting power for the election of a majority
      of
      the directors (or the equivalent) of such Person, other than shares, interests,
      participations or other equivalents having such power only by reason of the
      occurrence of a contingency.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      2

    ISSUE,
      DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF
      SECURITIES

    

    SECTION
      2.1 DESIGNATION AND TERMS OF SECURITIES.

    

    (a)
      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 up to the aggregate principal amount of Securities of that series from
      time to time authorized by or pursuant to a Board Resolution or pursuant to
      one
      or more indentures supplemental hereto. Prior to the initial issuance of
      Securities of any series, there shall be established in or pursuant to a Board
      Resolution, and set forth in an Officers’ Certificate, or established in one or
      more indentures supplemental hereto:

    

    (1)
      the
      title of the Securities of the series (which shall distinguish the Securities
      of
      that series from all other Securities);

    

    (2)
      any
      limit upon the aggregate principal amount of the Securities of that series
      that
      may be authenticated and delivered under this Indenture (except for Securities
      authenticated and delivered upon registration of transfer of, or in exchange
      for, or in lieu of, other Securities of that series);

    

    (3)
      the
      date or dates on which the principal of the Securities of the series is payable,
      any original issue discount that may apply to the Securities of that series
      upon
      their issuance, the principal amount due at maturity, and the place(s) of
      payment;

    

    (4)
      the
      rate or rates at which the Securities of the series shall bear interest or
      the
      manner of calculation of such rate or rates, if any;

    

    (5)
      the
      date or dates from which such interest shall accrue, the Interest Payment Dates
      on which such interest will be payable or the manner of determination of such
      Interest Payment Dates, the place(s) of payment, and the record date for the
      determination of holders to whom interest is payable on any such Interest
      Payment Dates or the manner of determination of such record dates;

    

    (6)
      the
      right, if any, to extend the interest payment periods and the duration of such
      extension;

    

    (7)
      the
      period or periods within which, the price or prices at which and the terms
      and
      conditions upon which Securities of the series may be redeemed, in whole or
      in
      part, at the option of the Company;

    

    (8)
      the
      obligation, if any, of the Company to redeem or purchase Securities of the
      series pursuant to any sinking fund, mandatory redemption, or analogous
      provisions (including payments made in cash in satisfaction of future sinking
      fund obligations) or at the option of a holder thereof 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;

     

    
      
        
        

      

      
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    (9)
      the
      form of the Securities of the series including the form of the Certificate
      of
      Authentication for such series;

    

    (10)
      if
      other than denominations of one thousand U.S. dollars ($1,000) or any integral
      multiple thereof, the denominations in which the Securities of the series shall
      be issuable;

    

    (11)
      any
      and all other terms (including terms, to the extent applicable, relating to
      any
      auction or remarketing of the Securities of that series and any security for
      the
      obligations of the Company with respect to such Securities) with respect to
      such
      series (which terms shall not be inconsistent with the terms of this Indenture,
      as amended by any supplemental indenture) including any terms which may be
      required by or advisable under United States laws or regulations or advisable
      in
      connection with the marketing of Securities of that series;

    

    (12)
      whether the Securities are issuable as a Global Security and, in such case,
      the
      terms and the identity of the Depositary for such series;

    

    (13)
      whether the Securities will be convertible into or exchangeable for shares
      of
      common stock or other securities of the Company or any other Person and, if
      so,
      the terms and conditions upon which such Securities will be so convertible
      or
      exchangeable, including the conversion or exchange price, as applicable, or
      how
      it will be calculated and may be adjusted, any mandatory or optional (at the
      Company’s option or the holders’ option) conversion or exchange features, and
      the applicable conversion or exchange period;

    

    (14)
      if
      other than the principal amount thereof, the portion of the principal amount
      of
      Securities of the series which shall be payable upon declaration of acceleration
      of the maturity thereof pursuant to Section 6.1;

    

    (15)
      any
      additional or different Events of Default or restrictive covenants (which may
      include, among other restrictions, restrictions on the Company’s ability or the
      ability of the Company’s Subsidiaries to: incur additional indebtedness; issue
      additional securities; create liens; pay dividends or make distributions in
      respect of their capital stock; redeem capital stock; place restrictions on
      such
      Subsidiaries placing restrictions on their ability to pay dividends, make
      distributions or transfer assets; make investments or other restricted payments;
      sell or otherwise dispose of assets; enter into sale-leaseback transactions;
      engage in transactions with shareholders and affiliates; issue or sell stock
      of
      their Subsidiaries; or effect a consolidation or merger) or financial covenants
      (which may include, among other financial covenants, financial covenants that
      require the Company and its Subsidiaries to maintain specified interest
      coverage, fixed charge, cash flow-based or asset-based ratios) provided for
      with
      respect to the Securities of the series;

    

    (16)
      if
      other than dollars, the coin or currency in which the Securities of the series
      are denominated (including, but not limited to, foreign currency);

    

    (17)
      the
      terms and conditions, if any, upon which the Company shall pay amounts in
      addition to the stated interest, premium, if any and principal amounts of the
      Securities of the series to any Securityholder that is not a “United States
      person” for federal tax purposes; and

     

    
      
        
        

      

      
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    (18)
      any
      restrictions on transfer, sale or assignment of the Securities of the
      series.

    

    All
      Securities of any one series shall be substantially identical except as to
      denomination and except as may otherwise be provided in or pursuant to any
      such
      Board Resolution or in any indentures supplemental hereto.

    

    If
      any of
      the terms of the series are established by action taken pursuant to a Board
      Resolution of the Company, a copy of an appropriate record of such action shall
      be certified by the secretary or an assistant secretary of the Company and
      delivered to the Trustee at or prior to the delivery of the Officers’
Certificate of the Company setting forth the terms of the series.

    

    Securities
      of any particular series may be issued at various times, with different dates
      on
      which the principal or any installment of principal is payable, with different
      rates of interest, if any, or different methods by which rates of interest
      may
      be determined, with different dates on which such interest may be payable and
      with different redemption dates.

    

    SECTION
      2.2 FORM OF SECURITIES AND TRUSTEE’S CERTIFICATE.

    

    The
      Securities of any series and the Trustee’s certificate of authentication to be
      borne by such Securities shall be substantially of the tenor and purport as
      set
      forth in one or more indentures supplemental hereto or as provided in a Board
      Resolution, and set forth in an Officers’ Certificate, and they may have such
      letters, numbers or other marks of identification or designation and such
      legends or endorsements printed, lithographed or engraved thereon as 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
      securities exchange on which Securities of that series may be listed, or to
      conform to usage.

    

    SECTION
      2.3 DENOMINATIONS: PROVISIONS FOR PAYMENT.

    

    The
      Securities shall be issuable as registered Securities and in the denominations
      of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject
      to Section 2.1(10). The Securities of a particular series shall bear
      interest payable on the dates and at the rate specified with respect to that
      series. The principal of and the interest on the Securities of any series,
      as
      well as any premium thereon in case of redemption thereof prior to maturity,
      shall be payable in the coin or currency of the United States of America that
      at
      the time is legal tender for public and private debt, at the office or agency
      of
      the Company maintained for that purpose in the borough of _______________ in
      the
      city of ________________ state of _____________ .  Each Security shall
      be dated the date of its authentication. Interest on the Securities shall be
      computed on the basis of a 360-day year composed of twelve 30-day
      months.

    

    The
      interest installment on any Security that is payable, and is punctually paid
      or
      duly provided for, on any Interest Payment Date for Securities of that series
      shall be paid to the Person in whose name said Security (or one or more
      Predecessor Securities) is registered at the close of business on the regular
      record date for such interest installment.

     

    
      
        
        

      

      
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    In
      the
      event that any Security of a particular series or portion thereof is called
      for
      redemption and the redemption date is subsequent to a regular record date with
      respect to any Interest Payment Date and prior to such Interest Payment Date,
      interest on such Security will be paid upon presentation and surrender of such
      Security as provided in Section 3.3.

    

    Any
      interest on any Security that is payable, but is not punctually paid or duly
      provided for, on any Interest Payment Date for Securities of the same series
      (herein called “Defaulted Interest”) shall forthwith cease to be payable to the
      registered holder on the relevant regular record date by virtue of having been
      such holder; and such Defaulted Interest shall be paid by the Company, at its
      election, as provided in clause (1) or clause (2) below:

    

    (1)
      The
      Company may make payment of any Defaulted Interest on Securities to the Persons
      in whose names such Securities (or their respective Predecessor Securities)
      are
      registered at the close of business on a special record date for the payment
      of
      such Defaulted Interest, which shall be fixed in the following manner: the
      Company shall notify the Trustee in writing of the amount of Defaulted Interest
      proposed to be paid on each such Security and the date of the proposed payment,
      and at the same time the Company shall deposit with the Trustee an amount of
      money equal to the aggregate amount proposed to be paid in respect of such
      Defaulted Interest or shall make arrangements satisfactory to the Trustee for
      such deposit prior to the date of the proposed payment, such money when
      deposited to be held in trust for the benefit of the Persons entitled to such
      Defaulted Interest as in this clause provided. Thereupon the Trustee shall
      fix a
      special record date for the payment of such Defaulted Interest which shall
      not
      be more than 15 nor less than 10 days prior to the date of the proposed payment
      and not less than 10 days after the receipt by the Trustee of the notice of
      the
      proposed payment. The Trustee shall promptly notify the Company of such special
      record date and, in the name and at the expense of the Company, shall cause
      notice of the proposed payment of such Defaulted Interest and the special record
      date therefor to be mailed, first class postage prepaid, to each Securityholder
      at his or her address as it appears in the Security Register (as hereinafter
      defined), not less than 10 days prior to such special record date. Notice of
      the
      proposed payment of such Defaulted Interest and the special record date therefor
      having been mailed as aforesaid, such Defaulted Interest shall be paid to the
      Persons in whose names such Securities (or their respective Predecessor
      Securities) are registered on such special record date.

    

    (2)
      The
      Company may make payment of any Defaulted Interest on any Securities in any
      other lawful manner not inconsistent with the requirements of any securities
      exchange on which such Securities may be listed, and upon such notice as may
      be
      required by such exchange, if, after notice given by the Company to the Trustee
      of the proposed payment pursuant to this clause, such manner of payment shall
      be
      deemed practicable by the Trustee.

    

    Unless
      otherwise set forth in a Board Resolution or one or more indentures supplemental
      hereto establishing the terms of any series of Securities pursuant to
      Section 2.1 hereof, the term “regular record date” as used in this Section
      with respect to a series of Securities and any Interest Payment Date for such
      series shall mean either the fifteenth day of the month immediately preceding
      the month in which an Interest Payment Date established for such series pursuant
      to Section 2.1 hereof shall occur, if such Interest Payment Date is the
      first day of a month, or the last day of the month immediately preceding the
      month in which an Interest Payment Date established for such series pursuant
      to
      Section 2.1 hereof shall occur, if such Interest Payment Date is the
      fifteenth day of a month, whether or not such date is a Business
      Day.

     

    
      
        
        

      

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

    

    SECTION
      2.4 EXECUTION AND AUTHENTICATIONS.

    

    The
      Securities shall be signed on behalf of the Company by its chief executive
      officer, or one of its presidents, or one of its senior vice presidents, or
      one
      of its vice presidents, or its chief financial officer, or its chief legal
      officer, or its treasurer, or one of its assistant treasurers, or its controller
      or one of its assistant controllers, or its secretary, or one of its assistant
      secretaries, under its corporate seal attested by its secretary or one of its
      assistant secretaries. Signatures may be in the form of a manual or facsimile
      signature.

    

    The
      Company may use the facsimile signature of any Person who shall have been a
      chief executive officer, president, senior vice president or vice president
      thereof, chief financial officer, chief legal officer, treasurer or assistant
      treasurer, controller or assistant controller, secretary or assistant secretary
      thereof, notwithstanding the fact that at the time the Securities shall be
      authenticated and delivered or disposed of such Person shall have ceased to
      be
      such an officer of the Company. The seal of the Company may be in the form
      of a
      facsimile of such seal and may be impressed, affixed, imprinted or otherwise
      reproduced on the Securities. The Securities may contain such notations,
      legends or endorsements required by law, stock exchange rule or usage. Each
      Security shall be dated the date of its authentication by the
      Trustee.

    

    A
      Security shall not be valid until authenticated manually by an authorized
      signatory of the Trustee, or by an Authenticating Agent. Such signature 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. At any time and from time to time after the
      execution and delivery of this Indenture, the Company may deliver Securities
      of
      any series executed by the Company to the Trustee for authentication, together
      with a written order of the Company for the authentication and delivery of
      such Securities, signed by a chief executive officer, president, senior vice
      president or any vice president, chief financial officer, chief legal officer,
      treasurer or assistant treasurer, controller or assistant controller, and its
      secretary or any assistant secretary, and the Trustee in accordance with such
      written order shall authenticate and deliver such Securities.

    

    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, an Opinion of Counsel stating that the form and terms thereof
      have been established in conformity with the provisions of this
      Indenture.

     

    
      
        
        

      

      
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    The
      Trustee shall not be required to authenticate such Securities if the issue
      of
      such Securities pursuant to this Indenture will affect the Trustee’s own rights,
      duties or immunities under the Securities and this Indenture or otherwise in
      a
      manner that is not reasonably acceptable to the Trustee.

    

    SECTION
      2.5 REGISTRATION OF TRANSFER AND EXCHANGE.

    

    (a)
      Securities of any series may be exchanged upon presentation thereof at the
      office or agency of the Company designated for such purpose in the borough
      of
      _______________ in the city of _______________  state of
      ________________  , for other Securities of such series of authorized
      denominations, and for a like aggregate principal amount, upon payment of a
      sum
      sufficient to cover any tax or other governmental charge in relation thereto,
      all as provided in this Section. In respect of any Securities so surrendered
      for
      exchange, the Company shall execute, the Trustee shall authenticate and such
      office or agency shall deliver in exchange therefore the Security or Securities
      of the same series that the Securityholder making the exchange shall be entitled
      to receive, bearing numbers not contemporaneously outstanding.

    

    (b)
      The
      Company shall keep, or cause to be kept, at its office or agency designated
      for
      such purpose in the borough of _______________ in the city of
      ___________________, state of _______________ , or such other location
      designated by the Company, a register or registers (herein referred to as the
      “Security Register”) in which, subject to such reasonable regulations as it
      may prescribe, the Company shall register the Securities and the transfers
      of
      Securities as in this Article provided and which at all reasonable times shall
      be open for inspection by the Trustee. The registrar for the purpose of
      registering Securities and transfer of Securities as herein provided shall
      be
      appointed as authorized by Board Resolution (the “Security
      Registrar”).

    

    Upon
      surrender for transfer of any Security at the office or agency of the Company
      designated for such purpose, the Company shall execute, the Trustee shall
      authenticate and such office or agency shall deliver in the name of the
      transferee or transferees a new Security or Securities of the same series as
      the
      Security presented for a like aggregate principal amount.

    

    All
      Securities presented or surrendered for exchange or registration of transfer,
      as
      provided in this Section, shall be accompanied (if so required by the Company
      or
      the Security Registrar) by a written instrument or instruments of transfer,
      in
      form satisfactory to the Company or the Security Registrar, duly executed by
      the
      registered holder or by such holder’s duly authorized attorney in
      writing.

    

    (c)
      Except as provided pursuant to Section 2.1 pursuant to a Board Resolution,
      and set forth in an Officers’ Certificate, or established in one or more
      indentures supplemental to this Indenture, no service charge shall be made
      for
      any exchange or registration of transfer of Securities, or issue of new
      Securities in case of partial redemption of any series, but the Company may
      require payment of a sum sufficient to cover any tax or other governmental
      charge in relation thereto, other than exchanges pursuant to Section 2.6,
      Section 3.3(b) and Section 9.4 not involving any
      transfer.

     

    
      
        
        

      

      
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    (d)
      The
      Company shall not be required (i) to issue, exchange or register the
      transfer of any Securities during a period beginning at the opening of business
      15 days before the day of the mailing of a notice of redemption of less than
      all
      the Outstanding Securities of the same series and ending at the close of
      business on the day of such mailing, nor (ii) to register the transfer of
      or exchange any Securities of any series or portions thereof called for
      redemption, other than the unredeemed portion of any such Securities being
      redeemed in part. The provisions of this Section 2.5 are, with respect to
      any Global Security, subject to Section 2.11 hereof.

    

    SECTION
      2.6 TEMPORARY SECURITIES.

    

    Pending
      the preparation of definitive Securities of any series, the Company may execute,
      and the Trustee shall authenticate and deliver, temporary Securities (printed,
      lithographed or typewritten) of any authorized denomination. Such temporary
      Securities shall be substantially in the form of the definitive Securities
      in
      lieu of which they are issued, but with such omissions, insertions and
      variations as may be appropriate for temporary Securities, all as may be
      determined by the Company. Every temporary Security of any series shall be
      executed by the Company and be authenticated by the Trustee upon the same
      conditions and in substantially the same manner, and with like effect, as the
      definitive Securities of such series. Without unnecessary delay the Company
      will
      execute and will furnish definitive Securities of such series and thereupon
      any
      or all temporary Securities of such series may be surrendered in exchange
      therefor (without charge to the holders), at the office or agency of the Company
      designated for the purpose in the borough of _______________ in the city of
      ___________________, state of _______________, and the Trustee shall
      authenticate and such office or agency shall deliver in exchange for such
      temporary Securities an equal aggregate principal amount of definitive
      Securities of such series, unless the Company advises the Trustee to the effect
      that definitive Securities need not be executed and furnished until further
      notice from the Company. Until so exchanged, the temporary Securities of such
      series shall be entitled to the same benefits under this Indenture as definitive
      Securities of such series authenticated and delivered hereunder.

    

    SECTION
      2.7 MUTILATED, DESTROYED, LOST OR STOLEN SECURITIES.

    

    In
      case
      any temporary or definitive Security shall become mutilated or be destroyed,
      lost or stolen, the Company (subject to the next succeeding sentence) shall
      execute, and upon the Company’s request the Trustee (subject as aforesaid) shall
      authenticate and deliver, a new Security of the same series, bearing a number
      not contemporaneously outstanding, in exchange and substitution for the
      mutilated Security, or in lieu of and in substitution for the Security so
      destroyed, lost or stolen. In every case the applicant for a substituted
      Security shall furnish to the Company and the Trustee such security or indemnity
      as may be required by them to save each of them harmless, and, in every case
      of
      destruction, loss or theft, the applicant shall also furnish to the Company
      and
      the Trustee evidence to their satisfaction of the destruction, loss or theft
      of
      the applicant’s Security and of the ownership thereof. The Trustee may
      authenticate any such substituted Security and deliver the same upon the written
      request or authorization of any officer of the Company. Upon the issuance of
      any
      substituted Security, 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.

     

    
      
        
        

      

      
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    In
      case
      any Security that has matured or is about to mature shall become mutilated
      or be
      destroyed, lost or stolen, the Company may, instead of issuing a substitute
      Security, pay or authorize the payment of the same (without surrender thereof
      except in the case of a mutilated Security) if the applicant for such
      payment shall furnish to the Company and the Trustee such security or indemnity
      as they may require to save them harmless, and, in case of destruction, loss
      or
      theft, evidence to the satisfaction of the Company and the Trustee of the
      destruction, loss or theft of such Security and of the ownership
      thereof.

    

    Every
      replacement Security issued pursuant to the provisions of this Section shall
      constitute an additional contractual obligation of the Company whether or not
      the mutilated, destroyed, lost or stolen Security shall be found at any time,
      or
      be enforceable by anyone, and shall be entitled to all the benefits of this
      Indenture equally and proportionately with any and all other Securities of
      the
      same series duly issued hereunder. All Securities shall be held and owned upon
      the express condition that the foregoing provisions are exclusive with respect
      to the replacement or payment of mutilated, destroyed, lost or stolen
      Securities, and shall preclude (to the extent lawful) any and all other
      rights or remedies, notwithstanding any law or statute existing or hereafter
      enacted to the contrary with respect to the replacement or payment of negotiable
      instruments or other securities without their surrender.

    

    SECTION
      2.8 CANCELLATION.

    

    All
      Securities surrendered for the purpose of payment, redemption, exchange or
      registration of transfer shall, if surrendered to the Company or any paying
      agent, be delivered to the Trustee for cancellation, or, if surrendered to
      the
      Trustee, shall be cancelled by it, and no Securities shall be issued in lieu
      thereof except as expressly required or permitted by any of the provisions
      of
      this Indenture. On request of the Company at the time of such surrender, the
      Trustee shall deliver to the Company canceled Securities held by the Trustee.
      In
      the absence of such request the Trustee may dispose of canceled Securities
      in
      accordance with its standard procedures and deliver a certificate of disposition
      to the Company. If the Company shall otherwise acquire any of the Securities,
      however, such acquisition shall not operate as a redemption or satisfaction
      of
      the indebtedness represented by such Securities unless and until the same are
      delivered to the Trustee for cancellation.

    

    SECTION
      2.9 BENEFITS OF INDENTURE.

    

    Nothing
      in this Indenture or in the Securities, express or implied, shall give or be
      construed to give to any Person, other than the parties hereto and the holders
      of the Securities any legal or equitable right, remedy or claim under or in
      respect of this Indenture, or under any covenant, condition or provision herein
      contained; all such covenants, conditions and provisions being for the sole
      benefit of the parties hereto and of the holders of the Securities.

    

    SECTION
      2.10 AUTHENTICATING AGENT.

    

    So
      long
      as any of the Securities of any series remain Outstanding there may be an
      Authenticating Agent for any or all such series of Securities which the Trustee
      shall have the right to appoint. Said Authenticating Agent shall be authorized
      to act on behalf of the Trustee to authenticate Securities of such series
      issued upon exchange, transfer or partial redemption thereof, and Securities
      so
      authenticated shall be entitled to the benefits of this Indenture and shall
      be
      valid and obligatory for all purposes as if authenticated by the Trustee
      hereunder. All references in this Indenture to the authentication of Securities
      by the Trustee shall be
      deemed
      to include authentication by an Authenticating Agent for such series. Each
      Authenticating Agent shall be acceptable to the Company and shall be a
      corporation that has a combined capital and surplus, as most recently reported
      or determined by it, sufficient under the laws of any jurisdiction under which
      it is organized or in which it is doing business to conduct a trust business,
      and that is otherwise authorized under such laws to conduct such business and
      is
      subject to supervision or examination by federal or state authorities. If at
      any
      time any Authenticating Agent shall cease to be eligible in accordance with
      these provisions, it shall resign immediately.

     

    
      
        
        

      

      
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    Any
      Authenticating Agent may at any time resign by giving written notice of
      resignation to the Trustee and to the Company. The Trustee may at any time
      (and
      upon request by the Company shall) terminate the agency of any Authenticating
      Agent by giving written notice of termination to such Authenticating Agent
      and
      to the Company. Upon resignation, termination or cessation of eligibility of
      any
      Authenticating Agent, the Trustee may appoint an eligible successor
      Authenticating Agent acceptable to the Company. Any successor Authenticating
      Agent, upon acceptance of its appointment hereunder, shall become vested with
      all the rights, powers and duties of its predecessor hereunder as if originally
      named as an Authenticating Agent pursuant hereto.

    

    SECTION
      2.11 GLOBAL SECURITIES.

    

    (a)
      If
      the Company shall establish pursuant to Section 2.1 that the Securities of
      a particular series are to be issued as a Global Security, then the Company
      shall execute and the Trustee shall, in accordance with Section 2.4,
      authenticate and deliver, a Global Security that (i) shall represent, and
      shall be denominated in an amount equal to the aggregate principal amount of,
      all of the Outstanding Securities of such series, (ii) shall be registered
      in the name of the Depositary or its nominee, (iii) shall be delivered by
      the Trustee to the Depositary or pursuant to the Depositary’s instruction and
      (iv) shall bear a legend substantially to the following effect: “Except as
      otherwise provided in Section 2.11 of the Indenture, this Security may be
      transferred, in whole but not in part, only to another nominee of the Depositary
      or to a successor Depositary or to a nominee of such successor
      Depositary.”

    

    (b)
      Notwithstanding the provisions of Section 2.5, the Global Security of a
      series may be transferred, in whole but not in part and in the manner provided
      in Section 2.5, only to another nominee of the Depositary for such series,
      or to a successor Depositary for such series selected or approved by the Company
      or to a nominee of such successor Depositary.

    

    (c)
      If at
      any time the Depositary for a series of the Securities notifies the Company
      that
      it is unwilling or unable to continue as Depositary for such series or if at
      any
      time the Depositary for such series shall no longer be registered or in good
      standing under the Exchange Act, or other applicable statute or regulation,
      and
      a successor Depositary for such series is not appointed by the Company within
      90
      days after the Company receives such notice or becomes aware of such condition,
      as the case may be, or if an Event of Default has occurred and is continuing
      and
      the Company has received a request from the Depositary, this Section 2.11
      shall no longer be applicable to the Securities of such series and the Company
      will execute, and subject to Section 2.4, the Trustee will authenticate and
      deliver the Securities of such series in definitive registered form
      without coupons, in authorized denominations, and in an aggregate principal
      amount equal to the principal amount of the Global Security of such series
      in
      exchange for such Global Security. In addition, the Company may at any time
      determine that the Securities of any series shall no longer be represented
      by a
      Global Security and that the provisions of this Section 2.11 shall no
      longer apply to the Securities of such series. In such event the Company will
      execute and, subject to Section 2.4, the Trustee, upon receipt of an
      Officers’ Certificate evidencing such determination by the Company, will
      authenticate and deliver the Securities of such series in definitive registered
      form without coupons, in authorized denominations, and in an aggregate principal
      amount equal to the principal amount of the Global Security of such series
      in
      exchange for such Global Security. Upon the exchange of the Global Security
      for
      such Securities in definitive registered form without coupons, in authorized
      denominations, the Global Security shall be canceled by the Trustee. Such
      Securities in definitive registered form issued in exchange for the Global
      Security pursuant to this Section 2.11(c) shall be registered in such names
      and in such authorized denominations as the Depositary, pursuant to instructions
      from its direct or indirect participants or otherwise, shall instruct the
      Trustee. The Trustee shall deliver such Securities to the Depositary for
      delivery to the Persons in whose names such Securities are so
      registered.

     

    
      
        
        

      

      
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    ARTICLE
      3

    REDEMPTION
      OF SECURITIES AND SINKING FUND PROVISIONS

    

    SECTION
      3.1 REDEMPTION.

    

    The
      Company may redeem the Securities of any series issued hereunder on and after
      the dates and in accordance with the terms established for such series pursuant
      to Section 2.1 hereof.

    

    SECTION
      3.2 NOTICE OF REDEMPTION.

    

    (a)
      In
      case the Company shall desire to exercise such right to redeem all or, as the
      case may be, a portion of the Securities of any series in accordance with any
      right the Company reserved for itself to do so pursuant to Section 2.1
      hereof, the Company shall, or shall cause the Trustee to, give notice of such
      redemption to holders of the Securities of such series to be redeemed by
      mailing, first class postage prepaid, a notice of such redemption not less
      than
      30 days and not more than 90 days before the date fixed for redemption of that
      series to such holders at their last addresses as they shall appear upon the
      Security Register, unless a shorter period is specified in the Securities to
      be
      redeemed. Any notice that is mailed in the manner herein provided shall be
      conclusively presumed to have been duly given, whether or not the registered
      holder receives the notice. In any case, failure duly to give such notice to
      the
      holder of any Security of any series designated for redemption in whole or
      in
      part, or any defect in the notice, shall not affect the validity of the
      proceedings for the redemption of any other Securities of such series or any
      other series. In the case of any redemption of Securities prior to the
      expiration of any restriction on such redemption provided in the terms of such
      Securities or elsewhere in this Indenture, the Company shall furnish the Trustee
      with an Officers’ Certificate evidencing compliance with any such
      restriction.

    

    Each
      such
      notice of redemption shall specify the date fixed for redemption and the
      redemption price at which Securities of that series are to be redeemed, and
      shall state that payment of the redemption
      price of such Securities to be redeemed will be made at the office or agency
      of
      the Company in the borough of _______________ in the city of
      _______________________, state of _______________________, upon presentation
      and
      surrender of such Securities, that interest accrued to the date fixed for
      redemption will be paid as specified in said notice, that from and after said
      date interest will cease to accrue and that the redemption is for a sinking
      fund, if such is the case. If less than all the Securities of a series are
      to be
      redeemed, the notice to the holders of Securities of that series to be redeemed
      in part shall specify the particular Securities to be so redeemed.

     

    
      
        
        

      

      
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    In
      case
      any Security is to be redeemed in part only, the notice that relates to such
      Security shall state the portion of the principal amount thereof to be redeemed,
      and shall state that on and after the redemption date, upon surrender of such
      Security, a new Security or Securities of such series in principal amount equal
      to the unredeemed portion thereof will be issued.

    

    (b)
      If
      less than all the Securities of a series are to be redeemed, the Company shall
      give the Trustee at least 45 days’ notice in advance of the date fixed for
      redemption as to the aggregate principal amount of Securities of the series
      to
      be redeemed, and thereupon the Trustee shall select, by lot or in such other
      manner as it shall deem appropriate and fair in its discretion and that may
      provide for the selection of a portion or portions (equal to one thousand U.S.
      dollars ($1,000) or any integral multiple thereof) of the principal amount
      of
      such Securities of a denomination larger than $1,000, the Securities to be
      redeemed and shall thereafter promptly notify the Company in writing of the
      numbers of the Securities to be redeemed, in whole or in part. The Company
      may,
      if and whenever it shall so elect, by delivery of instructions signed on its
      behalf by its chief executive officer, president or any senior vice president
      or
      vice president, instruct the Trustee or any paying agent to call all or any
      part
      of the Securities of a particular series for redemption and to give notice
      of
      redemption in the manner set forth in this Section, such notice to be in
      the name of the Company or its own name as the Trustee or such paying agent
      may
      deem advisable. In any case in which notice of redemption is to be given by
      the
      Trustee or any such paying agent, the Company shall deliver or cause to be
      delivered to, or permit to remain with, the Trustee or such paying agent, as
      the
      case may be, such Security Register, transfer books or other records, or
      suitable copies or extracts therefrom, sufficient to enable the Trustee or
      such
      paying agent to give any notice by mail that may be required under the
      provisions of this Section.

    

    SECTION
      3.3 PAYMENT UPON REDEMPTION.

    

    (a)
      If
      the giving of notice of redemption shall have been completed as above provided,
      the Securities or portions of Securities of the series to be redeemed specified
      in such notice shall become due and payable on the date and at the place stated
      in such notice at the applicable redemption price, together with interest
      accrued to the date fixed for redemption and interest on such Securities or
      portions of Securities shall cease to accrue on and after the date fixed for
      redemption, unless the Company shall default in the payment of such redemption
      price and accrued interest with respect to any such Security or portion thereof.
      On presentation and surrender of such Securities on or after the date fixed
      for
      redemption at the place of payment specified in the notice, said Securities
      shall be paid and redeemed at the applicable redemption price for such series,
      together with interest accrued thereon to the date fixed for redemption (but
      if
      the date fixed for redemption is an interest payment date, the interest
      installment payable on such date shall be payable to the registered holder
      at
      the close of business on the applicable record date pursuant to
      Section 2.3).

     

    
      
        
        

      

      
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    (b)
      Upon
      presentation of any Security of such series that is to be redeemed in part
      only,
      the Company shall execute and the Trustee shall authenticate and the office
      or
      agency where the Security is presented shall deliver to the holder thereof,
      at
      the expense of the Company, a new Security of the same series of authorized
      denominations in principal amount equal to the unredeemed portion of the
      Security so presented.

    

    SECTION
      3.4 SINKING FUND.

    

    The
      provisions of Sections 3.4, 3.5 and 3.6 shall be applicable to any sinking
      fund
      for the retirement of Securities of a series, except as otherwise specified
      as
      contemplated by Section 2.1 for Securities of such series.

    

    The
      minimum amount of any sinking fund payment provided for by the terms of
      Securities of any series is herein referred to as a “mandatory sinking fund
      payment,” and any payment in excess of such minimum amount provided for by the
      terms of Securities of any series is 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 3.5. Each sinking fund payment shall be applied to the
      redemption of Securities of any series as provided for by the terms of
      Securities of such series.

    

    SECTION
      3.5 SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES.

    

    The
      Company (i) may deliver Outstanding Securities of a series and
      (ii) may apply as a credit Securities of a series that have been redeemed
      either at the election of the Company pursuant to the terms of such Securities
      or through the application of permitted optional sinking fund payments pursuant
      to the terms of such Securities, in each case in satisfaction of all or any
      part
      of any sinking fund payment with respect to the Securities of such series
      required to be made pursuant to the terms of such Securities as provided for
      by
      the terms of such series, provided that such Securities have not been previously
      so credited. Such Securities shall be received and credited for such purpose
      by
      the Trustee at the redemption 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.

    

    SECTION
      3.6 REDEMPTION OF SECURITIES FOR SINKING FUND.

    

    Not
      less
      than 45 days 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 sinking fund payment for that series
      pursuant to the terms of the series, the portion thereof, if any, that is to
      be
      satisfied by delivering and crediting Securities of that series pursuant to
      Section 3.5 and the basis for such credit and will, together with such
      Officers’ Certificate, deliver to the Trustee any Securities to be so delivered.
      Not less than 30 days 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 3.2. Such notice having been duly given, the
      redemption of such Securities shall be made upon the terms and in the manner
      stated in Section 3.3.

     

    
      
        
        

      

      
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    ARTICLE
      4

    COVENANTS

    

    SECTION
      4.1 PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.

    

    The
      Company will duly and punctually pay or cause to be paid the principal of (and
      premium, if any) and interest on the Securities of that series at the time
      and
      place and in the manner provided herein and established with respect to such
      Securities. Payments of principal on the Securities may be made at the time
      provided herein and established with respect to such Securities by U.S. dollar
      check drawn on and mailed to the address of the Securityholder entitled thereto
      as such address shall appear in the Security Register, or U.S. dollar wire
      transfer to, a U.S. dollar account (such a wire transfer to be made only to
      a
      Securityholder of an aggregate principal amount of Securities of the applicable
      series in excess of U.S. $2,000,000 and only if such Securityholder shall have
      furnished wire instructions to the Trustee no later than 15 days prior to the
      relevant payment date). Payments of interest on the Securities may be made
      at
      the time provided herein and established with respect to such Securities by
      U.S.
      dollar check mailed to the address of the Securityholder entitled thereto as
      such address shall appear in the Security Register, or U.S. dollar wire transfer
      to, a U.S. dollar account (such a wire transfer to be made only to a
      Securityholder of an aggregate principal amount of Securities of the applicable
      series in excess of U.S. $2,000,000 and only if such Securityholder shall have
      furnished wire instructions in writing to the Security Registrar and the
      Trustee no later than 15 days prior to the relevant payment date).

    

    SECTION
      4.2 MAINTENANCE OF OFFICE OR AGENCY.

    

    So
      long
      as any series of the Securities remain Outstanding, the Company agrees to
      maintain an office or agency in the borough of _______________ in the city
      of
      _____________________, state of _______________________, with respect to each
      such series and at such other location or locations as may be designated as
      provided in this Section 4.2, where (i) Securities of that series may
      be presented for payment, (ii) Securities of that series may be presented
      as herein above authorized for registration of transfer and exchange, and
      (iii) notices and demands to or upon the Company in respect of the
      Securities of that series and this Indenture may be given or served, such
      designation to continue with respect to such office or agency until the Company
      shall, by written notice signed by any officer authorized to sign an Officers’
Certificate and delivered to the Trustee, designate some other office or agency
      for such purposes or any of them. If at any time the Company shall fail to
      maintain any such required office or agency or shall fail to furnish the Trustee
      with the address thereof, such presentations, 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, notices
      and
      demands. The Company initially appoints the corporate trust office of
      [                    
      ], an affiliate of the Trustee, located in the borough of _______________ in
      the
      city of ___________________, state of _____________ as its paying agent with
      respect to the Securities.

     

    
      
        
        

      

      
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    SECTION
      4.3 PAYING AGENTS.

    

    (a)
      If
      the Company shall appoint one or more paying agents for all or any series of
      the
      Securities, other than the Trustee, the Company will cause each such paying
      agent to execute and deliver to the Trustee an instrument in which such agent
      shall agree with the Trustee, subject to the provisions of this
      Section:

    

    (1)
      that
      it will hold all sums held by it as such agent for the payment of the principal
      of (and premium, if any) or interest on the Securities of that series (whether
      such sums have been paid to it by the Company or by any other obligor of such
      Securities) in trust for the benefit of the Persons entitled
      thereto;

    

    (2)
      that
      it will give the Trustee notice of any failure by the Company (or by any other
      obligor of such Securities) to make any payment of the principal of (and
      premium, if any) or interest on the Securities of that series when the same
      shall be due and payable;

    

    (3)
      that
      it will, at any time during the continuance of any failure referred to in the
      preceding paragraph (a)(2) above, upon the written request of the Trustee,
      forthwith pay to the Trustee all sums so held in trust by such paying agent;
      and

    

    (4)
      that
      it will perform all other duties of paying agent as set forth in this
      Indenture.

    

    (b)
      If
      the Company shall act as its own paying agent with respect to any series of
      the
      Securities, it will on or before each due date of the principal of (and premium,
      if any) or interest on Securities of that series, set aside, segregate and
      hold
      in trust for the benefit of the Persons entitled thereto a sum sufficient
      to pay such principal (and premium, if any) or interest so becoming due on
      Securities of that series until such sums shall be paid to such Persons or
      otherwise disposed of as herein provided and will promptly notify the Trustee
      of such action, or any failure (by it or any other obligor on such
      Securities) to take such action. Whenever the Company shall have one or more
      paying agents for any series of Securities, it will, prior to each due date
      of
      the principal of (and premium, if any) or interest on any Securities of that
      series, deposit with the paying agent a sum sufficient to pay the principal
      (and
      premium, if any) or interest so becoming due, such sum to be held in trust
      for
      the benefit of the Persons entitled to such principal, premium or interest,
      and (unless such paying agent is the Trustee) the Company will promptly notify
      the Trustee of this action or failure so to act.

    

    (c)
      Notwithstanding anything in this Section to the contrary, (i) the agreement
      to hold sums in trust as provided in this Section is subject to the provisions
      of Section 11.5, and (ii) the Company may at any time, for the purpose
      of obtaining the satisfaction and discharge of this Indenture or for any other
      purpose, pay, or direct any paying agent to pay, to the Trustee all sums held
      in
      trust by the Company or such paying agent, such sums to be held by the Trustee
      upon the same terms and conditions as those upon which such sums were held
      by
      the Company or such paying agent; and, upon such payment by the Company or
      any
      paying agent to the Trustee, the Company or such paying agent shall be released
      from all further liability with respect to such money.

     

    
      
        
        

      

      
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    SECTION
      4.4 APPOINTMENT TO FILL VACANCY IN OFFICE OF TRUSTEE.

    

    The
      Company, whenever necessary to avoid or fill a vacancy in the office of Trustee,
      will appoint, in the manner provided in Section 7.10, a Trustee, so that
      there shall at all times be a Trustee hereunder.

    

    SECTION
      4.5 COMPLIANCE WITH CONSOLIDATION PROVISIONS.

    

    The
      Company will not, while any of the Securities remain Outstanding, consolidate
      with or merge into any other Person, in either case where the Company is not
      the
      survivor of such transaction, or sell or convey all or substantially all of
      its
      property to any other Person unless the provisions of Article Ten hereof are
      complied with.

    

    ARTICLE
      5

    SECURITYHOLDERS’
      LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

    

    SECTION
      5.1 COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF
      SECURITYHOLDERS.

    

    The
      Company will furnish or cause to be furnished to the Trustee (a) on each
      regular record date (as defined in Section 2.3) a list, in such form as the
      Trustee may reasonably require, of the names and addresses of the holders of
      each series of Securities as of such regular record date, provided that the
      Company shall not be obligated to furnish or cause to furnish such list at
      any
      time that the list shall not differ in any respect from the most recent list
      furnished to the Trustee by the Company and (b) at such other times as the
      Trustee may request in writing within 30 days after the receipt by the Company
      of any such request, a list of similar form and content as of a date not more
      than 15 days prior to the time such list is furnished; provided, however, that,
      in either case, no such list need be furnished for any series for which the
      Trustee shall be the Security Registrar.

    

    SECTION
      5.2 PRESERVATION OF INFORMATION; COMMUNICATIONS WITH
      SECURITYHOLDERS.

    

    (a)
      The
      Trustee shall preserve, in as current a form as is reasonably practicable,
      all
      information as to the names and addresses of the holders of Securities contained
      in the most recent list furnished to it as provided in Section 5.1 and as
      to the names and addresses of holders of Securities received by the Trustee
      in
      its capacity as Security Registrar (if acting in such capacity).

    

    (b)
      The
      Trustee may destroy any list furnished to it as provided in Section 5.1
      upon receipt of a new list so furnished.

    

    (c)
      Securityholders may communicate as provided in Section 312(b) of the Trust
      Indenture Act with other Securityholders with respect to their rights under
      this
      Indenture or under the Securities, and, in connection with any such
      communications, the Trustee shall satisfy its obligations under
      Section 312(b) of the Trust Indenture Act in accordance with the provisions
      of Section 312(b) of the Trust Indenture Act.

     

    
      
        
        

      

      
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    SECTION
      5.3 REPORTS BY THE COMPANY.

    

    The
      Company covenants and agrees to provide a copy to the Trustee, within 15 days
      after the Company is required to file the same with the Securities and Exchange
      Commission, 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
      Securities and Exchange Commission may from time to time by rules and
      regulations prescribe) that the Company may be required to file with the
      Securities and Exchange Commission pursuant to Section 13 or
      Section 15(d) of the Exchange Act.

    

    SECTION
      5.4 REPORTS BY THE TRUSTEE.

    

    (a)
      On or
      before May 1 in each year in which any of the Securities are Outstanding,
      the Trustee shall transmit by mail, first class postage prepaid, to the
      Securityholders, as their names and addresses appear upon the Security Register,
      a brief report dated as of the preceding May 1, if and to the extent
      required under Section 313(a) of the Trust Indenture Act.

    

    (b)
      The
      Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture
      Act.

    

    (c)
      A
      copy of each such report shall, at the time of such transmission to
      Securityholders, be filed by the Trustee with the Company, with each securities
      exchange upon which any Securities are listed (if so listed) and also with
      the
      Securities and Exchange Commission. The Company agrees to notify the Trustee
      when any Securities become listed on any securities exchange.

    

    ARTICLE
      6

    REMEDIES
      OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

    

    SECTION
      6.1 EVENTS OF DEFAULT.

    

    (a)
      Whenever used herein with respect to Securities of a particular series, “Event
      of Default” means any one or more of the following events that has occurred and
      is continuing:

    

    (1)
      the
      Company defaults in the payment of any installment of interest upon any of
      the
      Securities of that series, as and when the same shall become due and payable,
      and such default continues for a period of 90 days; provided, however, that
      a
      valid extension of an interest payment period by the Company in accordance
      with
      the terms of any indenture supplemental hereto shall not constitute a default
      in
      the payment of interest for this purpose;

    

    (2)
      the
      Company defaults in the payment of the principal of (or premium, if any, on)
      any
      of the Securities of that series as and when the same shall become due and
      payable whether at maturity, upon redemption, by declaration or otherwise,
      or in
      any payment required by any sinking or analogous fund established with respect
      to that series; provided, however, that a valid extension of the maturity of
      such Securities in accordance with the terms of any indenture supplemental
      hereto shall not constitute a default in the payment of principal or premium,
      if
      any;

     

    
      
        
        

      

      
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    (3)
      the
      Company fails to observe or perform any other of its covenants or agreements
      with respect to that series contained in this Indenture or otherwise established
      with respect to that series of Securities pursuant to Section 2.1 hereof
      (other than a covenant or agreement that has been expressly included in this
      Indenture solely for the benefit of one or more series of Securities other
      than
      such series) for a period of 90 days after the date on which written notice
      of
      such failure, requiring the same to be remedied and stating that such
      notice is a “Notice of Default” hereunder, shall have been given to the Company
      by the Trustee, by registered or certified mail, or to the Company and the
      Trustee by the holders of at least 25% in principal amount of the Securities
      of
      that series at the time Outstanding;

    

    (4)
      the
      Company pursuant to or within the meaning of any Bankruptcy Law
      (i) commences a voluntary case, (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
      or (iv) makes a general assignment for the benefit of its creditors;
      or

    

    (5)
      a
      court of competent jurisdiction enters an order 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, and the order
      or decree remains unstayed and in effect for 90 days.

    

    (b)
      In
      each and every such case (other than an Event of Default specified in clause
      (4) or clause (5) above), unless the principal of all the Securities
      of that series shall have already become due and payable, either the Trustee
      or
      the holders of not less than 25% in aggregate principal amount of the Securities
      of that series then Outstanding hereunder, by notice in writing to the Company
      (and to the Trustee if given by such Securityholders), may declare the principal
      of (and premium, if any, on) and accrued and unpaid interest on all the
      Securities of that series to be due and payable immediately, and upon any such
      declaration the same shall become and shall be immediately due and payable.
      If
      an Event of Default specified in clause (4) or clause
      (5) above occurs, the principal of and accrued and unpaid interest on
      all the Securities of that series shall automatically be immediately due and
      payable without any declaration or other act on the part of the Trustee or
      the
      holders of the Securities.

    

    (c)
      At
      any time after the principal of (and premium, if any, on) and accrued and unpaid
      interest on the Securities of that series shall have been so declared due and
      payable, and before any judgment or decree for the payment of the moneys due
      shall have been obtained or entered as hereinafter provided, the holders of
      a majority in aggregate principal amount of the Securities of that series then
      Outstanding hereunder, by written notice to the Company and the Trustee, may
      rescind and annul such declaration and its consequences if: (i) the Company
      has paid or deposited with the Trustee a sum sufficient to pay all matured
      installments of interest upon all the Securities of that series and the
      principal of (and premium, if any, on) any and all Securities of that series
      that shall have become due otherwise than by acceleration (with interest
      upon such principal and premium, if any, and, to the extent that such payment
      is
      enforceable under applicable law, upon overdue installments of interest, at
      the
      rate per annum expressed in the Securities of that series to the date of such
      payment or deposit) and the amount payable to the Trustee under
      Section 7.6, and (ii) any and all Events of Default under the
      Indenture with respect to such series, other than the nonpayment of principal
      on
(and
      premium, if any, on) and accrued and unpaid interest on Securities of that
      series that shall not have become due by their terms, shall have been remedied
      or waived as provided in Section 6.6.

     

    
      
        
        

      

      
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    No
      such
      rescission and annulment shall extend to or shall affect any subsequent default
      or impair any right consequent thereon.

    

    (d)
      In
      case the Trustee shall have proceeded to enforce any right with respect to
      Securities of that series under this Indenture and such proceedings shall have
      been discontinued or abandoned because of such rescission or annulment or for
      any other reason or shall have been determined adversely to the Trustee, then
      and in every such case, subject to any determination in such proceedings, the
      Company and the Trustee shall be restored respectively to their former positions
      and rights hereunder, and all rights, remedies and powers of the Company and
      the
      Trustee shall continue as though no such proceedings had been
      taken.

    

    SECTION
      6.2 COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
      TRUSTEE.

    

    (a)
      The
      Company covenants that (i) in case it shall default in the payment of any
      installment of interest on any of the Securities of a series, and such default
      shall have continued for a period of 90 Business Days, or (ii) in case it
      shall default in the payment of the principal of (or premium, if any, on) any
      of
      the Securities of a series when the same shall have become due and payable,
      whether upon maturity of the Securities of a series or upon redemption or upon
      declaration or otherwise, or in any payment required by any sinking or analogous
      fund established with respect to that series as and when the same shall have
      become due and payable, then, upon demand of the Trustee, the Company will
      pay
      to the Trustee, for the benefit of the holders of the Securities of that series,
      the whole amount that then shall have been become due and payable on all such
      Securities for principal (and premium, if any) or interest, or both, as the
      case
      may be, with interest upon the overdue principal (and premium, if any) and
      (to
      the extent that payment of such interest is enforceable under applicable law)
      upon overdue installments of interest at the rate per annum expressed in the
      Securities of that series; and, in addition thereto, such further amount as
      shall be sufficient to cover the costs and expenses of collection, and the
      amount payable to the Trustee under Section 7.6.

    

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

    

    (c)
      In
      case of any receivership, insolvency, liquidation, bankruptcy, reorganization,
      readjustment, arrangement, composition or judicial proceedings affecting the
      Company, or its creditors or property, the Trustee shall have power to intervene
      in such proceedings and take any action therein that may be permitted by the
      court and shall (except as may be otherwise provided by
      law)
      be entitled to file such proofs of claim and other papers and documents as
      may
      be necessary or advisable in order to have the claims of the Trustee and of
      the
      holders of Securities of such series allowed for the entire amount due and
      payable by the Company under the Indenture at the date of institution of such
      proceedings and for any additional amount that may become due and payable by
      the
      Company after such date, and to collect and receive any moneys or other property
      payable or deliverable on any such claim, and to distribute the same after
      the
      deduction of the amount payable to the Trustee under Section 7.6; and any
      receiver, assignee or trustee in bankruptcy or reorganization is hereby
      authorized by each of the holders of Securities of such series to make such
      payments to the Trustee, and, in the event that the Trustee shall consent to
      the
      making of such payments directly to such Securityholders, to pay to the Trustee
      any amount due it under Section 7.6.

     

    
      
        
        

      

      
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    (d)
      All
      rights of action and of asserting claims under this Indenture, or under any
      of
      the terms established with respect to Securities of that series, may be enforced
      by the Trustee without the possession of any of such Securities, or the
      production thereof at any trial or other proceeding relative thereto, and any
      such suit or 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 payment to the Trustee of any amounts due under Section 7.6,
      be for the ratable benefit of the holders of the Securities of such
      series.

    

    In
      case
      of an Event of Default hereunder, the Trustee may in its discretion proceed
      to
      protect and enforce the rights vested in it by this Indenture by such
      appropriate judicial proceedings as the Trustee shall deem most effectual to
      protect and enforce any of such rights, either at law or in equity or in
      bankruptcy or otherwise, whether for the specific enforcement of any covenant
      or
      agreement contained in the Indenture or in aid of the exercise of any power
      granted in this Indenture, or to enforce any other legal or equitable right
      vested in the Trustee by this Indenture or by law.

    

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

    

    SECTION
      6.3 APPLICATION OF MONEYS COLLECTED.

    

    Any
      moneys collected by the Trustee pursuant to this Article with respect to a
      particular series of Securities shall be applied in the following order, at
      the
      date or dates fixed by the Trustee and, in case of the distribution of such
      moneys on account of principal (or premium, if any) or interest, upon
      presentation of the Securities of that series, and notation thereon of the
      payment, if only partially paid, and upon surrender thereof if fully
      paid:

    

    FIRST:
      To
      the payment of reasonable costs and expenses of collection and of all amounts
      payable to the Trustee under Section 7.6;

    

    SECOND:
      To the payment of the amounts then due and unpaid upon Securities of such series
      for principal (and premium, if any) and interest, 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 premium, if any) and interest,
      respectively; and

     

    
      
        
        

      

      
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    THIRD:
      To
      the payment of the remainder, if any, to the Company or any other Person
      lawfully entitled thereto.

    

    SECTION
      6.4 LIMITATION ON SUITS.

    

    No
      holder
      of any Security of any series shall have any right by virtue or by availing
      of
      any provision of this Indenture to institute any suit, action or proceeding
      in
      equity or at law upon or under or with respect to this Indenture or for the
      appointment of a receiver or trustee, or for any other remedy hereunder, unless
      (i) such holder previously shall have given to the Trustee written
      notice of an Event of Default and of the continuance thereof with respect
      to the Securities of such series specifying such Event of Default, as
      hereinbefore provided; (ii) the holders of not less than 25% in aggregate
      principal amount of the Securities of such series then Outstanding shall have
      made written request upon the Trustee to institute such action, suit or
      proceeding in its own name as Trustee hereunder; (iii) such holder or
      holders shall have offered to the Trustee such reasonable indemnity as it may
      require against the costs, expenses and liabilities to be incurred therein
      or
      thereby; (iv) the Trustee for 90 days after its receipt of such notice,
      request and offer of indemnity, shall have failed to institute any such action,
      suit or proceeding and (v) during such 90 day period, the holders of a
      majority in principal amount of the Securities of that series do not give the
      Trustee a direction inconsistent with the request.

    

    Notwithstanding
      anything contained herein to the contrary or any other provisions of this
      Indenture, the right of any holder of any Security to receive payment of the
      principal of (and premium, if any) and interest on such Security, as therein
      provided, on or after the respective due dates expressed in such Security (or
      in
      the case of redemption, on the redemption date), or to institute suit for the
      enforcement of any such payment on or after such respective dates or redemption
      date, shall not be impaired or affected without the consent of such holder
      and
      by accepting a Security hereunder it is expressly understood, intended and
      covenanted by the taker and holder of every Security of such series with every
      other such taker and holder and the Trustee, that no one or more holders of
      Securities of such series shall have any right in any manner whatsoever by
      virtue or by availing of any provision of this Indenture to affect, disturb
      or
      prejudice the rights of the holders of any other of such Securities, or to
      obtain or seek to obtain priority over or preference to any other such holder,
      or to enforce any right under this Indenture, except in the manner herein
      provided and for the equal, ratable and common benefit of all holders of
      Securities of such series. For the protection and enforcement of the provisions
      of this Section, each and every Securityholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

    

    SECTION
      6.5 RIGHTS AND REMEDIES CUMULATIVE; DELAY OR OMISSION NOT WAIVER.

    

    (a)
      Except as otherwise provided in Section 2.7, all powers and remedies given
      by this Article to the Trustee or to the Securityholders shall, to the extent
      permitted by law, be deemed cumulative and not exclusive of any other powers
      and
      remedies available to the Trustee or the holders of the Securities, by
      judicial proceedings or otherwise, to enforce the performance or observance
      of
      the covenants and agreements contained in this Indenture or otherwise
      established with respect to such Securities.

     

    
      
        
        

      

      
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    (b)
      No
      delay or omission of the Trustee or of any holder of any of the Securities
      to
      exercise any right or power accruing upon any Event of Default occurring and
      continuing as aforesaid shall impair any such right or power, or shall be
      construed to be a waiver of any such default or an acquiescence therein; and,
      subject to the provisions of Section 6.4, every power and remedy given by
      this Article or by law to the Trustee or the Securityholders may be exercised
      from time to time, and as often as shall be deemed expedient, by the Trustee
      or
      by the Securityholders.

    

    SECTION
      6.6 CONTROL BY SECURITYHOLDERS.

    

    The
      holders of a majority in aggregate principal amount of the Securities of any
      series at the time Outstanding, determined in accordance with Section 8.4,
      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 such series; provided, however,
      that such direction shall not be in conflict with any rule of law or with this
      Indenture. Subject to the provisions of Section 7.1, the Trustee shall have
      the right to decline to follow any such direction if the Trustee in good faith
      shall, by a Responsible Officer or officers of the Trustee, determine that
      the
      proceeding so directed, subject to the Trustee’s duties under the Trust
      Indenture Act, would involve the Trustee in personal liability or might be
      unduly prejudicial to the Securityholders not involved in the proceeding. The
      holders of a majority in aggregate principal amount of the Securities of any
      series at the time Outstanding affected thereby, determined in accordance with
      Section 8.4, may on behalf of the holders of all of the Securities of such
      series waive any past default in the performance of any of the covenants
      contained herein or established pursuant to Section 2.1 with respect to
      such series and its consequences, except a default in the payment of the
      principal of, or premium, if any, or interest on, any of the Securities of
      that
      series as and when the same shall become due by the terms of such Securities
      otherwise than by acceleration (unless such default has been cured and a sum
      sufficient to pay all matured installments of interest and principal and any
      premium has been deposited with the Trustee (in accordance with
      Section 6.1(c)). Upon any such waiver, the default covered thereby shall be
      deemed to be cured for all purposes of this Indenture and the Company, the
      Trustee and the holders of the Securities of such series shall be restored
      to
      their former positions and rights hereunder, respectively; but no such waiver
      shall extend to any subsequent or other default or impair any right consequent
      thereon.

    

    SECTION
      6.7 UNDERTAKING TO PAY COSTS.

    

    All
      parties to this Indenture agree, and each holder of any Securities by such
      holder’s 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 or omitted by it as Trustee, the filing by any party litigant in such
      suit
      of an undertaking to pay the costs of such suit, and that such court may in
      its
      discretion assess reasonable costs, including reasonable attorneys’ fees,
      against any party litigant in such suit, having due regard to the merits and
      good faith of the claims or defenses made by such party litigant; but the
      provisions of this Section shall not apply to any suit instituted by the
      Trustee, to any suit instituted
      by any Securityholder, or group of Securityholders, holding more than 10% in
      aggregate principal amount of the Outstanding Securities of any series, or
      to
      any suit instituted by any Securityholder for the enforcement of the payment
      of
      the principal of (or premium, if any) or interest on any Security of such
      series, on or after the respective due dates expressed in such Security or
      established pursuant to this Indenture.

     

    
      
        
        

      

      
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    ARTICLE
      7

    CONCERNING
      THE TRUSTEE

    

    SECTION
      7.1 CERTAIN DUTIES AND RESPONSIBILITIES OF TRUSTEE.

    

    (a)
      The
      Trustee, prior to the occurrence of an Event of Default with respect to the
      Securities of a series and after the curing of all Events of Default with
      respect to the Securities of that series that may have occurred, shall undertake
      to perform with respect to the Securities of such series such duties and only
      such duties as are specifically set forth in this Indenture, and no implied
      covenants shall be read into this Indenture against the Trustee. In case an
      Event of Default with respect to the Securities of a series has occurred (that
      has not been cured or waived), the Trustee shall exercise with respect to
      Securities of that series such of the rights and powers vested in it by this
      Indenture, and use the same degree of care and skill in their exercise, as
      a
      prudent man would exercise or use under the circumstances in the conduct of
      his
      own affairs.

    

    (b)
      No
      provision of this Indenture shall be construed to relieve the Trustee from
      liability for its own negligent action, its own negligent failure to act, or
      its
      own willful misconduct, except that:

    

    (i)
      prior
      to the occurrence of an Event of Default with respect to the Securities of
      a
      series and after the curing or waiving of all such Events of Default with
      respect to that series that may have occurred:

    

    (A)
      the
      duties and obligations of the Trustee shall with respect to the Securities
      of
      such series be determined solely by the express provisions of this Indenture,
      and the Trustee shall not be liable with respect to the Securities of such
      series except for the performance of such duties and obligations as are
      specifically set forth in this Indenture, and no implied covenants or
      obligations shall be read into this Indenture against the Trustee;
      and

    

    (B)
      in
      the absence of bad faith on the part of the Trustee, the Trustee may with
      respect to the Securities of such series conclusively rely, as to the truth
      of
      the statements and the correctness of the opinions expressed therein, upon
      any
      certificates or opinions furnished to the Trustee and conforming to the
      requirements of this Indenture; but in the case of any such certificates or
      opinions that by any provision hereof are specifically required to be furnished
      to the Trustee, the Trustee shall be under a duty to examine the same to
      determine whether or not they conform to the requirement of this
      Indenture;

     

    
      
        
        

      

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

    

    (iii)
      the
      Trustee shall not be liable with respect to any action taken or omitted to
      be
      taken by it in good faith in accordance with the direction of the holders of
      not
      less than a majority in principal amount of the Securities of any series at
      the
      time Outstanding 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 that series; and

    

    (iv)
      None
      of the provisions contained in this Indenture shall require the Trustee to
      expend or risk its own funds or otherwise incur personal financial liability
      in
      the performance of any of its duties or in the exercise of any of its rights
      or
      powers if there is reasonable ground for believing that the repayment of such
      funds or liability is not reasonably assured to it under the terms of this
      Indenture or adequate indemnity against such risk is not reasonably assured
      to
      it.

    

    SECTION
      7.2 CERTAIN RIGHTS OF TRUSTEE.

    

    Except
      as
      otherwise provided in Section 7.1:

    

    (a)
      The
      Trustee may rely and shall be protected in acting or refraining from acting
      upon
      any resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond, security or other paper or document
      believed by it to be genuine and to have been signed or presented by the proper
      party or parties;

    

    (b)
      Any
      request, direction, order or demand of the Company mentioned herein shall be
      sufficiently evidenced by a Board Resolution or an instrument signed in the
      name
      of the Company by any authorized officer of the Company (unless other evidence
      in respect thereof is specifically prescribed herein);

    

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

    

    (d)
      The
      Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it by this Indenture at the request, order or direction of any of
      the
      Securityholders pursuant to the provisions of this Indenture, unless such
      Securityholders shall have offered to the Trustee reasonable security or
      indemnity against the costs, expenses and liabilities that may be incurred
      therein or thereby; nothing contained herein shall, however, relieve the Trustee
      of the obligation, upon the occurrence of an Event of Default with respect
      to a
      series of the Securities (that has not been cured or waived), to exercise
      with respect to Securities of that series such of the rights and powers vested
      in it by this Indenture, and to use the same degree of care and skill in their
      exercise, as a prudent man would exercise or use under the circumstances in
      the conduct of his own affairs;

     

    
      
        
        

      

      
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    (e)
      The
      Trustee shall not be liable for any action taken or omitted to be taken by
      it in
      good faith and believed by it to be authorized or within the discretion or
      rights or powers conferred upon it by this Indenture;

    

    (f)
      The
      Trustee shall not be bound to make any investigation into the facts or matters
      stated in any resolution, certificate, statement, instrument, opinion, report,
      notice, request, consent, order, approval, bond, security, or other papers
      or
      documents, unless requested in writing so to do by the holders of not less
      than
      a majority in principal amount of the Outstanding Securities of the particular
      series affected thereby (determined as provided in Section 8.4); provided,
      however, that if the payment within a reasonable time to the Trustee of the
      costs, expenses or liabilities likely to be incurred by it in the making of
      such
      investigation is, in the opinion of the Trustee, not reasonably assured to
      the
      Trustee by the security afforded to it by the terms of this Indenture, the
      Trustee may require reasonable indemnity against such costs, expenses or
      liabilities as a condition to so proceeding. The reasonable expense of every
      such examination shall be paid by the Company or, if paid by the Trustee,
      shall be repaid by the Company upon demand; and

    

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

    

    SECTION
      7.3 TRUSTEE NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OR SECURITIES.

    

    (a)
      The
      recitals contained herein and in the Securities shall be taken as the statements
      of the Company, and the Trustee assumes no responsibility for the correctness
      of
      the same.

    

    (b)
      The
      Trustee makes no representations as to the validity or sufficiency of this
      Indenture or of the Securities.

    

    (c)
      The
      Trustee shall not be accountable for the use or application by the Company
      of
      any of the Securities or of the proceeds of such Securities, or for the use
      or
      application of any moneys paid over by the Trustee in accordance with any
      provision of this Indenture or established pursuant to Section 2.1, or for
      the use or application of any moneys received by any paying agent other than
      the
      Trustee.

    

    SECTION
      7.4 MAY HOLD SECURITIES.

    

    The
      Trustee or any paying agent or Security Registrar, in its individual or any
      other capacity, may become the owner or pledgee of Securities with the same
      rights it would have if it were not Trustee, paying agent or Security
      Registrar.

    

    SECTION
      7.5 MONEYS HELD IN TRUST.

    

    Subject
      to the provisions of Section 11.5, all moneys received by the Trustee
      shall, until used or applied as herein provided, be held in trust for the
      purposes for which they were received, but need not be segregated from other
      funds except to the extent required by law. The Trustee shall be under no
      liability for interest on any moneys received by it hereunder except such as
      it
      may agree with the Company to pay thereon.

     

    
      
        
        

      

      
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    SECTION
      7.6 COMPENSATION AND REIMBURSEMENT.

    

    (a)
      The
      Company covenants and agrees to pay to the Trustee, and the Trustee shall be
      entitled to, such reasonable compensation (which shall not be limited by any
      provision of law in regard to the compensation of a trustee of an express trust)
      as the Company and the Trustee may from time to time agree in writing, for
      all
      services rendered by it in the execution of the trusts hereby created and
      in the exercise and performance of any of the powers and duties hereunder of
      the
      Trustee, and, except as otherwise expressly provided herein, the Company will
      pay or reimburse the Trustee upon its request for all reasonable expenses,
      disbursements and advances incurred or made by the Trustee in accordance with
      any of the provisions of this Indenture (including the reasonable compensation
      and the expenses and disbursements of its counsel and of all Persons not
      regularly in its employ), except any such expense, disbursement or advance
      as
      may arise from its negligence or bad faith and except as the Company and Trustee
      may from time to time agree in writing. The Company also covenants to indemnify
      the Trustee (and its officers, agents, directors and employees) for, and to
      hold
      it harmless against, any loss, liability or expense incurred without negligence
      or bad faith on the part of the Trustee and arising out of or in connection
      with
      the acceptance or administration of this trust, including the reasonable costs
      and expenses of defending itself against any claim of liability in the
      premises.

    

    (b)
      The
      obligations of the Company under this Section to compensate and indemnify the
      Trustee and to pay or reimburse the Trustee for reasonable expenses,
      disbursements and advances shall constitute additional indebtedness hereunder.
      Such additional indebtedness shall be secured by a lien prior to that of the
      Securities upon all property and funds held or collected by the Trustee as
      such,
      except funds held in trust for the benefit of the holders of particular
      Securities.

    

    SECTION
      7.7 RELIANCE ON OFFICERS’ CERTIFICATE.

    

    Except
      as
      otherwise provided in Section 7.1, whenever in the administration of the
      provisions of this Indenture the Trustee shall deem it reasonably necessary
      or
      desirable that a matter be proved or established prior to taking or suffering
      or
      omitting to take any action hereunder, such matter (unless other evidence in
      respect thereof be herein specifically prescribed) may, in the absence of
      negligence or bad faith on the part of the Trustee, be deemed to be conclusively
      proved and established by an Officers’ Certificate delivered to the Trustee and
      such certificate, in the absence of negligence or bad faith on the part of
      the
      Trustee, shall be full warrant to the Trustee for any action taken, suffered
      or
      omitted to be taken by it under the provisions of this Indenture upon the faith
      thereof.

    

    SECTION
      7.8 DISQUALIFICATION; CONFLICTING INTERESTS.

    

    If
      the
      Trustee has or shall acquire any “conflicting interest” within the meaning of
      Section 310(b) of the Trust Indenture Act, the Trustee and the Company
      shall in all respects comply with the provisions of Section 310(b) of the
      Trust Indenture Act.

     

    
      
        
        

      

      
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    SECTION
      7.9 CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

    

    There
      shall at all times be a Trustee with respect to the Securities issued hereunder
      which shall at all times be a corporation organized and doing business under
      the
      laws of the United States of America or any state or territory thereof or of
      the
      District of Columbia, or a corporation or other Person permitted to act as
      trustee by the Securities and Exchange Commission, authorized under such laws
      to
      exercise corporate trust powers, having (or, in the case of a subsidiary of
      a
      bank holding company, its bank holding company parent shall have) a combined
      capital and surplus of at least fifty million U.S. dollars ($50,000,000), and
      subject to supervision or examination by federal, state, territorial, or
      District of Columbia authority.

    

    If
      such
      corporation or other Person publishes reports of condition at least annually,
      pursuant to law or to the requirements of the aforesaid supervising or examining
      authority, then for the purposes of this Section, the combined capital and
      surplus of such corporation or other Person shall be deemed to be its combined
      capital and surplus as set forth in its most recent report of condition so
      published. The Company may not, nor may any Person directly or indirectly
      controlling, controlled by, or under common control with the Company, serve
      as
      Trustee. In case at any time the Trustee shall cease to be eligible in
      accordance with the provisions of this Section, the Trustee shall resign
      immediately in the manner and with the effect specified in
      Section 7.10.

    

    SECTION
      7.10 RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

    

    (a)
      The
      Trustee or any successor hereafter appointed may at any time resign with respect
      to the Securities of one or more series by giving written notice thereof to
      the
      Company and by transmitting notice of resignation by mail, first class postage
      prepaid, to the Securityholders of such series, as their names and addresses
      appear upon the Security Register. Upon receiving such notice of resignation,
      the Company shall promptly appoint a successor trustee with respect to
      Securities of such series by written instrument, in duplicate, executed by
      order
      of the Board of Directors, one copy of which instrument shall be delivered
      to
      the resigning Trustee and one copy to the successor trustee. If no successor
      trustee shall have been so appointed and have accepted appointment within 30
      days after the mailing of such notice of resignation, the resigning Trustee
      may
      petition any court of competent jurisdiction for the appointment of a successor
      trustee with respect to Securities of such series, or any Securityholder of
      that
      series who has been a bona fide holder of a Security or Securities for at least
      six months may on behalf of himself and all others similarly situated, petition
      any such court for the appointment of a successor trustee. Such court may
      thereupon after such notice, if any, as it may deem proper and prescribe,
      appoint a successor trustee.

    

    (b)
      In
      case at any time any one of the following shall occur:

    

    (i)
      the
      Trustee shall fail to comply with the provisions of Section 7.8 after
      written request therefor by the Company or by any Securityholder who has been
      a
      bona fide holder of a Security or Securities for at least six months;
      or

     

    
      
        
        

      

      
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    (ii)
      the
      Trustee shall cease to be eligible in accordance with the provisions of
      Section 7.9 and shall fail to resign after written request therefor by the
      Company or by any such Securityholder; or

    

    (iii)
      the
      Trustee shall become incapable of acting, or shall be adjudged a bankrupt or
      insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of
      the
      Trustee or of its property shall be appointed or consented to, or any public
      officer shall take charge or control of the Trustee or of its property or
      affairs for the purpose of rehabilitation, conservation or
      liquidation;

    

    then,
      in
      any such case, the Company may remove the Trustee with respect to all Securities
      and appoint a successor trustee by written instrument, in duplicate, executed
      by
      order of the Board of Directors, one copy of which instrument shall be delivered
      to the Trustee so removed and one copy to the successor trustee, or any
      Securityholder who has been a bona fide holder of a Security or Securities
      for
      at least six months may, on behalf of that holder and all others similarly
      situated, petition any court of competent jurisdiction for the removal of
      the Trustee and the appointment of a successor trustee. Such court may thereupon
      after such notice, if any, as it may deem proper and prescribe, remove the
      Trustee and appoint a successor trustee.

    

    (c)
      The
      holders of a majority in aggregate principal amount of the Securities of any
      series at the time Outstanding may at any time remove the Trustee with respect
      to such series by so notifying the Trustee and the Company and may appoint
      a
      successor Trustee for such series with the consent of the
      Company.

    

    (d)
      Any
      resignation or removal of the Trustee and appointment of a successor trustee
      with respect to the Securities of a series pursuant to any of the provisions
      of
      this Section shall become effective upon acceptance of appointment by the
      successor trustee as provided in Section 7.11.

    

    (e)
      Any
      successor trustee appointed pursuant to this Section may be appointed with
      respect to the Securities of one or more series or all of such series, and
      at
      any time there shall be only one Trustee with respect to the Securities of
      any
      particular series.

    

    SECTION
      7.11 ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

    

    (a)
      In
      case of the appointment hereunder of a successor trustee with respect to all
      Securities, every such successor trustee so appointed shall execute, acknowledge
      and deliver to the Company and to the retiring Trustee an instrument accepting
      such appointment, and thereupon the resignation or removal of the retiring
      Trustee shall become effective and such successor trustee, without any further
      act, deed or conveyance, shall become vested with all the rights, powers, trusts
      and duties of the retiring Trustee; but, on the request of the Company or the
      successor trustee, such retiring Trustee shall, upon payment of its charges,
      execute and deliver an instrument transferring to such successor trustee all
      the
      rights, powers, and trusts of the retiring Trustee and shall duly assign,
      transfer and deliver to such successor trustee all property and money held
      by
      such retiring Trustee hereunder.

    

    (b)
      In
      case of the appointment hereunder of a successor trustee with respect to the
      Securities of one or more (but not all) series, the Company, the retiring
      Trustee and each successor trustee with respect to the Securities of one or
      more
      series shall execute and
      deliver an indenture supplemental hereto wherein each successor trustee shall
      accept such appointment and which (i) shall contain such provisions as
      shall be necessary or desirable to transfer and confirm to, and to vest in,
      each
      successor trustee all the rights, powers, trusts and duties of the retiring
      Trustee with respect to the Securities of that or those series to which the
      appointment of such successor trustee relates, (ii) shall contain such
      provisions as shall be deemed necessary or desirable to confirm that all the
      rights, powers, trusts and duties of the retiring Trustee with respect to the
      Securities of that or those series as to which the retiring Trustee is not
      retiring shall continue to be vested in the retiring Trustee, and
      (iii) shall 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, it being understood that nothing herein
      or
      in such supplemental indenture shall constitute such Trustees co-trustees of
      the
      same trust, that each such Trustee shall be trustee of a trust or trusts
      hereunder separate and apart from any trust or trusts hereunder administered
      by
      any other such Trustee and that no Trustee shall be responsible for any act
      or
      failure to act on the part of any other Trustee hereunder; and upon the
      execution and delivery of such supplemental indenture the resignation or removal
      of the retiring Trustee shall become effective to the extent provided therein,
      such retiring Trustee shall with respect to the Securities of that or those
      series to which the appointment of such successor trustee relates have no
      further responsibility for the exercise of rights and powers or for the
      performance of the duties and obligations vested in the Trustee under this
      Indenture, and each such successor trustee, without any further act, deed or
      conveyance, shall become vested with all the rights, powers, trusts and duties
      of the retiring Trustee with respect to the Securities of that or those series
      to which the appointment of such successor trustee relates; but, on request
      of
      the Company or any successor trustee, such retiring Trustee shall duly assign,
      transfer and deliver to such successor trustee, to the extent contemplated
      by
      such supplemental indenture, the property and money held by such retiring
      Trustee hereunder with respect to the Securities of that or those series to
      which the appointment of such successor trustee relates.

     

    
      
        
        

      

      
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    (c)
      Upon
      request of any such successor trustee, the Company shall execute any and all
      instruments for more fully and certainly vesting in and confirming to such
      successor trustee all such rights, powers and trusts referred to in paragraph
      (a) or (b) of this Section, as the case may be.

    

    (d)
      No
      successor trustee shall accept its appointment unless at the time of such
      acceptance such successor trustee shall be qualified and eligible under this
      Article.

    

    (e)
      Upon
      acceptance of appointment by a successor trustee as provided in this Section,
      the Company shall transmit notice of the succession of such trustee hereunder
      by
      mail, first class postage prepaid, to the Securityholders, as their names and
      addresses appear upon the Security Register. If the Company fails to transmit
      such notice within ten days after acceptance of appointment by the
      successor trustee, the successor trustee shall cause such notice to be
      transmitted at the expense of the Company.

     

    
      
        
        

      

      
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    SECTION
      7.12 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

    

    Any
      corporation into which the Trustee may be merged or converted or with which
      it
      may be consolidated, or any corporation resulting from any merger, conversion
      or
      consolidation to which the Trustee shall be a party, or any corporation
      succeeding to all or substantially all of the corporate trust business of the
      Trustee (including the administration of the trust created by this Indenture),
      shall be the successor of the Trustee hereunder, provided that such corporation
      shall be qualified under the provisions of Section 7.8 and eligible under
      the provisions of Section 7.9, without the execution or filing of any paper
      or any further act on the part of any of the parties hereto, anything herein
      to
      the contrary notwithstanding. In case any Securities shall have been
      authenticated, but not delivered, by the Trustee then in office, any successor
      by merger, conversion or consolidation to such authenticating Trustee may adopt
      such authentication and deliver the Securities so authenticated with the same
      effect as if such successor Trustee had itself authenticated such
      Securities.

    

    SECTION
      7.13 PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE COMPANY.

    

    The
      Trustee shall comply with Section 311(a) of the Trust Indenture Act,
      excluding any creditor relationship described in Section 311(b) of the
      Trust Indenture Act. A Trustee who has resigned or been removed shall be subject
      to Section 311(a) of the Trust Indenture Act to the extent included
      therein.

    

    SECTION
      7.14 NOTICE OF DEFAULT.

    

    If
      any
      Default or any Event of Default occurs and is continuing and if such Default
      or
      Event of Default is known to a Responsible Officer of the Trustee, the Trustee
      shall mail to each Securityholder in the manner and to the extent provided
      in
      Section 313(c) of the Trust Indenture Act notice of the Default or Event of
      Default within 45 days after it occurs, unless such Default or Event of Default
      has been cured; provided, however, that, except in the case of a default in
      the
      payment of the principal of (or premium, if any) or interest on any Security,
      the Trustee shall be protected in withholding such notice if and so long as
      the
      board of directors, the executive committee or a trust committee of directors
      and/or Responsible Officers of the Trustee in good faith determine that the
      withholding of such notice is in the interest of the
      Securityholders.

    

    ARTICLE
      8

    CONCERNING
      THE SECURITYHOLDERS

    

    SECTION
      8.1 EVIDENCE OF ACTION BY SECURITYHOLDERS.

    

    Whenever
      in this Indenture it is provided that the holders of a majority or specified
      percentage in aggregate principal amount of the Securities of a particular
      series may take any action (including the making of any demand or request,
      the
      giving of any notice, consent or waiver or the taking of any other action),
      the
      fact that at the time of taking any such action the holders of such
      majority or specified percentage of that series have joined therein may be
      evidenced by any instrument or any number of instruments of similar tenor
      executed by such holders of Securities of that series in person or by agent
      or
      proxy appointed in writing. If
      the
      Company shall solicit from the Securityholders of any series any request,
      demand, authorization, direction, notice, consent, waiver or other action,
      the
      Company may, at its option, as evidenced by an Officers’ Certificate, fix in
      advance a record date for such series for the determination of Securityholders
      entitled to give such request, demand, authorization, direction, notice,
      consent, waiver or other action, but the Company shall have no obligation to
      do
      so. If such a record date is fixed, such request, demand, authorization,
      direction, notice, consent, waiver or other action may be given before or after
      the record date, but only the Securityholders of record at the close of business
      on the record date shall be deemed to be Securityholders for the purposes
      of determining whether Securityholders of the requisite proportion of
      Outstanding Securities of that series have authorized or agreed or consented
      to
      such request, demand, authorization, direction, notice, consent, waiver or
      other
      action, and for that purpose the Outstanding Securities of that series shall
      be
      computed as of the record date; provided, however, that no such authorization,
      agreement or consent by such Securityholders on the record date shall be deemed
      effective unless it shall become effective pursuant to the provisions of this
      Indenture not later than six months after the record date.

     

    
      
        
        

      

      
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    SECTION
      8.2 PROOF OF EXECUTION BY SECURITYHOLDERS.

    

    Subject
      to the provisions of Section 7.1, proof of the execution of any instrument
      by a Securityholder (such proof will not require notarization) or his agent
      or
      proxy and proof of the holding by any Person of any of the Securities shall
      be
      sufficient if made in the following manner:

    

    (a)
      The
      fact and date of the execution by any such Person of any instrument may be
      proved in any reasonable manner acceptable to the Trustee.

    

    (b)
      The
      ownership of Securities shall be proved by the Security Register of such
      Securities or by a certificate of the Security Registrar thereof.

    

    The
      Trustee may require such additional proof of any matter referred to in this
      Section as it shall deem necessary.

    

    SECTION
      8.3 WHO MAY BE DEEMED OWNERS.

    

    Prior
      to
      the due presentment for registration of transfer of any Security, the Company,
      the Trustee, any paying agent and any Security Registrar may deem and treat
      the
      Person in whose name such Security shall be registered upon the books of the
      Company as the absolute owner of such Security (whether or not such Security
      shall be overdue and notwithstanding any notice of ownership or writing thereon
      made by anyone other than the Security Registrar) for the purpose of receiving
      payment of or on account of the principal of, premium, if any, and (subject
      to
      Section 2.3) interest on such Security and for all other purposes; and
      neither the Company nor the Trustee nor any paying agent nor any Security
      Registrar shall be affected by any notice to the contrary.

    

    SECTION
      8.4 CERTAIN SECURITIES OWNED BY COMPANY DISREGARDED.

    

    In
      determining whether the holders of the requisite aggregate principal amount
      of
      Securities of a particular series have concurred in any direction, consent
      or
      waiver under this Indenture, the Securities of that
      series that are owned by the Company or any other obligor on the Securities
      of
      that series or by any Person directly or indirectly controlling or controlled
      by
      or under common control with the Company or any other obligor on the Securities
      of that series shall be disregarded and deemed not to be Outstanding for the
      purpose of any such determination, except that for the purpose of determining
      whether the Trustee shall be protected in relying on any such direction, consent
      or waiver, only Securities of such series that the Trustee actually knows are
      so
      owned shall be so disregarded. The Securities so owned that have been pledged
      in
      good faith may be regarded as Outstanding for the purposes of this Section,
      if
      the pledgee shall establish to the satisfaction of the Trustee the pledgee’s
      right so to act with respect to such Securities and that the pledgee is not
      a
      Person directly or indirectly controlling or controlled by or under direct
      or
      indirect common control with the Company or any such other obligor. In case
      of a
      dispute as to such right, any decision by the Trustee taken upon the advice
      of
      counsel shall be full protection to the Trustee.

     

    
      
        
        

      

      
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    SECTION
      8.5 ACTIONS BINDING ON FUTURE SECURITYHOLDERS.

    

    At
      any
      time prior to (but not after) the evidencing to the Trustee, as provided in
      Section 8.1, of the taking of any action by the holders of the majority or
      percentage in aggregate principal amount of the Securities of a particular
      series specified in this Indenture in connection with such action, any holder
      of
      a Security of that series that is shown by the evidence to be included in the
      Securities the holders of which have consented to such action may, by filing
      written notice with the Trustee, and upon proof of holding as provided in
      Section 8.2, revoke such action so far as concerns such Security. Except as
      aforesaid any such action taken by the holder of any Security shall be
      conclusive and binding upon such holder and upon all future holders and owners
      of such Security, and of any Security issued in exchange therefor, on
      registration of transfer thereof or in place thereof, irrespective of whether
      or
      not any notation in regard thereto is made upon such Security. Any action taken
      by the holders of the majority or percentage in aggregate principal amount
      of
      the Securities of a particular series specified in this Indenture in connection
      with such action shall be conclusively binding upon the Company, the Trustee
      and
      the holders of all the Securities of that series.

    

    ARTICLE
      9

    SUPPLEMENTAL
      INDENTURES

    

    SECTION
      9.1 SUPPLEMENTAL INDENTURES WITHOUT THE CONSENT OF SECURITYHOLDERS.

    

    In
      addition to any supplemental indenture otherwise authorized by this Indenture,
      the Company and the Trustee may from time to time and at any time enter into
      an
      indenture or indentures supplemental hereto (which shall conform to the
      provisions of the Trust Indenture Act as then in effect), without the consent
      of
      the Securityholders, for one or more of the following purposes:

    

    (a)
      to
      cure any ambiguity, defect, or inconsistency herein or in the Securities of
      any
      series;

    

    (b)
      to
      comply with Article Ten;

     

    
      
        
        

      

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

    

    (d)
      to
      add to the covenants, restrictions, conditions or provisions relating to the
      Company for the benefit of the holders of all or any series of Securities (and
      if such covenants, restrictions, conditions or provisions are to be for the
      benefit of less than all series of Securities, stating that such covenants,
      restrictions, conditions or provisions are expressly being included solely
      for
      the benefit of such series), to make the occurrence, or the occurrence and
      the continuance, of a default in any such additional covenants, restrictions,
      conditions or provisions an Event of Default, or to surrender any right or
      power
      herein conferred upon the Company;

    

    (e)
      to
      add to, delete from, or revise the conditions, limitations, and restrictions
      on
      the authorized amount, terms, or purposes of issue, authentication, and delivery
      of Securities, as herein set forth;

    

    (f)
      to
      make any change that does not adversely affect the rights of any Securityholder
      in any material respect;

    

    (g)
      to
      provide for the issuance of and establish the form and terms and conditions
      of
      the Securities of any series as provided in Section 2.1, to establish the
      form of any certifications required to be furnished pursuant to the terms of
      this Indenture or any series of Securities, or to add to the rights of the
      holders of any series of Securities;

    

    (h)
      to
      evidence and provide for the acceptance of appointment hereunder by a successor
      trustee; or

    

    (i)
      to
      comply with any requirements of the Securities and Exchange Commission or any
      successor in connection with the qualification of this Indenture under the
      Trust
      Indenture Act.

    

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

    

    Any
      supplemental indenture authorized by the provisions of this Section may be
      executed by the Company and the Trustee without the consent of the holders
      of
      any of the Securities at the time Outstanding, notwithstanding any of the
      provisions of Section 9.2.

    

    SECTION
      9.2 SUPPLEMENTAL INDENTURES WITH CONSENT OF SECURITYHOLDERS.

    

    With
      the
      consent (evidenced as provided in Section 8.1) of the holders of not less
      than a majority in aggregate principal amount of the Securities of each series
      affected by such supplemental indenture or indentures at the time Outstanding,
      the Company, when authorized by a Board Resolution, and the Trustee may from
      time to time and at any time enter into an indenture or indentures supplemental
      hereto (which shall conform to the provisions of the Trust Indenture Act as
      then
      in effect) for the purpose of adding any provisions to or changing in any manner
      or eliminating any of the provisions of this Indenture or of any supplemental
      indenture or
      of
      modifying in any manner not covered by Section 9.1 the rights of the
      holders of the Securities of such series under this Indenture; provided,
      however, that no such supplemental indenture shall, without the consent of
      the
      holders of each Security then Outstanding and affected thereby, (a) extend
      the fixed maturity of any Securities of any series, or reduce the principal
      amount thereof, or reduce the rate or extend the time of payment of interest
      thereon, or reduce any premium payable upon the redemption thereof or
      (b) reduce the aforesaid percentage of Securities, the holders of which are
      required to consent to any such supplemental indenture.

     

    
      
        
        

      

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

    

    SECTION
      9.3 EFFECT OF SUPPLEMENTAL INDENTURES.

    

    Upon
      the
      execution of any supplemental indenture pursuant to the provisions of this
      Article or of Section 10.1, this Indenture shall, with respect to such
      series, be and be deemed to be modified and amended in accordance therewith
      and
      the respective rights, limitations of rights, obligations, duties
      and immunities under this Indenture of the Trustee, the Company and the
      holders of Securities of the series affected thereby shall thereafter be
      determined, exercised and enforced hereunder subject in all respects to such
      modifications and amendments, and all the terms and conditions of any such
      supplemental indenture shall be and be deemed to be part of the terms and
      conditions of this Indenture for any and all purposes.

    

    SECTION
      9.4 SECURITIES AFFECTED BY SUPPLEMENTAL INDENTURES.

    

    Securities
      of any series affected by a supplemental indenture, authenticated and delivered
      after the execution of such supplemental indenture pursuant to the provisions
      of
      this Article or of Section 10.1, may bear a notation in form approved by
      the Company, provided such form meets the requirements of any securities
      exchange upon which such series may be listed, as to any matter provided for
      in
      such supplemental indenture. If the Company shall so determine, new Securities
      of that series so modified as to conform, in the opinion of the Board of
      Directors, to any modification of this Indenture contained in any such
      supplemental indenture may be prepared by the Company, authenticated by the
      Trustee and delivered in exchange for the Securities of that series then
      Outstanding.

    

    SECTION
      9.5 EXECUTION OF SUPPLEMENTAL INDENTURES.

    

    Upon
      the
      request of the Company, accompanied by its Board Resolutions authorizing the
      execution of any such supplemental indenture, and upon the filing with the
      Trustee of evidence of the consent of Securityholders required to consent
      thereto as aforesaid, the Trustee shall join with the Company in the execution
      of such supplemental indenture unless such supplemental indenture affects the
      Trustee’s own rights, duties or immunities under this Indenture or otherwise,
      in which case the Trustee may in its discretion but shall not be obligated
      to enter into such supplemental indenture. The Trustee, subject to the
      provisions of Section 7.1, may receive an Officers’ Certificate or an
      Opinion of Counsel as conclusive evidence that any supplemental indenture
      executed pursuant to this Article is authorized or permitted by, and conforms
      to, the terms
      of
      this Article and that it is proper for the Trustee under the provisions of
      this
      Article to join in the execution thereof; provided, however, that such Officers’
Certificate or Opinion of Counsel need not be provided in connection with the
      execution of a supplemental indenture that establishes the terms of a series
      of
      Securities pursuant to Section 2.1 hereof.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

     

    Promptly
      after the execution by the Company and the Trustee of any supplemental indenture
      pursuant to the provisions of this Section, the Trustee shall transmit by mail,
      first class postage prepaid, a notice, setting forth in general terms the
      substance of such supplemental indenture, to the Securityholders of all series
      affected thereby as their names and addresses appear upon the Security Register.
      Any failure of the Trustee to mail such notice, or any defect therein, shall
      not, however, in any way impair or affect the validity of any such supplemental
      indenture.

    

    ARTICLE
      10

    SUCCESSOR
      ENTITY

    

    SECTION
      10.1 COMPANY MAY CONSOLIDATE, ETC.

    

    Except
      as
      provided pursuant to Section 2.1 pursuant to a Board Resolution, and set
      forth in an Officers’ Certificate, or established in one or more indentures
      supplemental to this Indenture, nothing contained in this Indenture shall
      prevent any consolidation or merger of the Company with or into any other Person
      (whether or not affiliated with the Company) or successive consolidations
      or mergers in which the Company or its successor or successors shall be a
      party or parties, or shall prevent any sale, conveyance, transfer or other
      disposition of the property of the Company or its successor or successors as
      an
      entirety, or substantially as an entirety, to any other corporation
      (whether or not affiliated with the Company or its successor or successors)
      authorized to acquire and operate the same; provided, however, the Company
      hereby covenants and agrees that, upon any such consolidation or merger (in
      each
      case, if the Company is not the survivor of such transaction), sale, conveyance,
      transfer or other disposition, (a) the due and punctual payment of the
      principal of (premium, if any) and interest on all of the Securities of all
      series in accordance with the terms of each series, according to their tenor,
      and the due and punctual performance and observance of all the covenants and
      conditions of this Indenture with respect to each series or established with
      respect to such series pursuant to Section 2.1 to be kept or performed by
      the Company shall be expressly assumed, by supplemental indenture (which shall
      conform to the provisions of the Trust Indenture Act, as then in effect)
      reasonably satisfactory in form to the Trustee executed and delivered to the
      Trustee by the entity formed by such consolidation, or into which the Company
      shall have been merged, or by the entity which shall have acquired such property
      and (b) in the event that the Securities of any series then Outstanding are
      convertible into or exchangeable for shares of common stock or other
      securities of the Company, such entity shall, by such supplemental indenture,
      make provision so that the Securityholders of Securities of that series shall
      thereafter be entitled to receive upon conversion or exchange of such Securities
      the number of securities or property to which a holder of the number of shares
      of common stock or other securities of the Company deliverable upon conversion
      or exchange of those Securities would have been entitled had such conversion
      or
      exchange occurred immediately prior to such consolidation, merger, sale,
      conveyance, transfer or other disposition.

     

    
      
        
        

      

      
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    SECTION
      10.2 SUCCESSOR ENTITY SUBSTITUTED.

    

    (a)
      In
      case of any such consolidation, merger, sale, conveyance, transfer or other
      disposition and upon the assumption by the successor entity by supplemental
      indenture, executed and delivered to the Trustee and satisfactory in form to
      the
      Trustee, of the obligations set forth under Section 10.1 on all of the
      Securities of all series Outstanding, such successor entity shall succeed
      to and be substituted for the Company with the same effect as if it had been
      named as the Company herein, and thereupon the predecessor corporation shall
      be
      relieved of all obligations and covenants under this Indenture and the
      Securities.

    

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

    

    (c)
      Nothing contained in this Article shall require any action by the Company in
      the
      case of a consolidation or merger of any Person into the Company where the
      Company is the survivor of such transaction, or the acquisition by the Company,
      by purchase or otherwise, of all or any part of the property of any other Person
      (whether or not affiliated with the Company).

    

    SECTION
      10.3 EVIDENCE OF CONSOLIDATION, ETC. TO TRUSTEE.

    

    The
      Trustee, subject to the provisions of Section 7.1, may receive an Officers’
Certificate or an Opinion of Counsel as conclusive evidence that any such
      consolidation, merger, sale, conveyance, transfer or other disposition, and
      any
      such assumption, comply with the provisions of this Article.

    

    ARTICLE
      11

    SATISFACTION
      AND DISCHARGE

    

    SECTION
      11.1 SATISFACTION AND DISCHARGE OF INDENTURE.

    

    If
      at any
      time: (a) the Company shall have delivered to the Trustee for cancellation
      all Securities of a series theretofore authenticated and not delivered to the
      Trustee for cancellation (other than any Securities that shall have been
      destroyed, lost or stolen and that shall have been replaced or paid as provided
      in Section 2.7 and Securities for whose payment money or Governmental
      Obligations have theretofore been deposited in trust or segregated and held
      in
      trust by the Company and thereupon repaid to the Company or discharged from
      such
      trust, as provided in Section 11.5); or (b) all such Securities of a
      particular series not theretofore delivered to the Trustee for cancellation
      shall have become due and payable, or are by their terms to become due and
      payable within one year or are to be called for redemption within one year
      under
      arrangements satisfactory to the Trustee for the giving of notice of redemption,
      and the Company shall deposit or cause to be deposited with the Trustee as
      trust funds the entire amount in moneys or Governmental Obligations or a
      combination thereof, sufficient in the opinion of a nationally recognized firm
      of independent public accountants expressed in a written certification thereof
      delivered to the Trustee, to pay at maturity or upon redemption all Securities
      of that series not theretofore delivered to the Trustee for cancellation,
      including principal (and premium, if any) and interest due or to become due
      to
      such date of maturity or date fixed for redemption, as the case may be, and
      if
      the Company shall also pay or cause to be paid all other sums payable hereunder
      with respect to such series
      by
      the Company then this Indenture shall thereupon cease to be of further effect
      with respect to such series except for the provisions of Sections 2.3, 2.5,
      2.7,
      4.1, 4.2, 4.3 and 7.10, that shall survive until the date of maturity or
      redemption date, as the case may be, and Sections 7.6 and 11.5, that shall
      survive to such date and thereafter, and the Trustee, on demand of the Company
      and at the cost and expense of the Company shall execute proper instruments
      acknowledging satisfaction of and discharging this Indenture with respect to
      such series.

     

    
      
        
        

      

      
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    SECTION
      11.2 DISCHARGE OF OBLIGATIONS.

    

    If
      at any
      time all such Securities of a particular series not heretofore delivered to
      the
      Trustee for cancellation or that have not become due and payable as described
      in
      Section 11.1 shall have been paid by the Company by depositing irrevocably
      with the Trustee as trust funds moneys or an amount of Governmental Obligations
      sufficient to pay at maturity or upon redemption all such Securities of that
      series not theretofore delivered to the Trustee for cancellation, including
      principal (and premium, if any) and interest due or to become due to such date
      of maturity or date fixed for redemption, as the case may be, and if the Company
      shall also pay or cause to be paid all other sums payable hereunder by the
      Company with respect to such series, then after the date such moneys or
      Governmental Obligations, as the case may be, are deposited with the Trustee
      the
      obligations of the Company under this Indenture with respect to such series
      shall cease to be of further effect except for the provisions of Sections 2.3,
      2.5, 2.7, 4,01, 4.2, 4,03, 7.6, 7.10 and 11.5 hereof that shall survive until
      such Securities shall mature and be paid.

    

    Thereafter,
      Sections 7.6 and 11.5 shall survive.

    

    SECTION
      11.3 DEPOSITED MONEYS TO BE HELD IN TRUST.

    

    All
      moneys or Governmental Obligations deposited with the Trustee pursuant to
      Sections 11.1 or 11.2 shall be held in trust and shall be available for payment
      as due, either directly or through any paying agent (including the Company
      acting as its own paying agent), to the holders of the particular series of
      Securities for the payment or redemption of which such moneys or Governmental
      Obligations have been deposited with the Trustee.

    

    SECTION
      11.4 PAYMENT OF MONEYS HELD BY PAYING AGENTS.

    

    In
      connection with the satisfaction and discharge of this Indenture all moneys
      or
      Governmental Obligations then held by any paying agent under the provisions
      of
      this Indenture shall, upon demand of the Company, be paid to the Trustee and
      thereupon such paying agent shall be released from all further liability with
      respect to such moneys or Governmental Obligations.

    

    SECTION
      11.5 REPAYMENT TO COMPANY.

    

    Any
      moneys or Governmental Obligations deposited with any paying agent or the
      Trustee, or then held by the Company, in trust for payment of principal of
      or
      premium, if any, or interest on the Securities of a particular series that
      are
      not applied but remain unclaimed by the holders of such Securities for at least
      two years after the date upon which the principal of (and premium,
      if any) or interest on such Securities shall have respectively become due and
      payable, or such other shorter period set forth in applicable escheat or
      abandoned or unclaimed property law, shall be repaid to the Company on
      May 31 of each year or upon the Company’s request or (if then held by the
      Company) shall be discharged from such trust; and thereupon the paying agent
      and
      the Trustee shall be released from all further liability with respect to such
      moneys or Governmental Obligations, and the holder of any of the Securities
      entitled to receive such payment shall thereafter, as a general creditor, look
      only to the Company for the payment thereof.

     

    
      
        
        

      

      
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    ARTICLE
      12

    IMMUNITY
      OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS

    

    SECTION
      12.1 NO RECOURSE.

    

    No
      recourse under or upon any obligation, covenant or agreement of this Indenture,
      or of any Security, or for any claim based thereon or otherwise in respect
      thereof, shall be had against any incorporator, shareholder, officer or
      director, past, present or future as such, of the Company or of any predecessor
      or successor corporation, either directly or through the Company or any such
      predecessor or successor corporation, whether by virtue of any constitution,
      statute or rule of law, or by the enforcement of any assessment or penalty
      or otherwise; it being expressly understood that this Indenture and the
      obligations issued hereunder are solely corporate obligations, and that no
      such
      personal liability whatever shall attach to, or is or shall be incurred by,
      the
      incorporators, shareholders, officers or directors as such, of the Company
      or of
      any predecessor or successor corporation, or any of them, because of the
      creation of the indebtedness hereby authorized, or under or by reason of the
      obligations, covenants or agreements contained in this Indenture or in any
      of
      the Securities or implied therefrom; and that any and all such personal
      liability of every name and nature, either at common law or in equity or by
      constitution or statute, of, and any and all such rights and claims
      against, every such incorporator, shareholder, officer or director as such,
      because of the creation of the indebtedness hereby authorized, or under or
      by
      reason of the obligations, covenants or agreements contained in this Indenture
      or in any of the Securities or implied therefrom, are hereby expressly waived
      and released as a condition of, and as a consideration for, the execution of
      this Indenture and the issuance of such Securities.

    

    ARTICLE
      13

    MISCELLANEOUS
      PROVISIONS

    

    SECTION
      13.1 EFFECT ON SUCCESSORS AND ASSIGNS.

    

    All
      the
      covenants, stipulations, promises and agreements in this Indenture made by
      or on
      behalf of the Company shall bind its successors and assigns, whether so
      expressed or not.

    

    SECTION
      13.2 ACTIONS BY SUCCESSOR.

    

    Any
      act
      or proceeding by any provision of this Indenture authorized or required to
      be
      done or performed by any board, committee or officer of the Company shall and
      may be done and performed with like force and effect by the corresponding board,
      committee or officer of any corporation that shall at the time be the lawful
      successor of the Company.

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    
       

    

    SECTION
      13.3 SURRENDER OF COMPANY POWERS.

    

    The
      Company by instrument in writing executed by authority of its Board of Directors
      and delivered to the Trustee may surrender any of the powers reserved to the
      Company, and thereupon such power so surrendered shall terminate both as to
      the
      Company and as to any successor corporation.

    

    SECTION
      13.4 NOTICES.

    

    Except
      as
      otherwise expressly provided herein, any notice, request or demand that by
      any
      provision of this Indenture is required or permitted to be given, made or served
      by the Trustee or by the holders of Securities or by any other Person pursuant
      to this Indenture to or on the Company may be given or served by being deposited
      in first class mail, postage prepaid, addressed (until another address is filed
      in writing by the Company with the Trustee), as follows: Hyperdynamics
      Corporation, One Sugar Creek Center Blvd., #125, Sugar Land, Texas 77478,
      Attention: Chief Financial Officer. Any notice, election, request or demand
      by
      the Company or any Securityholder or by any other Person pursuant to this
      Indenture to or upon the Trustee shall be deemed to have been sufficiently
      given
      or made, for all purposes, if given or made in writing at the Corporate Trust
      Office of the Trustee.

    

    SECTION
      13.5 GOVERNING LAW.

    

    This
      Indenture and each Security shall be deemed to be a contract made under the
      internal laws of the State of
      [                    ],
      and for all purposes shall be construed in accordance with the laws of said
      State, except to the extent that the Trust Indenture Act is
      applicable.

    

    SECTION
      13.6 TREATMENT OF SECURITIES AS DEBT.

    

    It
      is
      intended that the Securities will be treated as indebtedness and not as equity
      for federal income tax purposes. The provisions of this Indenture shall be
      interpreted to further this intention.

    

    SECTION
      13.7 COMPLIANCE CERTIFICATES AND OPINIONS.

    

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

    

    (b)
      Each
      certificate or opinion provided for in this Indenture and delivered to the
      Trustee with respect to compliance with a condition or covenant in this
      Indenture shall include (i) a statement that the Person making such
      certificate or opinion has read such covenant or condition; (ii) 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; (iii) a statement that,
      in
      the opinion of such Person, he has made such examination or investigation as
      is
      reasonably necessary to enable him to express an informed opinion as to whether
      or not such covenant or condition has been complied with; and (iv) a
      statement as to whether or not, in the opinion of such Person, such condition
      or
      covenant has been complied with.

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

    SECTION
      13.8 PAYMENTS ON BUSINESS DAYS.

    

    Except
      as
      provided pursuant to Section 2.1 pursuant to a Board Resolution, and set
      forth in an Officers’ Certificate, or established in one or more indentures
      supplemental to this Indenture, in any case where the date of maturity of
      interest or principal of any Security or the date of redemption of any Security
      shall not be a Business Day, then payment of interest or principal (and premium,
      if any) may be made on the next succeeding Business Day with the same force
      and
      effect as if made on the nominal date of maturity or redemption, and no interest
      shall accrue for the period after such nominal date.

    

    SECTION
      13.9 CONFLICT WITH TRUST INDENTURE ACT.

    

    If
      and to
      the extent that any provision of this Indenture limits, qualifies or conflicts
      with the duties imposed by Sections 310 to 317, inclusive, of the Trust
      Indenture Act, such imposed duties shall control.

    

    SECTION
      13.10 COUNTERPARTS.

    

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

    

    SECTION
      13.11 SEPARABILITY.

    

    In
      case
      any one or more of the provisions contained in this Indenture or in the
      Securities of any series shall for any reason be held to be invalid, illegal
      or
      unenforceable in any respect, such invalidity, illegality or unenforceability
      shall not affect any other provisions of this Indenture or of such Securities,
      but this Indenture and such Securities shall be construed as if such invalid
      or
      illegal or unenforceable provision had never been contained herein or
      therein.

    

    SECTION
      13.12 COMPLIANCE CERTIFICATES.

    

    The
      Company shall deliver to the Trustee, within 120 days after the end of each
      fiscal year during which any Securities of any series were outstanding, an
      Officers’ Certificate stating whether or not the signers know of any Default or
      Event of Default that occurred during such fiscal year. Such certificate shall
      contain a certification from the principal executive officer, principal
      financial officer or principal accounting officer of the Company that a review
      has been conducted of the activities of the Company and the Company’s
      performance under this Indenture and that the Company has complied with all
      conditions and covenants under this Indenture. For purposes of this
      Section 13.12, such compliance shall be determined without regard to
      any period of grace or requirement of notice provided under this Indenture.
      If
      any of the officers of the Company signing such certificate has knowledge of
      such a Default or Event of Default, the certificate shall describe any such
      Default or Event of Default and its status.

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    
       

    

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

     

    
      	 	
               

            	 
	 	
              HYPERDYNAMICS
                CORPORATION

            	 
	 	
               

            	
               

            	 
	 	
              By:

            	
               

            	 
	 	
              Name:   
                

            	
               

            	 
	 	
              Title:

            	
               

            	 
	 	
               

            	 
	 	
              [

            	]
	 	
              as
                Trustee

            	 
	 	
               

            	
               

            	 
	 	
              By:

            	
               

            	 
	 	
              Name:

            	
               

            	 
	 	
              Title:

            	
               

            	 

    

     

     

    44

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