Document:

cbmg_ex41.htm

 

Exhibit 4.1

 

 

 

 

CELLULAR
BIOMEDICINE GROUP, INC.

 

and

 

                       
                                         
                    ,
as Trustee

 

FORM
OF INDENTURE

 

Dated as of
            ,
            

 

 

 

 

 

 

TABLE
OF CONTENTS

 

	
 

	
 

	
 

	
PAGE

	
ARTICLE 1        DEFINITIONS
AND INCORPORATION BY REFERENCE

	
1

	
 

	
 

	
 

	
 

	
1.1.

	
DEFINITIONS

	
1

	
 

	
 

	
 

	
 

	
 

	
1.2.

	
OTHER
DEFINITIONS

	
4

	
 

	
 

	
 

	
 

	
 

	
1.3.

	
INCORPORATION BY
REFERENCE OF TRUST INDENTURE ACT

	
4

	
 

	
 

	
 

	
 

	
 

	
1.4.

	
RULES OF
CONSTRUCTION

	
5

	
 

	
 

	
 

	
 

	
ARTICLE
2        THE
SECURITIES

	
5

	
 

	
 

	
 

	
 

	
2.1.

	
ISSUABLE IN
SERIES

	
5

	
 

	
 

	
 

	
 

	
 

	
2.2.

	
ESTABLISHMENT OF
TERMS OF SERIES OF SECURITIES

	
5

	
 

	
 

	
 

	
 

	
 

	
2.3.

	
EXECUTION AND
AUTHENTICATION

	
7

	
 

	
 

	
 

	
 

	
 

	
2.4.

	
REGISTRAR AND
PAYING AGENT

	
8

	
 

	
 

	
 

	
 

	
 

	
2.5.

	
PAYING AGENT TO
HOLD ASSETS IN TRUST

	
8

	
 

	
 

	
 

	
 

	
 

	
2.6.

	
SECURITYHOLDER
LISTS

	
9

	
 

	
 

	
 

	
 

	
 

	
2.7.

	
TRANSFER AND
EXCHANGE

	
9

	
 

	
 

	
 

	
 

	
 

	
2.8.

	
REPLACEMENT
SECURITIES

	
9

	
 

	
 

	
 

	
 

	
 

	
2.9.

	
OUTSTANDING
SECURITIES

	
9

	
 

	
 

	
 

	
 

	
 

	
2.10.

	
WHEN TREASURY
SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’
ACTION

	
10

	
 

	
 

	
 

	
 

	
 

	
2.11.

	
TEMPORARY
SECURITIES

	
10

	
 

	
 

	
 

	
 

	
 

	
2.12.

	
CANCELLATION

	
10

	
 

	
 

	
 

	
 

	
 

	
2.13.

	
PAYMENT OF
INTEREST; DEFAULTED INTEREST; COMPUTATION OF INTEREST

	
10

	
 

	
 

	
 

	
 

	
 

	
2.14.

	
CUSIP
NUMBER

	
11

	
 

	
 

	
 

	
 

	
 

	
2.15.

	
PROVISIONS FOR
GLOBAL SECURITIES

	
11

	
 

	
 

	
 

	
 

	
 

	
2.16.

	
PERSONS DEEMED
OWNERS

	
12

	
 

	
 

	
 

	
 

	
ARTICLE
3        REDEMPTION

	
12

	
 

	
 

	
 

	
 

	
3.1.

	
NOTICES TO
TRUSTEE

	
12

	
 

	
 

	
 

	
 

	
 

	
3.2.

	
SELECTION BY
TRUSTEE OF SECURITIES TO BE REDEEMED

	
12

	
 

	
 

	
 

	
 

 

 

 

 

 

	
 

	
3.3.

	
NOTICE OF
REDEMPTION

	
12

	
 

	
 

	
 

	
 

	
 

	
3.4.

	
EFFECT OF NOTICE OF
REDEMPTION

	
13

	
 

	
 

	
 

	
 

	
 

	
3.5.

	
DEPOSIT OF
REDEMPTION PRICE

	
13

	
 

	
 

	
 

	
 

	
 

	
3.6.

	
SECURITIES REDEEMED
IN PART

	
14

	
 

	
 

	
 

	
 

	
ARTICLE
4        COVENANTS

	
14

	
 

	
 

	
 

	
 

	
4.1.

	
PAYMENT OF
SECURITIES

	
14

	
 

	
 

	
 

	
 

	
 

	
4.2.

	
SEC
REPORTS

	
14

	
 

	
 

	
 

	
 

	
 

	
4.3.

	
COMPLIANCE
CERTIFICATE

	
14

	
 

	
 

	
 

	
 

	
 

	
4.4.

	
CORPORATE
EXISTENCE

	
15

	
 

	
 

	
 

	
 

	
ARTICLE
5        SUCCESSOR
CORPORATION

	
15

	
 

	
 

	
 

	
 

	
5.1. 

	
LIMITATION ON
CONSOLIDATION, MERGER AND SALE OF ASSETS

	
15

	
 

	
 

	
 

	
 

	
 

	
5.2. 

	
SUCCESSOR PERSON
SUBSTITUTED

	
15

	
 

	
 

	
 

	
 

	
ARTICLE
6        DEFAULTS AND
REMEDIES

	
15

	
 

	
 

	
 

	
 

	
6.1.

	
EVENTS OF
DEFAULT

	
16

	
 

	
 

	
 

	
 

	
 

	
6.2.

	
ACCELERATION

	
16

	
 

	
 

	
 

	
 

	
 

	
6.3.

	
REMEDIES

	
17

	
 

	
 

	
 

	
 

	
 

	
6.4.

	
WAIVER OF PAST
DEFAULTS AND EVENTS OF DEFAULT

	
17

	
 

	
 

	
 

	
 

	
 

	
6.5.

	
CONTROL BY
MAJORITY

	
17

	
 

	
 

	
 

	
 

	
 

	
6.6.

	
LIMITATION ON
SUITS

	
17

	
 

	
 

	
 

	
 

	
 

	
6.7.

	
RIGHTS OF HOLDERS
TO RECEIVE PAYMENT

	
18

	
 

	
 

	
 

	
 

	
 

	
6.8.

	
COLLECTION SUIT BY
TRUSTEE

	
18

	
 

	
 

	
 

	
 

	
 

	
6.9.

	
TRUSTEE MAY FILE
PROOFS OF CLAIM

	
18

	
 

	
 

	
 

	
 

	
 

	
6.10.

	
PRIORITIES

	
18

	
 

	
 

	
 

	
 

	
 

	
6.11.

	
UNDERTAKING FOR
COSTS

	
19

	
 

	
 

	
 

	
 

	
ARTICLE
7        TRUSTEE

	
19

	
 

	
 

	
 

	
 

	
7.1

	
DUTIES OF
TRUSTEE

	
19

	
 

	
 

	
 

	
 

	
 

	
7.2.

	
RIGHTS OF
TRUSTEE

	
20

	
 

	
 

	
 

	
 

	
 

	
7.3.

	
INDIVIDUAL RIGHTS
OF TRUSTEE

	
20

	
 

	
 

	
 

	
 

 

 

 

 

 

	
 

	
7.4.

	
TRUSTEE’S
DISCLAIMER

	
21

	
 

	
 

	
 

	
 

	
 

	
7.5.

	
NOTICE OF
DEFAULT

	
21

	
 

	
 

	
 

	
 

	
 

	
7.6.

	
REPORTS BY TRUSTEE
TO HOLDERS

	
21

	
 

	
 

	
 

	
 

	
 

	
7.7.

	
COMPENSATION AND
INDEMNITY

	
21

	
 

	
 

	
 

	
 

	
 

	
7.8.

	
REPLACEMENT OF
TRUSTEE

	
22

	
 

	
 

	
 

	
 

	
 

	
7.9.

	
SUCCESSOR TRUSTEE
BY CONSOLIDATION, MERGER OR CONVERSION

	
22

	
 

	
 

	
 

	
 

	
 

	
7.10.

	
ELIGIBILITY;
DISQUALIFICATION

	
22

	
 

	
 

	
 

	
 

	
 

	
7.11.

	
PREFERENTIAL
COLLECTION OF CLAIMS AGAINST COMPANY

	
23

	
 

	
 

	
 

	
 

	
 

	
7.12.

	
PAYING
AGENTS

	
23

	
 

	
 

	
 

	
 

	
ARTICLE
8        AMENDMENTS,
SUPPLEMENTS AND WAIVERS

	
23

	
 

	
 

	
 

	
 

	
8.1.

	
WITHOUT CONSENT OF
HOLDERS

	
23

	
 

	
 

	
 

	
 

	
 

	
8.2.

	
WITH CONSENT OF
HOLDERS

	
23

	
 

	
 

	
 

	
 

	
 

	
8.3.

	
COMPLIANCE WITH
TRUST INDENTURE ACT

	
24

	
 

	
 

	
 

	
 

	
 

	
8.4.

	
REVOCATION AND
EFFECT OF CONSENTS

	
24

	
 

	
 

	
 

	
 

	
 

	
8.5.

	
NOTATION ON OR
EXCHANGE OF SECURITIES

	
25

	
 

	
 

	
 

	
 

	
 

	
8.6.

	
TRUSTEE TO SIGN
AMENDMENTS, ETC.

	
25

	
 

	
 

	
 

	
 

	
ARTICLE 9        DISCHARGE
OF INDENTURE; DEFEASANCE

	
25

	
 

	
 

	
 

	
 

	
9.1.

	
DISCHARGE OF
INDENTURE

	
25

	
 

	
 

	
 

	
 

	
 

	
9.2.

	
LEGAL
DEFEASANCE

	
26

	
 

	
 

	
 

	
 

	
 

	
9.3.

	
COVENANT
DEFEASANCE

	
26

	
 

	
 

	
 

	
 

	
 

	
9.4.

	
CONDITIONS TO LEGAL
DEFEASANCE OR COVENANT DEFEASANCE

	
26

	
 

	
 

	
 

	
 

	
 

	
9.5.

	
DEPOSITED MONEY AND
U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER
MISCELLANEOUS PROVISIONS

	
27

	
 

	
 

	
 

	
 

	
 

	
9.6.

	
REINSTATEMENT

	
28

	
 

	
 

	
 

	
 

	
 

	
9.7.

	
MONEYS HELD BY
PAYING AGENT

	
28

	
 

	
 

	
 

	
 

	
 

	
9.8.

	
MONEYS HELD BY
TRUSTEE

	
28

	
 

	
 

	
 

	
 

	
ARTICLE 10        MISCELLANEOUS

	
28

	
 

	
 

	
 

	
 

	
10.1.

	
TRUST INDENTURE ACT
CONTROLS

	
28

	
 

	
 

	
 

	
 

 

 

 

 

 

	
 

	
10.2.

	
NOTICES

	
28

	
 

	
 

	
 

	
 

	
 

	
10.3.

	
COMMUNICATIONS BY
HOLDERS WITH OTHER HOLDERS

	
29

	
 

	
 

	
 

	
 

	
 

	
10.4.

	
CERTIFICATE AND
OPINION AS TO CONDITIONS PRECEDENT

	
29

	
 

	
 

	
 

	
 

	
 

	
10.5.

	
STATEMENT REQUIRED
IN CERTIFICATE AND OPINION

	
30

	
 

	
 

	
 

	
 

	
 

	
10.6.

	
RULES BY TRUSTEE
AND AGENTS

	
30

	
 

	
 

	
 

	
 

	
 

	
10.7.

	
BUSINESS DAYS;
LEGAL HOLIDAYS; PLACE OF PAYMENT

	
30

	
 

	
 

	
 

	
 

	
 

	
10.8.

	
GOVERNING
LAW

	
30

	
 

	
 

	
 

	
 

	
 

	
10.9.

	
NO ADVERSE
INTERPRETATION OF OTHER AGREEMENTS

	
30

	
 

	
 

	
 

	
 

	
 

	
10.10.

	
NO RECOURSE AGAINST
OTHERS

	
30

	
 

	
 

	
 

	
 

	
 

	
10.11.

	
SUCCESSORS

	
31

	
 

	
 

	
 

	
 

	
 

	
10.12.

	
MULTIPLE
COUNTERPARTS

	
31

	
 

	
 

	
 

	
 

	
 

	
10.13.

	
TABLE OF CONTENTS,
HEADINGS, ETC.

	
31

	
 

	
 

	
 

	
 

	
 

	
10.14.

	
SEVERABILITY

	
31

	
 

	
 

	
 

	
 

	
 

	
10.15.

	
SECURITIES IN A
FOREIGN CURRENCY OR IN EUROS

	
31

	
 

	
 

	
 

	
 

	
 

	
10.16.

	
JUDGMENT
CURRENCY

	
31

 

CROSS-REFERENCE
TABLE

 

	

TIA
SECTION

	
 

	

INDENTURE
SECTION

	
310(a)(1)(2)(5)

	
 

	
7.10

	
310(a)(3)(4)

	
 

	
Inapplicable

	
310(b)

	
 

	
7.8;
7.10

	
310(c)

	
 

	
Inapplicable

	
 

	
 

	
311(a)(b)

	
 

	
7.11

	
 

	
 

	
312(a)

	
 

	
2.6

	
312(b)(c)

	
 

	
10.3

	
 

	
 

	
313(a)(b)

	
 

	
7.6

	
313(c)

	
 

	
7.6;
10.2

	
313(d)

	
 

	
7.6

	
 

	
 

	
314(a)

	
 

	
4.2; 4.4;
10.2

	
314(b)

	
 

	
N/A

	
314(c)(1)(2)

	
 

	
10.4;
10.5

	
314(c)(3)

	
 

	
Inapplicable

	
314(d)

	
 

	
Inapplicable

	
314(e)

	
 

	
10.5

	
314(f)

	
 

	
Inapplicable

	
 

	
 

 

 

 

 

 

	
315(a)

	
 

	
7.1,
7.2

	
315(b)

	
 

	
7.5;
10.2

	
315(c)

	
 

	
7.1

	
315(d)

	
 

	
7.1;
7.2

	
315(e)

	
 

	
6.11

	
 

	
 

	
316(a)(last
sentence)

	
 

	
2.10

	
316(a)(1)(A)

	
 

	
6.5

	
316(a)(1)(B)

	
 

	
6.4

	
316(a)(2)

	
 

	
8.2

	
316(b)

	
 

	
6.7

	
316(c)

	
 

	
8.4

	
 

	
 

	
317(a)(1)

	
 

	
6.8

	
317(a)(2)

	
 

	
6.9

	
317(b)

	
 

	
2.5;
7.12

	
 

	
 

	
318(a)

	
 

	
10.1

	
318(b)

	
 

	
Inapplicable

	
318(c)

	
 

	
Inapplicable

 

Note: This
Cross-Reference Table shall not, for any purpose, be deemed to be a
part of the Indenture.

 

 

 

 

 

FORM
OF INDENTURE

 

 

INDENTURE, dated as
of
                    ,
        , by and between
Cellular Biomedicine Group, Inc., a Delaware corporation, as Issuer
(the “Company”) and
                                        ,
a
                                        organized
under the laws of
                                        ,
as Trustee (the “Trustee”).

 

 

RECITALS
OF THE COMPANY

 

 

The Company has
duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of its secured or
unsecured debentures, notes, bonds or other evidences of
indebtedness to be issued in one or more series (the
“Securities”), as herein provided, on such terms and up
to such principal amount as may from time to time be authorized in
or pursuant to one or more resolutions of the Board of Directors or
by supplemental indenture.

 

All things
necessary to make this Indenture a valid agreement of the Company
in accordance with its terms have been done, and the execution and
delivery thereof have been in all respects duly authorized by the
parties hereto.

 

 

NOW,
THEREFORE, THIS INDENTURE WITNESSETH:

 

 

For and in
consideration of the premises and the purchase of the Securities by
the Holders thereof, it is mutually agreed, for the equal and
proportionate benefit of all Holders of the Securities of a Series
thereof, as follows:

 

 

ARTICLE
1

 

 

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

	
1.1.

	
DEFINITIONS.

 

 

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

 

 

“Agent”
means any Registrar, Paying Agent, co-registrar or agent for
service of notices and demands.

 

“Board of
Directors” means the Board of Directors of the Company or any
committee duly authorized to act therefor.

 

“Board
Resolution” means a copy of a resolution certified pursuant
to an Officers’ Certificate to have been duly adopted by the
Board of Directors of the Company and to be in full force and
effect on the date of such certification which has been delivered
to the Trustee.

 

“Capital
Stock” means, with respect to any Person, any and all shares
or other equivalents (however designated) of capital stock,
partnership interests or any other participation, right or other
interest in the nature of an equity interest in such Person or any
option, warrant or other security convertible into any of the
foregoing.

 

 

“Company”
means the party named as such in the first paragraph of this
Indenture until a successor replaces such party pursuant to Article
5 of this Indenture, and thereafter means the successor and any
other primary obligor on the Securities.

 

“Company
Order” means a written order signed in the name of the
Company by two Officers, one of whom must be its Chief Executive
Officer or its Chief Financial Officer.

 

 

1

 

 

“Company
Request” means any written request signed in the name of the
Company by its Chief Executive Officer, its President, any Vice
President, its Chief Financial Officer or its Treasurer and
attested to by its Secretary or any Assistant
Secretary.

 

“Corporate
Trust Office” means the office of the Trustee at which at any
particular time its corporate trust business shall be principally
administered.

 

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

 

“Depository”
means, with respect to the Securities of any Series issuable or
issued in whole or in part in the form of one or more Global
Securities, the Person designated as Depository for such Series by
the Company, which Depository shall be a clearing agency registered
under the Exchange Act, until a successor Depository shall have
become such pursuant to the applicable provisions of this
Indenture, and thereafter “Depository” shall mean each
Person who is then a Depository hereunder, and if at any time there
is more than one such Person, such Persons.

 

“Dollars”
means the currency of the United States of America.

 

“Euro”
means the single currency of participating member states of the
economic and monetary union as contemplated in the Treaty on
European Union.

 

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

 

“Foreign
Currency” means any currency or currency unit issued by a
government other than the government of the United States of
America.

 

“Foreign
Government Obligations” means, with respect to Securities
that are denominated in a Foreign Currency, (i) direct
obligations of the government that issued or caused to be issued
such currency for the payment of which obligations its full faith
and credit is pledged or (ii) obligations of a Person
controlled or supervised by, or acting as an agency or
instrumentality of, such government, the timely payment of which is
unconditionally guaranteed as a full faith and credit obligation by
such government, which, in either case under clauses (i) and
(ii), are not callable or redeemable at the option of the issuer
thereof.

 

“GAAP”
means generally accepted accounting principles consistently applied
as in effect in the United States of America from time to
time.

 

“Global
Security” or “Global Securities” means a Security
or Securities, as the case may be, in the form established pursuant
to Section 2.2, evidencing all or part of a Series of
Securities issued to the Depository for such Series or its nominee,
and registered in the name of such Depository or nominee, and
bearing the legend set forth in Section 2.15(c) (or such other
legend(s) as may be applied to such Securities in accordance with
Section 2.2(24)).

 

“Holder”
or “Securityholder” means the Person in whose name a
Security is registered on the Registrar’s books.

 

“Indebtedness”
means (without duplication), with respect to any Person, any
indebtedness at any time outstanding, secured or unsecured,
contingent or otherwise, which is for borrowed money (whether or
not the recourse of the lender is to the whole of the assets of
such Person or only to a portion thereof), or evidenced by bonds,
notes, debentures or similar instruments, or representing the
balance deferred and unpaid of the purchase price of any property
(excluding any balances that constitute accounts payable or trade
payables, and other accrued liabilities arising in the ordinary
course of business), if and to the extent any of the foregoing
indebtedness would appear as a liability upon a balance sheet of
such Person prepared in accordance with GAAP.

 

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

 

 “Interest
Payment Date,” when used with respect to any Security, means
the Stated Maturity of an installment of interest on such
Security.

 

“Lien”
means, with respect to any property or assets of any Person, any
mortgage or deed of trust, pledge, hypothecation, assignment,
deposit arrangement, security interest, lien, charge, easement,
encumbrance, preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever on or
with respect to such property or assets (including, without
limitation, any capitalized lease obligation, conditional sales or
other title retention agreement having substantially the same
economic effect as any of the foregoing).

 

 

2

 

 

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

 

“Officer”
means the Chief Executive Officer, the President, any Vice
President, the Chief Financial Officer, the Treasurer or the
Secretary of the Company, or any other officer designated by the
Board of Directors, as the case may be.

 

“Officers’
Certificate” means, with respect to any Person, a certificate
signed by the Chairman, Chief Executive Officer, President or any
Senior or Executive Vice President and the Chief Financial Officer
or any Treasurer of such Person, that shall comply with applicable
provisions of this Indenture.

 

“Opinion of
Counsel” means a written opinion from legal counsel, which
counsel is reasonably acceptable to the Trustee. The counsel may be
an employee of or counsel to the Company.

 

 

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

 

“Redemption
Date,” when used with respect to any Security to be redeemed,
means the date fixed for such redemption pursuant to this
Indenture.

 

“Responsible
Officer,” when used with respect to the Trustee, means any
officer within the corporate trust department or division of the
Trustee (or any successor group of the Trustee) or any other
officer of the Trustee customarily performing functions similar to
those performed by any of the above designated officers, and also
means, with respect to a particular corporate trust matter, any
other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular
subject.

 

“SEC”
means the United States Securities and Exchange Commission as
constituted from time to time, or any successor performing
substantially the same functions.

 

“Securities”
means the securities that are issued under this Indenture, as
amended or supplemented from time to time pursuant to this
Indenture.

 

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

 

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

 

“Significant
Subsidiary” means (i) any direct or indirect Subsidiary
of the Company that would be a “significant subsidiary”
as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated
pursuant to the Securities Act, as such regulation is in effect on
the date hereof, or (ii) any group of direct or indirect
Subsidiaries of the Company that, taken together as a group, would
be a “significant subsidiary” as defined in Article 1,
Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities
Act, as such regulation is in effect on the date
hereof.

 

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

 

 “Subsidiary”
of any specified Person means any corporation, limited liability
company, partnership, joint venture, association or other business
entity, whether now existing or hereafter organized or acquired,
(i) in the case of a corporation, of which more than 50% of
the total voting power of the Capital Stock entitled (without
regard to the occurrence of any contingency) to vote in the
election of directors thereof is held, directly or indirectly, by
such Person or any of its Subsidiaries; or (ii) in the case of
a partnership, joint venture, association or other business entity,
with respect to which such Person or any of its Subsidiaries has
the power to direct or cause the direction of the management and
policies of such entity by contract or otherwise, or if in
accordance with GAAP such entity is consolidated with such Person
for financial statement purposes.

 

 

3

 

 

“TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code
Section 77aaa-77bbbb) as in effect on the date of this
Indenture (except as provided in Section 8.3).

 

“Trustee”
means the party named as such in this Indenture until a successor
replaces it pursuant to this Indenture, and thereafter means the
successor, and if at any time there is more than one such Person,
“Trustee” as used with respect to the Securities of any
Series shall mean the Trustee with respect to Securities of that
Series.

 

“U.S.
Government Obligations” means direct non-callable obligations
of, or non-callable obligations guaranteed by, the United States of
America for the payment of which obligation or guarantee the full
faith and credit of the United States of America is
pledged.

 

	
1.2.

	
OTHER
DEFINITIONS.

 

The definitions of
the following terms may be found in the sections indicated as
follows:

 

	

TERM

	
 

	

DEFINED IN
SECTION

	
 

	
 

	
“Bankruptcy
Law”

	
 

	
6.1

	
 

	
 

	
“Business
Day”

	
 

	
10.7

	
 

	
 

	
“Covenant
Defeasance”

	
 

	
9.3

	
 

	
 

	
“Custodian”

	
 

	
6.1

	
 

	
 

	
“Event of
Default”

	
 

	
6.1

	
 

	
 

	
“Journal”

	
 

	
10.15

	
 

	
 

	
“Judgment
Currency”

	
 

	
10.16

	
 

	
 

	
“Legal
Defeasance”

	
 

	
9.2

	
 

	
 

	
“Legal
Holiday”

	
 

	
10.7

	
 

	
 

	
“Market
Exchange Rate”

	
 

	
10.15

	
 

	
 

	
“Paying
Agent”

	
 

	
2.4

	
 

	
 

	
“Place of
Payment”

	
 

	
10.7

	
 

	
 

	
“Registrar”

	
 

	
2.4

	
 

	
 

	
“Required
Currency”

	
 

	
10.16

	
 

	
 

	
“Service
Agent”

	
 

	
2.4

  

	
1.3.

	
INCORPORATION BY
REFERENCE OF TRUST INDENTURE ACT.

 

Whenever this
Indenture refers to a provision of the TIA, the portion of such
provision required to be incorporated herein in order for this
Indenture to be qualified under the TIA is incorporated by
reference in and made a part of this Indenture. The following TIA
terms used in this Indenture have the following
meanings:

 

 

4

 

 

“Commission”
means the SEC.

 

“indenture
securities” means the Securities.

 

“indenture
securityholder” means a Holder or
Securityholder.

 

“indenture to
be qualified” means this Indenture.

 

“indenture
trustee” or “institutional trustee” means the
Trustee.

 

“obligor on
the indenture securities” means the Company.

 

All other terms
used in this Indenture that are defined by the TIA, defined in the
TIA by reference to another statute or defined by SEC rule have the
meanings therein assigned to them.

 

	
1.4.

	
RULES OF
CONSTRUCTION.

 

Unless the context
otherwise requires:

 

(1) a term has the
meaning assigned to it herein, whether defined expressly or by
reference;

 

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

 

(3)
“or” is not exclusive;

 

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

 

(5) words used
herein implying any gender shall apply to each gender;
and

 

(6) the words
“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.

 

ARTICLE
2

 

THE
SECURITIES

 

	
2.1.

	
ISSUABLE IN
SERIES.

 

 

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

 

	
2.2.

	
ESTABLISHMENT OF
TERMS OF SERIES OF SECURITIES.

 

At or prior to the
issuance of any Securities within a Series, the following shall be
established (as to the Series generally, in the case of Subsection
2.2(1) and either as to such Securities within the Series or as to
the Series generally in the case of Subsections 2.2(2) through
2.2(24)) by a Board Resolution, a supplemental indenture or an
Officers’ Certificate, in each case, pursuant to authority
granted under a Board Resolution:

 

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

 

(2) any limit upon
the aggregate principal amount of the Securities of the Series
which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of,
other Securities of the Series pursuant to Section 2.7, 2.8,
2.11, 3.6 or 8.5);

 

 

5

 

 

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

 

(4) the date or
dates on which the principal of the Securities of the Series is
payable;

 

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

 

(6) the place or
places where the principal of, and interest and premium, if any,
on, the Securities of the Series shall be payable, or the method of
such payment, if by wire transfer, mail or other
means;

 

 

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

 

(8) the obligation,
if any, of the Company to redeem or purchase the Securities of the
Series pursuant to any sinking fund or analogous provisions or at
the option of a Holder thereof, 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;

 

(9) the dates, if
any, on which and the price or prices at which the Securities of
the Series will be repurchased by the Company at the option of the
Holders thereof, and other detailed terms and provisions of such
repurchase obligations;

 

(10) if other than
denominations of
$[          ] and
any integral multiple thereof, the denominations in which the
Securities of the Series shall be issuable;

 

(11) the forms of
the Securities of the Series in bearer (if to be issued outside of
the United States of America) or fully registered form (and, if in
fully registered form, whether the Securities will be issuable as
Global Securities);

 

(12) if other than
the principal amount thereof, the portion of the principal amount
of the Securities of the Series that shall be payable upon
declaration of acceleration of the Maturity thereof pursuant to
Section 6.2;

 

 (13) the
currency of denomination of the Securities of the Series, which may
be Dollars or any Foreign Currency, including, but not limited to,
the Euro, and, if such currency of denomination is a composite
currency other than the Euro, the agency or organization, if any,
responsible for overseeing such composite currency;

 

(14) the
designation of the currency, currencies or currency units in which
payment of the principal of, and interest and premium, if any, on,
the Securities of the Series will be made;

 

(15) if payments of
principal of, or interest or premium, if any, on, the Securities of
the Series are to be made in one or more currencies or currency
units other than that or those in which such Securities are
denominated, the manner in which the exchange rate with respect to
such payments will be determined;

 

(16) the manner in
which the amounts of payment of principal of, or interest and
premium, if any, on, the Securities of the Series will be
determined, if such amounts may be determined by reference to an
index based on a currency or currencies or by reference to a
commodity, commodity index, stock exchange index or financial
index;

 

(17) the
provisions, if any, relating to any collateral provided for the
Securities of the Series;

 

 

6

 

 

(18) any addition
to or change in the covenants set forth in Articles 4 or 5 that
applies to Securities of the Series;

 

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

 

(20) the terms and
conditions, if any, for conversion of the Securities into or
exchange of the Securities for shares of common stock or preferred
stock of the Company that apply to Securities of the
Series;

 

(21) any
depositories, interest rate calculation agents, exchange rate
calculation agents or other agents with respect to Securities of
such Series if other than those appointed herein;

 

(22) the terms and
conditions, if any, upon which the Securities shall be subordinated
in right of payment to other Indebtedness of the
Company;

 

(23) if applicable,
that the Securities of the Series, in whole or any specified part,
shall be defeasible pursuant to Article 9; and

 

 (24) any
other terms of the Securities of the Series (which terms shall not
be inconsistent with the provisions of this Indenture, except as
permitted by Section 8.1, but which may modify or delete any
provision of this Indenture insofar as it applies to such
Series).

 

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

 

	
2.3.

	
EXECUTION AND
AUTHENTICATION.

 

The Securities
shall be executed on behalf of the Company by two Officers of the
Company or an Officer and an Assistant Secretary of the Company.
Each such signature may be either manual or facsimile. The
Company’s seal may be impressed, affixed, imprinted or
reproduced on the Securities and may be in facsimile
form.

 

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

 

A Security shall
not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent. The signature shall be
conclusive evidence that the Security has been authenticated under
this Indenture. The Trustee shall at any time, and from time to
time, authenticate Securities for original issue in the principal
amount provided in the Board Resolution, supplemental indenture
hereto or Officers’ Certificate, upon receipt by the Trustee
of a Company Order. Such Company Order may authorize authentication
and delivery pursuant to oral or electronic instructions from the
Company or its duly authorized agent or agents, which oral
instructions shall be promptly confirmed in writing. Each Security
shall be dated the date of its authentication.

 

The aggregate
principal amount of Securities of any Series outstanding at any
time may not exceed any limit upon the maximum principal amount for
such Series set forth in the Board Resolution, supplemental
indenture hereto or Officers’ Certificate delivered pursuant
to Section 2.2, except as provided in
Section 2.8.

 

Prior to the
issuance of Securities of any Series, the Trustee shall have
received and (subject to Section 7.1) shall be fully protected
in relying on: (a) the Board Resolution, supplemental
indenture hereto or Officers’ Certificate establishing the
form of the Securities of that Series or of Securities within that
Series and the terms of the Securities of that Series or of
Securities within that Series, (b) an Officers’
Certificate complying with Section 10.4, and (c) an
Opinion of Counsel complying with Section 10.4.

 

The Trustee shall
have the right to decline to authenticate and deliver any
Securities of any Series: (a) if the Trustee, being advised in
writing by outside counsel, determines that such action may not
lawfully be taken; or (b) if the Trustee in good faith by its
board of directors or trustees, executive committee or a trust
committee of directors and/or vice-presidents shall reasonably
determine that such action would expose the Trustee to personal
liability, or cause it to have a conflict of interest with respect
to Holders of any then outstanding Series of
Securities.

 

 

7

 

 

The Trustee may
appoint an authenticating agent acceptable to the Company to
authenticate Securities. An authenticating agent may authenticate
Securities whenever the Trustee may do so. Any appointment shall be
evidenced by an instrument signed by an authorized officer of the
Trustee, a copy of which shall be furnished to the Company. Each
reference in this Indenture to authentication by the Trustee
includes authentication by such agent. An authenticating agent has
the same rights as an Agent to deal with the Company or an
Affiliate of the Company.

 

	
2.4.

	
REGISTRAR AND
PAYING AGENT.

 

The Company shall
maintain in each Place of Payment for any Series of Securities
(i) an office or agency where such Securities may be presented
for registration of transfer or for exchange
(“Registrar”), (ii) an office or agency where such
Securities may be presented for payment (“Paying
Agent”), and PROVIDED, that at the option of the Company
payment of interest may be made by check mailed to the address of
the Person entitled thereto as such address shall appear in the
register for the Securities maintained by the Registrar), and
(iii) an office or agency where notices and demands to or upon
the Company in respect of the Securities and this Indenture may be
served (“Service Agent”). The Registrar shall keep a
register of the Securities and of their transfer and exchange. The
Company may have one or more co-registrars and one or more
additional paying agents. The Company shall give prompt written
notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company
shall fail to maintain any such required office, or to furnish the
Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the address of the
Trustee as set forth in Section 10.2. If the Company acts as
Paying Agent, it shall segregate the money held by it for the
payment of principal of, and interest and premium, if any, on, the
Securities and hold it as a separate trust fund. The Company may
change any Paying Agent, Registrar, co-registrar or any other Agent
without notice to any Securityholder.

 

 The Company
may also from time to time designate one or more other offices or
agencies where the Securities may be presented or surrendered for
any or all such purposes, and may from time to time rescind such
designations; PROVIDED, HOWEVER, that no such designation or
rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency in each Place of Payment
for Securities of any Series for such purposes. The Company hereby
initially designates the Corporate Trust Office of the Trustee as
such office of the Company. The Company shall give prompt written
notice to the Trustee of such designation or rescission, and of any
change in the location of any such other office or
agency.

 

The Company shall
enter into an appropriate agency agreement with any Registrar or
Paying Agent not a party to this Indenture. The agreement shall
implement the provisions of this Indenture that relate to such
Agent. The Company shall notify the Trustee of the name and address
of any such Agent. If the Company fails to maintain a Registrar or
Paying Agent, or agent for service of notices and demands, or fails
to give the foregoing notice, the Trustee shall act as such. The
Company hereby appoints the Trustee as the initial Registrar,
Paying Agent and Service Agent for each Series unless another
Registrar, Paying Agent or Service Agent, as the case may be, is
appointed prior to the time Securities of that Series are first
issued.                               .

 

	
2.5.

	
PAYING AGENT TO
HOLD ASSETS IN TRUST.

 

The Trustee as
Paying Agent shall, and the Company shall require each Paying Agent
other than the Trustee to agree in writing that each Paying Agent
shall, hold in trust for the benefit of the Holders of any Series
of Securities or the Trustee all assets held by the Paying Agent
for the payment of principal of, or interest or premium, if any,
on, such Series of Securities (whether such assets have been
distributed to it by the Company or any other obligor on such
Series of Securities), and the Company and the Paying Agent shall
notify the Trustee in writing of any Default by the Company (or any
other obligor on such Series of Securities) in making any such
payment. The Company at any time may require a Paying Agent to
distribute all assets held by it to the Trustee and account for any
assets disbursed, and the Trustee may, at any time during the
continuance of any payment default with respect to any Series of
Securities, upon written request to a Paying Agent, require such
Paying Agent to distribute all assets held by it to the Trustee and
to account for any assets distributed. Upon distribution to the
Trustee of all assets that shall have been delivered by the Company
to the Paying Agent, the Paying Agent shall have no further
liability for such assets.

 

 

8

 

 

	
2.6.

	
SECURITYHOLDER
LISTS.

 

The Trustee shall
preserve in as current a form as is reasonably practicable the most
recent list available to it of the names and addresses of
Securityholders of each Series of Securities. If the Trustee is not
the Registrar, the Company shall furnish to the Trustee as of each
regular record date for the payment of interest on the Securities
of a Series and before each related Interest Payment Date, and at
such other times as the Trustee may request in writing, a list in
such form and as of such date as the Trustee may reasonably require
of the names and addresses of Securityholders of each Series of
Securities.

 

	
2.7.

	
TRANSFER AND
EXCHANGE.

 

When Securities of
a Series are presented to the Registrar with a request to register
the transfer thereof, the Registrar shall register the transfer as
requested if the requirements of applicable law are met, and when
such Securities of a Series are presented to the Registrar with a
request to exchange them for an equal principal amount of other
authorized denominations of Securities of the same Series, the
Registrar shall make the exchange as requested. To permit transfers
and exchanges, upon surrender of any Security for registration of
transfer at the office or agency maintained pursuant to
Section 2.4, the Company shall execute and the Trustee shall
authenticate Securities at the Registrar’s
request.

 

If Securities are
issued as Global Securities, the provisions of Section 2.15
shall apply.

 

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

 

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

 

Any exchange or
transfer shall be without charge, except that the Company may
require payment by the Holder of a sum sufficient to cover any tax
or other governmental charge that may be imposed in relation to a
transfer or exchange, but this provision shall not apply to any
exchange pursuant to Section 2.11, 3.6 or 8.5. The Trustee
shall not be required to register transfers of Securities of any
Series, or to exchange Securities of any Series, for a period of
[  ] days before the record date for selection for
redemption of such Securities. The Trustee shall not be required to
exchange or register transfers of Securities of any Series called
or being called for redemption in whole or in part, except the
unredeemed portion of such Security being redeemed in
part.

 

	
2.8.

	
REPLACEMENT
SECURITIES.

 

If a mutilated
Security is surrendered to the Trustee, or if the Holder of a
Security presents evidence to the satisfaction of the Company and
the Trustee that the Security has been lost, destroyed or
wrongfully taken, the Company shall issue and the Trustee shall
authenticate a replacement Security of the same Series and of like
tenor and principal amount and bearing a number not
contemporaneously outstanding. An indemnity bond may be required by
the Company or the Trustee that is sufficient in the reasonable
judgment of the Company or the Trustee, as the case may be, to
protect the Company, the Trustee or any Agent from any loss which
any of them may suffer if a Security is replaced. The Company may
charge such Holder for the Company’s out-of-pocket expenses
in replacing a Security, including the fees and expenses of the
Trustee. Every replacement Security shall constitute an original
additional obligation of the Company, whether or not the destroyed,
lost or stolen Security shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Securities of that
Series duly issued hereunder.

 

	
2.9.

	
OUTSTANDING
SECURITIES.

 

Securities
outstanding at any time are all Securities authenticated by the
Trustee, except for those canceled by it, those delivered to it for
cancellation and those described in this Section 2.9 as not
outstanding.

 

If a Security is
replaced pursuant to Section 2.8 (other than a mutilated
Security surrendered for replacement), it ceases to be outstanding
until the Company and the Trustee receive proof satisfactory to
each of them that the replaced Security is held by a bona fide
purchaser. A mutilated Security ceases to be outstanding upon
surrender of such Security and replacement thereof pursuant to
Section 2.8.

 

 

9

 

 

If a Paying Agent
holds on a Redemption Date or the Stated Maturity money sufficient
to pay the principal of, premium, if any, and accrued interest on,
Securities payable on that date, and is not prohibited from paying
such money to the Holders thereof pursuant to the terms of this
Indenture (PROVIDED, that if such Securities are to be redeemed,
notice of such redemption has been duly given pursuant to this
Indenture or provision therefor satisfactory to the Trustee has
been made), then on and after that date such Securities cease to be
outstanding and interest on them ceases to accrue.

 

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

 

	
2.10.

	
WHEN TREASURY
SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’
ACTION.

 

 In
determining whether the Holders of the required aggregate principal
amount of the Securities of any Series have concurred in any
direction, waiver or consent, the Securities of any Series owned by
the Company or any other obligor on such Securities, or by any
Affiliate of any of them, shall be disregarded, except that for the
purposes of determining whether the Trustee shall be protected in
relying on any such direction, waiver or consent, only Securities
of such Series which the Trustee actually knows are so owned shall
be so disregarded. Securities of such Series so owned which have
been pledged in good faith shall not be disregarded if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s
right so to act with respect to the Securities of such Series and
that the pledgee is not the Company or any other obligor on the
Securities of such Series, or an Affiliate of any of
them.

 

	
2.11.

	
TEMPORARY
SECURITIES.

 

Until definitive
Securities are ready for delivery, the Company may prepare and
execute, and the Trustee shall authenticate, temporary Securities.
Temporary Securities shall be substantially in the form, and shall
carry all rights, of definitive Securities, but may have variations
that the Company considers appropriate for temporary Securities.
Without unreasonable delay, the Company shall prepare and execute,
and the Trustee shall authenticate, definitive Securities in
exchange for temporary Securities without charge to the
Holder.

 

	
2.12.

	
CANCELLATION.

 

All Securities
surrendered for payment, redemption or registration of transfer or
exchange, or for credit against any sinking fund payment, shall, if
surrendered to any Person other than the Trustee, be delivered to
the Trustee for cancellation. The Company may at any time deliver
to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have
acquired in any manner whatsoever, and may deliver to the Trustee
(or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder
which the Company has not issued and sold. The Registrar and the
Paying Agent shall forward to the Trustee any Securities
surrendered to them for transfer, exchange or payment. The Trustee
or, at the direction of the Trustee, the Registrar or the Paying
Agent, and no one else, shall cancel, and at the written request of
the Company shall dispose of, all Securities surrendered for
transfer, exchange, payment or cancellation. If the Company shall
acquire any of the Securities, such acquisition shall not operate
as a redemption or satisfaction of the Indebtedness represented by
such Securities unless and until the same are surrendered to the
Trustee for cancellation pursuant to this Section 2.12. No
Securities shall be authenticated in lieu of or in exchange for any
Securities cancelled as provided in this Section 2.12, except
as expressly permitted by this Indenture.

 

	
2.13.

	
PAYMENT OF
INTEREST; DEFAULTED INTEREST; COMPUTATION OF INTEREST.

 

Except as otherwise
provided as contemplated by Section 2.2 with respect to any
Series of Securities, interest on any Security which is payable,
and is punctually paid or duly provided for, on any Interest
Payment Date shall be paid to the Person in whose name that
Security is registered at the close of business on the regular
record date for such interest, as provided in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate
establishing the terms of such Series.

 

If the Company
defaults in a payment of interest on the Securities, it shall pay
the defaulted amounts, plus any interest payable on defaulted
amounts pursuant to Section 4.1, to the Persons who are
Securityholders on a subsequent special record date, which date
shall be the [  ] day next preceding the date fixed by
the Company for the payment of defaulted interest, or the next
succeeding Business Day if such date is not a Business Day. At
least [ ] days before the special record date, the Company shall
mail or cause to be mailed to each Securityholder, with a copy to
the Trustee, a notice that states the special record date, the
payment date and the amount of defaulted interest, and interest
payable on such defaulted interest, if any, to be
paid.

 

 

10

 

 

Except as otherwise
specified as contemplated by Section 2.2 for Securities of any
Series, interest on the Securities of each Series shall be computed
on the basis of a 360-day year of twelve 30-day
months.

  

	
2.14.

	
CUSIP
NUMBER.

 

The Company in
issuing the Securities may use one or more “CUSIP”
numbers, and, if the Company does so, the Trustee shall use the
CUSIP number(s) in notices of redemption or exchange as a
convenience to Holders, PROVIDED, that any such notice may state
that no representation is made as to the correctness or accuracy of
the CUSIP number(s) printed in the notice or on the Securities, and
that reliance may be placed only on the other identification
numbers printed on the Securities, and that any such redemption or
exchange shall not be affected by any defect in or omission of any
such numbers.

 

	
2.15.

	
PROVISIONS FOR
GLOBAL SECURITIES.

 

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

 

(b) Notwithstanding
any provisions to the contrary contained in Section 2.7 and in
addition thereto, if, and only if the Depository (i) at any
time is unwilling or unable to continue as Depository for such
Global Security or ceases to be a clearing agency registered under
the Exchange Act and (ii) a successor Depository is not
appointed by the Company within [  ] days after the date
the Company is so informed in writing or becomes aware of the same,
the Company promptly will execute and deliver to the Trustee
definitive Securities, and the Trustee, upon receipt of a Company
Request for the authentication and delivery of such definitive
Securities (which the Company will promptly execute and deliver to
the Trustee) and an Officers’ Certificate to the effect that
such Global Security shall be so exchangeable, will authenticate
and deliver definitive Securities, without charge, registered in
such names and in such authorized denominations as the Depository
shall direct in writing (pursuant to instructions from its direct
and indirect participants or otherwise) in an aggregate principal
amount equal to the principal amount of the Global Security with
like tenor and terms. Upon the exchange of a Global Security for
definitive Securities, such Global Security shall be canceled by
the Trustee. Unless and until it is exchanged in whole or in part
for definitive Securities, as provided in this
Section 2.15(b), a Global Security may not be transferred
except as a whole by the Depository with respect to such Global
Security to a nominee of such Depository, by a nominee of such
Depository to such Depository or another nominee of such Depository
or by the Depository or any such nominee to a successor Depository
or a nominee of such a successor Depository.

 

(c) Any Global
Security issued hereunder shall bear a legend in substantially the
following form:

 

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

 

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

 

(e) Notwithstanding
the other provisions of this Indenture, unless otherwise specified
as contemplated by Section 2.2, payment of the principal of,
and interest and premium, if any, on, any Global Security shall be
made to the Depository or its nominee in its capacity as the Holder
thereof.

 

(f) Except as
provided in Section 2.15(e) above, the Company, the Trustee
and any Agent shall treat a Person as the Holder of such principal
amount of outstanding Securities of any Series represented by a
Global Security as shall be specified in a written statement of the
Depository (which may be in the form of a participants’ list
for such Series) with respect to such Global Security, for purposes
of obtaining any consents, declarations, waivers or directions
required to be given by the Holders pursuant to this Indenture,
PROVIDED, that until the Trustee is so provided with a written
statement, it may treat the Depository or any other Person in whose
name a Global Security is registered as the owner of such Global
Security for the purpose of receiving payment of the principal of,
and any premium and (subject to Section 2.13) any interest on,
such Global Security and for all other purposes whatsoever, and
none of the Company, the Trustee or any agent of the Company or the
Trustee shall be affected by notice to the contrary.

 

 

11

 

 

	
2.16.

	
PERSONS DEEMED
OWNERS.

 

Prior to due
presentment of a Security for registration of transfer, the
Company, the Trustee, the Registrar and any agent of the Company,
the Registrar or the Trustee may treat the Person in whose name
such Security is registered as the owner of such Security for the
purpose of receiving payment of the principal of, and any premium
and (subject to Section 2.13) any interest on, such Security
and for all other purposes whatsoever, and none of the Company, the
Trustee, the Registrar or any agent of the Company, the Trustee or
the Registrar shall be affected by notice to the
contrary.

 

ARTICLE
3

 

REDEMPTION

 

	
3.1.

	
NOTICES TO
TRUSTEE.

 

The Company may,
with respect to any Series of Securities, reserve the right to
redeem and pay the Series of Securities, or may covenant to redeem
and pay the Series of Securities or any part thereof, prior to the
Stated Maturity thereof at such time and on such terms as provided
for in such Securities or the related Board Resolution,
supplemental indenture or Officers’ Certificate. If a Series
of Securities is redeemable and the Company elects to redeem all or
part of such Series of Securities, it shall notify the Trustee of
the Redemption Date and the principal amount of Securities to be
redeemed at least 45 days (unless a shorter notice shall be
satisfactory to the Trustee) before the Redemption Date. Any such
notice may be canceled at any time prior to notice of such
redemption being mailed to any Holder, and shall thereby be void
and of no effect.

 

	
3.2.

	
SELECTION BY
TRUSTEE OF SECURITIES TO BE REDEEMED.

 

Unless otherwise
indicated for a particular Series of Securities by a Board
Resolution, a supplemental indenture or an Officers’
Certificate, if fewer than all of the Securities of a Series are to
be redeemed, the Trustee shall select the Securities of a Series to
be redeemed pro rata, by lot or by any other method that the
Trustee considers fair and appropriate (unless the Company
specifically directs the Trustee otherwise) and, if such Securities
are listed on any securities exchange, by a method that complies
with the requirements of such exchange.

 

The Trustee shall
make the selection from Securities of a Series outstanding and not
previously called for redemption, and shall promptly notify the
Company in writing of the Securities selected for redemption and,
in the case of any Security selected for partial redemption, the
principal amount thereof to be redeemed at least [  ] but
not more than [  ] days before the Redemption Date.
Securities of a Series in denominations of
$[    ] may be redeemed only in whole. The
Trustee may select for redemption portions of the principal of
Securities of a Series that have denominations larger than
$[   ]. Securities of a Series and portions of them
it selects shall be in amounts of $[   ] or, with
respect to Securities of any Series issuable in other denominations
pursuant to Section 2.2(10), the minimum principal
denomination for each Series and integral multiples thereof.
Provisions of this Indenture that apply to Securities called for
redemption also apply to portions of Securities called for
redemption.

 

	
3.3.

	
NOTICE OF
REDEMPTION.

 

Unless otherwise
indicated for a particular Series by Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate, at
least [  ] days, and no more than [  ] days,
before a Redemption Date, the Company shall mail, or cause to be
mailed, a notice of redemption by first-class mail to each Holder
of Securities to be redeemed at his or her last address as the same
appears on the registry books maintained by the Registrar. The
notice shall identify the Securities to be redeemed and shall
state:

 

 

12

 

 

(1) the Redemption
Date;

 

(2) the redemption
price, and that such redemption price shall become due and payable
on the Redemption Date;

 

(3) if any Security
of a Series is being redeemed in part, the portion of the principal
amount of such Security of a Series to be redeemed and that, after
the Redemption Date and upon surrender of such Security of a
Series, a new Security or Securities in principal amount equal to
the unredeemed portion will be issued;

 

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

 

(5) that Securities
of a Series called for redemption must be surrendered to the Paying
Agent to collect the redemption price, and the place or places
where each such Security is to be surrendered for such
payment;

 

(6) that, unless
the Company defaults in making the redemption payment, interest on
the Securities of a Series called for redemption ceases to accrue
on the Redemption Date, and the only remaining right of the Holders
of such Securities is to receive payment of the redemption price
upon surrender to the Paying Agent of the Securities
redeemed;

 

(7) if fewer than
all of the Securities of a Series are to be redeemed, the
identification of the particular Securities of a Series (or portion
thereof) to be redeemed, as well as the aggregate principal amount
of Securities of a Series to be redeemed and the aggregate
principal amount of Securities of a Series to be outstanding after
such partial redemption.

 

(8) the CUSIP
number, if any, printed on the Securities being redeemed;
and

 

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

 

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

 

	
3.4.

	
EFFECT OF NOTICE OF
REDEMPTION.

 

Once the notice of
redemption described in Section 3.3 is mailed, Securities of a
Series called for redemption become due and payable on the
Redemption Date and at the redemption price, plus interest, if any,
accrued to the Redemption Date. Upon surrender to the Trustee or
Paying Agent, such Securities of a Series shall be paid at the
redemption price, plus accrued interest, if any, to the Redemption
Date; PROVIDED, that if the Redemption Date is after a regular
interest payment record date and on or prior to the next Interest
Payment Date, the accrued interest shall be payable to the Holder
of the redeemed Securities registered on the relevant record date,
as specified by the Company in the notice to the Trustee pursuant
to Section 3.1.

 

	
3.5.

	
DEPOSIT OF
REDEMPTION PRICE.

 

On or prior to the
Redemption Date (but no later than 11:00 A.M. Eastern Time on such
date), the Company shall deposit with the Paying Agent money
sufficient to pay the redemption price of and accrued interest, if
any, on all Securities to be redeemed on that date other than
Securities or portions thereof called for redemption on that date
which have been delivered by the Company to the Trustee for
cancellation.

 

On and after any
Redemption Date, if money sufficient to pay the redemption price
of, and accrued interest on, Securities called for redemption shall
have been made available in accordance with the preceding paragraph
and the Company and the Paying Agent are not prohibited from paying
such moneys to Holders, the Securities called for redemption will
cease to accrue interest and the only right of the Holders of such
Securities will be to receive payment of the redemption price of
and, subject to the proviso in Section 3.4, accrued and unpaid
interest on such Securities to the Redemption Date. If any Security
called for redemption shall not be so paid, interest will be paid,
from the Redemption Date until such redemption payment is made, on
the unpaid principal of the Security and any interest or premium,
if any, not paid on such unpaid principal, in each case, at the
rate and in the manner provided in the Securities.

 

 

13

 

 

	
3.6.

	
SECURITIES REDEEMED
IN PART.

 

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

 

ARTICLE
4

 

COVENANTS

 

	
4.1.

	
PAYMENT OF
SECURITIES.

 

The Company shall
pay the principal of, and interest and premium, if any, on, each
Series of Securities on the dates and in the manner provided in
such Securities and this Indenture.

 

An installment of
principal or interest shall be considered paid on the date it is
due if the Trustee or Paying Agent holds on that date money
designated for and sufficient to pay such installment and is not
prohibited from paying such money to the Holders pursuant to the
terms of this Indenture or otherwise.

 

The Company shall
pay interest on overdue principal, and overdue interest, to the
extent lawful, at the rate specified in the Series of
Securities.

 

	
4.2.

	
SEC
REPORTS.

 

The Company will
deliver to the Trustee within [  ] days after the filing
of the same with the SEC, copies of the quarterly and annual
reports and of the information, documents and other reports, if
any, which the Company is required to file with the SEC pursuant to
Section 13 or 15(d) of the Exchange Act; PROVIDED, HOWEVER,
that each such report or document will be deemed to be so delivered
to the Trustee if the Company files such report or document with
the SEC through the SEC’s EDGAR database no later than the
time such report or document is required to be filed with the SEC
pursuant to the Exchange Act. Notwithstanding that the Company may
not be subject to the reporting requirements of Section 13 or
15(d) of the Exchange Act, the Company will file with the SEC, to
the extent permitted, and provide the Trustee with, such quarterly
and annual reports and such information, documents and other
reports specified in Sections 13 and 15(d) of the Exchange Act. The
Company will also comply with the other provisions of TIA
Section 314(a).

   

	
4.3.

	
COMPLIANCE
CERTIFICATE.

 

(a) The Company
shall deliver to the Trustee, within [   ] days
after the end of each fiscal year of the Company, an
Officers’ Certificate which complies with TIA
Section 314(a)(4) stating that a review of the activities of
the Company and its Subsidiaries during such fiscal year has been
made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and
fulfilled its obligations under this Indenture, and further
stating, as to each such Officer signing such certificate, that to
the best of his or her knowledge the Company has kept, observed,
performed and fulfilled each and every covenant contained in this
Indenture and that there is no default in the performance or
observance of any of the terms, provisions and conditions hereof
(or, if a Default or Event of Default shall have occurred,
describing all such Defaults or Events of Default of which he or
she may have knowledge and what action the Company is taking or
proposes to take with respect thereto) and that to the best of his
or her knowledge no event has occurred and remains in existence by
reason of which payments on account of the principal of, or
interest or premium, if any, on, the Securities is prohibited, or
if such event has occurred, a description of the event and what
action the Company is taking or proposes to take with respect
thereto.

 

 (b) (i) If
any Default or Event of Default has occurred and is continuing or
(ii) if any Holder seeks to exercise any remedy hereunder with
respect to a claimed Default under this Indenture or the
Securities, within five Business Days after the Company becoming
aware of such occurrence the Company shall deliver to the Trustee
an Officers’ Certificate specifying such event, notice or
other action and what action the Company is taking or proposes to
take with respect thereto.

 

 

14

 

 

	
4.4.

	
CORPORATE
EXISTENCE.

 

Subject to Article
5, the Company shall do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence,
in accordance with the organizational documents (as the same may be
amended from time to time) of the Company and the rights (charter
and statutory), licenses and franchises of the Company; PROVIDED,
HOWEVER, that the Company shall not be required to preserve any
such right, license or franchise, or its corporate existence, if
the Board of Directors shall determine that the preservation
thereof is no longer desirable in the conduct of the business of
the Company and that the loss thereof is not adverse in any
material respect to the Holders.

 

ARTICLE
5

 

SUCCESSOR
CORPORATION

 

	
5.1.

	
LIMITATION ON
CONSOLIDATION, MERGER AND SALE OF ASSETS.

 

(a) The Company
will not, in any transaction or series of transactions, merge or
consolidate with or into, or sell, assign, convey, transfer, lease
or otherwise dispose of all or substantially all of its properties
and assets (as an entirety or substantially as an entirety in one
transaction or a series of related transactions), to any Person or
Persons, unless at the time of and after giving effect thereto
(i) either (A) if the transaction or series of
transactions is a merger or consolidation, the Company shall be the
surviving Person of such merger or consolidation, or (B) the
Person formed by such consolidation or into which the Company is
merged or to which the properties and assets of the Company are
transferred (any such surviving Person or transferee Person being
the “Surviving Entity”) shall be a corporation
organized and existing under the laws of the United States of
America, any state thereof or the District of Columbia, or a
corporation or comparable legal entity organized under the laws of
a foreign jurisdiction and shall expressly assume by a supplemental
indenture executed and delivered to the Trustee, in form reasonably
satisfactory to the Trustee, all of the obligations of the Company
(including, without limitation, the obligation to pay the principal
of, and premium and interest, if any, on, the Securities and the
performance of the other covenants) under the Securities of each
Series and this Indenture, and in each case, this Indenture shall
remain in full force and effect; and (ii) immediately before
and immediately after giving effect to such transaction or series
of transactions on a pro forma basis (including, without
limitation, any Indebtedness incurred or anticipated to be incurred
in connection with or in respect of such transaction or series of
transactions), no Default or Event of Default shall have occurred
and be continuing.

 

(b) In connection
with any consolidation, merger or transfer of assets contemplated
by this Section 5.1, the Company shall deliver, or cause to be
delivered, to the Trustee, in form and substance reasonably
satisfactory to the Trustee, an Officers’ Certificate and an
Opinion of Counsel, each stating that such consolidation, merger or
transfer, and the supplemental indenture in respect thereto, comply
with this Section 5.1, and that all conditions precedent
herein provided for relating to such transaction or transactions
have been complied with.

 

	
5.2.

	
SUCCESSOR PERSON
SUBSTITUTED.

 

Upon any
consolidation, merger or transfer of all or substantially all of
the assets of the Company in accordance with Section 5.1
above, the successor corporation formed by such consolidation, or
into which the Company is merged or to which such transfer is made,
shall succeed to, and be substituted for, and may exercise every
right and power of, the Company under this Indenture with the same
effect as if such successor corporation had been named as the
Company herein, and thereafter (except with respect to any such
transfer which is a lease) the predecessor corporation shall be
relieved of all obligations and covenants under this Indenture and
the Securities.

 

ARTICLE
6

 

DEFAULTS
AND REMEDIES

 

 

15

 

 

	
6.1.

	
EVENTS OF
DEFAULT.

 

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

 

(1) there is a
default in the payment of any principal of, or premium, if any, on,
the Securities when the same becomes due and payable at Maturity,
upon acceleration, redemption or otherwise;

 

(2) there is a
default in the payment of any interest on any Security of a Series
when the same becomes due and payable, and the Default continues
for a period of [  ] days;

 

(3) the Company
defaults in the observance or performance of any other covenant in
the Securities of a Series or in this Indenture for [  ]
days after written notice from the Trustee or the Holders of not
less than [   ]% in the aggregate principal amount
of the Securities of such Series then outstanding, which notice
must specify the Default, demand that it be remedied and state that
the notice is a “Notice of Default”;

 

(4) the Company or
any Significant Subsidiary pursuant to or within the meaning of any
Bankruptcy Law:

 

(A) commences a
voluntary case,

 

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

 

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

 

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

 

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

 

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

 

(A) is for relief
against the Company or any Significant Subsidiary in an involuntary
case;

 

(B) appoints a
Custodian of the Company or any Significant Subsidiary, or for all
or substantially all of the property of the Company or any
Significant Subsidiary; or

 

(C) orders the
liquidation of the Company or any Significant Subsidiary, and the
order or decree remains unstayed and in effect for [  ]
consecutive days; or

 

(6) any other Event
of Default provided with respect to Securities of that Series,
which is specified in a Board Resolution, a supplemental indenture
hereto or an Officers’ Certificate, in accordance with
Section 2.2(19).

 

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

 

The Trustee may
withhold notice of any Default (except in the payment of the
principal of, or interest or premium, if any, on, the Securities)
to the Holders of the Securities of any Series in accordance with
Section 7.5. When a Default is cured, it ceases to
exist.

 

	
6.2.

	
ACCELERATION.

 

If an Event of
Default with respect to Securities of any Series at the time
outstanding (other than an Event of Default arising under
Section 6.1(4) or (5)) occurs and is continuing, the
Trustee by written notice to the Company, or the Holders of not
less than [  ]% in aggregate principal amount of the
Securities of that Series then outstanding by written notice to the
Company and the Trustee, may declare that the entire principal
amount of all the Securities of that Series then outstanding plus
accrued and unpaid interest to the date of acceleration are
immediately due and payable, in which case such amounts shall
become immediately due and payable; PROVIDED, HOWEVER, that after
such acceleration but before a judgment or decree based on such
acceleration is obtained by the Trustee, the Holders of a majority
in aggregate principal amount of the outstanding Securities of that
Series may rescind and annul such acceleration and its consequences
if (i) all existing Events of Default, other than the
nonpayment of accelerated principal, interest or premium, if any,
that has become due solely because of the acceleration, have been
cured or waived, (ii) to the extent the payment of such
interest is lawful, interest on overdue installments of interest
and overdue principal, which has become due otherwise than by such
declaration of acceleration, has been paid and (iii) the
rescission would not conflict with any judgment or decree. No such
rescission shall affect any subsequent Default or impair any right
consequent thereto. In case an Event of Default specified in
Section 6.1(4) or (5) with respect to the Company occurs,
such principal, premium, if any, and interest amount with respect
to all of the Securities of that Series shall be due and payable
immediately without any declaration or other act on the part of the
Trustee or the Holders of the Securities of that
Series.

 

 

16

 

 

	
6.3.

	
REMEDIES.

 

If an Event of
Default with respect to Securities of any Series at the time
outstanding occurs and is continuing, the Trustee may pursue any
available remedy by proceeding at law or in equity to collect the
payment of the principal of, or interest and premium, if any, on,
the Securities of that Series, or to enforce the performance of any
provision of the Securities of that Series or this
Indenture.

 

The Trustee may
maintain a proceeding even if it does not possess any of the
Securities of that Series or does not produce any of them in the
proceeding. A delay or omission by the Trustee or any
Securityholder in exercising any right or remedy accruing upon an
Event of Default shall not impair the right or remedy or constitute
a waiver of or acquiescence in the Event of Default. No remedy is
exclusive of any other remedy. All available remedies are
cumulative to the extent permitted by law.

 

	
6.4.

	
WAIVER OF PAST
DEFAULTS AND EVENTS OF DEFAULT.

 

Subject to Sections
6.2, 6.7 and 8.2, the Holders of a majority in principal amount of
the Securities of any Series then outstanding have the right to
waive any existing Default or Event of Default with respect to such
Series or compliance with any provision of this Indenture (with
respect to such Series) or the Securities of such Series. Upon any
such waiver, such Default with respect to such Series shall cease
to exist, and any Event of Default with respect to such Series
arising therefrom shall be deemed to have been cured for every
purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or Event of Default or impair any right
consequent thereto. This Section 6.4 shall be in lieu of TIA
Section 316(a)(1)(B), and TIA Section 316(a)(1)(B) is
hereby expressly excluded from this Indenture and Section as
permitted by the TIA.

 

	
6.5.

	
CONTROL BY
MAJORITY.

 

Subject to Sections
6.2, 6.7 and 8.2, the Holders of a majority in principal amount of
the Securities of any Series then outstanding may 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 by this Indenture with respect to such Series. The
Trustee, however, may refuse to follow any direction that conflicts
with law or this Indenture, or that the Trustee determines may be
unduly prejudicial to the rights of another Securityholder, or that
may involve the Trustee in personal liability; PROVIDED, that the
Trustee may take any other action deemed proper by the Trustee
which is not inconsistent with such direction. This
Section 6.5 shall be in lieu of TIA Section 316(a)(1)(A),
and TIA Section 316(a)(1)(A) is hereby expressly excluded from
this Indenture and Section as permitted by the TIA.

 

	
6.6.

	
LIMITATION ON
SUITS.

 

Subject to
Section 6.7, a Securityholder may not institute any proceeding
or pursue any remedy with respect to this Indenture or the
Securities of a Series unless:

 

(1) the Holder
gives to the Trustee written notice of a continuing Event of
Default with respect to the Securities of that Series;

 

(2) the Holders of
at least [   ]% in aggregate principal amount of the
Securities of such Series then outstanding make a written request
to the Trustee to pursue the remedy;

 

(3) such Holder or
Holders offer to the Trustee indemnity reasonably satisfactory to
the Trustee against any loss, liability or expense to be incurred
in compliance with such request;

 

 

17

 

 

(4) the Trustee
does not comply with the request within [  ] days after
receipt of the request and the offer of indemnity; and

 

(5) no direction
inconsistent with such written request has been given to the
Trustee during such [  ]-day period by the Holders of a
majority in aggregate principal amount of the Securities of such
Series then outstanding.

 

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

 

	
6.7.

	
RIGHTS OF HOLDERS
TO RECEIVE PAYMENT.

 

Notwithstanding any
other provision of this Indenture, the right of any Holder of a
Security of a Series to receive payment of the principal of, and
interest and premium, if any, on, the Security of such Series on or
after the respective due dates expressed in the Security of such
Series, or to bring suit for the enforcement of any such payment on
or after such respective dates, is absolute and unconditional, and
shall not be impaired or affected without the consent of the
Holder.

 

	
6.8.

	
COLLECTION SUIT BY
TRUSTEE.

 

If an Event of
Default in payment of principal, interest or premium, if any,
specified in Section 6.1(1) or (2) with respect to
Securities of any Series at the time outstanding occurs and is
continuing, the Trustee may recover judgment in its own name and as
trustee of an express trust against the Company (or any other
obligor on the Securities of that Series) for the whole amount of
unpaid principal and premium, if any, and accrued interest
remaining unpaid, together with interest on overdue principal and
premium, if any, and, to the extent that payment of such interest
is lawful, interest on overdue installments of interest, in each
case at the rate then borne by the Securities of that Series, and
such further amounts as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and
counsel, as set forth in Section 7.7.

 

	
6.9.

	
TRUSTEE MAY FILE
PROOFS OF CLAIM.

 

The Trustee may
file such proofs of claim and other papers or documents, and take
other actions (including sitting on a committee of creditors), as
may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Securityholders allowed in any judicial
proceedings relative to the Company (or any other obligor on the
Securities), any of their respective creditors or any of their
respective property, and the Trustee shall be entitled and
empowered to collect and receive any monies or other property
payable or deliverable on any such claims, and to distribute the
same after deduction of its charges and expenses to the extent that
any such charges and expenses are not paid out of the estate in any
such proceedings, and any custodian in any such judicial proceeding
is hereby authorized by each Securityholder to make such payments
to the Trustee, and in the event that the Trustee shall consent to
the making of such payments directly to the Securityholders, to pay
to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under
Section 7.7.

 

Nothing herein
contained 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 a 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 proceedings.

 

	
6.10.

	
PRIORITIES.

 

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

 

FIRST: to the
Trustee for amounts due under Section 7.7;

 

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

 

 

18

 

 

THIRD: to the
Company.

 

The Trustee may fix
a record date and payment date for any payment to Securityholders
pursuant to this Section 6.10. At least [  ] days
before such record date, the Trustee shall mail to each
Securityholder a notice that states the record date, the payment
date and amount to be paid.

 

	
6.11.

	
UNDERTAKING FOR
COSTS.

 

In any suit for the
enforcement of any right or remedy under this Indenture, or in any
suit against the Trustee for any action taken or omitted by it as
Trustee, a court in its discretion may require the filing by any
party litigant in the suit of an undertaking to pay the costs of
the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees, against any
party litigant in the suit, having due regard to the merits and
good faith of the claims or defenses made by the party litigant.
This Section 6.11 does not apply to a suit by the Trustee, a
suit by a Holder pursuant to Section 6.7 or a suit by Holders
of more than [  ]% in principal amount of the Securities
of a Series then outstanding.

 

ARTICLE
7

 

TRUSTEE

 

	
7.1.

	
DUTIES OF
TRUSTEE.

 

(a) If an Event of
Default has occurred and is continuing, the Trustee shall exercise
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 Person would exercise or use under the same circumstances
in the conduct of his own affairs.

 

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

 

(1) The Trustee
need perform only those duties that are specifically set forth in
this Indenture, and no covenants or obligations shall be implied in
this Indenture against the Trustee.

 

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

 

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

 

(1) This paragraph
does not limit the effect of paragraph (b) of this
Section 7.1.

 

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

 

(3) The Trustee
shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it
pursuant to Sections 6.2 and 6.5.

 

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

 

 

19

 

 

(e) Whether or not
therein expressly so provided, paragraphs (a), (b), (c) and
(d) of this Section 7.1 shall govern every provision of
this Indenture that in any way relates to the Trustee.

 

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

 

(g) The Paying
Agent, the Registrar and any authenticating agent shall be entitled
to the protections, immunities and standard of care set forth in
paragraphs (a), (b), (c), (d) and (f) of this
Section 7.1 and in Section 7.2 with respect to the
Trustee.

 

	
7.2.

	
RIGHTS OF
TRUSTEE.

 

(a) Subject to
Section 7.1:

 

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

 

(2) Before the
Trustee acts or refrains from acting, it may require an
Officers’ Certificate or an Opinion of Counsel, or both,
which shall conform to the provisions of Section 10.5. The
Trustee shall be protected and shall not be liable for any action
it takes or omits to take in good faith in reliance on such
certificate or opinion.

 

(3) The Trustee may
act through agents and attorneys, and shall not be responsible for
the misconduct or negligence of any agent appointed by it with due
care.

 

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

 

(5) The Trustee may
consult with counsel reasonably acceptable to the Trustee, which
may be counsel to the Company, and the advice or opinion of such
counsel as to matters of law shall be full and complete
authorization and protection from liability in respect of any
action taken, omitted or suffered by it hereunder in good faith and
in accordance with the advice or opinion of such
counsel.

 

 (6) 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 Holders pursuant to the provisions of this
Indenture, unless such Holders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and
liabilities which may be incurred therein or thereby.

 

(7) The Trustee
shall not be deemed to have knowledge of any fact or matter
(including, without limitation, a Default or Event of Default)
unless such fact or matter is known to a Responsible Officer of the
Trustee.

 

(8) Unless
otherwise expressly provided herein or in the Securities of a
Series or the related Board Resolution, supplemental indenture or
Officers’ Certificate, the Trustee shall not have any
responsibility with respect to reports, notices, certificates or
other documents filed with it hereunder, except to make them
available for inspection, at reasonable times, by Securityholders,
it being understood that delivery of such reports, information and
documents to the Trustee is for informational purposes only and the
Trustee’s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from
information contained therein, including the Company’s
compliance with any of its covenants hereunder (except as set forth
in Section 4.4).

 

	
7.3.

	
INDIVIDUAL RIGHTS
OF TRUSTEE.

 

The Trustee in its
individual or any other capacity may become the owner or pledgee of
Securities, and may make loans to, accept deposits from, perform
services for or otherwise deal with the Company, or any Affiliate
thereof, with the same rights it would have if it were not Trustee.
Any Agent may do the same with like rights. The Trustee, however,
shall be subject to Sections 7.10 and 7.11.

 

 

20

 

 

	
7.4.

	
TRUSTEE’S
DISCLAIMER.

 

The Trustee makes
no representation as to the validity or adequacy of this Indenture
or the Securities (except that the Trustee represents that it is
duly authorized to execute and deliver this Indenture and
authenticate the Securities and perform its obligations hereunder),
and the Trustee shall not be accountable for the Company’s
use of the proceeds from the sale of Securities or any money paid
to the Company pursuant to the terms of this Indenture, and the
Trustee shall not be responsible for any statement in the
Securities other than its certificates of
authentication.

 

	
7.5.

	
NOTICE OF
DEFAULT.

 

If a Default or an
Event of Default occurs and is continuing with respect to the
Securities of any Series, and if it is known to the Trustee, the
Trustee shall mail to each Securityholder of the Securities of that
Series notice of the Default or the Event of Default, as the case
may be, within [  ] days after it occurs or, if later,
after a Responsible Officer of the Trustee has knowledge of such
Default or Event of Default (except if such Default or Event of
Default has been validly cured or waived before the giving of such
notice). Except in the case of a Default or an Event of Default in
payment of the principal of, or interest or premium, if any, on,
any Security of any Series, the Trustee may withhold the notice if
and so long as the Board of Directors of the Trustee, the executive
committee or any trust committee of such board and/or its
Responsible Officers in good faith determine(s) that withholding
the notice is in the interests of the Securityholders of that
Series.

 

	
7.6.

	
REPORTS BY TRUSTEE
TO HOLDERS.

 

If and to the
extent required by the TIA, within 60 days after April 1 of
each year, commencing the April 1 following the date of this
Indenture, the Trustee shall mail to each Securityholder a brief
report dated as of such April 1 that complies with TIA
Section 313(a). The Trustee also shall comply with TIA
Sections 313(b) and 313(c).

 

 A copy of
each report at the time of its mailing to Securityholders shall be
filed with the SEC and any stock exchange on which the Securities
of that Series are listed. The Company shall promptly notify the
Trustee when the Securities of any Series are listed on any stock
exchange or any delisting thereof, and the Trustee shall comply
with TIA Section 313(d).

 

	
7.7.

	
COMPENSATION AND
INDEMNITY.

 

The Company shall
pay to the Trustee from time to time reasonable compensation for
its services. The Trustee’s compensation shall not be limited
by any provision of law on compensation of a trustee of an express
trust. The Company shall reimburse the Trustee within
[  ] days after receipt of request for all reasonable
out-of-pocket disbursements and expenses incurred or made by it in
connection with its duties under this Indenture, including the
reasonable compensation, disbursements and expenses of the
Trustee’s agents and counsel.

 

The Company shall
indemnify the Trustee for, and hold it harmless against, any and
all loss or liability incurred by it in connection with the
acceptance or performance of its duties under this Indenture
including the reasonable costs and expenses of defending itself
against any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder. The Trustee
shall notify the Company promptly of any claim asserted against the
Trustee for which it may seek indemnity.

 

The failure by the
Trustee to so notify the Company shall not however relieve the
Company of its obligations. Notwithstanding the foregoing, the
Company need not reimburse the Trustee for any expense or indemnify
it against any loss or liability incurred by the Trustee through
its negligence or bad faith. To secure the payment obligations of
the Company in this Section 7.7, the Trustee shall have a lien
prior to the Securities of any Series on all money or property held
or collected by the Trustee except such money or property held in
trust to pay the principal of, interest and premium, if any, on
particular Securities of that Series.

 

When the Trustee
incurs expenses or renders services after an Event of Default
specified in Section 6.1(4) or (5) occurs, the expenses
and the compensation for the services are intended to constitute
expenses of administration under any Bankruptcy Law.

 

For purposes of
this Section 7.7, the term “Trustee” shall include
any trustee appointed pursuant to this Article 7.

 

 

21

 

 

	
7.8.

	
REPLACEMENT OF
TRUSTEE.

 

The Trustee may
resign with respect to the Securities of one or more Series by so
notifying the Company in writing at least [  ] days in
advance of such resignation.

 

The Holders of a
majority in principal amount of the outstanding Securities of any
Series may remove the Trustee with respect to that Series by
notifying the removed Trustee in writing and may appoint a
successor Trustee with respect to that Series with the consent of
the Company, which consent shall not be unreasonably withheld. The
Company may remove the Trustee with respect to that Series at its
election if:

 

(1) the Trustee
fails to comply with, or ceases to be eligible under,
Section 7.10;

 

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

 

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

 

(4) the Trustee
otherwise becomes incapable of acting.

 

(5) If the Trustee
resigns or is removed, or if a vacancy exists in the office of
Trustee, with respect to any Series of Securities for any reason,
the Company shall promptly appoint, by Board Resolution, a
successor Trustee.

 

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

 

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

 

A successor Trustee
shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. Immediately following such
delivery, (i) the retiring Trustee with respect to one or more
Series shall, subject to its rights under Section 7.7,
transfer all property held by it as Trustee with respect to such
Series to the successor Trustee, (ii) the resignation or
removal of the retiring Trustee shall become effective and
(iii) the successor Trustee with respect to such Series shall
have all the rights, powers and duties of the Trustee under this
Indenture. A successor Trustee with respect to the Securities of
one or more Series shall mail notice of its succession to each
Securityholder of such Series.

 

	
7.9.

	
SUCCESSOR TRUSTEE
BY CONSOLIDATION, MERGER OR CONVERSION.

 

If the Trustee, or
any Agent, consolidates with, merges or converts into, or transfers
all or substantially all of its corporate trust assets to, another
corporation, subject to Section 7.10, the successor
corporation without any further act shall be the successor Trustee
or Agent, as the case may be.

 

	
7.10.

	
ELIGIBILITY;
DISQUALIFICATION.

 

This Indenture
shall always have a Trustee who satisfies the requirements of TIA
Sections 310(a)(1), (2) and (5) in every respect. The
Trustee (or in the case of a Trustee that is a Person included in a
bank holding company system, the related bank holding company)
shall have a combined capital and surplus of at least $100,000,000
as set forth in its most recent published annual report of
condition. The Trustee shall comply with TIA Section 310(b),
including the provision in Section 310(b)(1). In addition, if
the Trustee is a Person included in a bank holding company system,
the Trustee, independently of such bank holding company, shall meet
the capital requirements of TIA Section 310(a)(2). If at any
time the Trustee shall cease to be eligible in accordance with the
provisions of this Section 7.10, it shall resign immediately
in the manner and with the effect specified in this Article
7.

 

 

22

 

 

	
7.11.

	
PREFERENTIAL
COLLECTION OF CLAIMS AGAINST COMPANY.

 

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

 

	
7.12.

	
PAYING
AGENTS.

 

The Company shall
cause each Paying Agent other than the Trustee to execute and
deliver to it and the Trustee an instrument in which such agent
shall agree with the Trustee, subject to the provisions of this
Section 7.12:

 

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

 

(2) that it will at
any time during the continuance of any Event of Default, upon
written request from the Trustee, deliver to the Trustee all sums
so held in trust by it together with a full accounting thereof;
and

 

(3) that it will
give the Trustee written notice within three Business Days after
any failure of the Company (or by any obligor on the Securities) in
the payment of any installment of the principal of, or interest or
premium, if any, on, the Securities when the same shall be due and
payable.

 

 ARTICLE 8

 

AMENDMENTS,
SUPPLEMENTS AND WAIVERS

 

	
8.1.

	
WITHOUT CONSENT OF
HOLDERS.

 

The Company, when
authorized by a Board Resolution, and the Trustee may amend or
supplement this Indenture or the Securities of one or more Series
without notice to or consent of any Securityholder:

 

(1) to comply with
Section 5.1;

 

(2) to provide for
certificated Securities in addition to uncertificated
Securities;

 

(3) to comply with
any requirements of the SEC under the TIA;

 

(4) to cure any
ambiguity, defect or inconsistency, or to make any other change
herein or in the Securities that does not materially and adversely
affect the rights of any Securityholder;

 

(5) to provide for
the issuance of, and establish the form and terms and conditions
of, Securities of any Series as permitted by this Indenture;
or

 

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

 

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

 

	
8.2.

	
WITH CONSENT OF
HOLDERS.

 

(a) The Company,
when authorized by a Board Resolution, and the Trustee may amend or
supplement this Indenture or the Securities of one or more Series
with the written consent of the Holders of not less than a majority
in aggregate principal amount of the outstanding Securities of such
Series affected by such amendment or supplement without notice to
any Securityholder. The Holders of not less than a majority in
aggregate principal amount of the outstanding Securities of each
such Series affected by such amendment or supplement may waive
compliance by the Company in a particular instance with any
provision of this Indenture or the Securities of such Series
without notice to any Securityholder. Subject to Section 8.4,
without the consent of each Securityholder affected, however, an
amendment, supplement or waiver may not:

 

 

23

 

 

(1) reduce the
amount of Securities whose Holders must consent to an amendment,
supplement or waiver to this Indenture or the
Securities;

 

(2) reduce the rate
of, or change the time for payment of, interest on any
Security;

 

(3) reduce the
principal, or change the Stated Maturity, of any Security, or
reduce the amount of, or postpone the date fixed for, the payment
of any sinking fund or analogous obligation;

 

(4) make any
Security payable in money other than that stated in the
Security;

 

(5) change the
amount or time of any payment required by the Securities, or reduce
the premium payable upon any redemption of the Securities, or
change the time before which no such redemption may be
made;

 

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

 

(7) waive a
redemption payment with respect to any Security, or change any of
the provisions with respect to the redemption of any
Securities;

 

(8) make any
changes in Section 6.6 or this Section 8.2, except to
increase any percentage of Securities the Holders of which must
consent to any matter; or

 

(9) take any other
action otherwise prohibited by this Indenture to be taken without
the consent of each Holder affected thereby.

 

(b) Upon the
request of the Company, accompanied by a Board Resolution
authorizing the execution of any such supplemental indenture, and
upon the receipt by the Trustee of evidence reasonably satisfactory
to the Trustee of the consent of the Securityholders as aforesaid
and of the documents described in Section 8.6, 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, in which case the Trustee may in its discretion, but
shall not be obligated to, enter into such supplemental
indenture.

 

(c) It shall not be
necessary for the consent of the Holders under this section to
approve the particular form of any proposed amendment, supplement
or waiver, but it shall be sufficient if such consent approves the
substance thereof.

 

After an amendment
or supplement under this Section becomes effective, the Company
shall mail to Securityholders a notice briefly describing the
amendment or supplement. Any failure of the Company to mail any
such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any supplemental
indenture.

 

	
8.3.

	
COMPLIANCE WITH
TRUST INDENTURE ACT.

 

Every amendment to,
or supplement of, this Indenture or the Securities shall comply
with the TIA as then in effect.

 

	
8.4.

	
REVOCATION AND
EFFECT OF CONSENTS.

 

Until an amendment,
supplement, waiver or other action becomes effective, a consent to
it by a Holder of a Security is a continuing consent conclusive and
binding upon such Holder and every subsequent Holder of the same
Security or portion thereof, and of any Security issued upon the
transfer thereof or in exchange therefor or in place thereof, even
if notation of the consent is not made on any such Security. Any
such Holder or subsequent Holder, however, may revoke the consent
as to his Security or portion of a Security, if the Trustee
receives the notice of revocation before the date the amendment,
supplement, waiver or other action becomes effective.

 

 

24

 

 

The Company may,
but shall not be obligated to, fix a record date for the purpose of
determining the Holders entitled to consent to any amendment,
supplement or waiver, which record date shall be at least
[  ] days prior to the first solicitation of such
consent. If a record date is fixed, then, notwithstanding the
preceding paragraph, those Persons who were Holders at such record
date (or their duly designated proxies), and only such Persons,
shall be entitled to consent to such amendment, supplement or
waiver, or to revoke any consent previously given, whether or not
such Persons continue to be Holders after such record
date.

 

After an amendment,
supplement, waiver or other action becomes effective, it shall bind
every Securityholder, unless it makes a change described in any of
clauses (1) through (9) of Section 8.2. In that
case, the amendment, supplement, waiver or other action shall bind
each Holder of a Security who has consented to it and every
subsequent Holder of a Security or portion of a Security that
evidences the same debt as the consenting Holder’s Security;
PROVIDED, that any such waiver shall not impair or affect the right
of any Holder to receive payment of the principal of, and interest
and premium, if any, on, a Security, on or after the respective due
dates expressed in such Security, or to bring suit for the
enforcement of any such payment on or after such respective dates
without the consent of such Holder.

 

	
8.5.

	
NOTATION ON OR
EXCHANGE OF SECURITIES.

 

If an amendment,
supplement or waiver changes the terms of a Security of any Series,
the Trustee may request the Holder of such Security to deliver it
to the Trustee. In such case, the Trustee shall place an
appropriate notation on such Security about the changed terms and
return it to the Holder. Alternatively, the Company, in exchange
for such Security, may issue, and the Trustee shall authenticate, a
new security that reflects the changed terms. Failure to make the
appropriate notation or issue a new Security shall not affect the
validity and effect of such amendment, supplement or
waiver.

 

	
8.6.

	
TRUSTEE TO SIGN
AMENDMENTS, ETC.

 

The Trustee shall
sign any amendment, supplement or waiver authorized pursuant to
this Article 8 if the amendment, supplement or waiver does not
adversely affect the rights, duties, liabilities or immunities of
the Trustee. If it does, the Trustee may, but need not, sign it. In
signing or refusing to sign such amendment, supplement or waiver
the Trustee shall be entitled to receive and, subject to
Section 7.1, shall be fully protected in relying upon an
Officers’ Certificate and an Opinion of Counsel stating that
such amendment, supplement or waiver is authorized or permitted by
this Indenture. The Company may not sign an amendment or supplement
until the Board of Directors of the Company approves
it.

 

ARTICLE
9

 

DISCHARGE
OF INDENTURE; DEFEASANCE

 

	
9.1.

	
DISCHARGE OF
INDENTURE.

 

The Company may
terminate its obligations under the Securities of any Series and
this Indenture with respect to such Series, except the obligations
referred to in the last paragraph of this Section 9.1, if
there shall have been canceled by the Trustee, or delivered to the
Trustee for cancellation, all Securities of such Series theretofore
authenticated and delivered (other than any Securities of such
Series that are asserted to have been destroyed, lost or stolen and
that shall have been replaced as provided in Section 2.8) and
the Company has paid all sums payable by it hereunder or deposited
all required sums with the Trustee.

 

After such delivery
the Trustee upon request shall acknowledge in a writing prepared by
or on behalf of the Company the discharge of the Company’s
obligations under the Securities of such Series and this Indenture,
except for those surviving obligations specified
below.

 

Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of
the Company in Sections 7.7, 9.5 and 9.6 shall
survive.

 

 

25

 

 

	
9.2.

	
LEGAL
DEFEASANCE.

 

The Company may at
its option, by Board Resolution, be discharged from its obligations
with respect to the Securities of any Series on the date upon which
the conditions set forth in Section 9.4 below are satisfied
(hereinafter, “Legal Defeasance”). For this purpose,
such Legal Defeasance means that the Company shall be deemed to
have paid and discharged the entire indebtedness represented by the
Securities of such Series and to have satisfied all its other
obligations under such Securities and this Indenture insofar as
such Securities are concerned (and the Trustee, at the expense of
the Company, shall, subject to Section 9.6, execute proper
instruments acknowledging the same, as are delivered to it by the
Company), except for the following, which shall survive until
otherwise terminated or discharged hereunder: (A) the rights
of Holders of outstanding Securities of such Series to receive
solely from the trust funds described in Section 9.4 and as
more fully set forth in such section, payments in respect of the
principal of, and interest and premium, if any, on, the Securities
of such Series when such payments are due, (B) the
Company’s obligations with respect to the Securities of such
Series under Sections 2.4, 2.5, 2.6, 2.7, 2.8 and 2.9, (C) the
rights, powers, trusts, duties and immunities of the Trustee
hereunder (including claims of, or payments to, the Trustee under
or pursuant to Section 7.7) and (D) this Article 9.
Subject to compliance with this Article 9, the Company may exercise
its option under this Section 9.2 with respect to the
Securities of any Series notwithstanding the prior exercise of its
option under Section 9.3 below with respect to the Securities
of such Series.

 

	
9.3.

	
COVENANT
DEFEASANCE.

 

At the option of
the Company, pursuant to a Board Resolution, the Company shall be
released from its obligations with respect to the outstanding
Securities of any Series under Sections 4.2 through 4.5, inclusive,
and Section 5.1, with respect to the outstanding Securities of
such Series, on and after the date the conditions set forth in
Section 9.4 are satisfied (hereinafter, “Covenant
Defeasance”). For this purpose, such Covenant Defeasance
means that the Company may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth
in any such specified section or portion thereof, whether directly
or indirectly by reason of any reference elsewhere herein to any
such specified Section or portion thereof or by reason of any
reference in any such specified section or portion thereof to any
other provision herein or in any other document, but the remainder
of this Indenture and the Securities of any Series shall be
unaffected thereby.

 

	
9.4.

	
CONDITIONS TO LEGAL
DEFEASANCE OR COVENANT DEFEASANCE.

 

The following shall
be the conditions to application of Section 9.2 or
Section 9.3 to the outstanding Securities of a
Series:

 

(1) the Company
shall irrevocably have deposited or caused to be deposited with the
Trustee (or another trustee satisfying the requirements of
Section 7.10 who shall agree to comply with the provisions of
this Article 9 applicable to it) as funds in trust for the purpose
of making the following payments, specifically pledged as security
for, and dedicated solely to, the benefit of the Holders of the
Securities, (A) money in an amount, or (B) U.S.
Government Obligations or Foreign Government Obligations which
through the scheduled payment of principal and interest in respect
thereof in accordance with their terms will provide, not later than
the due date of any payment, money in an amount, or (C) 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 and
discharge, and which shall be applied by the Trustee (or other
qualifying trustee) to pay and discharge, the principal of, and
accrued interest and premium, if any, on, the outstanding
Securities of such Series at the Stated Maturity of such principal,
interest or premium, if any, or on dates for payment and redemption
of such principal, interest and premium, if any, selected in
accordance with the terms of this Indenture and of the Securities
of such Series;

 

(2) no Event of
Default or Default with respect to the Securities of such Series
shall have occurred and be continuing on the date of such deposit,
or shall have occurred and be continuing at any time during the
period ending on the 91st day after the date of such deposit or, if
longer, ending on the day following the expiration of the longest
preference period under any Bankruptcy Law applicable to the
Company in respect of such deposit as specified in the Opinion of
Counsel identified in paragraph (8) below (it being understood
that this condition shall not be deemed satisfied until the
expiration of such period);

 

 

26

 

 

(3) such Legal
Defeasance or Covenant Defeasance shall not cause the Trustee to
have a conflicting interest for purposes of the TIA with respect to
any securities of the Company;

 

(4) such Legal
Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute default under, any other agreement or
instrument to which the Company is a party or by which it is
bound;

 

(5) the Company
shall have delivered to the Trustee an Opinion of Counsel stating
that, as a result of such Legal Defeasance or Covenant Defeasance,
neither the trust nor the Trustee will be required to register as
an investment company under the Investment Company Act of 1940, as
amended;

 

 (6) in the
case of an election under Section 9.2, the Company shall have
delivered to the Trustee an Opinion of Counsel stating that
(i) the Company has received from, or there has been published
by, the Internal Revenue Service a ruling to the effect that or
(ii) there has been a change in any applicable Federal income
tax law with the effect that, and such opinion shall confirm that,
the Holders of the outstanding Securities of such Series or Persons
in their positions will not recognize income, gain or loss for
Federal income tax purposes solely as a result of such Legal
Defeasance and will be subject to Federal income tax on the same
amounts, in the same manner, including as a result of prepayment,
and at the same times as would have been the case if such Legal
Defeasance had not occurred;

 

(7) in the case of
an election under Section 9.3, the Company shall have
delivered to the Trustee an Opinion of Counsel to the effect that
the Holders of the outstanding Securities of such Series will not
recognize income, gain or loss for Federal income tax purposes as a
result of such Covenant Defeasance, and will be subject to Federal
income tax on the same amounts, in the same manner and at the same
times as would have been the case if such Covenant Defeasance had
not occurred;

 

(8) the Company
shall have delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that all conditions
precedent provided for in this Article 9 relating to either the
Legal Defeasance under Section 9.2 or the Covenant Defeasance
under Section 9.3 (as the case may be) have been complied
with;

 

(9) the Company
shall have delivered to the Trustee an Officers’ Certificate
stating that the deposit under clause (1) was not made by the
Company with the intent of defeating, hindering, delaying or
defrauding any creditors of the Company or others; and

 

(10) the Company
shall have paid, or duly provided for payment under terms mutually
satisfactory to the Company and the Trustee, all amounts then due
to the Trustee pursuant to Section 7.7.

 

	
9.5.

	
DEPOSITED MONEY AND
U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER
MISCELLANEOUS PROVISIONS.

 

All money, U.S.
Government Obligations and Foreign Government Obligations
(including the proceeds thereof) deposited with the Trustee
pursuant to Section 9.4 in respect of the outstanding
Securities shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this
Indenture, to the payment, either directly or through any Paying
Agent as the Trustee may determine, to the Holders of such
Securities, of all sums due and to become due thereon in respect of
principal, accrued interest and premium, if any, but such money
need not be segregated from other funds except to the extent
required by law.

 

The Company shall
pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the U.S. Government Obligations and
Foreign Government Obligations deposited pursuant to
Section 9.4 or the principal, interest and premium, if any,
received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the
outstanding Securities.

 

Anything in this
Article 9 to the contrary notwithstanding, but subject to payment
of any of its outstanding fees and expenses, the Trustee shall
deliver or pay to the Company from time to time upon Company
Request any money, U.S. Government Obligations or Foreign
Government Obligations held by the Trustee as provided in
Section 9.4 which, in the opinion of a nationally-recognized
firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, are in excess of
the amount thereof which would then be required to be deposited to
effect an equivalent Legal Defeasance or Covenant
Defeasance.

 

 

27

 

 

	
9.6.

	
REINSTATEMENT.

 

If the Trustee or
Paying Agent is unable to apply any money, U.S. Government
Obligations or Foreign Government Obligations in accordance with
Section 9.1, 9.2, 9.3 or 9.4 by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such
application, the Company’s obligations under this Indenture
and the Securities shall be revived and reinstated as though no
deposit had occurred pursuant to this Article 9 until such time as
the Trustee or Paying Agent is permitted to apply all such money,
U.S. Government Obligations or Foreign Government Obligations, as
the case may be, in accordance with Section 9.1, 9.2, 9.3 or
9.4; PROVIDED, HOWEVER, that if the Company has made any payment of
principal of, or accrued interest or premium, if any, on, any
Securities because of the reinstatement of its obligations, the
Company shall be subrogated to the rights of the Holders of such
Securities to receive such payment from the money, U.S. Government
Obligations or Foreign Government Obligations held by the Trustee
or Paying Agent.

 

	
9.7.

	
MONEYS HELD BY
PAYING AGENT.

 

In connection with
the satisfaction and discharge of this Indenture, all moneys then
held by any Paying Agent under the provisions of this Indenture
shall, upon demand of the Company, be paid to the Trustee, or, if
sufficient moneys have been deposited pursuant to Section 9.1,
to the Company, and thereupon such Paying Agent shall be released
from all further liability with respect to such
moneys.

 

	
9.8.

	
MONEYS HELD BY
TRUSTEE.

 

Any moneys
deposited with the Trustee or any Paying Agent or then held by the
Company in trust for the payment of the principal of, or interest
or premium, if any, on, any Security that are not applied but
remain unclaimed by the Holder of such Security for
[   ] after the date upon which the principal of, or
interest or premium, if any, on, such Security shall have
respectively become due and payable shall be repaid to the Company
upon Company Request, or if such moneys are then held by the
Company in trust, such moneys shall be released from such trust;
and the Holder of such Security entitled to receive such payment
shall thereafter, as an unsecured general creditor, look only to
the Company for the payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money shall
thereupon cease; PROVIDED, HOWEVER, that the Trustee or any such
Paying Agent, before being required to make any such repayment,
may, at the expense of the Company, either mail to each
Securityholder affected, at the address shown in the register of
the Securities maintained by the Registrar, or cause to be
published once a week for two successive weeks, in a newspaper
published in the English language, customarily published each
Business Day and of general circulation in the City of New York,
New York, a notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than
[  ] days from the date of such mailing or publication,
any unclaimed balance of such moneys then remaining will be repaid
to the Company. After payment to the Company or the release of any
money held in trust by the Company, Securityholders entitled to the
money must look only to the Company for payment as general
creditors, unless applicable abandoned property law designates
another Person.

 

ARTICLE
10

 

MISCELLANEOUS

 

	
10.1.

	
TRUST INDENTURE ACT
CONTROLS.

 

If any provision of
this Indenture limits, qualifies or conflicts with another
provision which is required to be included in this Indenture by the
TIA, the required provision shall control. If any provision of this
Indenture modifies or excludes any provision of the TIA which may
be so modified or excluded, the latter provision shall be deemed to
apply to this Indenture as so modified or to be excluded, as the
case may be.

 

	
10.2.

	
NOTICES.

 

 

28

 

 

Any notice or
communication shall be given in writing and delivered in Person,
sent by facsimile (and receipt confirmed by telephone or electronic
transmission report), delivered by commercial courier service or
mailed by first-class mail, postage prepaid, addressed as
follows:

 

If to the
Company:

 

Cellular
Biomedicine Group, Inc,

19925 Stevens Creek
BLVD., Suite 100

Cupertino, CA
95014

Attention: Chief
Executive Officer

 

Copy
to:

 

 

Ellenoff Grossman
& Schole LLP

1345 Avenue of the
Americas

New York, New York
10105

Fax: (212)
370-7889

Attention: Barry I.
Grossman, Esq.

 

If to the
Trustee:

 

            [

 

 ]

 

The Company or the
Trustee by written notice to the other may designate additional or
different addresses for subsequent notices or communications. Any
notice or communication to the Company or the Trustee shall be
deemed to have been given or made as of the date so delivered if
personally delivered; when receipt is confirmed by telephone or
electronic transmission report, if sent by facsimile; and three
Business Days after mailing if sent by registered or certified
mail, postage prepaid (except that a notice of change of address
shall not be deemed to have been given until actually received by
the addressee).

 

Any notice or
communication mailed to a Securityholder shall be mailed to such
Securityholder by first-class mail, postage prepaid, at such
Securityholder’s address shown on the register kept by the
Registrar.

 

Failure to mail, or
any defect in, a notice or communication to a Securityholder shall
not affect its sufficiency with respect to other Securityholders.
If a notice or communication to a Securityholder is mailed in the
manner provided above, it shall be deemed duly given, three
Business Days after such mailing, whether or not the addressee
receives it.

 

In case by reason
of the suspension of regular mail service, or by reason of any
other cause, it shall be impossible to mail any notice as required
by this Indenture, then such method of notification as shall be
made with the approval of the Trustee shall constitute a sufficient
mailing of such notice.

 

In the case of
Global Securities, notices or communications to be given to
Securityholders shall be given to the Depository, in accordance
with its applicable policies as in effect from time to
time.

 

In addition to the
manner provided for in the foregoing provisions, notices or
communications to Securityholders shall be given by the Company by
release made to Reuters Economic Services and Bloomberg Business
News.

 

	
10.3.

	
COMMUNICATIONS BY
HOLDERS WITH OTHER HOLDERS.

 

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

  

	
10.4.

	
CERTIFICATE AND
OPINION AS TO CONDITIONS PRECEDENT.

 

 

29

 

 

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

 

(1) an
Officers’ Certificate (which shall include the statements set
forth in Section 10.5 below) stating that, in the opinion of
the signers, all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with;
and

 

(2) an Opinion of
Counsel (which shall include the statements set forth in
Section 10.5 below) stating that, in the opinion of such
counsel, all such conditions precedent have been complied
with. 

 

	
10.5.

	
STATEMENT REQUIRED
IN CERTIFICATE AND OPINION.

 

Each certificate
and opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than pursuant to
Section 4.4) shall include:

 

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

 

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

 

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

 

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

 

	
10.6.

	
RULES BY TRUSTEE
AND AGENTS.

 

The Trustee may
make reasonable rules for action by or at meetings of
Securityholders. The Registrar and Paying Agent may make reasonable
rules for their functions.

 

	
10.7.

	
BUSINESS DAYS;
LEGAL HOLIDAYS; PLACE OF PAYMENT.

 

A “Business
Day” is a day that is not a Legal Holiday. A “Legal
Holiday” is a Saturday, a Sunday, a federally-recognized
holiday or a day on which banking institutions are not authorized
or required by law, regulation or executive order to be open in the
State of New York.

 

If a payment date
is a Legal Holiday at a Place of Payment, payment may be made at
that place on the next succeeding day that is not a Legal Holiday,
and no interest shall accrue for the intervening period.
“Place of Payment” means the place or places where the
principal of, and interest and premium, if any, on, the Securities
of a Series are payable as specified as contemplated by
Section 2.2. If the regular record date is a Legal Holiday,
the record date shall not be affected.

 

	
10.8.

	
GOVERNING
LAW.

 

THIS
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO
CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

	
 10.9.

	
NO ADVERSE
INTERPRETATION OF OTHER AGREEMENTS.

 

This Indenture may
not be used to interpret another indenture, loan, security or debt
agreement of the Company or any Subsidiary thereof. No such
indenture, loan, security or debt agreement may be used to
interpret this Indenture.

 

	
10.10.

	
NO RECOURSE AGAINST
OTHERS.

 

 

30

 

 

A director,
officer, employee, stockholder or incorporator, as such, of the
Company shall not have any liability for any obligations of the
Company under the Securities or the Indenture. Each Securityholder
by accepting a Security waives and releases all such liability.
Such waiver and release are part of the consideration for the
issuance of the Securities.

 

	
10.11.

	
SUCCESSORS.

 

All covenants and
agreements of the Company in this Indenture and the Securities
shall bind the Company’s successors and assigns, whether so
expressed or not. All agreements of the Trustee, any additional
trustee and any Paying Agents in this Indenture shall bind their
respective successors and assigns.

 

	
10.12.

	
MULTIPLE
COUNTERPARTS.

 

The parties may
sign multiple counterparts of this Indenture. Each signed
counterpart shall be deemed an original, but all of them together
represent one and the same agreement.

 

	
10.13.

	
TABLE OF CONTENTS,
HEADINGS, ETC.

 

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

 

	
10.14.

	
SEVERABILITY.

 

Each provision of
this Indenture shall be considered separable, and if for any reason
any provision which is not essential to the effectuation of the
basic purpose of this Indenture or the Securities shall be invalid,
illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or
impaired thereby, and a Holder shall have no claim therefor against
any party hereto.

 

	
10.15.

	
SECURITIES IN A
FOREIGN CURRENCY OR IN EUROS.

 

Unless otherwise
specified in a Board Resolution, a supplemental indenture hereto or
an Officers’ Certificate delivered pursuant to
Section 2.2 with respect to a particular Series of Securities,
whenever for purposes of this Indenture any action may be taken by
the Holders of a specified percentage in aggregate principal amount
of Securities of all Series or all Series affected by a particular
action at the time outstanding and, at such time, there are
outstanding Securities of any Series which are denominated in a
coin or currency other than Dollars (including Euros), then the
principal amount of Securities of such Series which shall be deemed
to be outstanding for the purpose of taking such action shall be
that amount of Dollars that could be obtained for such amount at
the Market Exchange Rate at such time. For purposes of this
Section 10.15, “Market Exchange Rate” shall mean
the noon Dollar buying rate in New York City for cable transfers of
that currency as published by the Federal Reserve Bank of New York;
PROVIDED, HOWEVER, in the case of Euros, Market Exchange Rate shall
mean the rate of exchange determined by the Commission of the
European Union (or any successor thereto) as published in the
Official Journal of the European Union (such publication or any
successor publication, the “Journal”). If such Market
Exchange Rate is not available for any reason with respect to such
currency, the Trustee shall use, in its sole discretion and without
liability on its part, such quotation of the Federal Reserve Bank
of New York or, in the case of Euros, the rate of exchange as
published in the Journal, as of the most recent available date, or
quotations or, in the case of Euros, rates of exchange from one or
more major banks in New York City or in the country of issue of the
currency in question or, in the case of Euros, in Luxembourg or
such other quotations or, in the case of Euros, rates of exchange
as the Trustee, upon consultation with the Company, shall deem
appropriate. The provisions of this paragraph shall apply in
determining the equivalent principal amount in respect of
Securities of a Series denominated in currency other than Dollars
in connection with any action taken by Holders of Securities
pursuant to the terms of this Indenture.

 

All decisions and
determinations of the Trustee regarding the Market Exchange Rate or
any alternative determination provided for in the preceding
paragraph shall be in the Trustee’s sole discretion, and
shall, in the absence of manifest error, be conclusive to the
extent permitted by law for all purposes and irrevocably binding
upon the Company and all Holders.

 

	
10.16.

	
JUDGMENT
CURRENCY.

 

 

31

 

 

The Company agrees,
to the fullest extent that it may effectively do so under
applicable law, that (a) if for the purpose of obtaining
judgment in any court it is necessary to convert the sum due in
respect of the principal of, or interest or premium, if any, or
other amount on, the Securities of any Series (the “Required
Currency”) into a currency in which a judgment will be
rendered (the “Judgment Currency”), the rate of
exchange used shall be the rate at which, in accordance with normal
banking procedures, the Trustee could purchase in The City of New
York the Required Currency with the Judgment Currency on the day on
which final unappealable judgment is entered, unless such day is
not a Business Day, in which instance, the rate of exchange used
shall be the rate at which, in accordance with normal banking
procedures, the Trustee could purchase in The City of New York the
Required Currency with the Judgment Currency on the Business Day
preceding the day on which final unappealable judgment is entered
and (b) its obligations under this Indenture to make payments
in the Required Currency (i) shall not be discharged or
satisfied by any tender or any recovery pursuant to any judgment
(whether or not entered in accordance with subsection (a)) in any
currency other than the Required Currency, except to the extent
that such tender or recovery shall result in the actual receipt, by
the payee, of the full amount of the Required Currency expressed to
be payable in respect of such payments, (ii) shall be
enforceable as an alternative or additional cause of action for the
purpose of recovering in the Required Currency the amount, if any,
by which such actual receipt shall fall short of the full amount of
the Required Currency so expressed to be payable and
(iii) shall not be affected by judgment being obtained for any
other sum due under this Indenture.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Indenture to be duly executed,
and their respective corporate seals to be hereunto affixed and
attested, all as of the day and year first above
written.

 

 CELLULAR BIOMEDICINE GROUP,
INC.

 

 

By:                      

Name:                      

Title:                      

 

 

[Name
of Trustee]

 

 

By:                      

Name:                      

Title:                      

 

 

By:                      

Name:                      

Title:           

 

 

 

32lbuy_ex41.htm

EXHIBIT 4.1
 
EXHIBIT [C-[1/2] 
 
NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.
 
SERIES [A/B] COMMON STOCK PURCHASE WARRANT
 
LEAFBUYER TECHNOLOGIES, INC.
 
	Warrant Shares: _______ 
	Initial Exercise Date: July ___, 2019 

 
THIS SERIES [A/B] COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on ________12 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Leafbuyer Technologies, Inc., a Nevada corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). 
 
Section 1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the “Purchase Agreement”), dated July ___, 2019, among the Company and the purchasers signatory thereto.
_____________ 
1 Series A: Insert the date that is the 5 year anniversary of the Initial Exercise Date, provided that, if such date is not a Trading Day, insert the immediately following Trading Day.
2 Series B: Insert the date that is the 1 year anniversary of the Initial Exercise Date, provided that, if such date is not a Trading Day, insert the immediately following Trading Day.
 
	 
	1
	
 
	 

 
Section 2. Exercise.
 
a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.
 
b) Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $_____, subject to adjustment hereunder (the “Exercise Price”); provided, however, on each of (i) the 3rd Trading Day following the Effective Date (the “Interim True-Up Date”), and (ii) the 6th Trading Day following the Effective Date (the “Final True-Up Date”), the Exercise Price shall be reduced, and only reduced, to equal the lower of (1) the then Exercise Price and (2) 100% of the lowest VWAP during the 2 Trading Days prior to the Interim True-Up Date or 5 Trading Days prior to the Final True-Up Date, as applicable, immediately following the Effective Date (“Reset Price”); provided in no event shall such Reset Price be less than $0.15 (the “Floor Price”), subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Warrant and it being understood that if the Reset Price is less than the Floor Price, the Reset Price shall equal to the Floor Price. Additionally, in the event of an adjustment to the Exercise Price hereunder, the number of Warrant Shares issuable hereunder shall be increased (and only increased) such that the aggregate Exercise Price payable hereunder, after taking into account the decrease in the Exercise Price to the Reset Price, shall be equal to the aggregate Exercise Price prior to such adjustment (assuming for such purposes the per Warrant Share Exercise Price that existed as of the Closing Date, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Warrant. Notwithstanding anything herein to the contrary, the Exercise Price adjustments set forth in this Section 2(b) shall not trigger further adjustment under the anti-dilution provisions provided for in Section 3(b).
 
	 
	2
	
 
	 

 
c) Cashless Exercise. If at any time after the six-month anniversary of the Closing Date, there is no effective registration statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:
 
	 
	(A) =	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;
	 
	 
	 

	 
	(B) =	the Exercise Price of this Warrant, as adjusted hereunder; and
	 
	 
	 

	 
	(X) = 	the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 
If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary to this Section 2(c).
 
	 
	3
	
 
	 

 
“Bid Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.
 
“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.
 
Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).
 
	 
	4
	
 
	 

 
d) Mechanics of Exercise. 
 
i. Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.
 
ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.
 
iii. Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.
 
	 
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iv. Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.
 
v. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.
 
	 
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vi. Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.
 
vii. Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.
 
	 
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e) Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be [9.99/4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.
 
	 
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Section 3. Certain Adjustments.
 
a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re‐classification.
 
b) Subsequent Equity Sales. If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents, at an effective price per share less than the Exercise Price then in effect (such lower price, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”) (it being understood and agreed that if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share that is less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive Issuance at such effective price), then simultaneously with the consummation (or, if earlier, the announcement) of each Dilutive Issuance the Exercise Price shall be reduced and only reduced to equal the Base Share Price. Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 3(b) in respect of an Exempt Issuance. The Company shall notify the Holder, in writing, no later than the Trading Day following the issuance or deemed issuance of any Common Stock or Common Stock Equivalents subject to this Section 3(b), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice, the “Dilutive Issuance Notice”). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon the occurrence of any Dilutive Issuance, the Holder is entitled to receive a number of Warrant Shares based upon the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise. If the Company enters into a Variable Rate Transaction, despite the prohibition thereon in the Purchase Agreement, the Company shall be deemed to have issued Common Stock or Common Stock Equivalents at the lowest possible conversion or exercise price at which such securities may be converted or exercised
 
	 
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c) Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). 
 
d) Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, that, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).
 
	 
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e) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the greater of (x) the last VWAP immediately prior to the public announcement of such Fundamental Transaction and (y) the last VWAP immediately prior to the consummation of such Fundamental Transaction, (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date and (E) a zero cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.
 
	 
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f) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.
 
g) Notice to Holder. 
 
i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment. 
 
ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.
 
	 
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h) Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company.
 
Section 4. Transfer of Warrant.
 
a) Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 
 
b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 
 
c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.
 
	 
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d) Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.
 
e) Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.
 
Section 5. Miscellaneous.
 
a) No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.
 
b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.
 
c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.
 
	 
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d) Authorized Shares. 
 
The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 
 
Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.
 
Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.
 
e) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement.
 
f) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.
 
	 
	15
	
 
	 

 
g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.
 
h) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.
 
i) Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.
 
j) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.
 
k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.
 
l) Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.
 
m) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.
 
n) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.
 
********************
 
(Signature Page Follows)
 
	 
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IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.
 
	 	LEAFBUYER TECHNOLOGIES, INC.
	
	 	 	 	 
		By:		
	 
	 
	Name:	 
	 	 	Title:
	 

 
	 
	17
	
 
	 

 
 
NOTICE OF EXERCISE
 
	TO:	LEAFBUYER TECHNOLOGIES, INC.

  
(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.
 
(2) Payment shall take the form of (check applicable box):
 
 ̈ in lawful money of the United States; or
 
 ̈ if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).
 
(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:
 
_______________________________
 
 
The Warrant Shares shall be delivered to the following DWAC Account Number:
 
_______________________________
 
_______________________________
 
_______________________________
 
(4) Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.
 
[SIGNATURE OF HOLDER]
 
Name of Investing Entity: ________________________________________________________________________
Signature of Authorized Signatory of Investing Entity: _________________________________________________
Name of Authorized Signatory: ___________________________________________________________________
Title of Authorized Signatory: ____________________________________________________________________
Date: ________________________________________________________________________________________
 
	 
	 
	
 
	 

 
EXHIBIT B
 
ASSIGNMENT FORM
 
(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)
 
FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to
 
	Name:
	 

	 
	(Please Print)

	 
	 

	Address:
	 

	 
 
Phone Number:
 
Email Address: 
	(Please Print)
 
______________________________________
 
______________________________________

	 
	 

	Dated: _______________ __, ______
	 

	Holder’s Signature: _________________________
	 

	Holder’s Address: __________________________

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