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<SEC-DOCUMENT>0001145443-09-003088.txt : 20091125
<SEC-HEADER>0001145443-09-003088.hdr.sgml : 20091125
<ACCEPTANCE-DATETIME>20091125131226
ACCESSION NUMBER:		0001145443-09-003088
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20091125
DATE AS OF CHANGE:		20091125

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Orient Paper Inc.
		CENTRAL INDEX KEY:			0001358190
		STANDARD INDUSTRIAL CLASSIFICATION:	CONVERTED PAPER & PAPERBOARD PRODS (NO CONTAINERS/BOXES) [2670]
		IRS NUMBER:				204158835
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-163340
		FILM NUMBER:		091207481

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 100
		STREET 2:		202 NORTH CURRY STREET
		CITY:			CARSON CITY
		STATE:			NV
		ZIP:			89703-4121
		BUSINESS PHONE:		(775) 321-8243

	MAIL ADDRESS:	
		STREET 1:		SUITE 100
		STREET 2:		202 NORTH CURRY STREET
		CITY:			CARSON CITY
		STATE:			NV
		ZIP:			89703-4121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CARLATERAL, INC.
		DATE OF NAME CHANGE:	20060403
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>d25787_s-3.htm
<TEXT>

<HTML>

<HEAD><TITLE></TITLE></HEAD>
<BODY>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="70%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="30%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2><B>As Filed
  with the Securities and Exchange Commission on November 25, 2009</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2><B>Registration No. 333- </B></FONT></P>
</TD>
</TR>
</table>
<BR>
<HR WIDTH="100%" SIZE="4" noshade style="margin-top: -5px">
<HR WIDTH="100%" SIZE="1" noshade style="margin-top: -10px">

<P ALIGN=CENTER><FONT SIZE=5><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</B><FONT SIZE=4><B>WASHINGTON, D.C. 20549</B></FONT></FONT></P>

<P ALIGN=CENTER><FONT SIZE=5><B>FORM S-3</B></FONT></P>

<P ALIGN=CENTER STYLE='MARGIN-LEFT:-.4PT;'><FONT SIZE=2><B>REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=20%>
<TR style="font-size:1px">
<TD WIDTH="20%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>
<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>



<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=6><B>ORIENT
  PAPER, INC.</B></FONT><BR><FONT SIZE=2><B><I>(Exact Name of Registrant as Specified in
its Charter)</I></B></FONT></P>
</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="33%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="33%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="33%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>Nevada</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>2670</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>20-4158835</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B><I>(State or other jurisdiction of
  &nbsp;incorporation or organization)</I></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B><I>(Primary Standard Industrial
  Classification Code Number)</I></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B><I>(I.R.S. Employer<BR>
  Identification Number)</I></B></FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2><B>Nansan Gongli, Nanhuan Rd, Xushui County, Baoding City<BR> Hebei Province, The People&#146;s Republic
of China 072550<BR>
(86) 312-8605508</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B><I>(Address including zip code and
telephone number, including area code, of registrant&#146;s principal executive
offices)</I></B></FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=20%>
<TR style="font-size:1px">
<TD WIDTH="20%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>Zhenyong Liu</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>Nansan Gongli, Nanhuan Rd, Xushui County, Baoding City</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>Hebei Province, The People&#146;s Republic of China 072550</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>(86) 312-8605508</B></FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2><B><I>(Name, address, including zip code,
and telephone number, including area code, of agent for service)</I></B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=20%>
<TR style="font-size:1px">
<TD WIDTH="20%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>
<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><I>Copies to</I></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>Gregory Sichenzia, Esq.</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>Benjamin A. Tan, Esq.</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>Sichenzia Ross Friedman Ference LLP</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>61 Broadway, 32 </B><B><SUP>nd</SUP></B><B> Floor</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>New York, NY 10006</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>Telephone (212) 930-9700</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>Facsimile (212) 930-9725</B></FONT></P>
</TD>
</TR>

</table>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=20%>
<TR style="font-size:1px">
<TD WIDTH="20%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>


<P align=justify><FONT SIZE=2><B>Approximate date of commencement of proposed sale to the
public:</B> From time to
time after the effective date of this Registration Statement.</FONT></P>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=20%>
<TR style="font-size:1px">
<TD WIDTH="20%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>


<P align=justify><FONT SIZE=2>If the only securities being
registered on this form are being offered pursuant to dividend or interest
reinvestment plans, please check the following box. <FONT FACE=WINGDINGS>o</FONT></FONT></P>

<P align=justify><FONT SIZE=2>If any of the securities
being registered on this form are to be offered on a delayed or continuous
basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest reinvestment plans,
check the following box. <FONT FACE=WINGDINGS>&#254;</FONT></FONT></P>

<HR WIDTH="100%" SIZE="1" noshade style="margin-top: -2px">
<HR WIDTH="100%" SIZE="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>If this form is filed to
register additional securities for an offering pursuant to Rule&nbsp;462(b)
under the Securities Act, please check the following box and list the
Securities Act registration statement number of the earlier effective
registration statement for the same offering. <FONT FACE=WINGDINGS>o</FONT></FONT></P>

<P align=justify><FONT SIZE=2>If this form is a
post-effective amendment filed pursuant to Rule&nbsp;462(c) under the
Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. <FONT FACE=WINGDINGS>o</FONT></FONT></P>

<P align=justify><FONT SIZE=2>If this Form is a
registration statement pursuant to General Instruction I.D. or a post-effective
amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following box.  <FONT FACE=WINGDINGS>o</FONT></FONT></P>

<P align=justify><FONT SIZE=2>If this Form is a
post-effective amendment to a registration statement filed pursuant to General
Instruction I.D. filed to register additional securities or additional classes
of securities pursuant to Rule 413(b) under the Securities Act, check the following
box. <FONT FACE=WINGDINGS>o</FONT></FONT></P>

<P align=justify><FONT SIZE=2>Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of
&#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148;
in Rule 12b-2 of the Exchange Act. (Check one):</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Large accelerated filer <FONT   FACE=WINGDINGS>o</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Accelerated filer <FONT   FACE=WINGDINGS>o</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Non-accelerated filer <FONT   FACE=WINGDINGS>o</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Smaller reporting company <FONT   FACE=WINGDINGS>&#254;</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>(do not check if a smaller
  reporting company)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="33%" VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="14" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>CALCULATION OF REGISTRATION FEE</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2><B>Title&nbsp;of&nbsp;each&nbsp;class&nbsp;of</B>
  <B>securities&nbsp;to&nbsp;be&nbsp;registered</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2><B>Amount</B> <B>to&nbsp;be</B> <B>registered(1)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2><B>Proposed</B> <B>maximum</B> <B>offering&nbsp;price</B> <B>per&nbsp;unit</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2><B>Proposed</B> <B>maximum</B> <B>aggregate</B> <B>offering</B> <B>price&nbsp;(2)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2><B>Amount&nbsp;of</B> <B>registration</B> <B>fee(3)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Common stock, par value $0.001 per share</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Warrants(4)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Debt securities(5)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Units(6)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Total</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P ALIGN=RIGHT><FONT SIZE=2>50,000,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P ALIGN=RIGHT><FONT SIZE=2>2,790</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=2></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
</TR>
</table>
<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>(1)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>There are being registered
  hereunder such indeterminate number of shares of common stock, warrants to
  purchase common stock, and debt securities as shall have an aggregate initial
  offering price not to exceed $50,000,000. The securities registered also include
  such indeterminate amounts and numbers of common stock as may be issued upon
  conversion of or exchange debt securities that provide for conversion or
  exchange, upon exercise of warrants, or pursuant to the antidilution
  provisions of any such securities.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>(2)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>In no event will the
  aggregate offering price of all securities issued from time to time pursuant
  to this registration statement exceed $50,000,000.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>(3)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Calculated pursuant to
  Rule 457(o) under the Securities Act. The total amount is being paid
  herewith.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>(4)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Includes warrants to
  purchase common stock.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>(5)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>If any debt securities are
  issued with an original issue discount, the offering price of such debt
  securities shall be such greater amount as shall result in an aggregate
  maximum offering price not to exceed $50,000,000 or the equivalent thereof in
  one or more other currencies, currency units or composite currencies, less
  the dollar amount of any securities previously issued hereunder.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>(6)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Any of the securities
  registered hereunder may be sold separately, or as units with other
  securities registered hereby. We will determine the proposed maximum offering
  price per unit when we issue the above listed securities. The proposed
  maximum per unit and aggregate offering prices per class of securities will
  be determined from time to time by the registrant in connection with the
  issuance by the registrant of the securities registered under this
  registration statement and is not specified as to each class of security
  pursuant to General Instruction II.D of Form S-3 under the Securities Act.</FONT></P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant hereby amends this Registration Statement on such date or dates as
may be necessary to delay its effective date until the registrant shall file a
further amendment which specifically states that this Registration Statement
shall thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a),
may determine.</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>The information in this
prospectus is not complete and may be changed. We may not sell these securities
until the registration statement relating to these securities that has been
filed with the Securities and Exchange Commission is effective. This prospectus
is not an offer to sell these securities and it is not soliciting an offer to
buy these securities in any state where the offer or sale is not permitted.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>(Subject to Completion, Dated November 25, 2009)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>PROSPECTUS</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>$50,000,000</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Orient Paper, Inc.</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>Common Stock</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>Warrants</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>Debt Securities</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>Units</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2>We may from time to time, in
one or more offerings at prices and on terms that we will determine at the time
of each offering, sell common stock, warrants, debt securities, or a combination
of these securities, or units, for an aggregate initial offering price of up to
$50,000,000. This prospectus describes the general manner in which our
securities may be offered using this prospectus. Each time we offer and sell
securities, we will provide you with a prospectus supplement that will contain
specific information about the terms of that offering. Any prospectus
supplement may also add, update, or change information contained in this
prospectus. You should carefully read this prospectus and the applicable
prospectus supplement as well as the documents incorporated or deemed to be
incorporated by reference in this prospectus before you purchase any of the
securities offered hereby.</FONT></P>

<P align=justify><FONT SIZE=2>This prospectus may not be
used to offer and sell securities unless accompanied by a prospectus
supplement.</FONT></P>

<P align=justify><FONT SIZE=2>Our common stock is
currently traded on the Over-the-Counter Bulletin Board under the symbol
&#147;ORPN.&#148; On November 23, 2009, the last reported sales price for our common
stock was $10.12 per share. The prospectus supplement will contain information,
where applicable, as to any other listing of the securities on any other
securities market or exchange covered by the prospectus supplement.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=20%>
<TR style="font-size:1px">
<TD WIDTH="20%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
securities offered by this prospectus involve a high degree of risk. See &#147;Risk
Factors&#148; beginning on page 4, in addition to Risk Factors contained in the
applicable prospectus supplement.</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=20%>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or determined if this prospectus is
truthful or complete. Any representation to the contrary is a criminal offense.</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=20%>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may offer the securities directly or through agents or to or through
underwriters or dealers. If any agents or underwriters are involved in the sale
of the securities their names, and any applicable purchase price, fee,
commission or discount arrangement between or among them, will be set forth, or
will be calculable from the information set forth, in an accompanying
prospectus supplement. We can sell the securities through agents, underwriters
or dealers only with delivery of a prospectus supplement describing the method
and terms of the offering of such securities. See &#147;Plan of Distribution.&#148;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>This prospectus is dated ___________, 2009</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>Table of Contents </B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="83%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>Page</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>ABOUT THIS PROSPECTUS</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>1</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>CAUTIONARY STATEMENT
  REGARDING FORWARD-LOOKING STATEMENTS</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>1</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>ABOUT ORIENT PAPER</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>3</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>RISK FACTORS</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>4</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>USE OF PROCEEDS</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>DESCRIPTION OF COMMON
  STOCK</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>DESCRIPTION OF WARRANTS</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>16</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>DESCRIPTION OF DEBT
  SECURITIES</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>17</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>DESCRIPTION OF UNITS</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>PLAN OF DISTRIBUTION</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>EXPERTS</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>23</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>WHERE YOU CAN FIND MORE
  INFORMATION</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>23</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>INCORPORATION OF CERTAIN
  DOCUMENTS BY REFERENCE</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>23</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=20%>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should rely only on the information contained or incorporated by reference in
this prospectus or any prospectus supplement. We have not authorized anyone to
provide you with information different from that contained or incorporated by
reference into this prospectus. If any person does provide you with information
that differs from what is contained or incorporated by reference in this
prospectus, you should not rely on it. No dealer, salesperson or other person
is authorized to give any information or to represent anything not contained in
this prospectus. You should assume that the information contained in this
prospectus or any prospectus supplement is accurate only as of the date on the
front of the document and that any information contained in any document we
have incorporated by reference is accurate only as of the date of the document
incorporated by reference, regardless of the time of delivery of this
prospectus or any prospectus supplement or any sale of a security. These
documents are not an offer to sell or a solicitation of an offer to buy these
securities in any circumstances under which the offer or solicitation is
unlawful.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>i</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ABOUT THIS PROSPECTUS</B></FONT></P>

<P align=justify><FONT SIZE=2>This prospectus is part of a
registration statement that we filed with the Securities and Exchange
Commission, or SEC, using a &#147;shelf&#148; registration process. Under this shelf
registration process, we may sell any combination of the securities described
in this prospectus in one of more offerings up to a total dollar amount of
proceeds of $50,000,000. This prospectus describes the general manner in which
our securities may be offered by this prospectus. Each time we sell securities,
we will provide a prospectus supplement that will contain specific information
about the terms of that offering. The prospectus supplement may also add,
update or change information contained in this prospectus or in documents
incorporated by reference in this prospectus. The prospectus supplement that
contains specific information about the terms of the securities being offered
may also include a discussion of certain U.S. Federal income tax consequences
and any risk factors or other special considerations applicable to those
securities. To the extent that any statement that we make in a prospectus
supplement is inconsistent with statements made in this prospectus or in
documents incorporated by reference in this prospectus, you should rely on the
information in the prospectus supplement. You should carefully read both this
prospectus and any prospectus supplement together with the additional
information described under &#147;Where You Can Find More Information&#148; before buying
any securities in this offering.</FONT></P>

<P align=justify><FONT SIZE=2>The terms &#147;Orient Paper,&#148;
the &#147;Company,&#148; &#147;we,&#148; &#147;our&#148; or &#147;us&#148; in this prospectus refer to Orient Paper,
Inc., a Nevada corporation, and its subsidiaries, unless the context suggests
otherwise. Additionally, unless we indicate otherwise, references in this
prospectus to:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#147;China&#148; and the &#147;PRC&#148; are
  to the People&#146;s Republic of China, excluding, for the purposes of this
  prospectus only, Taiwan and the special administrative regions of Hong Kong
  and Macau;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#147;RMB&#148; and &#147;Renminbi&#148; are
  to the legal currency of China; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#147;$,&#148; &#147;US$&#148; and &#147;U.S.
  dollars&#148; are to the legal currency of the United States.</FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information contained in this prospectus and the documents and information
incorporated by reference in this prospectus include some statements that are
not purely historical and that are &#147;forward-looking statements.&#148; Such
forward-looking statements include, but are not limited to, statements
regarding our expectations, hopes, beliefs, intentions or strategies regarding
the future, including our financial condition, and results of operations. In
addition, any statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any underlying
assumptions, are forward-looking statements. The words &#147;anticipates,&#148;
&#147;believes,&#148; &#147;continue,&#148; &#147;could,&#148; &#147;estimates,&#148; &#147;expects,&#148; &#147;intends,&#148;
&#147;may,&#148;
&#147;might,&#148; &#147;plans,&#148; &#147;possible,&#148; &#147;potential,&#148; &#147;predicts,&#148; &#147;projects,&#148;
&#147;seeks,&#148;
&#147;should,&#148; &#147;will,&#148; &#147;would&#148; and similar expressions, or the negatives of such
terms, may identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
forward-looking statements contained in this prospectus are based on current
expectations and beliefs concerning future developments and their potential
effects on us. There can be no assurance that future developments actually
affecting us will be those anticipated. These forward-looking statements
involve a number of risks, uncertainties (some of which are beyond our control)
or other assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these forward-looking
statements, including the following:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="4%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the effect of political,
  economic, and market conditions and geopolitical events;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>legislative and regulatory
  changes that affect our business;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the availability of funds
  and working capital;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the actions and
  initiatives of current and potential competitors;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>investor sentiment;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>our reputation; and</FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2>1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Other factors, including
  those described in this prospectus under the heading &#147;Risk Factors,&#148; as well
  as factors set forth in other filings we make with the Securities and
  Exchange Commission.</FONT></P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should
one or more of these risks or uncertainties materialize, or should any of our
assumptions prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements. We undertake no obligation
to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required under
applicable securities laws.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ABOUT ORIENT PAPER</B></FONT></P>

<P align=justify><FONT SIZE=2><B>Corporate History</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orient
Paper, Inc. was incorporated in the State of Nevada on December 9, 2005, under
the name &#147;Carlateral, Inc.&#148; Through the steps described immediately below, we
became the holding company for Hebei Baoding Orient Paper Milling Company
Limited (&#147;HBOP&#148;), a producer and distributor of paper products in China, on
October 29, 2007, and effective December 21, 2007, we changed our name to
&#147;Orient Paper, Inc.&#148; to more accurately describe our business.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November 13, 2006, Dongfang Zhiye Holding Limited (&#147;Dongfang Holding&#148;) was
formed as a holding corporation with no operations under the laws of the
British Virgin Islands. On July 16, 2007, Dongfang Holding acquired all of the
issued and outstanding stock and ownership of HBOP and placed such shares in
trust with Zhenyong Liu, Xiaodong Liu, and Shuangxi Zhao pursuant to a trust
agreement executed as of the same date. Under the terms of the trust agreement,
Mr. Liu, Mr. Liu and Mr. Zhao (the original shareholders of HBOP) would
exercise control over the disposition of Dongfang Holding&#146;s shares in HBOP on
Dongfang Holding&#146;s behalf until Dongfang Holding successfully completed the
change in registration of HBOP&#146;s capital with the relevant PRC Administration
of Industry and Commerce as the 100% owner of HBOP&#146;s shares.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October 29, 2007, Orient Paper entered into an agreement and plan of merger
(the &#147;Merger Agreement&#148;) with (i) its own wholly owned subsidiary, CARZ Merger
Sub, Inc., (ii) Dongfang Holding and (iii) each of Dongfang Holding
shareholders (Zhenyong Liu, Xiaodong Liu, Chen Li, Ning Liu, Jie Liu, Shenzhen
Huayin Guaranty &amp; Investment Company Limited, Top Good International
Limited, Total Giant Group Limited, Total Shine Group Limited, Victory High
Investment Limited, Think Big Trading Limited, Huge Step Enterprises Limited,
and Sure Believe Enterprise Limited) (the &#147;Dongfang Holding Shareholders&#148;).</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Merger Agreement, Dongfang Holding merged with CARZ Merger Sub, Inc. via
a share exchange, with Dongfang Holding as the surviving entity (the &#147;Merger
Transaction&#148;). In exchange for their shares in Dongfang Holding, the Dongfang
Holding Shareholders received an aggregate of 7,450,497 (as adjusted for a
four-for-one reverse stock split effected in November 2009) newly-issued shares
of our common stock, which shares were distributed pro ratably among the
Dongfang Holding Shareholders in accordance with their respective ownership
interests in Dongfang Holding.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the merger transaction, Dongfang Holding became a wholly owned
subsidiary of Orient Paper, which, in turn, made Orient Paper the indirect
owner of Dongfang Holding&#146;s operating company subsidiary, HBOP. HBOP, the
entity through which we operate our business currently has no subsidiaries,
either wholly or partially-owned.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due
to Dongfang Holding&#146;s inability, as the 100% owner of HBOP, to complete the registration
of HBOP&#146;s capital under its name within the proper time limits set forth under
PRC law, it was not recorded as the registered owner of HBOP under PRC law. As
such, Dongfang Holding&#146;s ownership of HBOP was deemed to be held in trust by
Zhenyong Liu, Xiaodong Liu, and Shuangxi Zhao. In connection with the
consummation of the restructuring transactions described below, Dongfang
Holding directed its trustees to return its shares in HBOP to their original
shareholders, and the HBOP shareholders entered into certain agreements with
Baoding Shengde to transfer the control of HBOP over to Baoding Shengde.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June 24, 2009, the Company consummated a restructuring transaction pursuant to
which it acquired all of the issued and outstanding shares of Shengde Holdings,
Inc., a Nevada corporation. Shengde Holdings Inc. wholly owns Baoding Shengde,
a wholly foreign-owned enterprise organized under the laws of the PRC. Baoding
Shengde had entered into a number of contractual arrangements with HBOP, each of
which is enforceable and valid in accordance with the laws of the PRC. As a
result of the restructuring transaction, these contractual arrangements
effectively realigned our control over HBOP, our operating entity, and
preserved our ability to operate our business through HBOP.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shengde
Holdings Inc. was incorporated in the State of Nevada on February 25, 2009. On
June 1, 2009, Shengde Holdings Inc. incorporated Baoding Shengde, a limited
liability company organized under the laws of the PRC.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
Baoding Shengde is a wholly owned subsidiary of a foreign company, it is
regarded as a wholly foreign-owned entity under PRC law.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to certain management agreements executed between Baoding Shengde and HBOP,
Baoding Shengde acts as the management company for HBOP, and HBOP conducts the
principal operations of the business. The management agreements effectively
transferred the preponderance of the economic benefits of HBOP over to Baoding
Shengde, and Baoding Shengde assumed effective control and management over
HBOP.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June 24, 2009, Zhao Tianqing, the sole shareholder of Shengde Holdings,
assigned to Orient Paper, for good and valuable consideration, 100 shares
representing 100% of the issued and outstanding shares of Shengde Holdings. As
a result of this assignment and the restructuring transactions described above,
Shengde Holdings Inc., Baoding Shengde, its wholly owned subsidiary, and HBOP
became directly and indirectly controlled by Orient Paper, and HBOP continued
to function as the Company&#146;s operating entity.</FONT></P>

<P align=justify><FONT SIZE=2>The following diagram sets
forth the current corporate structure of Orient Paper:</FONT></P>

<P align=center><FONT SIZE=2><IMG SRC="img003.jpg" ALT="(FLOW CHART)"></FONT></P>

<P align=CENTER><FONT SIZE=2><IMG SRC="img004.jpg" ALT="(FLOW CHART)"></FONT></P>

<P align=justify><FONT SIZE=2><B>Business Overview</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HBOP,
founded in 1996, engages mainly in production and distribution of products such
as uncoated and coated printing paper, corrugating medium paper, plastic paper,
graphic design paper, and other paper and packaging related products. HBOP uses
recycled paper as its primary raw material and has its corporate offices in
Baoding, PRC.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HBOP&#146;s
main products include various specifications of: (i) corrugating medium paper,
(ii) medium-grade offset paper, (iii) high-grade offset paper and (iv) writing
paper. Products currently in development include (a) security paper, and (b)
digital photographic paper. With respect to each of these products, HBOP has
already established process orders, installed production equipment and
completed small pilot production.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2003,
HBOP obtained ISO9000-2000 certification from the International Organization
for Standardization. It was also designated a &#147;Special Target Protected
Enterprise&#148; in Baoding City, a recognition that is awarded to companies in
Baoding of larger-scale and in good credit and tax standing.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
principal executive offices are located at Nansan Gongli, Nanhuan Rd, Xushui
County, Baoding City, Hebei Province, People&#146;s Republic of China. Our telephone
number is (86) 312-8605508. Our website is located at
http://www.orientalpapercorporation.com. Information contained on, or that can
be accessed through, our website in not part of this prospectus.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>RISK FACTORS</B></FONT></P>

<P align=justify><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
investment in our common stock involves a high degree of risk. You should
carefully consider the following information about these risks, together with
the other information contained in this prospectus and in the documents
incorporated by reference into this prospectus, before investing in our common
stock. If any of the events anticipated by the risks described below occur, our
results of operations and financial condition could be adversely affected which
could result in a decline in the market price of our common stock, causing you
to lose all or part of your investment.</I></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2><B>Risks Related to Our Business</B></FONT></P>

<P align=justify><FONT SIZE=2><B><I>Our operating history may not serve as an
adequate basis to judge our future prospects and results of operations</I></B>.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HBOP
commenced its current line of business operations in 1996 and received its
Pollution Discharge Permit in September 1996, which must be renewed every year
for HBOP to stay in business. Our operating history may not provide a
meaningful basis on which to evaluate its business. We cannot assure you that
HBOP will maintain its profitability or that we will not incur net losses in
the future. We expect that HBOP&#146;s operating expenses will increase as it
expands. Any significant failure to realize anticipated revenue growth could
result in significant operating losses. We will continue to encounter risks and
difficulties frequently experienced by companies at a similar stage of
development, including our potential failure to:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>raise adequate capital for
  expansion and operations;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>implement our business
  model and strategy and adapt and modify them as needed;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>increase awareness of our
  brand name, protect&nbsp;our reputation and develop customer loyalty;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>manage our expanding
  operations and service offerings, including the integration of any future
  acquisitions;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>maintain adequate control
  of our expenses; or</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>anticipate and adapt to
  changing conditions in paper markets in which&nbsp;we operate as well as the
  impact of any changes in government regulations, mergers and acquisitions
  involving&nbsp;our competitors, technological developments and other
  significant competitive and market dynamics</FONT></P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we are not successful in addressing any or all of these risks, our business may
be materially and adversely affected.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>HBOP&#146;s failure to compete effectively may
adversely affect our ability to generate revenue.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through
HBOP, we compete in a highly developed market with companies that have
significantly greater experience and history in our industry. If we do not
compete effectively, we could lose market share and experience falling prices,
adversely affecting our financial results. Our competitors will expand in the
key markets and implement new technologies making them more competitive. There
is also the possibility that competitors will be able to offer additional
products, services, lower prices, or other incentives that we cannot or will
not offer or that will make our products less profitable. We cannot assure you
that we will be able to compete effectively with current or future competitors
or that the competitive pressures&nbsp;we face will not harm our business.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>We may not be able to effectively control
and manage&nbsp;the growth of HBOP.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
HBOP&#146;s business and markets grow and develop, it will be necessary for us to
finance and manage expansion in an orderly fashion. An expansion would increase
demands on existing management, workforce and facilities. Failure to satisfy
such increased demands could interrupt or adversely affect our&nbsp;operations
and cause delay in production and delivery of our paper products, as well as
administrative inefficiencies.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>We may require additional financing in the
future and a failure to obtain such required financing will inhibit our ability
to grow.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
continued growth of our business may require additional funding from time to
time, which we may raise in private placements of our equity or debt securities
with accredited investors or by offering our securities for sale pursuant to an
effective registration statement on a market where our common stock is traded.
The proceeds of this funding would be used for general corporate purposes of HBOP,
which could include acquisitions, investments, repayment of debt and capital
expenditures among other things.&nbsp;We may also use the proceeds to
repurchase our capital stock or for our corporate overhead expenses. If we
borrow funds we expect to be the primary obligor on any debt. Obtaining
additional funding would be subject to a number of factors including market
conditions, operating performance and investor sentiment, many of which are
outside of our control. These factors could make the timing, amount, terms and
conditions of additional funding unattractive or unavailable to us. Our
management believes that we currently have sufficient funds from working
capital to meet our current operating costs over the next 12 months.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2><B><I>The terms of any future financing may
adversely affect your interest as stockholders.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we require additional financing in the future, we may be required to incur
indebtedness or issue equity securities, the terms of which may adversely
affect your interests in us. For example, the issuance of additional
indebtedness may be senior in right of payment to your shares upon our
liquidation. In addition, indebtedness may be under terms that make the
operation of&nbsp;our&nbsp;business more difficult because the lender&#146;s consent
could be required before we take certain actions. Similarly the terms of any
equity securities we issue may be senior in right of payment of dividends to
your common stock and may contain superior rights and other rights as compared
to your common stock. Further, any such issuance of equity securities may
dilute your interest in us.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>We, through our subsidiaries, may engage in
future acquisitions that could dilute the ownership interests of our
stockholders, cause us to incur debt and assume contingent liabilities.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We,
through our subsidiaries, may review acquisition and strategic investment
prospects that we believe would complement&nbsp;the current product offerings
of HBOP, augment&nbsp;its market coverage or enhance&nbsp;its technical
capabilities, or otherwise offer growth opportunities. From time to
time&nbsp;we&nbsp;review investments in new businesses and we, through our
subsidiaries, expect to make investments in, and to acquire, businesses,
products, or technologies in the future. We expect that when we raise funds
from investors for any of these purposes we will be either the issuer or the
primary obligor while the proceeds will be forwarded to HBOP. In the event of
any future acquisitions, we could:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>issue equity securities
  which would dilute current stockholders&#146; percentage ownership;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>incur substantial debt;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>assume contingent
  liabilities; or</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>expend significant cash.</FONT></P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
actions could have a material adverse effect on our operating results or the
price of our common stock. Moreover, even if&nbsp;through our
subsidiaries,&nbsp;we do obtain benefits in the form of increased sales and
earnings, there may be a lag between the time when the expenses associated with
an acquisition are incurred and the time when we recognize such benefits.
Acquisitions and investment activities also entail numerous risks, including:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>difficulties in the
  assimilation of acquired operations, technologies and/or products;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>unanticipated costs
  associated with the acquisition or investment transaction;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the diversion of
  management&#146;s attention from other business concerns;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Adverse effects on
  existing business relationships with suppliers and customers;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>risks associated with
  entering markets in which&nbsp;HBOP has no or limited prior experience;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the potential loss of key
  employees of acquired organizations; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>substantial charges for
  the amortization of certain purchased intangible assets, deferred stock
  compensation or similar items.</FONT></P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
cannot ensure that we will be able to successfully integrate any businesses,
products, technology, or personnel that we might acquire in the future and our
failure to do so could have a material adverse effect on our and/or HBOP&#146;s
business, operating results and financial condition.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>We are responsible for the indemnification
of our officers and directors.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Articles of Incorporation provides for the indemnification and/or exculpation
of our directors, officers, employees, agents and other entities which deal
with it to the maximum extent provided, and under the terms provided, by the
laws and decisions of the courts of the state of Nevada. Since we do not hold
any indemnification insurance, these indemnification provisions could result in
substantial expenditures, which we may be unable to recoup, which could
adversely affect our business and financial conditions. Zhenyong Liu, our
Chairman of the Board&nbsp;and Chief Executive Officer, Winston C. Yen, our
Chief Financial Officer, Dahong Zhou, our Secretary, and Drew Bernstein, Wenbing
Christopher Wang, Zhaofang Wang, and Fuzeng Liu, our directors, are key
personnel with rights to indemnification under our Articles of Incorporation.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>We may not have adequate internal
accounting controls. While we have certain internal procedures in our
budgeting, forecasting and in the management and allocation of funds, our
internal controls may not be adequate.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are constantly striving to improve our internal control over financial
reporting. We expect to continue to improve our internal accounting control for
budgeting, forecasting, managing and allocating our funds and to better account
for them as we grow. There is no guarantee that such improvements will be
adequate or successful or that such improvements will be carried out on a timely
basis. If we do not have adequate internal accounting controls, we may not be
able to appropriately budget, forecast and manage our funds, we may also be
unable to prepare accurate accounts on a timely basis to meet our continuing
financial reporting obligations and we may not be able to satisfy our
obligations under US securities laws.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2><B><I>We are dependent on certain key personnel
and loss of these key personnel could have a material adverse effect on our
business, financial condition and results of operations.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
success is, to a certain extent, attributable to the management, sales and
marketing, and paper factory operational expertise of key personnel. Zhenyong
Liu, our Chief Executive Officer and Chairman of the Board, Winston C. Yen, our
Chief Financial Officer, Dahong Zhou, our Secretary, and Li Han, HBOP&#146;s General
Engineer, Gengqi Yang, HBOP&#146;s General Sales Manager, and Li Wang, HBOP&#146;s
Quality Control Manager perform key functions in the operation of&nbsp;our
business. There can be no assurance that&nbsp;Orient Paper or HBOP will be able
to retain these officers after the term of their employment contracts expire.
The loss of these officers could have a material adverse effect upon our
business, financial condition, and results of operations.&nbsp;We must attract,
recruit and retain a sizeable workforce of technically competent employees. We
do not carry key man life insurance for any of our key personnel or personnel
nor do we foresee purchasing such insurance to protect against a loss
of&nbsp;key personnel and the key personnel.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are dependent upon the services of Mr. Liu for the continued growth and
operation of our company because of his experience in the industry and his
personal and business contacts in the PRC. Neither we nor HBOP have an employment
agreement with Mr. Liu and do not anticipate entering into an employment
agreement in the foreseeable future. Although we have no reason to believe that
Mr. Liu will discontinue his services with us or HBOP, the interruption or loss
of his services would adversely affect our ability to effectively run our
business and pursue&nbsp;our business strategy as well as our results of
operations.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>We may not be able to hire and retain
qualified personnel to support our growth and if we are unable to retain or hire
these personnel in the future, our ability to improve our products and
implement&nbsp;our business objectives could be adversely affected.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition
for senior management and senior personnel in the PRC is intense, the pool of
qualified candidates in the PRC is very limited, and we may not be able to
retain the services of our senior executives or senior personnel, or attract
and retain high-quality senior executives or senior personnel in the future.
This failure could materially and adversely affect our future growth and
financial condition. </FONT></P>

<P align=justify><FONT SIZE=2><B><I>If we fail to increase our brand
recognition, we may face difficulty in obtaining new customers and business
partners.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe that establishing, maintaining and enhancing our brand in a cost-effective
manner is critical to achieving widespread acceptance of our current and future
products and services and is an important element in our effort to increase our
customer base and obtain new business partners. We believe that the importance
of brand recognition will increase as competition in our market develops. Some
of our potential competitors already have well-established brands in paper
industry. Successful promotion of our brand will depend largely on our ability
to maintain a sizeable and active customer base, our marketing efforts and
ability to provide reliable and useful products and services at competitive
prices. Brand promotion activities may not yield increased revenue, and even if
they do, any increased revenue may not offset the expenses we will incur in
building our brand. If we fail to successfully promote and maintain our brand,
or if we incur substantial expenses in an unsuccessful attempt to promote and
maintain our brand, we may fail to attract enough new customers or retain our existing
customers to the extent necessary to realize a sufficient return on our
brand-building efforts, in which case our business, operating results and
financial condition, would be materially adversely affected.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>Our operating results may fluctuate as a result
of factors beyond our control.</I></B>&nbsp;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
operating results may fluctuate significantly in the future as a result of a
variety of factors, many of which are beyond our control. These factors
include:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="4%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the costs of paper
  products and development;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the relative speed and
  success with which we can obtain and maintain customers, merchants and
  vendors for our products;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>capital expenditure for
  equipment;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>marketing and promotional
  activities and other costs;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>changes in our pricing
  policies, suppliers and competitors;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the ability of our
  suppliers to provide products in a timely manner to&nbsp;their customers;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>changes in operating
  expenses;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>increased competition in
  the paper markets; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>other general economic and
  seasonal factors.</FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2>7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2><B><I>We face risks related to product liability
claims.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
presently do not maintain product liability insurance.&nbsp;We face the risk of
loss because&nbsp;of adverse publicity associated with product liability lawsuits,
whether or not such claims are valid. We may not be able to avoid such claims.
Although product liability lawsuits in the PRC are rare, and we have not, to
date, experienced significant failure of our products, there is no guarantee
that&nbsp;we will not face such liability in the future. This liability could
be substantial and the occurrence of such loss or liability may have a material
adverse effect on&nbsp;our business, financial condition and prospects.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>We face risks relating to difficulty in
defending intellectual property rights from infringement.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
success depends on protection of our current and future technology and products
and our ability to defend&nbsp;our intellectual property rights. We have filed
for trademark protection for the various names and brands of our products sold
in the PRC. However, it is possible for our competitors to develop similar
competitive products even thought we have taken steps to protect
our&nbsp;intellectual property. If we fail to protect our intellectual property
adequately, competitors may manufacture and market products similar to ours. We
expect to file patent applications seeking to protect newly developed
technology and products in various countries, including China. Some patent
applications in the PRC are maintained in secrecy until the patent is issued.
Because the publication of discoveries tends to follow their actual discovery
by many months, we may not be the first to invent, or file patent applications
on any of&nbsp;our discoveries. Patents may not be issued with respect to any
of our patent applications and existing or future patents issued to or licensed
by us may not provide competitive advantages for our products. Patents that are
issued may be challenged, invalidated or circumvented by our competitors. Furthermore,
our patent rights may not prevent&nbsp;our competitors from developing, using
or commercializing products that are similar or functionally equivalent to our
products.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also rely on trade secrets, non-patented proprietary expertise and continuing
technological innovation that we shall seek to protect, in part, by entering
into confidentiality agreements with licensees, suppliers, employees and
consultants. These agreements may be breached and there may not be adequate
remedies in the event of a breach. Disputes may arise concerning the ownership
of intellectual property or the applicability of confidentiality agreements.
Moreover, our trade secrets and proprietary technology may otherwise become
known or be independently developed by our competitors. If patents are not
issued with respect to products arising from research, we may not be able to
maintain the confidentiality of information relating to these products.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>Our operating results also depend on the
availability and pricing of energy and raw materials.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to our dependence upon wood pulp, recycled white edge paper and
cardboard costs, our operating results depend on the availability and pricing
of energy and other raw materials, including chemical agents and coal. An
interruption in the supply of supplemental chemical agents could cause a
material disruption at our mill in Hebei. In addition, an interruption in the
supply of coal could cause a material disruption at our facilities in Baoding.
At present, our raw materials are purchased from a number of suppliers,
typically pursuant to a long-term contract, of which the three largest
suppliers account for over 70% of all purchases. If any of these contracts were
to be terminated for any reason, or not renewed upon expiration, or if market
conditions were to substantially change creating a significant increase in the
price of coal, we may not be able to find alternative, comparable suppliers or
suppliers capable of providing coal to us on terms or in amounts satisfactory
to us. As a result of any of these events, our business, financial condition
and operating results could suffer.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>A material disruption at one of our
manufacturing facilities could prevent us from meeting customer demand, reduce
our sales, and/or negatively affect our net income.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
of our manufacturing facilities, or any of our machines within an otherwise
operational facility, could cease operations unexpectedly due to a number of
events, including:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Maintenance outages;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Prolonged power failures;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>An equipment failure;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Disruption in the supply
  of raw materials, such as wood fiber, energy, or chemicals;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>A chemical spill or
  release;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Closure because of
  environmental-related concerns</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Explosion of a boiler;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The effect of a drought or
  reduced rainfall on our water supply;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Disruptions in the
  transportation infrastructure, including roads, bridges, railroad tracks, and
  tunnels;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Fires, floods,
  earthquakes, hurricanes, or other catastrophes;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Terrorism or threats of
  terrorism;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Labor difficulties; or</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Other operational
  problems.</FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2><B><I>Our certificates, permits, and licenses
related to our papermaking operations are subject to governmental control and
renewal and failure to obtain renewal will cause all or part of our operations
to be terminated.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due
to the nature of the business, we are subject to environmental, health, and
safety laws and regulations, including those related to the disposal of
hazardous waste from our manufacturing processes. Compliance with existing and
future environmental, health and safety laws could subject us to future costs
or liabilities; impact our production capabilities; constrict our ability to
sell, expand or acquire facilities; and generally impact our financial
performance. We have not accrued liabilities for environmental clean-up sites,
including sites for which governmental agencies have designated us as a
potentially responsible party, where it is probable that a loss will be incurred
and the cost or amount of loss can be reasonably estimated. However, because of
the uncertainties associated with environmental assessment and remediation
activities, future expense to remediate currently identified sites and other
sites, which could be identified in the future for cleanup, could be higher
than expected.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
1988, the National Environmental Protection Bureau issued Interim Measures on
the Administration of Water Pollutants Discharge Permits, requiring all
companies discharging pollution into the water as a direct or indirect
byproduct of production to adhere to certain caps on pollution discharge.
Additionally, such companies were required to obtain and annually renew a
Pollution Discharge Permit in order to conduct their operations. The PRC
government has the authority to shut down a company&#146;s operations for failure to
maintain a valid permit.</FONT></P>

<P align=justify><FONT SIZE=2><B>Risks Related To Doing Business In The PRC</B></FONT></P>

<P align=justify><FONT SIZE=2><B><I>Changes in the policies of the PRC
government could have a significant impact upon the business we may be able to
conduct in the PRC and the profitability of such business</I></B>.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
business operations may be adversely affected by the current and future
political environment in the PRC. The PRC has operated as a socialist state
since the mid-1900s and is controlled by the Communist Party of China. The
Chinese government exerts substantial influence and control over the manner in
which we and it&nbsp;must conduct our business activities. The PRC has only
permitted provincial and local economic autonomy and private economic
activities since 1988. The government of the PRC has exercised and continues to
exercise substantial control over virtually every sector of the Chinese
economy, particularly the paper industry, through regulation and state ownership.
Our ability to operate in the PRC may be adversely affected by changes in
Chinese laws and regulations, including those relating to taxation, import and
export tariffs, raw materials, environmental regulations, land use rights,
property and other matters. Under current leadership, the government of the PRC
has been pursuing economic reform policies that encourage private economic
activity and greater economic decentralization. There is no assurance, however,
that the government of the PRC will continue to pursue these policies, or that
it will not significantly alter these policies from time to time without
notice.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
PRC&#146;s economy is in a transition from a planned economy to a market oriented
economy subject to five-year and annual plans adopted by the government that
set national economic development goals. Policies of the PRC government can
have significant effects on the economic conditions of the PRC. The PRC
government has confirmed that economic development will follow the model of a market
economy. Under this direction, we believe that the PRC will continue to
strengthen its economic and trading relationships with foreign countries and
business development in the PRC will follow market forces. While we believe
that this trend will continue, there can be no assurance that this will be the
case.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
change in policies by the PRC government could adversely affect our interests
by, among other factors: changes in laws, regulations or the interpretation
thereof, confiscatory taxation, restrictions on currency conversion, imports or
sources of supplies, or the expropriation or nationalization of private
enterprises. Although the PRC government has been pursuing economic reform
policies for more than two decades, there is no assurance that the government
will continue to pursue such policies or that such policies may not be
significantly altered, especially in the event of a change in leadership,
social or political disruption, or other circumstances affecting the PRC&#146;s
political, economic and social life.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>The PRC laws and regulations governing our
current business operations are sometimes vague and uncertain. Any changes in
such PRC laws and regulations may harm&nbsp;our business.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
PRC laws and regulations governing our current business operations are
sometimes vague and uncertain. The PRC&#146;s legal system is a civil law system
based on written statutes, in which system decided legal cases have little
value as precedents unlike the common law system prevalent in the United States.
There are substantial uncertainties regarding the interpretation and
application of PRC laws and regulations, including but not limited to the laws
and regulations governing&nbsp;our business, or the enforcement and performance
of&nbsp;our arrangements with customers in the event of the imposition of
statutory liens, death, bankruptcy and criminal proceedings. The Chinese
government has been developing a comprehensive system of commercial laws, and
considerable progress has been made in introducing laws and regulations dealing
with economic matters such as foreign investment, corporate organization and
governance, commerce, taxation and trade. However, because these laws and
regulations are relatively new, and because of the limited volume of published
cases and judicial interpretation and their lack of force as precedents,
interpretation and enforcement of these laws and regulations involve
significant uncertainties. New laws and regulations that affect existing and
proposed future businesses may also be applied retroactively. We are considered
a foreign persons or foreign funded enterprises under PRC laws, and as a
result, we are required to comply with PRC laws and </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>regulations. We cannot
predict what effect the interpretation of existing or new PRC laws or regulations
may have on&nbsp;our business. If the relevant authorities find that we are in
violation of PRC laws or regulations, they would have broad discretion in
dealing with such a violation, including, without limitation:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>levying fines;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>revoking&nbsp;HBOP&#146;s
  business and other licenses;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>requiring that we
  restructure our ownership or operations; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>requiring that we
  discontinue any portion or all of our business.</FONT></P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among
the material laws that we are subject to are the Price Law of The People&#146;s
Republic of China, Measurement Law of The People&#146;s Republic of China, Tax Law,
Environmental Protection Law, Contract Law, Patent Law, Accounting Laws and
Labor Law.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>A slowdown, inflation or other adverse
developments in the PRC economy may harm our customers and the demand for our
services and&nbsp;products.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of our operations are conducted in the PRC and all of our revenue is generated
from sales in the PRC. Although the PRC economy has grown significantly in
recent years, we cannot assure you that this growth will continue. A slowdown
in overall economic growth, an economic downturn, a recession or other adverse
economic developments in the PRC could significantly reduce the demand
for&nbsp;our products and harm our business.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
the PRC economy has experienced rapid growth, such growth has been uneven among
various sectors of the economy and in different geographical areas of the
country. Rapid economic growth could lead to growth in the money supply and
rising inflation. If prices for our products rise at a rate that is
insufficient to compensate for the rise in the costs of supplies, it may harm
our profitability. In order to control inflation in the past, the PRC
government has imposed controls on bank credit, limits on loans for fixed
assets and restrictions on state bank lending. Such an austere policy can lead
to a slowing of economic growth. In October 2004, the People&#146;s Bank of China,
the PRC&#146;s central bank, raised interest rates for the first time in nearly a
decade and indicated in a statement that the measure was prompted by
inflationary concerns in the Chinese economy. Repeated rises in interest rates
by the central bank would likely slow economic activity in the PRC which could,
in turn, materially increase&nbsp;our costs and also reduce demand for&nbsp;our
products.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>Governmental control of currency conversion
may affect the value of your investment.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
PRC government imposes controls on the convertibility of Renminbi into foreign
currencies and, in certain cases, the remittance of currency out of the PRC. We
receive substantially all of our revenue in Renminbi, which is currently not a
freely convertible currency. Shortages in the availability of foreign currency
may restrict our ability to remit sufficient foreign currency to pay dividends,
or otherwise satisfy foreign currency dominated obligations. Under existing PRC
foreign exchange regulations, payments of current account items, including
profit distributions, interest payments and expenditures from the transaction,
can be made in foreign currencies without prior approval from the PRC State
Administration of Foreign Exchange by complying with certain procedural
requirements. However, approval from appropriate governmental authorities is
required where Renminbi is to be converted into foreign currency and remitted
out of the PRC to pay capital expenses such as the repayment of bank loans
denominated in foreign currencies.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
PRC government may also in the future restrict access to foreign currencies for
current account transactions. If the foreign exchange control system prevents
us from obtaining sufficient foreign currency to satisfy our currency demands,
we may not be able to pay certain of our expenses as they come due.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>The fluctuation of the Renminbi may harm
your investment.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
value of the Renminbi against the U.S. dollar and other currencies may
fluctuate and is affected by, among other things, changes in the PRC&#146;s
political and economic conditions.&nbsp;According to the currency website xe.com,
as of&nbsp;March 4, 2009, $1 = 6.84420 Yuan (RMB).&nbsp;As we rely entirely on
revenues earned in the PRC, any significant revaluation of the Renminbi may
materially and adversely affect our cash flows, revenues and financial
condition. For example, to the extent that we need to convert U.S. dollars we
receive from an offering of our securities into Renminbi for HBOP&#146;s operations,
appreciation of the Renminbi against the U.S. dollar would diminish the value
of the proceeds of the offering and this could harm our business, financial
condition and results of operations because it would reduce the proceeds
available to us for capital investment in proportion to the appreciation of the
Renminbi. Thus if we raise 1,000,000 dollars and the Renminbi appreciates against
the U.S. dollar by 15%, then the proceeds will be worth only RMB5,817,570 as
opposed to RMB 6,844,200 prior to the appreciation. Conversely, if we decide to
convert our Renminbi into U.S. dollars for the purpose of making payments for
dividends on our common shares or for other business purposes and the U.S.
dollar appreciates against the Renminbi; the U.S. dollar equivalent of the
Renminbi we convert would be reduced in proportion to the amount the U.S.
dollar appreciates. In addition, the depreciation of significant RMB
denominated assets could result in a charge to our income statement and a
reduction in the dollar&nbsp;value of these assets. Thus if HBOP has
RMB1,000,000 in assets and Renminbi is depreciated against the U.S. dollar
by&nbsp;15%, then the assets will be valued at $127,051as opposed to $146,109
prior to the depreciation.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>10</FONT></P>

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<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July 21, 2005, the PRC government changed its decade-old policy of pegging the
value of the Renminbi to the U.S. dollar. Under the new policy, the Renminbi is
permitted to fluctuate within a narrow and managed band against a basket of
certain foreign currencies. This change in policy has resulted in an
approximately 14.5% appreciation of the Renminbi against the U.S. dollar as of
June 2, 2008. While the international reaction to the Renminbi revaluation has
generally been positive, there remains significant international pressure on
the PRC government to adopt an even more flexible currency policy, which could
result in a further and more significant appreciation of the Renminbi against
the U.S. dollar.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>PRC State Administration of Foreign
Exchange (&#147;SAFE&#148;) regulations regarding offshore financing activities by PRC
residents which may increase the administrative burden we face. The failure by
our shareholders who are PRC residents to make any required applications and
filings pursuant to such regulations may prevent us from being able to
distribute profits and could expose us and our PRC resident shareholders to
liability under PRC law.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAFE,
issued a public notice (&#147;SAFE #75&#148;) effective from November 1, 2005, which
requires registration with SAFE by the PRC resident shareholders of any foreign
holding company of a PRC entity. Without registration, the PRC entity cannot
remit any of its profits out of the PRC as dividends or otherwise.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
October 2005, SAFE issued a public notice, the Notice on Relevant Issues in the
Foreign Exchange Control over Financing and Return Investment Through Special
Purpose Companies by Residents Inside China, or the SAFE notice, which requires
PRC residents, including both legal persons and natural persons, to register
with the competent local SAFE branch before establishing or controlling any
company outside of China, referred to as an &#147;offshore special purpose company,&#148;
for the purpose of overseas equity financing involving onshore assets or equity
interests held by them. In addition, any PRC resident that is the shareholder
of an offshore special purpose company is required to amend its SAFE
registration with the local SAFE branch with respect to that offshore special
purpose company in connection with any increase or decrease of capital,
transfer of shares, merger, division, equity investment or creation of any
security interest over any assets located in China. Moreover, if the offshore
special purpose company was established and owned the onshore assets or equity
interests before the implementation date of the SAFE notice, a retroactive SAFE
registration is required to have been completed before March 31, 2006. If any
PRC shareholder of any offshore special purpose company fails to make the
required SAFE registration and amendment, the PRC subsidiaries of that offshore
special purpose company may be prohibited from distributing their profits and
the proceeds from any reduction in capital, share transfer or liquidation to
the offshore special purpose company. Moreover, failure to comply with the SAFE
registration and amendment requirements described above could result in
liability under PRC laws for evasion of applicable foreign exchange
restrictions.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is unclear whether our other PRC resident shareholders must make disclosure to
SAFE. While our PRC counsel has advised us that only PRC resident shareholders
who receive ownership of the foreign holding company in exchange for ownership
in the PRC operating company are subject to SAFE #75, there can be no assurance
that SAFE will not require our other PRC resident shareholders to register and
make the applicable disclosure. In addition, SAFE #75 requires that any monies
remitted to PRC residents outside of the PRC be returned within 180 days;
however, there is no indication of what the penalty will be for failure to
comply or if shareholder non-compliance will be considered to be a violation of
SAFE #75 by us or otherwise affect us.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the proper procedures are not followed under SAFE
#75,&nbsp;HBOP&nbsp;could lose the ability to remit monies outside of the PRC
and would therefore be unable to pay dividends or make other distributions. Our
PRC resident shareholders could be subject to fines, other sanctions and even
criminal liabilities under the PRC Foreign Exchange Administrative Regulations
promulgated January 29, 1996, as amended.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>The PRC&#146;s legal and judicial system may not
adequately protect our business and operations and the rights of foreign
investors.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
PRC legal and judicial system may negatively impact foreign investors. In 1982,
the National People&#146;s Congress amended the Constitution of China to authorize
foreign investment and guarantee the &#147;lawful rights and interests&#148; of foreign
investors in the PRC. However, the PRC&#146;s system of laws is not yet
comprehensive. The legal and judicial systems in the PRC are still rudimentary,
and enforcement of existing laws is inconsistent. Many judges in the PRC lack
the depth of legal training and experience that would be expected of a judge in
a more developed country. Because the PRC judiciary is relatively inexperienced
in enforcing the laws that do exist, anticipation of judicial decision-making
is more uncertain than would be expected in a more developed country. It may be
impossible to obtain swift and equitable enforcement of laws that do exist, or
to obtain enforcement of the judgment of one court by a court of another
jurisdiction. The PRC&#146;s legal system is based on the civil law regime, that is,
it is based on written statutes; a decision by one judge does not set a legal
precedent that is required to be followed by judges in other cases. In
addition, the interpretation of Chinese laws may be varied to reflect domestic
political changes.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
promulgation of new laws, changes to existing laws and the pre-emption of local
regulations by national laws may adversely affect foreign investors. However,
the trend of legislation over the last 20 years has significantly enhanced the
protection of foreign investment and allowed for more control by foreign
parties of their investments in Chinese enterprises. There can be no assurance
that a change in leadership, social or political disruption, or unforeseen
circumstances affecting the PRC&#146;s political, economic or social life, will not
affect the PRC government&#146;s ability to continue to support and pursue these
reforms. Such a shift could have a material adverse effect on&nbsp;our business
and prospects.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>11</FONT></P>

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<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
practical effect of the PRC legal system on our business operations in the PRC
can be viewed from two separate but intertwined considerations. First, as a
matter of substantive law, the foreign invested enterprise laws provide significant
protection from government interference. In addition, these laws guarantee the
full enjoyment of the benefits of corporate articles and contracts to foreign
invested enterprise participants. These laws, however, do impose standards
concerning corporate formation and governance, which are qualitatively
different from the general corporation laws of the United States. Similarly,
the PRC accounting laws mandate accounting practices, which are not consistent
with U.S. generally accepted accounting principles. PRC&#146;s accounting laws
require that an annual &#147;statutory audit&#148; be performed in accordance with PRC
accounting standards and that the books of account of foreign invested
enterprises are maintained in accordance with Chinese accounting laws. Article
14 of the People&#146;s Republic of China Wholly Foreign-Owned Enterprise Law
requires a wholly foreign-owned enterprise to submit certain periodic fiscal
reports and statements to designated financial and tax authorities, at the risk
of business license revocation. While the enforcement of substantive rights may
appear less clear than United States procedures, foreign invested enterprises
and wholly foreign-owned enterprises are Chinese registered companies, which
enjoy the same status as other Chinese registered companies in
business-to-business dispute resolution. Any award rendered by an arbitration
tribunal is enforceable in accordance with the United Nations Convention on the
Recognition and Enforcement of Foreign Arbitral Awards (1958). Therefore, as a
practical matter, although no assurances can be given, the Chinese legal
infrastructure, while different in operation from its United States
counterpart, should not present any significant impediment to the operation of
foreign invested enterprises</FONT></P>

<P align=justify><FONT SIZE=2><B><I>Any recurrence of Severe Acute Respiratory
Syndrome, or SARS, or another widespread public health problem, could harm our
operations.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
renewed outbreak of SARS or another widespread public health problem (such as
bird flu) in the PRC, where all of our revenues are derived, could
significantly harm our operations. Our operations may be impacted by a number
of health-related factors, including quarantines or closures of some of our
offices that would adversely disrupt our operations. Any of the foregoing events
or other unforeseen consequences of public health problems could significantly
harm our operations.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>Because our principal assets are located
outside of the United States and most of our directors and officers reside
outside of the United States, it may be difficult for you to enforce your
rights based on U.S. federal securities laws against us and our officers or to
enforce U.S. court judgment against us or them in the PRC.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most
of our directors and officers reside outside of the United States. In addition,
our operating company is located in the PRC and substantially all of our assets
are located outside of the United States. It may therefore be difficult for
investors in the United States to enforce their legal rights based on the civil
liability provisions of the U.S. Federal securities laws against us in the
courts of either the U.S. or the PRC and, even if civil judgments are obtained
in U.S. courts, to enforce such judgments in PRC courts. Further, it is unclear
if extradition treaties now in effect between the United States and the PRC
would permit effective enforcement against us or our officers and directors of
criminal penalties, under the U.S. Federal securities laws or otherwise.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>The relative lack of public company
experience of our management team may put us at a competitive disadvantage.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
management team lacks public company experience, which could impair our ability
to comply with legal and regulatory requirements such as those imposed by
Sarbanes-Oxley Act of 2002. The individuals who now constitute our senior
management have never had responsibility for managing a publicly traded
company. Such responsibilities include complying with federal securities laws
and making required disclosures on a timely basis. Our senior management may
not be able to implement programs and policies in an effective and timely
manner that adequately responds to such increased legal, regulatory compliance
and reporting requirements. Our failure to comply with all applicable
requirements could lead to the imposition of fines and penalties and distract
our management from attending to the growth of our business.</FONT></P>

<P align=justify><FONT SIZE=2><B>RISKS RELATED TO OUR COMMON STOCK</B></FONT></P>

<P align=justify><FONT SIZE=2><B><I>Our officers and directors control us
through their positions and stock ownership and their interests may differ from
other stockholders.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of November 19, 2009, there were 14,861,719 shares of our common stock issued
and outstanding. Our officers and directors beneficially own approximately
34.43% of our common stock. Mr. Zhenyong Liu, our Chief Executive Officer,
beneficially owns approximately 34.42% of our common stock. As a result, he is
able to influence the outcome of stockholder votes on various matters,
including the election of directors and extraordinary corporate transactions
including business combinations. Yet Mr. Liu&#146;s interests may differ from those
of other stockholders. Furthermore, ownership of 34.43% of our common stock by
our officers and directors reduces the public float and liquidity, and may
affect the market price, of our common stock as traded on the OTCBB.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>We are not likely to pay cash dividends in
the foreseeable future.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
intend to retain any future earnings for use in the operation and expansion
of&nbsp;our business. We do not expect to pay any cash dividends in the
foreseeable future but will review this policy as circumstances dictate. Should
we decide in the future to do so, as a holding company, our ability to pay
dividends and meet other obligations depends upon the receipt of dividends or
other payments from our operating subsidiaries. In addition, our operating
subsidiaries, from time to time, may be subject to restrictions on their
ability to make distributions to us, including restrictions on the conversion
of local currency into U.S. dollars or other hard currency and other regulatory
restrictions.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B><I>12</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2><B><I>Investors may have difficulty liquidating
their investment because our common stock is subject to the &#147;penny stock&#148;
rules, which require delivery of a schedule explaining the penny stock market
and the associated risks before any sale.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
common stock may be subject to regulations prescribed by the SEC relating to
&#147;penny stocks.&#148; The SEC has adopted regulations that generally define a penny
stock to be any equity security that has a market price (as defined in such
regulations) of less than $5 per share, subject to certain exceptions. These
regulations impose additional sales practice requirements on broker-dealers who
sell penny stocks to persons other than established customers and accredited
investors (generally institutions with assets in excess of $5,000,000 and
individuals with a net worth in excess of $1,000,000 or annual income exceeding
$200,000 (individually) or $300,000 (jointly with their spouse). For
transactions covered by these rules, the broker-dealer must make a special
suitability determination for the purchase of these securities and have
received the purchaser&#146;s prior written consent to the transaction.
Additionally, for any transaction, other than exempt transactions, involving a
penny stock, the rules require the delivery, prior to the transaction, of a
risk disclosure document mandated by the SEC relating to the penny stock
market. The broker-dealer also must disclose the commissions payable to both
the broker-dealer and the registered representative, current quotations for the
securities and, if the broker-dealer is the sole market-maker, the
broker-dealer must disclose this fact and the broker-dealer&#146;s presumed control
over the market. Finally, monthly statements must be sent disclosing recent
price information for the penny stock held in the account and information on
the limited market in penny stocks.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal
remedies, which may be available to the investor, are as follows:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>If penny stocks are sold
  in violation of the investor&#146;s rights listed above, or other federal or state
  securities laws, the investor may be able to cancel his purchase and get his
  money back.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>If the stocks are sold in
  a fraudulent manner, the investor may be able to sue the persons and firms
  that caused the fraud for damages.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>If the investor has signed
  an arbitration agreement, however, s/he may have to pursue a claim through
  arbitration.</FONT></P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the person purchasing the securities is someone other than an accredited investor
or an established customer of the broker-dealer, the broker-dealer must also
approve the potential customer&#146;s account by obtaining information concerning
the customer&#146;s financial situation, investment experience and investment
objectives. The broker-dealer must also make a determination whether the
transaction is suitable for the customer and whether the customer has
sufficient knowledge and experience in financial matters to be reasonably
expected to be capable of evaluating the risk of transactions in such
securities. Accordingly, the SEC&#146;s rules may limit the number of potential
purchasers of the shares of our common stock and stockholders may have
difficulty selling their securities.&nbsp;</FONT></P>

<P align=justify><FONT SIZE=2><B><I>A large number of shares will be eligible
for future sale and may depress our stock price.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may be required, under terms of future financing arrangements, to offer a large
number of common shares to the public, or to register for sale by future
private investors a large number of shares sold in private sales to them.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales
of substantial amounts of common stock, or a perception that such sales could
occur, and the existence of options or warrants to purchase shares of common
stock at prices that may be below the then-current market price of our common
stock, could adversely affect the market price of our common stock and could
impair our ability to raise capital through the sale of our equity securities,
either of which would decrease the value of any earlier investment in our
common stock.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>Standards for compliance with Section 404
of the Sarbanes-Oxley Act of 2002 are uncertain, and if we fail to comply in a
timely manner, our business could be harmed and our stock price could decline.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rules
adopted by the SEC pursuant to Section 404 of the Sarbanes-Oxley Act of 2002
require annual assessment of our internal control over financial reporting, and
attestation of this assessment by our company&#146;s independent registered public
accountants. The SEC extended the compliance dates for non-accelerated filers,
as defined by the SEC. Accordingly, we believe that the annual assessment of
our internal controls requirement applies to our annual report for the 2009
fiscal year and the attestation requirement of management&#146;s assessment by our
independent registered public accountants will first apply to our annual report
for the 2010 fiscal year. The standards that must be met for management to
assess the internal control over financial reporting as effective are new and
complex, and require significant documentation, testing and possible
remediation to meet the detailed standards. We may encounter problems or delays
in completing activities necessary to make an assessment of our internal
control over financial reporting. In addition, the attestation process by our
independent registered public accountants is new and we may encounter problems
or delays in completing the implementation of any requested improvements and
receiving an attestation of our assessment by our independent registered public
accountants. If we cannot assess our internal control over financial reporting
as effective, or our independent registered public accountants are unable to
provide an unqualified attestation report on such assessment, investor
confidence and share value may be negatively impacted.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>USE OF PROCEEDS</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise indicated in a prospectus supplement, we intend to use the net
proceeds from the sale of the securities under this prospectus for general
corporate purposes, including expanding our products, and for general working
capital purposes. We may also use a </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>13</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>portion of the net proceeds
to acquire or invest in businesses and products that are complementary to our
own, although we have no current plans, commitments or agreements with respect
to any acquisitions as of the date of this prospectus.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>DESCRIPTION OF COMMON STOCK</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are authorized to issue 500,000,000 shares of common stock, $0.001 par value
per share. As of November 19, 2009, we had approximately 14,861,719 shares of
common stock issued and outstanding.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>14</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2><B>General</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
outstanding share of common stock is entitled to one vote, either in person or
by proxy, on all matters that may be voted upon by their holders at meetings of
the stockholders.</FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:5%'><FONT SIZE=2>Holders of our common stock:</FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:5%'><FONT SIZE=2>(i) have equal ratable
rights to dividends from funds legally available therefore, if declared by the
Board of Directors;</FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:5%'><FONT SIZE=2>(ii) are entitled to share
ratably in all our assets available for distribution to holders of common stock
upon our liquidation, dissolution or winding up;</FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:5%'><FONT SIZE=2>(iii) do not have
preemptive, subscription or conversion rights or redemption or sinking fund
provisions; and</FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:5%'><FONT SIZE=2>(iv) are entitled to one
non-cumulative vote per share on all matters on which stockholders may vote at
all meetings of our stockholders.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
holders of shares of our common stock do not have cumulative voting rights,
which means that the holder or holders of more than fifty percent (50%) of
outstanding shares voting for the election of directors can elect all of our
directors if they so choose and, in such event, the holders of the remaining
shares will not be able to elect any of the our directors.</FONT></P>

<P align=justify><FONT SIZE=2><B>Transfer Agent and Registrar</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
transfer agent and registrar for our common stock is Empire Stock Transfer Inc.</FONT></P>

<P align=justify><FONT SIZE=2><B>Listing</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
common stock is currently quoted on the Over-the-Counter Bulletin Board under
the symbol &#147;ORPN&#148;.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>15</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>DESCRIPTION OF WARRANTS</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may issue warrants for the purchase of common stock. Warrants may be issued
independently or together with any common stock, and may be attached to or
separate from any offered securities. Each series of warrants will be issued
under a separate warrant agreement to be entered into between a warrant agent
specified in the agreement and us. The warrant agent will act solely as our
agent in connection with the warrants of that series and will not assume any
obligation or relationship of agency or trust for or with any holders or
beneficial owners of warrants. This summary of some provisions of the securities
warrants is not complete. You should refer to the securities warrant agreement,
including the forms of securities warrant certificate representing the
securities warrants, relating to the specific securities warrants being offered
for the complete terms of the securities warrant agreement and the securities
warrants. The securities warrant agreement, together with the terms of the
securities warrant certificate and securities warrants, will be filed with the
SEC in connection with the offering of the specific warrants.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
applicable prospectus supplement will describe the following terms, where
applicable, of the warrants in respect of which this prospectus is being
delivered:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The title of the warrants;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The aggregate number of the
  warrants;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The price or prices at
  which the warrants will be issued;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The designation, amount
  and terms of the offered securities purchasable upon exercise of the
  warrants;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>if applicable, the date on
  and after which the warrants and the offered securities purchasable upon
  exercise of the warrants will be separately transferable;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The terms of the
  securities purchasable upon exercise of such warrants and the procedures and
  conditions relating to the exercise of such warrants;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Any provisions for
  adjustment of the number or amount of securities receivable upon exercise of
  the warrants or the exercise price of the warrants;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The price or prices at
  which and currency or currencies in which the offered securities purchasable
  upon exercise of the warrants may be purchased;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The date on which the
  right to exercise the warrants shall commence and the date on which the right
  shall expire;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The minimum or maximum
  amount of the warrants that may be exercised at any one time;</FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2>16</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>information with respect
  to book-entry procedures, if any;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>if appropriate, a
  discussion of Federal income tax consequences; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Any other material terms
  of the warrants, including terms, procedures and limitations relating to the
  exchange and exercise of the warrants.</FONT></P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants
for the purchase of common stock will be offered and exercisable for U.S.
dollars only. Warrants will be issued in registered form only.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt of payment and the warrant certificate properly completed and duly
executed at the corporate trust office of the warrant agent or any other office
indicated in the applicable prospectus supplement, we will, as soon as
practicable, forward the purchased securities. If less than all of the warrants
represented by the warrant certificate are exercised, a new warrant certificate
will be issued for the remaining warrants.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the exercise of any securities warrants to purchase common stock, holders of
the warrants will not have any of the rights of holders of the common stock
purchasable upon exercise, including in the case of securities warrants for the
purchase of common stock, the right to vote or to receive any payments of
dividends on the common stock purchasable upon exercise.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>DESCRIPTION OF DEBT SECURITIES</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following description, together with the additional information we include in
any applicable prospectus supplements, summarizes the material terms and
provisions of the debt securities that we may offer under this prospectus, but
is not complete. We may issue debt securities, in one or more series, as either
senior or subordinated debt or as senior or subordinated convertible debt.
While the terms we have summarized below will apply generally to any future
debt securities we may offer under this prospectus, we will describe the
particular terms of any debt securities that we may offer in more detail in the
applicable prospectus supplement. Unless the context requires otherwise,
whenever we refer to the &#147;indentures,&#148; we also are referring to any
supplemental indentures that specify the terms of a particular series of debt
securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will issue any new senior debt securities under a senior indenture that we will
enter into with a trustee named in such senior indenture. We will issue any
subordinated debt securities under a subordinated indenture that we will enter
into with a trustee named in such subordinated indenture. We have filed forms
of these documents as exhibits to the registration statement, of which this
prospectus is a part, and supplemental indentures, forms of debt securities
containing the terms of any debt securities to be offered, and other related
documents will be filed as exhibits to the registration statement of which this
prospectus is a part or will be incorporated by reference from reports that we
file with the SEC.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
indenture and any trustee will be qualified under the Trust Indenture Act of
1939, as amended (the &#147;Trust Indenture Act&#148;). We use the term &#147;trustee&#148; to
refer to either a trustee under the senior indenture or a trustee under the
subordinated indenture, as applicable.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following summaries of material provisions of any senior debt securities, any
subordinated debt securities and the related indentures are subject to, and
qualified in their entirety by reference to, all of the provisions of any
indenture applicable to a particular series of debt securities. We urge you to
read the applicable prospectus supplements related to any debt securities that
we may offer under this prospectus, as well as the complete indentures that
contains the terms of any debt securities. Except as we may otherwise indicate,
the terms of any senior indenture and any subordinated indenture will be
identical.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the material specific financial, legal and other terms as well as any
material U.S. federal income tax consequences particular to securities of each
series will be described in the prospectus supplement relating to the
securities of that series. The prospectus supplement may or may not modify the
general terms found in this prospectus and will be filed with the SEC. For a
complete description of the terms of a particular series of debt securities,
you should read both this prospectus and the prospectus supplement relating to
that particular series.</FONT></P>

<P align=justify><FONT SIZE=2><B>General</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms of each series of debt securities will be established by or pursuant to a
resolution of our board of directors and set forth or determined in the manner
provided in an officers&#146; certificate or by a supplement indenture. Debt
securities may be issued in separate series without limitation as to aggregate
principal amount. We may specify a maximum aggregate principal amount for the
debt securities of any series. This section and the applicable prospectus
supplement summarize all the material terms of the applicable indenture and the
debt security being offered. They do not, however, describe every aspect of the
indenture and the debt security. For example, in this section and the
prospectus supplement we use terms that have been given special meaning in the
indenture, but we describe the meaning for only the more important of those
terms. We will describe in the applicable prospectus supplement the terms of
the series of debt securities being offered, including:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>17</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the title;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the principal amount being
  offered, and if a series, the total amount authorized and the total amount
  outstanding;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>any limit on the amount
  that may be issued;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>whether or not we will
  issue the series of debt securities in global form, and, if so, the terms and
  who the depositary will be;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the maturity date;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the annual interest rate,
  which may be fixed or variable, or the method for determining the rate and
  the date interest will begin to accrue, the dates interest will be payable
  and the regular record dates for interest payment dates or the method for
  determining such dates;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>whether or not the debt
  securities will be secured or unsecured, and the terms of any secured debt;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the terms of the
  subordination of any series of subordinated debt;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the place where payments
  will be payable;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>restrictions on transfer,
  sale or other assignment, if any;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>our right, if any, to defer
  payment of interest and the maximum length of any such deferral period;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the date, if any, after
  which, and the price at which, we may, at our option, redeem the series of
  debt securities pursuant to any optional or provisional redemption provisions
  and the terms of those redemption provisions;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the date, if any, on
  which, and the price at which we are obligated, pursuant to any mandatory
  sinking fund or analogous fund provisions or otherwise, to redeem, or at the
  holder&#146;s option, to purchase, the series of debt securities and the currency
  or currency unit in which the debt securities are payable;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>whether the indenture will
  restrict our ability to:</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>incur additional
  indebtedness;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>issue additional
  securities;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>create liens;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Pay dividends or make
  distributions in respect of our capital stock or the capital stock of our
  subsidiaries;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>redeem capital stock;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>place restrictions on our
  subsidiaries&#146; ability to pay dividends, make distributions or transfer
  assets;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>make investments or other
  restricted payments;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Sell or otherwise dispose
  of assets;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>enter into sale-leaseback
  transactions;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>engage in transactions
  with stockholders or affiliates;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>issue or sell stock of our
  subsidiaries; or</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>effect a consolidation or
  merger;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>whether the indenture will
  require us to maintain any interest coverage, fixed charge, cash flow-based,
  asset-based or other financial ratios;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>A discussion of certain
  material or special U.S. federal income tax considerations applicable to the
  debt securities;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>information describing any
  book-entry features;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>provisions for a sinking
  fund purchase or other analogous fund, if any;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the applicability of the provisions
  in the indenture on discharge;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>whether the debt
  securities are to be offered at a price such that they will be deemed to be
  offered at an &#147;original issue discount&#148; as defined in paragraph (a) of
  Section 1273 of the Internal Revenue Code of 1986, as amended;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the denominations in which
  we will issue the series of debt securities, if other than denominations of
  $1,000 and any integral multiple thereof;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the currency of payment of
  debt securities if other than U.S. dollars and the manner of determining the
  equivalent amount in U.S. dollars; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>any other specific terms,
  preferences, rights or limitations of, or restrictions on, the debt
  securities, including any additional events of default or covenants provided
  with respect to the debt securities, and any terms that may be required by us
  or advisable under applicable laws or regulations.</FONT></P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2><B>Principal Amount, Stated Maturity and Maturity</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal amount of a debt security means the principal amount payable at its
stated maturity, unless that amount is not determinable, in which case the
principal amount of a debt security is its face amount.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &#147;stated maturity&#148; with respect to any debt security means the day on which
the principal amount of your debt security is scheduled to become due. The
principal may become due sooner, by reason of redemption or acceleration after
a default or otherwise in accordance with the terms of the debt security. The
day on which the principal actually becomes due, whether at the stated maturity
or earlier, is called the &#147;maturity&#148; of the principal.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also use the terms &#147;stated maturity&#148; and &#147;maturity&#148; to refer to the days when
other payments become due. For example, we may refer to a regular interest
payment date when an installment of interest is scheduled to become due as the
&#147;stated maturity&#148; of that installment. When we refer to the &#147;stated maturity&#148;
or the &#147;maturity&#148; of a debt security without specifying a particular payment,
we mean the stated maturity or maturity, as the case may be, of the principal.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>18</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2><B>Conversion or Exchange Rights</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will set forth in the applicable prospectus supplement the terms on which a
series of debt securities may be convertible into or exchangeable for our common
stock or other securities. We will include provisions as to whether conversion
or exchange is mandatory, at the option of the holder or at our option. We may
include provisions pursuant to which the number of shares of our common stock
or other securities that the holders of the series of debt securities receive
would be subject to adjustment.</FONT></P>

<P align=justify><FONT SIZE=2><B>Consolidation, Merger or Sale</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
we provide otherwise in the prospectus supplement applicable to a particular
series of debt securities, the indentures will not contain any covenant that is
a material restriction on our ability to merge or consolidate, or sell, convey,
transfer or otherwise dispose of all or substantially all of our assets.</FONT></P>

<P align=justify><FONT SIZE=2><B>Events of Default under the Indenture</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
we provide otherwise in the prospectus supplement applicable to a particular
series of debt securities, the following are events of default under the
indentures with respect to any series of debt securities that we may issue:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>If we fail to pay interest
  when due and payable and our failure continues for 90 days and the time for
  payment has not been extended;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>If we fail to pay the
  principal, premium or sinking fund payment, if any, when due and payable at
  maturity, upon redemption or repurchase or otherwise, and the time for
  payment has not been extended;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>If we fail to observe or
  perform any other covenant contained in the debt securities or the
  indentures, other than a covenant specifically relating to another series of
  debt securities, and our failure continues for 90 days after we receive
  notice from the trustee or we and the trustee receive notice from the holders
  of at least 51% in aggregate principal amount of the outstanding debt
  securities of the applicable series; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>If specified events of
  bankruptcy, insolvency or reorganization occur.</FONT></P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will describe in each applicable prospectus supplement any additional events of
default or differences in the events of default identified above relating to
the relevant series of debt securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an event of default with respect to debt securities of any series occurs and is
continuing, other than an event of default specified in the last bullet point
above, the trustee or the holders of at least 51% in aggregate principal amount
of the outstanding debt securities of that series, by notice to us in writing,
and to the trustee if notice is given by such holders, may declare the unpaid
principal, premium, if any, and accrued interest, if any, due and payable
immediately. If an event of default specified in the last bullet point above
occurs with respect to us, the unpaid principal, premium, if any, and accrued
interest, if any, of each issue of debt securities then outstanding shall be
due and payable without any notice or other action on the part of the trustee
or any holder.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms of the indentures, the holders of a majority in principal amount
of the outstanding debt securities of an affected series may waive any default
or event of default with respect to the series and its consequences, except
defaults or events of default regarding payment of principal, premium, if any,
or interest, unless we have cured the default or event of default in accordance
with the indenture. Any waiver shall cure the default or event of default.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms of the indentures, if an event of default under an indenture
occurs and continues, the trustee will be under no obligation to exercise any
of its rights or powers under such indenture at the request or direction of any
of the holders of the applicable series of debt securities, unless such holders
have offered the trustee reasonable indemnity or security satisfactory to it
against any loss, liability or expense. The holders of a majority in principal
amount of the outstanding debt securities of any series will have the right to
direct the time, method and place of conducting any proceeding for any remedy
available to the trustee, or exercising any trust or power conferred on the
trustee, with respect to the debt securities of that series, provided that:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>the direction so given by
  the holder is not in conflict with any law or the applicable indenture; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>subject to its duties
  under the Trust Indenture Act, the trustee need not take any action that
  might involve it in personal liability or might be unduly prejudicial to the
  holders not involved in the proceeding.</FONT></P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indentures provide that if an event of default has occurred and is continuing,
the trustee will be required in the exercise of its powers to use the degree of
care that a prudent person would use in the conduct of its own affairs. The
trustee, however, may refuse to follow any direction that conflicts with law or
the indenture, or that the trustee determines is unduly prejudicial to the
rights of any other holder of the relevant series of debt securities, or that
would involve the trustee in personal liability. Prior to taking any action
under the indentures, the trustee will be entitled to indemnification against
all costs, expenses and liabilities that would be incurred by taking or not
taking such action.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>19</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2><B>Modification of Indenture; Waiver</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms of the indenture for any series of debt securities that we may
issue, we and the trustee may change an indenture without the consent of any
holders with respect to the following specific matters:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>to fix any ambiguity,
  defect or inconsistency in the indenture;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>to comply with assumption
  of obligations in the event of a consolidation, merger, or sale;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>to comply with any
  requirements of the SEC in connection with the qualification of any indenture
  under the Trust Indenture Act;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>to add to, delete from or
  revise the conditions, limitations, and restrictions on the authorized
  amount, terms, or purposes of issue, authentication and delivery of debt
  securities, provided that it does not have a material adverse effect on any
  holders as set forth in the indenture;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>to provide for the
  issuance of and establish the form and terms and conditions of the debt
  securities of any series as provided under &#147;Description of Debt Securities &#151;
  General,&#148; to establish the form of any certifications required to be
  furnished pursuant to the terms of the indenture or any series of debt securities,
  or to add to the rights of the holders of any series of debt securities;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>to evidence and provide
  for the acceptance of appointment hereunder by a successor trustee;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>to provide for
  uncertificated debt securities and to make all appropriate changes for such
  purpose;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>to add to our covenants
  such new covenants, restrictions, conditions or provisions for the benefit of
  the holders, to make the occurrence, or the occurrence and the continuance,
  of a default in any such additional covenants, restrictions, conditions or
  provisions an event of default or to surrender any right or power conferred
  to us in the indenture; or</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>to change anything that
  does not adversely affect the interests of any holder of debt securities of
  any series in any material respect.</FONT></P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, under the indentures, the rights of holders of a series of debt
securities may be changed by us and the trustee with the written consent of the
holders of at least a majority in aggregate principal amount of the outstanding
debt securities of each series that is affected. However, subject to the terms
of the indenture for any series of debt securities that we may issue or
otherwise provided in the prospectus supplement applicable to a particular
series of debt securities, we and the trustee may only make the following
changes with the consent of each holder of any outstanding debt securities
affected:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>extending the stated
  maturity of the series of debt securities;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>reducing the principal
  amount, reducing the rate of or extending the time of payment of interest, or
  reducing any premium payable upon the redemption or repurchase of any debt
  securities; or</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>reducing the percentage of
  debt securities, the holders of which are required to consent to any
  amendment, supplement, modification or waiver.</FONT></P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discharge</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
indenture provides that, subject to the terms of the indenture and any
limitation otherwise provided in the prospectus supplement applicable to a
particular series of debt securities, we can elect to be discharged from our
obligations with respect to one or more series of debt securities, except for
specified obligations, including obligations to:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>register the transfer or
  exchange of debt securities of the series;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>replace stolen, lost or
  mutilated debt securities of the series;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>maintain paying agencies;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>recover excess money held
  by the trustee;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>compensate and indemnify
  the trustee; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>appoint any successor
  trustee.</FONT></P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to exercise our rights to be discharged, we must deposit with the trustee
money or government obligations sufficient to pay all the principal of, any
premium and interest on, the debt securities of the series on the dates
payments are due.</FONT></P>

<P align=justify><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form, Exchange and Transfer</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may issue debt securities of each series only in fully registered form without
coupons and, unless we otherwise specify in the applicable prospectus
supplement, in denominations of $1,000 and any integral multiple thereof. The
indentures will provide that we may issue debt securities of a series in
temporary or permanent global form and as book-entry securities that will be
deposited with, or on behalf of, The Depository Trust Company or another
depositary named by us and identified in a prospectus supplement with respect
to that series (the &#147;Depository&#148;). See &#147;Book-Entry&#148; below for a further
description of the terms relating to any book-entry securities.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>20</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the option of the holder, subject to the terms of the indentures and the
limitations applicable to global securities described in the applicable
prospectus supplement, the holder of the debt securities of any series can
exchange the debt securities for other debt securities of the same series, in
any authorized denomination and of like tenor and aggregate principal amount.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms of the indentures and the limitations applicable to global
securities set forth in the applicable prospectus supplement, holders of the
debt securities may present the debt securities for exchange or for
registration of transfer, duly endorsed or with the form of transfer endorsed
thereon duly executed if so required by us or the security registrar, at the
office of the security registrar or at the office of any transfer agent
designated by us for this purpose. Unless otherwise provided in the debt
securities that the holder presents for transfer or exchange, we will make no
service charge for any registration of transfer or exchange, but we may require
payment of any taxes or other governmental charges.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will name in the applicable prospectus supplement the security registrar, and
any transfer agent in addition to the security registrar, that we initially
designate for any debt securities. We may at any time designate additional
transfer agents or rescind the designation of any transfer agent or approve a
change in the office through which any transfer agent acts, except that we will
be required to maintain a transfer agent in each place of payment for the debt
securities of each series.</FONT></P>

<P align=justify><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordination</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
subordinated notes will be unsecured and will be subordinate and junior in
priority of payment to certain of our other indebtedness to the extent
described in a prospectus supplement. The subordinated indenture does not limit
the amount of subordinated notes which we may issue, nor does it limit us from
issuing any other secured or unsecured debt.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>DESCRIPTION OF UNITS</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
specified in the applicable prospectus supplement, we may issue units
consisting of shares of common stock or warrants or any combination of such
securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
applicable prospectus supplement will specify the following terms of any units
in respect of which this prospectus is being delivered:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The terms of the units and
  of any of the common stock and warrants comprising the units, including
  whether and under what circumstances the securities comprising the units may
  be traded separately;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>a description of the terms
  of any unit agreement governing the units; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>a description of the
  provisions for the payment, settlement, transfer or exchange of the units.</FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2><B>PLAN OF DISTRIBUTION</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may sell the securities offered through this prospectus (i)&nbsp;to or through
underwriters or dealers, (ii)&nbsp;directly to purchasers, including our
affiliates, (iii)&nbsp;through agents, or (iv)&nbsp;through a combination of
any these methods. The securities may be distributed at a fixed price or
prices, which may be changed, market prices prevailing at the time of sale,
prices related to the prevailing market prices, or negotiated prices. The
prospectus supplement will include the following information:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The terms of the offering;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The names of any
  underwriters or agents;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The name or names of any
  managing underwriter or underwriters;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The purchase price of the
  securities;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Any over-allotment options
  under which underwriters may purchase additional securities from us;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The net proceeds from the
  sale of the securities</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Any delayed delivery
  arrangements</FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2>21</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Any underwriting
  discounts, commissions and other items constituting underwriters&#146;
  compensation;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Any initial public
  offering price;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Any discounts or
  concessions allowed or reallowed or paid to dealers;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Any commissions paid to
  agents; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Any securities exchange or
  market on which the securities may be listed.</FONT></P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2><B>Sale Through Underwriters or Dealers</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
underwriters named in the prospectus supplement are underwriters of the
securities offered by the prospectus supplement.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
underwriters are used in the sale, the underwriters will acquire the securities
for their own account, including through underwriting, purchase, security
lending or repurchase agreements with us. The underwriters may resell the
securities from time to time in one or more transactions, including negotiated
transactions. Underwriters may sell the securities in order to facilitate
transactions in any of our other securities (described in this prospectus or
otherwise), including other public or private transactions and short sales.
Underwriters may offer securities to the public either through underwriting
syndicates represented by one or more managing underwriters or directly by one
or more firms acting as underwriters. Unless otherwise indicated in the
prospectus supplement, the obligations of the underwriters to purchase the
securities will be subject to certain conditions, and the underwriters will be
obligated to purchase all the offered securities if they purchase any of them.
The underwriters may change from time to time any initial public offering price
and any discounts or concessions allowed or reallowed or paid to dealers.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
dealers are used in the sale of securities offered through this prospectus, we
will sell the securities to them as principals. They may then resell those
securities to the public at varying prices determined by the dealers at the
time of resale. The prospectus supplement will include the names of the dealers
and the terms of the transaction.</FONT></P>

<P align=justify><FONT SIZE=2><B>Direct Sales and Sales Through Agents</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may sell the securities offered through this prospectus directly. In this case,
no underwriters or agents would be involved. Such securities may also be sold
through agents designated from time to time. The prospectus supplement will
name any agent involved in the offer or sale of the offered securities and will
describe any commissions payable to the agent. Unless otherwise indicated in
the prospectus supplement, any agent will agree to use its reasonable best
efforts to solicit purchases for the period of its appointment.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may sell the securities directly to institutional investors or others who may
be deemed to be underwriters within the meaning of the Securities Act with
respect to any sale of those securities. The terms of any such sales will be
described in the prospectus supplement.</FONT></P>

<P align=justify><FONT SIZE=2><B>Delayed Delivery Contracts</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the prospectus supplement indicates, we may authorize agents, underwriters or
dealers to solicit offers from certain types of institutions to purchase
securities at the public offering price under delayed delivery contracts. These
contracts would provide for payment and delivery on a specified date in the
future. The contracts would be subject only to those conditions described in
the prospectus supplement. The applicable prospectus supplement will describe
the commission payable for solicitation of those contracts.</FONT></P>

<P align=justify><FONT SIZE=2><B>Continuous Offering Program</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting the generality of the foregoing, we may enter into a continuous
offering program equity distribution agreement with a broker-dealer, under
which we may offer and sell shares of our common stock from time to time
through a broker-dealer as our sales agent. If we enter into such a program,
sales of the shares of common stock, if any, will be made by means of ordinary
brokers&#146; transactions on the Over-the-Counter Bulletin Board, or on such
securities market or exchange on which our common stock is then traded, at market
prices, block transactions and such other transactions as agreed upon by us and
the broker-dealer. Under the terms of such a program, we also may sell shares
of common stock to the broker-dealer, as principal for its own account at a
price agreed upon at the time of sale. If we sell shares of common stock to
such broker-dealer as principal, we will enter into a separate terms agreement
with such broker-dealer, and we will describe this agreement in a separate
prospectus supplement or pricing supplement.</FONT></P>

<P align=justify><FONT SIZE=2><B>Market Making, Stabilization and Other Transactions</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
the applicable prospectus supplement states otherwise, other than our common
stock all securities we offer under this prospectus will be a new issue and
will have no established trading market. We may elect to list offered
securities on an exchange or in the over-the-counter market. Any underwriters
that we use in the sale of offered securities may make a market in such
securities, but may discontinue such market making at any time without notice.
Therefore, we cannot assure you that the securities will have a liquid trading
market.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>22</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
underwriter may also engage in stabilizing transactions, syndicate covering
transactions and penalty bids in accordance with Rule 104 under the Securities
Exchange Act. Stabilizing transactions involve bids to purchase the underlying
security in the open market for the purpose of pegging, fixing or maintaining
the price of the securities. Syndicate covering transactions involve purchases
of the securities in the open market after the distribution has been completed
in order to cover syndicate short positions.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penalty
bids permit the underwriters to reclaim a selling concession from a syndicate
member when the securities originally sold by the syndicate member are
purchased in a syndicate covering transaction to cover syndicate short
positions. Stabilizing transactions, syndicate covering transactions and
penalty bids may cause the price of the securities to be higher than it would be
in the absence of the transactions. The underwriters may, if they commence
these transactions, discontinue them at any time.</FONT></P>

<P align=justify><FONT SIZE=2><B>General Information</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agents,
underwriters, and dealers may be entitled, under agreements entered into with
us, to indemnification by us against certain liabilities, including liabilities
under the Securities Act. Our agents, underwriters, and dealers, or their
affiliates, may be customers of, engage in transactions with or perform
services for us, in the ordinary course of business.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>LEGAL MATTERS</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity of the issuance of the securities offered by this prospectus will be
passed upon for us by Sichenzia Ross Friedman Ference LLP, New York, New York.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>EXPERTS</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
financial statements of Orient Paper, Inc. as of December 31, 2008, and 2007,
and for each of the years in the two-year period ended December 31, 2008,
appearing in Orient Paper, Inc.&#146;s Annual Report (Form 10-K) for the year ended
December 31, 2008, have been audited by Davis Accounting Group P.C., Orient
Paper, Inc.&#146;s independent registered public accounting firm, as set forth in
its report thereon, included therein, and incorporated herein by reference.
Such financial statements are incorporated herein by reference in reliance upon
such report given on the authority of such firm as experts in accounting and
auditing.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>WHERE YOU CAN FIND MORE INFORMATION</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
file annual, quarterly and special reports, along with other information with
the SEC. Our SEC filings are available to the public over the Internet at the
SEC&#146;s website at http://www.sec.gov. You may also read and copy any document we
file at the SEC&#146;s Public Reference Room at 100 F Street, NE, Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 for further information on the
Public Reference Room.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus is part of a registration statement on Form&nbsp;S-3 that we filed
with the SEC to register the securities offered hereby under the Securities Act
of 1933, as amended. This prospectus does not contain all of the information
included in the registration statement, including certain exhibits and
schedules. You may obtain the registration statement and exhibits to the
registration statement from the SEC at the address listed above or from the
SEC&#146;s internet site.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus is part of a registration statement filed with the SEC. The SEC
allows us to &#147;incorporate by reference&#148; into this prospectus the information
that we file with them, which means that we can disclose important information
to you by referring you to those documents. The information incorporated by
reference is considered to be part of this prospectus, and information that we
file later with the SEC will automatically update and supersede this
information. The following documents were filed with the SEC pursuant to the
Exchange Act and are incorporated by reference and made a part of this
prospectus:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Our Annual Report on
  Form&nbsp;10-K for the year ended December&nbsp;31, 2008, filed with the SEC
  on March 27, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Our Quarterly Report on
  Form&nbsp;10-Q for the three months ended March 31, 2009, filed with the SEC
  on May 15, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Our Quarterly Report on
  Form&nbsp;10-Q for the three months ended June 30, 2009, filed with the SEC
  on August 14, 2009;</FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2>23</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Our Quarterly Report on
  Form&nbsp;10-Q for the three months ended September 30, 2009, filed with the
  SEC on November 13, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Our Current Report on
  Form&nbsp;8-K filed with the SEC on March 30, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Our Current Report on Form&nbsp;8-K
  filed with the SEC on May 6, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Our Current Report on
  Form&nbsp;8-K filed with the SEC on June 30, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Our Current Report on
  Form&nbsp;8-K filed with the SEC on August 5, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Our Current Report on
  Form&nbsp;8-K filed with the SEC on August 17, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Our Current Report on
  Form&nbsp;8-K filed with the SEC on August 31, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Our Current Report on
  Form&nbsp;8-K filed with the SEC on September 10, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Our Current Report on
  Form&nbsp;8-K filed with the SEC on October 8, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Our Current Report on
  Form&nbsp;8-K filed with the SEC on October 29, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Our Current Report on
  Form&nbsp;8-K filed with the SEC on November 6, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Our Current Report on
  Form&nbsp;8-K filed with the SEC on November 12, 2009;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The description of our
  Common Stock contained in the our Registration Statement on Form 8-A filed
  May 10, 2007 (File No. 000-52639), including any amendment or report filed
  for the purpose of updating such description; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>all reports and other
  documents subsequently filed by us pursuant to Sections&nbsp;13(a), 13(c), 14
  and 15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange
  Act&#148;) after the date of this prospectus and prior to the termination of this
  offering.</FONT></P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, information furnished under Items&nbsp;2.02 and 7.01 of any
Current Report on Form&nbsp;8-K, including the related exhibits, is not
incorporated by reference in this prospectus.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
statement contained herein or made in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded
for purposes of this prospectus to the extent that a statement contained
herein, or in any other subsequently filed document which also is incorporated
or deemed to be incorporated by reference herein, modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this prospectus.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>24</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will provide without charge to each person to whom this prospectus is
delivered, upon oral or written request, a copy of any or all of the foregoing
documents incorporated herein by reference (other than exhibits to such
documents unless such exhibits are specifically incorporated by reference into
the information that this prospectus incorporates). Written or telephone
requests should be directed to: Orient Paper, Inc., Nansan Gongli, Nanhuan Rd,
Xushui County, Baoding City, Hebei Province, People&#146;s Republic of China. Our
telephone number is (86) 312-8605508. Our website is located at
http://www.orientalpapercorporation.com.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should rely only on the information contained or incorporated by reference in
this prospectus or any prospectus supplement. We have not authorized anyone
else to provide you with different or additional information. We will not make
an offer of these securities in any state where the offer is not permitted. You
should not assume that the information in this prospectus or any supplement is
accurate as of any date other than the date of those documents.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>25</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>$50,000,000<BR>
Common Stock<BR>
Warrants<BR>
Debt Securities<BR>
Units</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Orient Paper, Inc.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Prospectus<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>PART II<BR>
INFORMATION NOT REQUIRED IN PROSPECTUS</B></FONT></P>

<P align=justify><FONT SIZE=2><B>Item 14. Other Expenses of Issuance and Distribution.</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth the costs and expenses payable by the Registrant in
connection with this offering, other than underwriting commissions and
discounts, all of which are estimated except for the SEC registration fee.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="82%" VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2><B>Item</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2><B>Amount</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=2>SEC registration fee</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P ALIGN=RIGHT><FONT SIZE=2>2,790</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=2>Printing and engraving
  expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=2>Legal fees and expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P ALIGN=RIGHT><FONT SIZE=2>30,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=2>Accounting fees and
  expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=2>Transfer agent and
  registrar&#146;s fees and expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P ALIGN=RIGHT><FONT SIZE=2>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=2>Miscellaneous expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>15,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Total</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P ALIGN=RIGHT><FONT SIZE=2>77,790</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#F0F8FF">
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P align=justify>&nbsp;</P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2><B>Item 15. Indemnification of Directors and Officers.</B></FONT></P>

<P align=justify><FONT SIZE=2>Under Sections 78.7502 and
78.751 of the Nevada Revised Statutes, the Company has broad powers to
indemnify and insure its directors and officers against liabilities they may
incur in their capacities as such. The Company&#146;s amended and restated articles
of incorporation implement the indemnification and insurance provisions
permitted by Chapter 78 of the Nevada Revised Statutes by providing that:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The Company shall indemnify
  all its directors and officers to the fullest extent permitted by Chapter 78
  of the Nevada Revised Statutes or any other law then in effect or as it may
  hereafter be amended. The Company shall indemnify each of its present and
  future directors and officers who becomes a party or is threatened to be made
  a party to any suit or proceeding, against expenses, including, but not
  limited to, attorneys&#146; fees, judgments, fines, and amounts paid in settlement
  actually and reasonably incurred by him in connection with the action, suit,
  proceeding or settlement, provided such person acted in good faith and in a
  manner which he reasonably believed to be in or not opposed to the best
  interest of the Company, and, with respect to any criminal action or proceeding,
  had no reasonable cause to believe his conduct was unlawful.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>The expenses of directors
  and officers incurred in defending a civil or criminal action, suit, or
  proceeding may be paid by the Company as they are incurred and in advance of
  the final disposition of the foregoing actions, if such person undertakes to
  repay said expenses if it is ultimately determined by a court that he is not
  entitled to be indemnified by the Company, meaning, a final adjudication
  establishes that the person&#146;s acts or omissions involved a breach of any
  fiduciary duties, where applicable, intentional misconduct, fraud or a
  knowing violation of the law which was material to the cause of action.</FONT></P>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2>These indemnification
provisions may be sufficiently broad to permit indemnification of the Company&#146;s
directors and officers for liabilities (including reimbursement of expenses
incurred) arising under the Securities Act.</FONT></P>

<P align=justify><FONT SIZE=2>Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to our
directors, officers or controlling persons pursuant to the foregoing
provisions, we have been informed that, in the opinion of the SEC, such
indemnification is against public policy as expressed in the Securities Act and
is therefore unenforceable.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>II-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2><B>Item 16. Exhibits.</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="9%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="88%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>Exhibit</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>Number</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>Description&nbsp;of&nbsp;Document</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>1.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Form of Underwriting
  Agreement.*</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>2.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Agreement and Plan of
  Merger, dated October 29, 2007, by and among Carlateral, Inc., CARZ Merger
  Sub, Inc., Dongfang Zhiye Holding Limited, and the shareholders of Dongfang
  Zhiye Holding Limited (incorporated by reference from Exhibit 10.1 to the
  Company&#146;s Current Report on Form 8-K filed with the Securities and Exchange
  Commission on November 2, 2007).</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>3.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Articles of Incorporation
  of the Company (incorporated by reference from Exhibit 3.1 to the Company&#146;s
  Registration Statement on Form SB-2 filed with the Securities and Exchange
  Commission on August 4, 2006).</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>3.2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Certificate of Amendment
  to Articles of Incorporation of the Company (incorporated by reference from
  Exhibit 3.1 to the Company&#146;s Current Report on Form 8-K filed with the
  Securities and Exchange Commission on December 28, 2007).</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>3.3</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>By-laws of the Company
  (incorporated by reference from Exhibit 3.2 to the Company&#146;s Registration
  Statement on Form SB-2 filed with the Securities and Exchange Commission on
  August 4, 2006).</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>4.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Specimen of Common Stock
  certificate (incorporated by reference from Exhibit 4.1 to the Company&#146;s
  Registration Statement on Form SB-2 filed with the Securities and Exchange
  Commission on August 4, 2006).</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>4.2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Form of Warrant
  Agreement.*</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>4.3</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Form of Warrant
  Certificate.*</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>4.4</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Form of Stock Purchase
  Agreement.*</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>4.5</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Form of Senior Debt
  Indenture.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>4.6</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Form of Senior Debt
  Security.*</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>4.7</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Form of Subordinated Debt
  Indenture</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>4.8</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Form of Subordinated Debt
  Security.*</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>4.9</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Form of Unit Agreement.*</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>5.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Opinion of Sichenzia Ross
  Friedman Ference LLP</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>23.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Consent of Davis
  Accounting Group P.C.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>23.2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Consent of Sichenzia Ross
  Friedman Ference LLP (contained in Exhibit 5.1).</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>24.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Power of Attorney
  (included on signature page).</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>25.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Form T-1 Statement of
  Eligibility of Trustee for Debt Indenture under the Trust Indenture Act of
  1939, as amended.**</FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="4%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>To be filed by amendment
  or by a Current Report on Form 8-K and incorporated by reference herein.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>**</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>To be filed subsequent to
  the effectiveness of this Registration Statement pursuant to Section
  305(b)(2) of the Trust Indenture Act of 1939, as amended.</FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2>II-2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2><B>Item 17. Undertakings</B></FONT></P>

<P align=justify><FONT SIZE=2>(a) The undersigned registrant
hereby undertakes:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:</FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:5%'><FONT SIZE=2>(i) To include any
prospectus required by section 10(a)(3) of the Securities Act of 1933;</FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:5%'><FONT SIZE=2>(ii) To reflect in the
prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement. Notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than 20% change in the maximum aggregate offering
price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective
registration statement.</FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:5%'><FONT SIZE=2>&nbsp;</FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:5%'><FONT SIZE=2>(iii) To include any
material information with respect to the plan of distribution not previously
disclosed in the registration statement or any material change to such
information in the registration statement;</FONT></P>

<P align=justify><FONT SIZE=2><I>provided, however</I>, Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do
not apply if the registration statement is on Form S-3 or Form F-3 and the
information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by
the registrant pursuant to section 13 or section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in the registration
statement, or is contained in a form of prospectus filed pursuant to Rule
424(b) that is part of the registration statement.</FONT></P>

<P align=justify><FONT SIZE=2>(2) That, for the purpose of
determining any liability under the Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</FONT></P>

<P align=justify><FONT SIZE=2>(3) To remove from
registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.</FONT></P>

<P align=justify><FONT SIZE=2>(4) That, for the purpose of
determining liability under the Securities Act of 1933 to any purchaser:</FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:10%'><FONT SIZE=2>(A) Each prospectus filed by
the registrant pursuant to Rule 424(b)(3)shall be deemed to be part of the
registration statement as of the date the filed prospectus was deemed part of
and included in the registration statement; and</FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:10%'><FONT SIZE=2>(B) Each prospectus required
to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a
registration statement in reliance on Rule 430B relating to an offering made
pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the
information required by section 10(a) of the Securities Act of 1933 shall be
deemed to be part of and included in the registration statement as of the
earlier of the date such form of prospectus is first used after effectiveness
or the date of the first contract of sale of securities in the offering described
in the prospectus. As provided in Rule 430B, for liability purposes of the
issuer and any person that is at that date an underwriter, such date shall be
deemed to be a new effective date of the registration statement relating to the
securities in the registration statement to which that prospectus relates, and
the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof. Provided, however, that no statement made in a
registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the
registration statement or prospectus that is part of the registration statement
will, as to a purchaser with a time of contract of sale prior to such effective
date, supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or made in
any such document immediately prior to such effective date; or</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>II-3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>(5) That, for the purpose of
determining liability of the registrant under the Securities Act of 1933 to any
purchaser in the initial distribution of the securities, the undersigned
registrant undertakes that in a primary offering of securities of the undersigned
registrant pursuant to this registration statement, regardless of the
underwriting method used to sell the securities to the purchaser, if the
securities are offered or sold to such purchaser by means of any of the
following communications, the undersigned registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such
purchaser:</FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:5%'><FONT SIZE=2>(i) Any preliminary
prospectus or prospectus of the undersigned registrant relating to the offering
required to be filed pursuant to Rule 424;</FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:5%'><FONT SIZE=2>(ii) Any free writing
prospectus relating to the offering prepared by or on behalf of the undersigned
registrant or used or referred to by the undersigned registrant;</FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:5%'><FONT SIZE=2>(iii) The portion of any
other free writing prospectus relating to the offering containing material
information about the undersigned registrant or its securities provided by or
on behalf of the undersigned registrant; and</FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:5%'><FONT SIZE=2>(iv) Any other communication
that is an offer in the offering made by the undersigned registrant to the
purchaser.</FONT></P>

<P align=justify><FONT SIZE=2>(b) That for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant&#146;s annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</FONT></P>

<P align=justify><FONT SIZE=2>(c) Insofar as
indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.</FONT></P>

<P align=justify><FONT SIZE=2>(d) The undersigned
registrant hereby undertakes that:</FONT></P>

<P align=justify><FONT SIZE=2>(1) For purposes of
determining any liability under the Securities Act, the information omitted
from the form of prospectus filed as part of this registration statement in
reliance upon Rule 430A and contained in a form of prospectus filed by the registrant
pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be
deemed to be part of this registration statement as of the time it was declared
effective.</FONT></P>

<P align=justify><FONT SIZE=2>(2) For the purpose of
determining any liability under the Securities Act, each post-effective
amendment that contains a form of prospectus shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.</FONT></P>

<P align=justify><FONT SIZE=2>(e) If and when applicable,
the undersigned registrant hereby undertakes to file an application for the
purpose of determining the eligibility of the trustee to act under subsection
(a) of Section 310 of the Trust Indenture Act in accordance with the rules and
regulations prescribed by the SEC under Section 305(b)(2) of the Trust
Indenture Act.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>II-4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>SIGNATURES</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, the registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements
of filing on Form&nbsp;S-3 and has duly caused this registration statement to
be signed on its behalf by the undersigned, thereunto duly authorized in
Baoding City, Hebei Province, People&#146;s Republic of China, on November 25, 2009.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="25%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="25%" COLSPAN="2" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2><B>Orient
  Paper, Inc.</B></FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>

</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>By:&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>/s/ Zhenyong Liu</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Zhenyong Liu</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=justify><FONT SIZE=2>Chief Executive Officer</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH=151>
</TD>
<TD WIDTH=361>
</TD>
</TR>
</table>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below
constitutes and appoints Zhenyong Liu, as his true and lawful attorney-in-fact
and agent, with full power of substitution and resubstitution, for him and in
his name, place and stead, in any and all capacities, to sign (1) any and all
amendments to this Form S-3 (including post-effective amendments) and (2) any
registration statement or post-effective amendment thereto to be filed with the
Securities and Exchange Commission pursuant to Rule 462(b) under the Securities
Act of 1933, and to file the same, with all exhibits thereto, and other
documents in connection therewith, with the Securities and Exchange Commission
and any other regulatory authority, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every act and thing
requisite and necessary to be done in connection therewith, as fully to all
intents and purposes as he might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="29%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="48%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
<TD WIDTH="19%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Signature</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Title</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Date</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>/s/
  Zhenyong Liu</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Chairman
  and Chief Executive Officer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>November
  25, 2009</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Zhenyong
  Liu</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><I>(Principal Executive Officer)</I></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>/s/
  Winston C. Yen</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Chief
  Financial Officer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>November
  25, 2009</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Winston
  C. Yen</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>(<I>Principal Financial Officer and Principal
  Accounting Officer)</I></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>/s/
  Dahong Zhou</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Secretary</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>November
  25, 2009</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Dahong
  Zhou</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>/s/
  Drew Bernstein</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>November
  25, 2009</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Drew
  Bernstein</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>/s/
  Wenbing Christopher Wang</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>November
  25, 2009</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Wenbing
  Christopher Wang</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>/s/
  Zhaofang Wang</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>November
  25, 2009</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Zhaofang
  Wang</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>/s/
  Fuzeng Liu</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>November
  25, 2009</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Fuzeng
  Liu</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2>II-5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>

</BODY>

</HTML>

</TEXT>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.(5)
<SEQUENCE>4
<FILENAME>d25787_ex4-5.htm
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=CENTER><FONT SIZE=2><B>FORM OF</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>SENIOR INDENTURE</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>by and between</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ORIENT PAPER, INC.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>as Issuer,</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>and</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>_____________________,</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>as Trustee</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Dated as of ______________</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>TABLE OF CONTENTS</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="94%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2><B>Page</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>ARTICLE
 I&nbsp;DEFINITIONS AND INCORPORATION BY REFERENCE</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 1.01 Definitions</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 1.02 Incorporation by Reference of
 Trust Indenture Act</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>3</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 1.03 Rules of Construction</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>4</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>ARTICLE
 II&nbsp;THE SECURITIES</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.01 Unlimited in Amount, Issuable
 in Series</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>4</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.02 Form and Dating</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>6</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.03 Execution and Authentication</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>6</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.04 Registrar and Paying Agent</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.05 Paying Agent to Hold Assets in
 Trust</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.06 Holder Lists</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.07 General Provisions Relating to
 Transfer and Exchange</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>8</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.08 Book-Entry Provisions for
 Global Securities</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>8</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.09 Replacement Securities</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.10 Outstanding Securities</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.11 Treasury Securities</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.12 Temporary Securities</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.13 Cancellation</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.14 CUSIP Numbers</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.15 Defaulted Interest</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.16 Special Record Dates</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>ARTICLE
 III&nbsp;REDEMPTION</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 3.01 Notices to Trustee</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 3.02 Selection of Securities to Be
 Redeemed</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 3.03 Notice of Redemption</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 3.04 Effect of Notice of
Redemption</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 3.05 Deposit of Redemption Price</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 3.06 Securities Redeemed in Part</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 3.07 Holder&#146;s Right to Require
 Redemption</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 3.08 Procedure for Requiring
 Redemption</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>ARTICLE IV&nbsp;COVENANTS</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 4.01 Payment of Securities</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 4.02 Maintenance of Office or
 Agency</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 4.03 Reports</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 4.04 Compliance Certificate</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 4.05 Taxes</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 4.06 Corporate Existence</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>15</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>ARTICLE
 V&nbsp;MERGER, ETC.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 5.01 When Company May Merge, etc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>15</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 5.02 Successor Corporation
 Substituted</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>15</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>ARTICLE VI&nbsp;DEFAULTS AND REMEDIES</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.01 Events of Default</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.02 Acceleration</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>17</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.03 Other Remedies</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>17</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.04 Waiver of Past Defaults</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>17</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.05 Control by Majority</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>17</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>i</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="94%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2><B>Page</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.06 Limitation on Suits</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>17</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.07 Rights of Holders To Receive
 Payment and to Demand Conversion</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.08 Collection Suit by Trustee</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.09 Trustee May File Proofs of
 Claim</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.10 Priorities</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.11 Undertaking for Costs</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.12 Stay, Extension and Usury
Laws</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.13 Restoration of Positions</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.14 Liability of Stockholders,
 Officers, Directors and Incorporators</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>ARTICLE
 VII&nbsp;TRUSTEE</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.01 Duties of Trustee</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>20</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.02 Rights of Trustee</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>20</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.03 Individual Rights of Trustee</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.04 Money Held in Trust</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.05 Trustee&#146;s Disclaimer</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>22</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.06 Notice of Defaults</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>22</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.07 Reports by Trustee to Holders</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>22</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.08 Compensation and Indemnity</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>22</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.09 Replacement of Trustee</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>23</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.10 Successor Trustee by Merger,
 Etc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>23</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.11 Eligibility; Disqualification</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>24</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.12 Preferential Collection of
 Claims Against the Company</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>24</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>ARTICLE
 VIII&nbsp;DISCHARGE OF INDENTURE</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 8.01 Satisfaction and Discharge of
 Indenture</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>24</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 8.02 Application of Trust Funds;
 Indemnification</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>25</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 8.03 Legal Defeasance</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>25</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 8.04 Covenant Defeasance</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>26</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 8.05 Repayment to Company</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>27</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 8.06 Reinstatement</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>27</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>ARTICLE
 IX&nbsp;AMENDMENTS, SUPPLEMENTS AND WAIVERS</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 9.01 Without Consent of Holders</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>27</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 9.02 With Consent of Holders</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>28</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 9.03 Compliance with Trust
 Indenture Act</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>29</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 9.04 Revocation and Effect of
 Consents</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>29</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 9.05 Notation on or Exchange of
 Securities</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>29</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 9.06 Trustee to Sign Amendment,
 etc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>30</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>ARTICLE X&nbsp;CONVERSION OR EXCHANGE OF
 SECURITIES</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 10.01 Provisions Relating to
 Conversion or Exchange of Securities</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>30</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>ARTICLE XI SINKING OR PURCHASE FUNDS</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 11.01 Provisions Relating to
 Sinking or Purchase Funds</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>30</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>ARTICLE
 XII&nbsp;MISCELLANEOUS</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.01 Trust Indenture Act Controls</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>30</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.02 Notices</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>30</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.03 Communication by Holders with
 Other Holders</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>31</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.04 Certificate and Opinion as to
 Conditions Precedent</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>31</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.05 Statements Required in
 Certificate or Opinion</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>31</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.06 Rules by Trustee and Agents</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.07 Legal Holidays</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.08 Duplicate Originals</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.09 Governing Law</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.10 No Adverse Interpretation of
 Other Agreements</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>32</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>ii</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="94%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2><B>Page</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.11 Successors</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.12 Severability</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.13 Counterpart Originals</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.14 Submission to Jurisdiction</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>33</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.15 Waiver of Jury Trial</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>33</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.16 Force Majeure</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>33</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.16 Supplemental Indentures
 Contract</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>33</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.18 Table of Contents, Headings,
 etc</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>33</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.19 When Treasury Securities
 Disregarded</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>33</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>iii</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>CROSS-REFERENCE TABLE*</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="6%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="68%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="21%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=2><B>Trust&nbsp;Indenture&nbsp;Act&nbsp;Section</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2><B>Indenture&nbsp;Section</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>310</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(3)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(4)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(5)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.03;&nbsp;7.11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>311</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>312</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>2.06</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>12.03</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>12.03</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>313</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.07</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.07;&nbsp;7.08</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.07;&nbsp;12.02</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(d)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.07</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>314</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(1),&nbsp;(2),&nbsp;(3)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>4.03;12.05</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(4)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>4.04</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>12.04</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>12.04</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)(3)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(d)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(e)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>12.05</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(f)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>315</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.01(b)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.06;&nbsp;12.02</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.01(a)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(d)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.01(c)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(e)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>6.11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>316</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(last&nbsp;sentence)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>2.11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(1)(A)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>6.05</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(1)(B)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>6.04</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>6.07</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>9.04</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>317</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>6.08</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>6.09</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>2.04</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>318</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>12.01</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>12.01</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&#147;n/a&#148; means
not applicable.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>iv</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>SENIOR INDENTURE (this &#147;Indenture&#148;), dated as
of ________, by and between ORIENT PAPER, INC., a Nevada corporation (the
&#147;Company&#148;), as issuer, and ______________, a ____________, as trustee (the
&#147;Trustee&#148;).</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>RECITALS</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of its debentures, notes or other
evidences of indebtedness to be issued in one or more series (the
&#147;Securities&#148;), 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.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>NOW, THEREFORE, THIS INDENTURE WITNESSETH:</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
and in consideration of the premises and the purchase of the Securities by the
Holders thereof, it is mutually covenanted and agreed for the equal and ratable
benefit of the Holders of the Securities, as follows:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE I</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>DEFINITIONS AND INCORPORATION BY REFERENCE</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.01 <I>Definitions.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Affiliate&#148;
means, when used with reference to the Company or another Person, any Person
directly or indirectly controlling, controlled by, or under direct or indirect
common control with, the Company or such other Person, as the case may be. For
the purposes of this definition, &#147;control&#148; when used with respect to any
specified Person means the power to direct or cause the direction of management
or policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise; and the terms
&#147;controlling&#148; and &#147;controlled&#148; have meanings correlative of the foregoing.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Agent&#148;
means any Registrar, Paying Agent, authenticating agent or co-Registrar.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Bankruptcy
Law&#148; means Title 11 of the U.S. Code or any similar federal or state law for
the relief of debtors.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Board
of Directors&#148; means, with respect to any Person, the Board of Directors of such
Person or any duly authorized committee of such Board of Directors.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Board
Resolution&#148; means a copy of a resolution certified by the secretary or an
assistant secretary of such Person to have been duly adopted by the Board of
Directors of such Person or any duly authorized committee thereof and to be in
full force and effect on the date of such certification, and delivered to the
Trustee.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Business
Day&#148; means a day that is not a Legal Holiday.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Company&#148;
means the party named as the Company in the first paragraph of this Indenture
until one or more successor corporations shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter means such successors.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated&#148;
or &#147;consolidated&#148; means, when used with reference to any amount, such amount
determined on a consolidated basis in accordance with GAAP, after the
elimination of intercompany items.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Corporate
Trust Office&#148; means the office of the Trustee at which at any particular time
its corporate services business shall be principally administered, which office
at the date of execution of this Indenture is located at ______________.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Custodian&#148;
means any receiver, trustee, assignee, liquidator, sequestrator or similar
official under any Bankruptcy Law.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Default&#148;
means any event which is, or after notice or lapse of time or both would be, an
Event of Default.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Depositary&#148;
means The Depository Trust Company, its nominees and their respective
successors.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;DTC
Participants&#148; has the meaning specified in Section&nbsp;2.08.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;ERISA&#148;
means the Employee Retirement Income Security Act of 1974, as amended, or any
successor statute.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Event
of Default&#148; has the meaning specified in Section&nbsp;6.01.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Exchange
Act&#148; means the Securities Exchange Act of 1934, as amended, or any successor
statute.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;GAAP&#148;
means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as
have been approved by a significant segment of the accounting profession, which
are applicable from time to time.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Global
Securities&#148; means a Security issued to evidence all or a part of any series of
Securities that is executed by the Company and authenticated and delivered by
the Trustee to a depositary or pursuant to such depositary&#146;s instructions, all
in accordance with this Indenture and pursuant to Section&nbsp;2.01, which shall
be registered as to principal and interest in the name of such depositary or
its nominee.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Holder&#148;
means the Person in whose name a Security is registered on the Registrar&#146;s
books.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Indenture&#148;
means this Indenture, as amended, supplemented or modified from time to time.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Issue
Date&#148; means the date of original issuance of the initial Securities pursuant to
this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Legal
Holiday&#148; has the meaning specified in Section&nbsp;12.07.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Officer&#148;
of any Person means the Chairman of the Board, Vice Chairman, the Chief
Executive Officer, the President, any Senior Vice President, any Executive Vice
President, any Vice President, the Chief Financial Officer, the Treasurer, the
Secretary or the Controller of such Person.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Officers&#146;
Certificate&#148; means a certificate signed by two Officers or by an Officer and an
Assistant Treasurer, Assistant Secretary or Assistant Controller of any Person.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Opinion
of Counsel&#148; means a written opinion from legal counsel. The counsel may be an
employee of or counsel to the Company.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Paying
Agent&#148; has the meaning specified in Section&nbsp;2.04.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148;
means an individual, partnership, corporation, business trust, joint stock
company, trust, unincorporated association, joint venture, governmental
authority or other entity of whatever nature.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Physical
Securities&#148; means permanent certificated Securities in registered form, issued
in accordance with Section&nbsp;2.08 and the terms of any indenture supplemental
hereto.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Redemption
Date&#148; means, with respect to any Securities to be redeemed, the date fixed for
such redemption pursuant to this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Redemption
Price&#148; means the redemption price fixed in accordance with the terms of the
Securities, plus accrued and unpaid interest, if any, to the date fixed for
redemption.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Register&#148;
has the meaning specified in Section&nbsp;2.04.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Registrar&#148;
has the meaning specified in Section&nbsp;2.04.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Responsible
Officer&#148; shall mean, when used with respect to the Trustee, any officer within
the corporate trust department of the Trustee, including any vice president,
assistant vice president, assistant secretary, assistant treasurer, trust
officer or any other officer of the Trustee who customarily performs functions
similar to those performed by the Persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred
because of such person&#146;s knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;SEC&#148;
means the Securities and Exchange Commission and any government agency
succeeding to its functions.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities&#148;
means the securities authenticated and delivered under this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities
Act&#148; means the Securities Act of 1933, as amended, or any successor statute.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Significant
Subsidiary&#148; means any Subsidiary that would constitute a &#147;significant
subsidiary&#148; within the meaning of Article&nbsp;1 of Regulation&nbsp;S-X of the
Securities Act as in effect on the date of this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Subsidiary&#148;
of any Person means:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="85%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(i)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>a
 corporation a majority of whose capital stock with voting power, under
 ordinary circumstances, to elect directors is at the time, directly or
 indirectly, owned by such Person or by such Person and a subsidiary or
 subsidiaries of such Person or by a subsidiary or subsidiaries of such
 Person; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(ii)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>any other
 Person (other than a corporation) in which such Person or such Person and a
 subsidiary or subsidiaries of such Person or a subsidiary or subsidiaries of
 such Persons, at the time, directly or indirectly, owns at least a majority
 voting interest under ordinary circumstances.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;TIA&#148;
means the Trust Indenture Act of 1939, as in effect on the date of this
Indenture; <I>provided</I> , <I>however</I> , that in the event the TIA is
amended after such date, &#147;TIA&#148; means, to the extent required by such amendment,
the Trust Indenture Act of 1939, as so amended, or any successor statute.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trustee&#148;
means the party named as such in this Indenture until a successor replaces it
and thereafter, means the successor.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;U.S.
Government Obligations&#148; means (i)&nbsp;direct obligations of the United States
of America for the payment of which the full faith and credit of the United
States of America is pledged or (ii) obligations of a person controlled or
supervised by and acting as an agency or instrumentality of the United States
of America, the payment of which is unconditionally guaranteed as a full faith
and credit obligation by the United States of America and which in either case,
are non-callable at the option of the issuer thereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.02 <I>Incorporation by Reference of Trust
Indenture Act.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture. In addition, the provisions
of Sections 310 to and including 317 of the TIA that impose duties on any
person are incorporated by reference in, and form a part of, this Indenture.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following TIA terms used in this Indenture have the following meanings:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;indenture securities&#148; means the Securities;</FONT></P>

<P align=justify><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;indenture
security holder&#148; means a Holder;</FONT></P>

<P align=justify><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;indenture
to be qualified&#148; means this Indenture;</FONT></P>

<P align=justify><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;indenture
trustee&#148; or &#147;institutional trustee&#148; means the Trustee; and</FONT></P>

<P align=justify><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;obligor&#148;
on the Securities means the Company and any other obligor on the indenture
securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
other TIA terms used in this Indenture that are defined by the TIA, defined by
TIA reference to another statute or defined by SEC rule have the meanings
assigned to them by such definitions.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.03 <I>Rules of Construction.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
the context otherwise requires:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="85%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(i)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>a term has
 the meaning assigned to it;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(ii)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>an
 accounting term not otherwise defined has the meaning assigned to it in
 accordance with GAAP;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(iii)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&#147;or&#148; is not
 exclusive;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(iv)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&#147;including&#148;
 means including without limitation;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(v)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>words in the
 singular include the plural, and in the plural include the singular; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(vi)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>provisions
 apply to successive events and transactions.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE II</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>THE SECURITIES</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.01 <I>Unlimited in Amount, Issuable in
Series, Denomination</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate principal amount of Securities which may be authenticated and
delivered under this Indenture is unlimited. The Securities may be issued in one
or more series in denominations of $1,000 and any integral multiple thereof.
Prior to the issuance of Securities of a series, the Company and the Trustee
will execute an indenture supplemental hereto which will set forth as to the
Securities of that series, to the extent applicable:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The
title and ranking of such Securities;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The
aggregate principal amount of such Securities and any limit on such aggregate
principal amount that may be issued;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The
denomination of such Securities, if other than $1,000 and any integral multiple
thereof;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The
price (expressed as a percentage of the principal amount thereof) at which such
Securities will be issued and, if other than the principal amount thereof, the
portion of the principal amount thereof payable upon declaration of
acceleration of the maturity thereof;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The
date or dates, or the method for determining such date or dates, on which the
Securities will mature and the amounts to be paid upon maturity of the
Securities;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The
rate or rates (which may be fixed or variable), or the method by which such
rate or rates shall be determined, at which such Securities will bear interest,
if any, the date or dates, or the method for determining such date or dates, from
which any such interest will accrue, the dates on which any such interest will
be payable, the record dates for such interest payment dates, or the method by
which such dates shall be determined, the persons to whom such interest shall
be payable, and the basis upon which interest shall be calculated, if other
than that of a 360-day year of twelve 30-day months;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The
right, if any, of the Company to defer payment of interest and the maximum
length of any such deferral period;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The
place or places where the principal of, and premium and interest, if any, on
such Securities will be payable, where such Securities may be surrendered for
registration of transfer or exchange and where notices or demands to or upon
the Company in respect of such Securities and this Indenture may be served;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The
date or dates, if any, after which, and the price or prices at which, and the
other terms and conditions upon which such Securities may, pursuant to any
optional or mandatory redemption provisions, be redeemed, as a whole or in
part, by the Company;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;The
obligation, if any, of the Company to redeem, repay or purchase such Securities
pursuant to any sinking fund or analogous provision or at the option of a
Holder thereof, and the period or periods within which, the price or prices at
which and the other terms and conditions upon which such Securities will be
redeemed, repaid or purchased, as a whole or in part, pursuant to such
obligation;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)
The terms, if any, on which the Securities of such series are convertible into,
or exchangeable for, shares of common stock or other securities of the Company,
including any mandatory conversion or exchange provisions and any provisions
intended to prevent dilution of those conversion or exchange rights;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;Whether
such Securities will be secured or unsecured and the terms relating thereto;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)
The restrictions, if any, on the transfer, sale or other assignment of the
Securities;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;If
other than U.S. dollars, the currency or currencies in which such Securities
are denominated and payable, which may be a foreign currency or units of two or
more foreign currencies or a composite currency or currencies, and the terms
and conditions relating thereto;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;Whether
the principal of, or premium and interest, if any, on the Securities of the
series is to be payable, at the election of the Company or a Holder thereof, in
a currency or currencies, currency unit or units or composite currency or
currencies other than that in which such Securities are denominated or stated
to be payable, the period or periods within which, and the terms and conditions
upon which, such election may be made, and the time and manner of, and identity
of the exchange rate agent with responsibility for, determining the exchange
rate between the currency or currencies, currency unit or units or composite
currency or currencies in which such Securities are denominated or stated to be
payable and the currency or currencies, currency unit or units or composite
currency or currencies in which such Securities are to be so payable;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;Whether
the amount of payments of principal of, or premium and interest, if any, on
such Securities may be determined with reference to an index, formula or other
method (which index, formula or method may, but need not be, based on the yield
on or trading price of other securities, including United States Treasury
securities, or on a currency, currencies, currency unit or units, or composite
currency or currencies) and the manner in which such amounts shall be
determined;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;Any
deletions from, modifications of or additions to the Events of Default or
covenants of the Company with respect to Securities of the series, whether or
not such Events of Default or covenants are consistent with the Events of
Default or covenants described herein;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;Whether
and under what circumstances the Company will pay any additional amounts on
such Securities in respect of any tax, assessment or governmental charge and,
if so, whether the Company will have the option to redeem such Securities in
lieu of making such payment;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;Whether
Securities of the series are to be issuable as registered securities, bearer
securities (with or without coupons) or both, any restrictions applicable to
the offer, sale or delivery of bearer securities and the terms upon which
bearer securities of the series may be exchanged for registered securities of
the series and vice versa (if permitted by applicable laws and regulations),
whether any Securities of the series are to be issuable initially in temporary
global form and whether any Securities of the series are to be issuable in
permanent global form with or without coupons and, if so, whether beneficial
owners of interests in any such permanent Global Security may exchange such
interests for Securities of such series and of like tenor or any authorized
form and denomination and the circumstances under which any such exchanges may
occur, if other than in the manner provided in the indenture, and, if
registered securities of the series are to be issuable as a Global Security,
the identity of the depositary for such series;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;The
date as of which any bearer securities of the series and any temporary Global
Security representing outstanding Securities of the series shall be dated if
other than the date of original issuance of the first Security of the series to
be issued;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;The
person to whom any interest on any registered security of the series shall be
payable, if other than the person in whose name that Security (or one or more
predecessor securities) is registered at the close of business on the regular
record date for such interest, the manner in which, or the person to whom, any
interest on any bearer security of the series shall be payable, if otherwise than
upon presentation and surrender of the coupons appertaining thereto as they
severally mature, and the extent to which, or the manner in which, any interest
payable on a temporary Global Security on an interest payment date will be paid
if other than in the manner provided in the indenture;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
The applicability, if any, of the legal defeasance and covenant defeasance
provisions of this Indenture to the Securities of the series;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)
Whether such Securities will be issued in certificated or book entry form, and
if the Securities of such series are to be issuable in definitive form (whether
upon original issue or upon exchange of a temporary security of such series)
only upon receipt of certain certificates or other documents or satisfaction of
other conditions, then the form and/or terms of such certificates, documents or
conditions;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;Whether
the Securities will be listed for trading on an exchange and the identity of
such exchange, and whether any underwriters will act as market makers for the
Securities; and</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;Any
other terms, preferences, rights or limitations of, or restrictions on, the
Securities of such series, including any restrictions on the transfer, sale or
other assignment of the Securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.02 <I>Form and Dating.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Securities of each series will be substantially in the form established by an
indenture supplemental hereto relating to the Securities of that series. The
Securities may have notations, legends or endorsements required by law, stock
exchange rules or usage. The Company will approve the form of the Securities
and any notation, legend or endorsement thereon. Each Security will be dated as
of the date of its authentication pursuant to Section 2.03.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.03 <I>Execution and Authentication.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two
Officers shall sign the Securities for the Company by manual or facsimile
signature. If an Officer whose signature is on a Security no longer holds that
office at the time the Security is authenticated, the Security shall be valid
nevertheless.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Security shall not be valid until authenticated by the manual signature of the
Trustee. The signature shall be conclusive evidence that the Security has been
authenticated under this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall, upon a written order of the Company signed by one Officer of the
Company, authenticate for original issue Securities in aggregate principal
amount specified in such order.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may appoint an authenticating agent reasonably acceptable to the
Company to authenticate Securities. Unless limited by the terms of such
appointment, an authenticating agent may authenticate Securities whenever the
Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by such agent. An authenticating agent has the
same rights as an Agent to deal with the Company or an Affiliate of the
Company.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.04 <I>Registrar and Paying Agent.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall maintain an office or agency where Securities may be presented
for registration of transfer or for exchange (the &#147;<B><I>Registrar</I></B> &#148;) and an
office or agency where Securities may be presented for payment (the &#147;<B><I>Paying Agent</I></B>&#148;). The
Registrar shall keep a register of the Securities (the &#147;<B><I>Register</I></B>&#148;) and of
their transfer and exchange. The Company may appoint one or more co-Registrars
and one or more additional Paying Agents for the Securities. The term &#147;Paying
Agent&#148; includes any additional paying agent and the term &#147;Registrar&#148; includes
any additional registrar. The Company may change any Paying Agent or Registrar
without prior notice to any Holder.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall enter into an appropriate agency agreement with any Agent not a
party to this Indenture, which shall incorporate the terms of the TIA and
implement the terms of this Indenture that relate to such Agent. The Company
shall give prompt written notice to the Trustee of the name and address of any
Agent who is not a party to this Indenture. If the Company fails to appoint or
maintain another entity as Registrar or Paying Agent, the Trustee shall act as
such. The Company or any Affiliate of the Company may act as Paying Agent or
Registrar; <I>provided, however,</I>
that none of the Company, its Subsidiaries or the Affiliates of the foregoing
shall act (i)&nbsp;as Paying Agent in connection with redemptions, offers to
purchase, discharges and defeasance, as otherwise specified in this Indenture,
and (ii)&nbsp;as Paying Agent or Registrar if a Default or Event of Default has
occurred and is continuing.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company initially appoints The Depository Trust Company to act as Depositary
with respect to the Global Securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company hereby initially appoints the Trustee as Registrar and Paying Agent for
the Securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.05 <I>Paying Agent to Hold Assets in Trust.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
later than 11:00&nbsp;a.m. (New York City time) on each due date of the
principal and interest on any Securities, the Company shall deposit with one or
more Paying Agents money in immediately available funds sufficient to pay such
principal and interest so becoming due. The Company shall require each Paying
Agent other than the Trustee to agree in writing that the Paying Agent shall
hold in trust for the benefit of Holders or the Trustee all assets held by the
Paying Agent for the payment of principal of and interest on the Securities
(whether such money has been paid to it by the Company or any other obligor on
the Securities) and shall notify the Trustee of any failure by the Company (or
any other obligor on the Securities) in making any such payment. While any such
failure continues, the Trustee may require a Paying Agent to pay all money held
by it to the Trustee and to account for any funds disbursed. The Company at any
time may require a Paying Agent to pay all money held by it to the Trustee.
Upon payment over to the Trustee, the Paying Agent (if other than the Company
or a Subsidiary of the Company) shall have no further liability for the money
so paid over to the Trustee.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company or any Subsidiary of the Company or any Affiliate of any of them
acts as Paying Agent, it shall, prior to or on each due date of any principal
of or interest on the Securities, segregate and hold in a separate trust fund
for the benefit of the Holders a sum of money sufficient with monies held by
all other Paying Agents, to pay such principal or interest so becoming due
until such sum of money shall be paid to such Holders or otherwise disposed of
as provided in this Indenture, and will promptly notify the Trustee of its
actions or failure to act.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.06 <I>Holder Lists.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Holders and
shall otherwise comply with Section 312(a) of the TIA. If the Trustee is not
the Registrar, the Company shall furnish to the Trustee prior to or on each
interest payment date for the Securities 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 Holders relating to such
interest payment date or request, as the case may be.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.07 <I>General Provisions Relating to Transfer
and Exchange.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Securities are issuable only in registered form. A Holder may transfer a
Security only by written application to the Registrar or another transfer agent
stating the name of the proposed transferee and otherwise complying with the
terms of this Indenture. No such transfer shall be effected until, and such
transferee shall succeed to the rights of a Holder only upon, final acceptance
and registration of the transfer by the Registrar in the Register. Prior to the
registration of any transfer by a Holder as provided herein, the Company, the
Trustee, and any agent of the Company shall treat the person in whose name the
Security is registered as the owner thereof for all purposes whether or not the
Security shall be overdue, and neither the Company, the Trustee, nor any such
agent shall be affected by notice to the contrary. Furthermore, any Holder of a
Global Security shall, by acceptance of such Global Security, agree that
transfers of beneficial interests in such Global Security may be effected only
through a book-entry system maintained by the Holder of such Global Security
(or its agent) and that ownership of a beneficial interest in the Security
shall be required to be reflected in a book-entry.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
Securities are presented to the Registrar or another transfer agent with a
request to register the transfer or to exchange them for an equal principal
amount of Securities of other authorized denominations, the Registrar shall
register the transfer or make the exchange as requested if its requirements for
such transactions are met (including that such Securities are duly endorsed or
accompanied by a written instrument of transfer duly executed by the Holder
thereof or by an attorney who is authorized in writing to act on behalf of the
Holder). Subject to Section&nbsp;2.03, to permit registrations of transfers and
exchanges, the Company shall execute and the Trustee shall authenticate
Securities at the Registrar&#146;s request. No service charge shall be made for any
registration of transfer or exchange or redemption of the Securities, but the
Company may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith (other than any
such transfer taxes or other similar governmental charge payable upon exchanges
pursuant to Section&nbsp;2.12, 3.06 or 9.05 hereof).</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Registrar nor any other transfer agent nor the Company shall be required
to:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 issue, register the transfer of or exchange any Security during a period
 beginning at the opening of business 15 Business Days before the day of any
 selection of Securities for redemption under Section&nbsp;3.02 hereof and
 ending at the close of business on the day of selection; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 register the transfer of or exchange any Security so selected for redemption
 in whole or in part, except the unredeemed portion of any Security being redeemed
 in part.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Holder of a Security agrees to indemnify the Company and the Trustee against
any liability that may result from the transfer, exchange or assignment of such
Holder&#146;s Security in violation of any provision of this Indenture and/or
applicable United States Federal or state securities law.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any
Security (including any transfers between or among DTC Participants or
beneficial owners of interests in any Global Security) other than to require
delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the terms
of, this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.08 <I>Book-Entry Provisions for Global
Securities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The
Global Securities initially shall:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
be registered in the name of the Depositary or the nominee of such Depositary;
and</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
be delivered to the Trustee as custodian for such Depositary.</FONT></P>

<P align=justify><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members
of, or participants in, the Depositary (&#147;<B><I>DTC
Participants</I></B>&#148;) shall have no rights under this Indenture with
respect to any Global Security held on their behalf by the Depositary, or the
Trustee as its custodian, or under such Global Security, and the Depositary may
be treated by the Company, the Trustee and any agent of the Company or the
Trustee as the absolute owner of such Global Security for all purposes
whatsoever. Notwithstanding the foregoing, nothing contained herein shall
prevent the Company, the Trustee or any agent of the Company or the Trustee,
from giving effect to any written certification, proxy or other authorization
furnished by the Depositary or impair, as between the Depositary and the DTC
Participants, the operation of customary practices governing the exercise of
the rights of a Holder of any Security. </FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Transfers
of a Global Security shall be limited to transfers of such Global Security in
whole, but not in part, to the Depositary, its successors or their respective
nominees. Beneficial owners may transfer their interests in Global Securities
in accordance with the rules and procedures of the Depositary.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Any
beneficial interest in one of the Global Securities that is transferred to a
person who takes delivery in the form of an interest in another Global Security
will, upon transfer, cease to be an interest in such Global Security and become
an interest in such other Global Security and, accordingly, will thereafter be
subject to all transfer restrictions, if any, and other procedures applicable
to beneficial interests in such other Global Security for as long as it remains
such an interest.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The
registered Holder of a Global Security may grant proxies and otherwise
authorize any Person, including DTC Participants and Persons that may hold
interests through DTC Participants, to take any action that a Holder is
entitled to take under this Indenture or the Securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If
at any time:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 the Company notifies the Trustee in writing that the Depositary is no longer
 willing or able to continue to act as Depositary for the Global Securities or
 the Depositary ceases to be a &#147;clearing agency&#148; registered under the Exchange
 Act, and a successor depositary for the Global Securities is not appointed by
 the Company within 90&nbsp;days of such notice or cessation;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 the Company, at its option, notifies the Trustee in writing that it elects to
 cause the issuance of the Securities in definitive form under this Indenture
 in exchange for all or any part of the Securities represented by a Global
 Security or Global Securities; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 an Event of Default has occurred and is continuing and the Registrar has
 received a request from the Depositary,</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>subject to
this Section&nbsp;2.08(e), the Depositary shall surrender such Global Security
or Global Securities to the Trustee for cancellation and then the Company shall
execute, and the Trustee shall authenticate and deliver in exchange for such
Global Security or Global Securities, Physical Securities, as applicable, in an
aggregate principal amount equal to the principal amount of such Global
Security or Global Securities. Such Physical Securities shall be registered in
such names as the Depositary shall identify in writing as the beneficial
owners, or participant nominees, of the Securities represented by such Global
Security or Securities (or any nominee thereof).</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Notwithstanding
the foregoing, in connection with any transfer of a portion of the beneficial
interests in a Global Security to beneficial owners pursuant to paragraph
(e)&nbsp;of this Section&nbsp;2.08, the Registrar shall reflect on its books
and records the date and a decrease in the principal amount of such Global
Security in an amount equal to the principal amount of the beneficial interest
in such Global Security to be transferred, and the Company shall execute, and
the Trustee shall authenticate and deliver, one or more Physical Securities of
like tenor and amount.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.09 <I>Replacement Securities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a mutilated Security is surrendered to the Trustee or if the Holder of a
Security claims that the Security has been lost, destroyed or wrongfully taken,
the Company shall issue and the Trustee shall authenticate a replacement
Security if the requirements of the Trustee and the Company are met; <I>provided</I> that, if any such Security has
been called for redemption in accordance with the terms thereof, the Trustee
may pay the Redemption Price thereof on the Redemption Date without
authenticating or replacing such Security. The Trustee or the Company may, in
either case, require the Holder to provide an indemnity bond sufficient in the
judgment of each of the Trustee and the Company to protect the Company, the
Trustee or any Agent from any loss which any of them may suffer if a Security
is replaced or if the Redemption Price therefor is paid pursuant to this
Section&nbsp;2.09. The Company may charge the Holder who has lost a Security
for its expenses in replacing a Security.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
replacement Security is an obligation of the Company and shall be entitled to
the benefits of this Indenture equally and proportionately with any and all
other Securities duly issued hereunder.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.10 <I>Outstanding Securities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Securities outstanding at any time are all the Securities authenticated by the
Trustee, except for (i)&nbsp;those cancelled by it, (ii)&nbsp;those delivered
to it for cancellation and (iii)&nbsp;those described in this Section as not
outstanding.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Security is replaced pursuant to Section&nbsp;2.09 hereof, it ceases to be
outstanding and interest ceases to accrue unless the Trustee receives proof
satisfactory to it that the replaced Security is held by a <I>bona fide</I> purchaser.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
all principal of and interest on any Security are considered paid under
Section&nbsp;4.01 hereof, such Security ceases to be outstanding and interest
on it ceases to accrue.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided in Section&nbsp;2.11 hereof, a Security does not cease to be
outstanding because the Company or an Affiliate of the Company holds such
Security.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.11 <I>Treasury Securities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
determining whether the Holders of the required aggregate principal amount of
Securities of any series have concurred in any direction, waiver or consent,
Securities owned by the Company or an Affiliate of the Company shall be
considered as though they are not outstanding, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such
direction, waiver or consent, only Securities which such Trustee actually knows
are so owned shall be so disregarded.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.12 <I>Temporary Securities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
definitive Securities are ready for delivery, the Company may prepare and
execute, and the Trustee shall authenticate upon a written order of the Company
signed by one Officer of the Company, temporary Securities. Temporary
Securities shall be substantially in the form of definitive Securities but may
have variations that the Company considers appropriate for temporary
Securities. Without unreasonable delay, the Company shall prepare, and the
Trustee shall authenticate, definitive Securities in exchange for temporary
Securities. Holders of temporary Securities shall be entitled to all of the
benefits of this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.13 <I>Cancellation.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company at any time may deliver Securities to the Trustee for cancellation. The
Registrar and Paying Agent shall forward to the Trustee any Securities
surrendered to them for registration of transfer, exchange, payment or
repurchase. The Trustee shall cancel all Securities surrendered for
registration of transfer, exchange, payment, repurchase, redemption,
replacement or cancellation and shall return such cancelled Securities to the
Company upon the Company&#146;s written request (subject to the record retention
requirements of the Exchange Act). The Company may not issue new Securities to
replace Securities that it has paid or that have been delivered to the Trustee
for cancellation.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>10</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.14 <I>CUSIP Numbers.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company in issuing the Securities may use &#147;CUSIP&#148; numbers (if then generally in
use), and the Trustee shall use CUSIP numbers in notices of redemption or
exchange as a convenience to Holders; <I>provided</I>
that any such notice shall state that no representation is made as to the
correctness of such numbers either as printed on the Securities or as contained
in any such notice and that reliance may be placed only on the other
identification numbers printed on the Securities, and any such redemption shall
not be affected by any defect in or omission of such numbers. The Company shall
promptly notify the Trustee of any change in the CUSIP numbers.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.15 <I>Defaulted Interest.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company fails to make a payment of interest on Securities, it shall pay
such defaulted interest plus (to the extent lawful) any interest payable on the
defaulted interest, in any lawful manner. It may elect to pay such defaulted
interest, plus any such interest payable on it, to the Persons who are Holders
of such Securities on which the interest is due on a subsequent special record
date. The Company shall notify the Trustee in writing of the amount of
defaulted interest proposed to be paid on each such Security. The Company shall
fix any such record date and payment date for such payment. At least
15&nbsp;days before any such record date, the Company shall mail to Holders
affected thereby a notice that states the record date, interest payment date,
and amount of such interest to be paid.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.16 <I>Special Record Dates.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may, but shall not be obligated to, set a record date for the purpose
of determining the identity of Holders of Securities entitled to consent to any
supplement, amendment or waiver permitted by this Indenture. If a record date
is fixed, the Holders of Securities outstanding on such record date, and no
other Holders, shall be entitled to consent to such supplement, amendment or
waiver or revoke any consent previously given, whether or not such Holders
remain Holders after such record date. No consent shall be valid or effective
for more than 90 days after such record date unless consents from Holders of
the aggregate principal amount of Securities required hereunder for such
amendment or waiver to be effective shall have also been given and not revoked
within such 90-day period.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE III</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>REDEMPTION</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.01 <I>Notices to Trustee.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company elects to redeem any series of Securities pursuant to the optional
redemption provisions set forth in the supplemental indenture relating to such
series of Securities, it shall notify the Trustee in writing of the intended
Redemption Date, the principal amount of Securities to be redeemed and the
CUSIP numbers of the Securities to be redeemed. The Company shall give each
notice to the Trustee provided for in this Section&nbsp;3.01 at least days
fifteen (15)&nbsp;days before the giving of the notice of redemption pursuant
to Section 3.03 hereof (unless a shorter period is satisfactory to the
Trustee).</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.02 <I>Selection of Securities to Be Redeemed.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
fewer than all the Securities of any series are to be redeemed, the Trustee
shall select the Securities of such series to be redeemed from the outstanding
Securities of such series by a method that complies with the requirements of
any exchange on which the Securities are listed, or, if the Securities are not
listed on an exchange, on a pro rata basis or by lot or in accordance with any
other method the Trustee considers fair and appropriate. The Trustee will make
the selection from outstanding Securities of that series not previously called
for redemption.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>11</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
and portions thereof of any series that the Trustee selects shall be in amounts
equal to the minimum authorized denomination for Securities to be redeemed or
any integral multiple thereof. The Trustee may select for redemption portions
of the principal amount of Securities that have denominations larger than the
minimum denomination in which Securities of the applicable series may be
issued. Provisions of this Indenture that apply to Securities of any series
called for redemption also apply to portions of Securities of such series
called for redemption. The Trustee shall notify the Company promptly in writing
of the Securities or portions of Securities of any series to be called for
redemption.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.03 <I>Notice of Redemption.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
least 30&nbsp;days but not more than 60&nbsp;days before the Redemption Date,
the Company shall mail a notice of redemption by first-class mail to each
Holder whose Securities are to be redeemed in whole or in part at the address
of such Holder appearing in the Register.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
notice shall identify the principal amount and series of each Security to be
redeemed and shall state:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 the Redemption Date;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 the method being used to determine the Redemption Price;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 if fewer than all outstanding Securities are to be redeemed, the portion of
 the principal amount of the Securities to be redeemed and that, after the
 Redemption Date, upon surrender of such Security, a new Security in principal
 amount equal to the unredeemed portion will be issued;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
 the name and address of the Paying Agent;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
 that Securities called for redemption must be presented and surrendered to
 the Paying Agent to collect the Redemption Price plus accrued interest, if
 any;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
 that, unless the Company defaults in payment of the Redemption Price,
 interest on Securities (or the portions thereof) called for redemption ceases
 to accrue interest on and after the Redemption Date, and, if applicable,
 those Securities (or the portion thereof called for redemption) will cease on
 the Redemption Date (or such other date as if provided in the supplemental
 indenture relating to the Securities) to be convertible into, or exchangeable
 for, other securities or assets;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
 if applicable, the current conversion or exchange price; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)
 the CUSIP numbers, if any, of the Securities to be redeemed.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Company&#146;s written request, the Trustee shall give the notice of redemption
in the Company&#146;s name and at its expense.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.04 <I>Effect of Notice of Redemption.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once
the notice of redemption is mailed, Securities called for redemption become
irrevocably due and payable on the Redemption Date at the Redemption Price.
Upon surrender to the Paying Agent, such Securities shall be paid at the
Redemption Price, plus accrued and unpaid interest to the Redemption Date.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
notice mailed in the manner herein provided shall be conclusively presumed to
have been duly given whether or not the Holder receives such notice. In any
case, failure to give such notice by mail or any defect in the notice to the
Holder of any Securities shall not affect the validity of the proceeding for
the redemption of Securities of any other Holder.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.05 <I>Deposit of Redemption Price.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to 11:00&nbsp;a.m., New York City time, on the Redemption Date, the Company
shall deposit with the Trustee or with the Paying Agent (or, if the Company or
an Affiliate of the Company is acting as the paying Agent, shall segregate and
hold in trust) an amount of money sufficient to pay the Redemption Price of all
Securities to be redeemed on that date, together with accrued and unpaid
interest to the Redemption Date, except for Securities or portions thereof
called for redemption which have been delivered by the Company to the Trustee
for cancellation or Securities which have been surrendered for conversion or
exchange. If any Securities called for redemption are converted or exchanged,
any money deposited with the Trustee or Paying Agent for redemption of those
Securities shall be promptly paid to the Company upon its request, or, if the
money is held in trust by the Company or a Subsidiary as Paying Agent, the
money will be discharged from the trust.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>12</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.06 <I>Securities Redeemed in Part.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
surrender of a Security that is redeemed in part, the Company shall execute and
the Trustee shall authenticate for the Holder at the expense of the Company, a
new Security equal in principal amount to the unredeemed portion of the Security
surrendered.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.07 <I>Holder&#146;s Right to Require Redemption.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of Securities of a series will have the right to require the Company to redeem
those Securities only to the extent, and only on the terms, set forth in the
supplemental indenture relating to the Securities of that series. If Holders of
Securities of a series have the right to require the Company to redeem those
Securities, unless otherwise provided in the supplemental indenture relating to
the Securities of that series, the terms of the redemption will include those
set forth in Section 3.08.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.08 <I>Procedure for Requiring Redemption</I>
..</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Holder has the right to require the Company to redeem Securities, to exercise
that right, the Holder must deliver the Securities to the Paying Agent,
endorsed for transfer and with the form on the reverse side regarding the
option to require redemption completed. Delivery of Securities to the Paying
Agent as provided in this Section 3.07 will constitute an irrevocable election
to cause the specified principal amount of Securities to be redeemed. When
Securities are delivered to the Paying Agent as provided in this Section,
unless the Company fails to make the payments due as a result of the redemption
within twenty (20) days after the Securities are delivered to the Paying Agent,
interest on the Securities will cease to accrue and, if the Securities are
convertible or exchangeable, the Holder&#146;s right to convert or exchange the
Securities will terminate.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s determination of all questions regarding the validity, eligibility
(including time of receipt) and acceptance of any Security for redemption will
be final and binding.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE IV</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>COVENANTS</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.01 <I>Payment of Securities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall pay, or cause to be paid, the principal of and interest on the
Securities on the dates and in the manner provided in the Securities and the
supplemental Indenture relating to the series. Principal and interest shall be
considered paid on the date due if the Paying Agent, if other than the Company,
a Subsidiary of the Company or any Affiliate of any of them, holds as of
11:00&nbsp;a.m. (New York City time) on that date immediately available funds
designated for and sufficient to pay all principal and interest then due. If the
Company or any Subsidiary of the Company or any Affiliate of any of them acts
as Paying Agent, principal or interest shall be considered paid on the due date
if the entity acting as Paying Agent complies with the second paragraph of
Section&nbsp;2.05 hereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall pay interest on overdue principal and premium, and interest on
overdue installments of interest, to the extent lawful, at the rate per annum
specified therefor in the Securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained in this Indenture, the Company may, to the
extent it is required to do so by law, deduct or withhold income or other
similar taxes imposed by the United States of America from principal or
interest payments hereunder.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>13</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.02 <I>Maintenance of Office or Agency.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall maintain in the Borough of Manhattan, The City of New York, an
office or agency (which may be an office of the Trustee or an affiliate of the
Trustee or Registrar) where the Securities may be surrendered for registration
of transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities and this Indenture may be served. 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 fails to
maintain any such required office or agency or fails to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the Corporate Trust Office of the Trustee.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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; <I>provided, however,</I> that no such
designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency in the Borough of Manhattan, The
City of New York for such purposes. The Company shall give prompt written
notice to the Trustee of any such designation or rescission and of any change
in the location of any such other office or agency.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company hereby designates the New York office of the Trustee located at ______________ ____________, as
one such office or agency of the Company in accordance with Section&nbsp;2.04
hereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.03 <I>Reports.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The
Company shall deliver to the Trustee, within fifteen (15)&nbsp;days after it
files them with the SEC, copies of the annual reports and of the information,
documents, and other reports (or copies of such portions of any of the
foregoing as the SEC may by rules and regulations prescribe) which the Company
is required to file with the SEC pursuant to Section&nbsp;13 or 15(d) of the
Exchange Act and posting of such reports on the Company&#146;s web site shall be
deemed delivery to the Trustee; <I>provided,
however,</I> the Company shall not be required to deliver to the Trustee
any materials for which the Company has sought and received confidential
treatment by the SEC. The Company shall also comply with the other provisions
of Section 314(a) of the TIA.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Delivery
of reports, information and documents to the Trustee pursuant to this Section
4.03 is for informational purposes only and the Trustee&#146;s receipt of such shall
not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company&#146;s
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers&#146; Certificates).</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.04 <I>Compliance Certificate.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall deliver to the Trustee, within 120&nbsp;days after the end of
each fiscal year of the Company, an Officers&#146; Certificate, one of the signers
of which is the chief executive officer, vice chairman, the chief financial
officer, executive vice president or the chief accounting officer of the
Company, stating that in the course of the performance by the signers of their
duties as officers of the Company, they would normally have knowledge of any
failure by the Company to comply with all conditions, or Default by the Company
with respect to any covenants, under this Indenture, and further stating
whether or not they have knowledge of any such failure or Default and, if so,
specifying each such failure or Default, the nature and status thereof and what
action the Company is taking or proposes to take with respect thereto. For
purposes of this Section, such compliance shall be determined without regard to
any period of grace or requirement of notice provided for in this Indenture.
The certificate need not comply with Section&nbsp;12.04 hereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.05 <I>Taxes.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall pay prior to delinquency, all material taxes, assessments, and
governmental levies except as contested in good faith by appropriate proceedings.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>14</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.06 <I>Corporate Existence.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Article&nbsp;V hereof, the Company shall do or cause to be done all things
necessary to preserve and keep in full force and effect (i)&nbsp;its corporate
existence and (ii)&nbsp;the material rights (charter and statutory), licenses
and franchises of the Company and its Subsidiaries taken as a whole; <I>provided, however,</I> that the Company shall
not be required to preserve any such right, license or franchise if the Board
of Directors determines that the preservation thereof is no longer in the best
interests of the Company, and that the loss thereof is not adverse in any
material respect to the Holders.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE V</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>MERGER, ETC.</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.01 <I>When Company May Merge, etc.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall not consolidate or merge with or into, or sell, assign, transfer,
lease, convey or otherwise dispose of all or substantially all of its assets
to, any Person <I>unless</I> :</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 the Person formed by or surviving any such consolidation or merger (if other
 than the Company), or to which such sale, assignment, transfer, lease,
 conveyance or other disposition shall have been made, is a corporation
 organized and existing under the laws of the United States of America, any
 state thereof or the District of Columbia;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 the Person formed by or surviving any such consolidation or merger (if other
 than the Company), or to which such sale, assignment, transfer, lease,
 conveyance or other disposition shall have been made, expressly assumes by
 one or more supplemental indentures satisfactory in form to the Trustee all
 of the obligations of the Company under the Securities and this Indenture;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 immediately after such transaction, and giving effect thereto, no Default or
 Event of Default shall have occurred and be continuing; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 the Company has delivered to the Trustee an Officers&#146; Certificate and an
 Opinion of Counsel, each stating that the consolidation, merger, conveyance,
 transfer or lease and the supplemental indenture (or supplemental indentures
 together) comply with this Article V and that all conditions precedent herein
 provided relating to the transaction have been complied with.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
 the foregoing, the Company may merge with another Person or acquire by
 purchase or otherwise all or any part of the property or assets of any other
 corporation or Person in a transaction in which the surviving entity is the
 Company.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.02 <I>Successor Corporation Substituted.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
any consolidation or merger, or any sale, assignment, transfer, lease,
conveyance or other disposition of all or substantially all the assets of the
Company in accordance with Section 5.01 hereof, the successor corporation
formed by such consolidation or into which the Company is merged or to which
such sale, assignment, transfer, lease, conveyance or other disposition is made
shall succeed to, and be substituted for, 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. In the event of any
such sale or conveyance, but not any such lease, the Company or any successor
corporation which thereafter will have become such in the manner described in
this Article&nbsp;V shall be discharged from all obligations and covenants
under the Securities and this Indenture and may be dissolved, wound up or
liquidated.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>15</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE VI</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>DEFAULTS AND REMEDIES</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.01 <I>Events of Default.</I></FONT></P>

<P align=justify><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
&#147;<B><I>Event of Default</I></B>&#148; with respect
to each series of the Securities occurs when any of the following occurs: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="94%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 the Company defaults in the payment of the principal, premium, or sinking
 fund payment, if any, of any Security of such series when it becomes due and
 payable at maturity, upon acceleration, repurchase, redemption or otherwise,
 unless the time for payment is extended;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 the Company defaults in the payment of interest on any Security of such
 series when it becomes due and payable and such Default continues for a
 period of ninety (90) days, unless the time for payment is extended;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 the Company fails to comply in any material respect with any of its other
 agreements or covenants in, or provisions of, the Securities or this
 Indenture and the Company and such Default continues for a period of ninety
 (90)&nbsp;days after the Company receives written notice of such Default from
 the Trustee, or the Company the Trustee receive written notice of such
 Default from the Holders of at least 51% in aggregate principal amount of the
 outstanding Securities of such series;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
 the Company or a Significant Subsidiary pursuant to or within the meaning of
 any Bankruptcy Law:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 commences a voluntary case or proceeding;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 consents to the entry of an order for relief against it in an involuntary
 case or proceeding;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
 consents to the appointment of a Custodian of it or for any substantial part
 of its property; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
 makes a general assignment for the benefit of its creditors; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
 a court of competent jurisdiction enters an order or decree under any
 applicable Bankruptcy Law that:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 is for relief against the Company or any Significant Subsidiary in an
 involuntary case or proceeding against the Company or any Significant
 Subsidiary;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 appoints a Custodian for the Company or any Significant Subsidiary or for any
 substantial part of its property; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
 orders the winding up or liquidation of the Company or any Significant
 Subsidiary,</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
any such order or decree under this clause (v)&nbsp;remains unstayed and in
effect for ninety (90) days.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
notice of default under clause (iii)&nbsp;of this Section&nbsp;6.01 must
specify the Default, demand that it be remedied and state that the notice is a
&#147;Notice of Default.&#148;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the occurrences described in clauses (i) through (v) of this Section 6.01
will constitute an Event of Default whatever the reason for the occurrence and
whether it is voluntary or involuntary or is effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Default under clause (i), (ii) or (iii) of this Section 6.01 with regard to
Securities of a particular series will not constitute a Default with regard to
Securities of any other series except to the extent, if any, provided in the
supplemental indenture relating to the other series.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>16</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.02 <I>Acceleration.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an Event of Default with respect to any series of outstanding Securities (other
than an Event of Default specified in clause (iv)&nbsp;or (v)&nbsp;of
Section&nbsp;6.01 hereof) occurs and is continuing, the Trustee or the Holders
of at least 51% in aggregate principal amount of the outstanding Securities of
the applicable series, by written notice to the Company, and to the Trustee if
notice is given by such Holders, may declare due and payable the unpaid
principal amount of all Securities of such series plus any unpaid premium or accrued
and unpaid interest, if any, to the date of payment. Upon a declaration of
acceleration, such principal, premium and accrued and unpaid interest to the
date of payment shall be due and payable.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an Event of Default specified in clause (iv)&nbsp;or (v)&nbsp;of
Section&nbsp;6.01 hereof occurs, all unpaid principal, premium and accrued
interest on the Securities shall become and be immediately due and payable
without any notice, declaration or other action on the part of the Trustee or
any Holder.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Holders of a majority in aggregate principal amount of any outstanding series
of Securities by written notice to the Trustee may rescind and annul an
acceleration and its consequences if (i)&nbsp;all existing Events of Default,
other than the nonpayment of principal, premium or interest on the Securities
which have become due solely because of the acceleration, have been cured or
waived and (ii)&nbsp;the rescission would not conflict with any judgment or
decree of a court of competent jurisdiction. Such rescission or annulment will
not extend to any subsequent or other Default or impair any consequent right.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.03 <I>Other Remedies.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an Event of Default with respect to any series of outstanding Securities occurs
and is continuing, the Trustee may pursue any available remedy by proceeding at
law or in equity to collect the payment of principal of or interest on such
series of Securities or to enforce the performance of any provision of such
series of Securities or this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may maintain a proceeding even if it does not possess any of the
Securities or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Holder in exercising any right or remedy
accruing upon the 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 remedies are cumulative to the extent
permitted by law.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.04 <I>Waiver of Past Defaults.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Sections&nbsp;6.07 and 9.02 hereof, the Holders of at least a majority in
aggregate principal amount of any series of outstanding Securities by notice to
the Trustee may waive an existing Default or Event of Default except a Default
or Event of Default in the payment of the principal of or interest on such
series of Securities ( <I>provided, however,</I>
that, subject to Section&nbsp;6.07, the Holders of a majority in aggregate
principal amount of the then outstanding Securities may rescind an acceleration
and its consequences, including any related payment default that resulted from
such acceleration). When a Default or Event of Default is waived, it is deemed
cured and ceases, but no waiver will extend to any subsequent or other Default
or impair any consequent right.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.05 <I>Control by Majority.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Holders of at least a majority in aggregate principal amount of any outstanding
series of Securities 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 it. However, the Trustee may refuse to follow any direction
that (i)&nbsp;conflicts with law or this Indenture, (ii)&nbsp;the Trustee
determines may be unduly prejudicial to the rights of other Holders of
Securities of such series or (iii)&nbsp;may involve the Trustee in personal
liability. The Trustee may take any other action that it deems proper which is
not inconsistent with any such direction.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.06 <I>Limitation on Suits.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of Section&nbsp;6.07 hereof, no Holder of Securities of any
series may pursue any remedy with respect to this Indenture or the Securities
of such series <I>unless</I> :</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
the Holder gives to the Trustee written notice stating that an Event of Default
is continuing;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>17</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 the Holders of at least 25% in aggregate principal amount of such series of
 Securities make a written request to the Trustee to pursue the remedy;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 such Holder or Holders offer to the Trustee indemnity satisfactory to the
 Trustee against any loss, liability, cost or expense;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
 the Trustee does not comply with the request within sixty (60)&nbsp;days
 after receipt of the request and the offer of indemnity; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
 during such 60-day period, the Holders of at least a majority in aggregate
 principal amount of such series of Securities do not give the Trustee a
 direction inconsistent with the request.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Holder may not use this Indenture to prejudice the rights of another Holder or
to obtain a preference or priority over another Holder.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.07 <I>Rights of Holders To Receive Payment
and to Demand Conversion.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision of this Indenture, the right of any Holder of a Security to
receive payment of principal of, premium, if any, or interest, if any, on the
Security (and interest on overdue principal and interest on overdue
installments of interest, if any, as provided in Section 4.01) on or after the
respective due dates expressed or provided for in the Security, or in the case
of redemption, on or after the Redemption Date, or in the case of conversion or
exchange, to receive the security issuable upon conversion or exchange, or to
bring suit for the enforcement of any such payment, conversion or exchange on
or after such respective dates, shall not be impaired or affected without the
consent of the Holder.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.08 <I>Collection Suit by Trustee.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an Event of Default specified in Section&nbsp;6.01(i) or (ii)&nbsp;hereof
occurs and is continuing with respect to the Securities, the Trustee may
recover judgment in its own name and as trustee of an express trust against the
Company (and any other obligor on the Securities) for the whole amount of
principal, premium, if any, and accrued interest, if any, remaining unpaid on
the outstanding Securities, together with (to the extent lawful) interest on
overdue principal and interest, and such further amount as shall be sufficient
to cover the costs and, to the extent lawful, expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel and any other amounts due the Trustee under
Section&nbsp;7.08 hereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.09 <I>Trustee May File Proofs of Claim.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee and the
Holders allowed in any judicial proceeding relative to the Company (or any
other obligor upon the Securities), its creditors or its property and shall be
entitled and empowered to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute the same, and any
custodian in any such judicial proceedings is hereby authorized by each Holder
to make such payments to the Trustee and, in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section&nbsp;7.08 hereof. Nothing contained
in this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
or the rights of any Holder thereof, or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.10 <I>Priorities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee collects any amount of money with respect to the Securities
pursuant to this Article&nbsp;VI, subject to Article XI, it shall pay out the
money in the following order:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>18</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(First)</I>
to the Trustee, its agents and attorneys for amounts due under
Section&nbsp;7.08 hereof, including payment of all compensation, expense and
liabilities incurred, and all advances made by the Trustee and the costs and
expenses of collection;</FONT></P>

<P align=justify><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Second)</I>
to Holders for amounts due and unpaid on the Securities for principal and
interest, if any, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Securities for principal and
interest, respectively; and</FONT></P>

<P align=justify><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Third)</I>
to the Company, or to such party as a court of competent jurisdiction may
direct.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee, upon prior written notice to the Company, may fix a record date and
payment date for any payment to Holders pursuant to this Section&nbsp;6.10. The
Trustee shall notify the Company in writing reasonably in advance of any such
record date and payment date.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.11 <I>Undertaking for Costs.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
any suit for the enforcement of any right or remedy under this Indenture or in
any suit against the Trustee for any action taken or omitted by it as a
Trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in
its discretion may assess reasonable costs, including reasonable attorneys&#146;
fees and expenses, against any party litigant in the suit, having due regard to
the merits and good faith of the claims or defenses made by the party litigant.
This Section&nbsp;6.11 does not apply to a suit by the Trustee, a suit by a
Holder pursuant to Section&nbsp;6.06 hereof, a suit by Holders of more than 10%
in aggregate principal amount of any outstanding series of Securities, or to
any suit instituted by any Holder for the enforcement of the payment of the
principal of, premium, if any, or interest on any Security held by that Holder
on or after the due date provided in the Security or to any suit for the
enforcement of the right to convert or exchange any Security in accordance with
the provisions of a supplemental indenture applicable to that Security.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.12 <I>Stay, Extension and Usury Laws.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company covenants (to the extent that it may lawfully do so) that it shall not
at any time insist upon, plead, or in any manner whatsoever claim and will
resist any and all efforts to be compelled to take the benefit or advantage of,
any stay, extension or usury law wherever enacted, now or at any time hereafter
in force, which would prohibit or forgive the Company from paying all or any
portion of the principal of, premium, if any, and/or interest on any of the
Securities as contemplated in this Indenture or a supplemental indenture, or
which may affect the covenants or the performance of this Indenture; and the
Company (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law, and covenants that it shall not, by
resort to any such law, hinder, delay or impede the execution of any power
herein granted to the Trustee, but shall suffer and permit the execution of
every such power as though no such law has been enacted.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.13 <I>Restoration of Positions</I> .</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a judicial proceeding by the Trustee or a Holder to enforce any right or remedy
under this Indenture or any supplemental indenture has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee or to
such Holder, then and in every such case, except as otherwise provided in the
judicial proceeding, the Company, the Trustee and the Holders will be restored
severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding had been instituted.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.14 <I>Liability of Stockholders, Officers,
Directors and Incorporators</I> .</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
stockholder, officer, director or incorporator, as such, past, present or
future, of the Company, or any of its successor corporations, will have any
personal liability in respect of the Company&#146;s obligations under this Indenture
or any Securities by reason of his or its status as such stockholder, officer,
director or incorporator; <I>provided</I>
, <I>however</I> , that nothing in this
Indenture or in the Securities will prevent recourse to and enforcement of the
liability of any holder or subscriber to common stock of the Company which has
not been fully paid up.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>19</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE VII</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>TRUSTEE</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.01 <I>Duties of Trustee.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If
an Event of Default with respect to the Securities 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 circumstances in
the conduct of such person&#146;s own affairs.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Except
during the continuance of an Event of Default:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
 the Trustee need perform only those duties that are specifically set forth in
 this Indenture or the TIA, and no implied covenants or obligations shall be
 read into this Indenture against the Trustee; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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; <I>provided, however,</I> that 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 examine the
 certificates and opinions to determine whether or not, on their face, they
 conform to the requirements of this Indenture (but need not investigate or
 confirm the accuracy of mathematical calculations or other facts stated
 therein).</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;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:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
 this paragraph does not limit the effect of paragraph (b)&nbsp;of this
 Section&nbsp;7.01;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)
 the Trustee shall not be liable for any error of judgment made in good faith
 by a Trust Officer or other officer, unless it is proved that the Trustee was
 negligent in ascertaining the pertinent facts; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Section&nbsp;6.05 hereof.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Whether
or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to this Section&nbsp;7.01 and to the
provisions of the TIA.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;No
provision of this Indenture shall require the Trustee to expend or risk its own
funds or incur any financial liability in the performance of any of its duties
under this Indenture or in the exercise of any of its right or power. The
Trustee may refuse to perform any duty or exercise any right or power unless it
receives indemnity satisfactory to it against any loss, liability, cost or
expense (including, without limitation, reasonable fees of counsel).</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books,
records and premises of the Company, personally or by agent or attorney at the
sole cost of the Company and shall incur no liability or additional liability
of any kind by reason of such inquiry or investigation.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The
rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to,
and shall be enforceable by, the Trustee in each of its capacities hereunder,
and to each agent, custodian and other Person employed to act hereunder.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.02 <I>Rights of Trustee.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 315(a) through (d)&nbsp;of the TIA:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>20</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The
Trustee may conclusively rely on any document believed by it to be genuine and
to have been signed or presented by the proper person. The Trustee need not
investigate any fact or matter stated in the document.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Before
the Trustee acts or refrains from acting, it may require an Officers&#146;
Certificate or an Opinion of Counsel, or both. The Trustee shall not be liable
for any action it takes or omits to take in good faith in reliance on the Officers&#146;
Certificate or Opinion of Counsel.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The
Trustee may act through attorneys and agents and shall not be responsible for
the misconduct or negligence of any attorney or agent appointed with due care.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The
Trustee shall not be liable for any action it takes or omits to take in good
faith that it believes to be authorized or within the rights or powers
conferred upon it by this Indenture, unless the Trustee&#146;s conduct constitutes
willful misconduct, negligence or bad faith.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The
Trustee may consult with counsel of its selection and the advice of such
counsel as to matters of law shall be full and complete authorization and
protection 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.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Unless
otherwise specifically provided in this Indenture, any demand, request,
direction or notice from the Company shall be sufficient if signed by an
Officer of the Company.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The
Trustee may request that the Company deliver an Officers&#146; Certificate setting
forth the names of individuals and/or titles of officers authorized at such
time to take specified actions pursuant to this Indenture, which Officers&#146;
Certificate may be signed by any person authorized to sign an Officers&#146;
Certificate, including any person specified as so authorized in any such
certificate previously delivered and not superseded.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the
Holders pursuant to this Indenture, unless such Holders shall have offered to
the Trustee security or indemnity satisfactory to the Trustee against the
costs, expenses and liabilities which might be incurred by it in compliance
with such request or direction.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;In
no event shall the Trustee be responsible or liable for special or indirect
loss or damage of any kind whatsoever (including, but not limited to, loss of
profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;The
Trustee shall not be deemed to have notice of any Default or Event of Default
unless a Responsible Officer of the Trustee has actual knowledge thereof or
unless written notice of any event which is in fact such a default is received
by the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Securities and this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.03 <I>Individual Rights of Trustee.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee in its individual or any other capacity may become the owner or pledgee
of Securities and may otherwise deal with the Company or any Affiliate of the
Company with the same rights it would have if it were not Trustee. However, in
the event that the Trustee acquires any conflicting interest (as such term is
defined in Section&nbsp;3.10(b) of the TIA), it must eliminate such conflict
within ninety (90)&nbsp;days, apply to the SEC for permission to continue as
trustee (to the extent permitted under Section 310(b) of the TIA) or resign.
Any agent may do the same with like rights and duties. The Trustee is also
subject to Sections&nbsp;7.10 and 7.11 hereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.04 <I>Money Held in Trust.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money
or U.S. Government Obligations held by the Trustee in trust hereunder need not
be segregated from other funds except to the extent required by law. The
Trustee shall be under no liability for interest on any money received by it
hereunder except as otherwise agreed in writing with the Company.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>21</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.05 <I>Trustee&#146;s Disclaimer.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee (i)&nbsp;is not responsible for and makes no representation as to the
validity or adequacy of this Indenture, any supplemental indenture or the
Securities, (ii)&nbsp;will not be accountable for the Company&#146;s use of the
proceeds from the Securities, (iii)&nbsp;will not be responsible for any
statement in the Securities, this Indenture or any supplemental indenture,
other than its certificate of authentication, and (iv) will not be responsible
for any statement in any prospectus used in the sales of the Securities, other
than statements, if any, provided in writing by the Trustee for use in such a
prospectus.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.06 <I>Notice of Defaults.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Default or Event of Default with respect to the Securities occurs and is
continuing, and if it is actually known to the Trustee, the Trustee shall mail
to Holders a notice of the Default or Event of Default within ninety
(90)&nbsp;days after the occurrence thereof. Except in the case of a Default or
Event of Default in payment of any such Security, the Trustee may withhold the
notice if and so long as it in good faith determines that withholding the
notice is in the interests of the Holders.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.07 <I>Reports by Trustee to Holders.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall transmit to Holders such reports concerning the Trustee and its
actions under this Indenture as may be required by Section&nbsp;313 of the TIA
at the times and in the manner provided by the TIA, which initially shall be
not less than every twelve (12) months, which report may be dated as of a date
up to 75&nbsp;days prior to such transmission.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of each report at the time of its mailing to Holders shall be filed with
the SEC, if required, and each stock exchange, if any, on which the Securities
are listed. The Company shall promptly notify the Trustee when the Securities
become listed on any stock exchange.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.08 <I>Compensation and Indemnity.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall pay to the Trustee from time to time such compensation as shall
be agreed in writing between the Company and the Trustee for its services
hereunder. The Trustee&#146;s compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Company shall reimburse the
Trustee upon request for all reasonable disbursements, advances and expenses
incurred by it, including in particular, but without limitation, those incurred
in connection with the enforcement of any remedies hereunder. Such expenses may
include the reasonable fees and out-of-pocket expenses of the Trustee&#146;s agents
and counsel.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth in the next paragraph, the Company shall indemnify and hold
harmless the Trustee and any predecessor trustee against any and all loss,
liability, damage, claim or expense, including taxes (other than taxes based
upon, measured by or determined by the income of the Trustee) incurred by it
arising out of or in connection with the acceptance or administration of the
trust under this Indenture. The Trustee shall notify the Company promptly of
any claim of which it has received written notice for which it may seek
indemnity. The Company shall defend such claim and the Trustee shall cooperate
in such defense. The Trustee may have separate counsel and the Company shall
pay the reasonable fees and out-of-pocket expenses of such counsel.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company need not pay for any settlement made without its consent. The Company
need not reimburse any expense or indemnify against any loss, liability, cost
or expense incurred by the Trustee through its own negligence, willful
misconduct or bad faith.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
secure the Company&#146;s payment obligations in this Section&nbsp;7.08, the Trustee
shall have a lien prior to the Securities on all money or property held or
collected by the Trustee, except that held in trust to pay the principal of and
interest on particular Securities. The Trustee&#146;s right to receive payment of
any amounts due under this Section&nbsp;7.08 will not be subordinate to any
other liability or indebtedness of the Company.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>22</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s payment obligations pursuant to this Section&nbsp;7.08 shall survive
the satisfaction and discharge of this Indenture. When the Trustee incurs
expenses or renders services after an Event of Default specified in clause
(iv)&nbsp;or (v)&nbsp;of Section&nbsp;6.01 hereof occurs, the expenses and the
compensation for the services are intended to constitute expenses of
administration under any Bankruptcy Law.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purpose of this Section 7.08, &#147;Trustee&#148; will include any predecessor
Trustee, but the negligence, willful misconduct or bad faith of any Trustee
will not affect the rights of any other Trustee under this Section 7.08, except
for a successor Trustee pursuant to Section 7.10 <I>.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.09 <I>Replacement of Trustee.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
resignation or removal of the Trustee and appointment of a successor Trustee
shall become effective only upon the successor Trustee&#146;s acceptance of
appointment as provided in this Section 7.09.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may resign and be discharged from the trust hereby created with respect
to the Securities by so notifying the Company in writing. The Holders of a
majority in aggregate principal amount of the then outstanding Securities may
remove the Trustee by so notifying the Trustee and the Company in writing. The
Company must remove the Trustee if:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 the Trustee fails to comply with Section&nbsp;7.10 hereof or Section&nbsp;310
 of the TIA;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 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;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 a Custodian, receiver or other public officer takes charge of the Trustee or
 its property; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
 the Trustee becomes incapable of acting.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee resigns or is removed or if a vacancy exists in the office of the
Trustee for any reason, the Company shall promptly appoint a successor Trustee
for the Securities. The Trustee shall be entitled to payment of its fees and
reimbursement of its expenses while acting as Trustee. Within one (1) year
after the successor Trustee takes office, the Holders of at least a majority in
aggregate principal amount of then outstanding Securities may appoint a
successor Trustee to replace the successor Trustee appointed by the Company.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Holder of Securities may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee if the
Trustee fails to comply with Section 7.10 hereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an instrument of acceptance by a successor Trustee shall not have been
delivered to the Trustee within thirty (30)&nbsp;days after the giving of such
notice of resignation or removal, the resigning or removed Trustee, as the case
may be, may petition, at the expense of the Company, any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. Thereupon the resignation or removal of
the retiring Trustee shall become effective, and the successor Trustee shall
have all the rights, powers and duties of the Trustee under this Indenture. The
Company shall mail a notice of the successor Trustee&#146;s succession to the
Holders. The retiring Trustee shall promptly transfer all property held by it
as Trustee to the successor Trustee, subject to the lien provided for in
Section&nbsp;7.08 hereof. Notwithstanding replacement of the Trustee pursuant
to this Section&nbsp;7.09, the Company&#146;s obligations under Section&nbsp;7.08
hereof shall continue for the benefit of the retiring Trustee with respect to
expenses, losses and liabilities incurred by it prior to such replacement.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.10 <I>Successor Trustee by Merger, Etc.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section&nbsp;7.09 hereof, if the Trustee consolidates with, merges or
converts into, or transfers all or substantially all of its corporate trust
business to, another corporation or national banking association, the successor
entity without any further act shall be the successor Trustee.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>23</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at the time a successor by merger, conversion or consolidation to the Trustee
succeeds to the trusts created by this Indenture any of the Securities have
been authenticated but not delivered, the successor to the Trustee may adopt
the certificate of authentication of the predecessor Trustee, and deliver the
Securities which were authenticated by the predecessor Trustee; and if at that
time any of the Securities have not been authenticated, the successor to the
Trustee may authenticate those Securities either in the name of the predecessor
or in its own name as the successor to the Trustee; and in either case the
certificates of authentication will have the full force provided in this
Indenture for certificates of authentication.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.11 <I>Eligibility; Disqualification.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall at all times satisfy the requirements of Section&nbsp;310(a)(1),
(2)&nbsp;and (5)&nbsp;of the TIA. The Trustee shall at all times have a
combined capital and surplus of at least $50 million as set forth in its most
recent published annual report of condition, which will be deemed for this
paragraph to be its combined capital and surplus. The Trustee is subject to
Section 310(b) of the TIA, including the optional provision permitted by the
second sentence of Section 310(b)(9) of the TIA.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.12 <I>Preferential Collection of Claims
Against the Company.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee is subject to Section 311(a) of the TIA, excluding any creditor
relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or
been removed shall be subject to Section 311(a) of the TIA to the extent
indicated therein.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE VIII</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>DISCHARGE OF INDENTURE</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.01 <I>Satisfaction and Discharge of
Indenture.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Indenture shall cease to be of further effect (except as to any surviving
rights of registration of transfer or exchange of Securities herein expressly
provided for), and the Trustee, at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture,
when:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
either:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 all Securities previously authenticated and delivered (other than Securities
 which have been destroyed, lost or stolen and which have been replaced or
 paid) have been delivered to the Trustee for cancellation; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 all such Securities not previously delivered to the Trustee for cancellation
 have become due and payable (whether at stated maturity, early redemption or
 otherwise);</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>and, in the
 case of clause (b)&nbsp;above, the Company has deposited, or caused to be
 deposited, irrevocably with the Trustee as trust 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 Securities, cash in
 U.S. dollars and/or U.S. Government Obligations which through the payment of
 interest and principal in respect thereof, in accordance with their terms,
 will provide (and without reinvestment and assuming no tax liability will be
 imposed on such Trustee), not later than one day before the due date of any
 payment of money, an amount in cash, 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 principal of
 and interest on all the Securities on the dates such payments of principal or
 interest are due to maturity or redemption;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 the Company has paid or caused to be paid all other sums payable hereunder by
 the Company with respect to the Securities; and</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>24</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 the Company has delivered to the Trustee an Officers&#146; Certificate and an
 Opinion of Counsel, each stating that all conditions precedent herein
 provided for relating to the satisfaction and discharge of this Indenture
 with respect to the Securities have been complied with.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section&nbsp;7.08 hereof shall survive, and, if
money will have been deposited with the Trustee pursuant to subclause
(b)&nbsp;of clause (i)&nbsp;of this Section, the obligations of the Trustee
under Sections&nbsp;8.02 and 8.05 hereof shall survive.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.02 <I>Application of Trust Funds;
Indemnification.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Subject
to the provisions of Section&nbsp;8.05 hereof, all money and U.S. Government
Obligations deposited with the Trustee pursuant to Section&nbsp;8.01, 8.03 or
8.04 hereof and all money received by the Trustee in respect of U.S. Government
Obligations deposited with the Trustee pursuant to Sections&nbsp;8.01, 8.03 or
8.04 hereof, shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either
directly or through any Paying Agent as the Trustee may determine, to the
persons entitled thereto, of the principal and interest for whose payment such
money has been deposited with or received by the Trustee.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The
Company shall pay and shall indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against U.S. Government Obligations deposited
pursuant to Sections&nbsp;8.01, 8.03 or 8.04 hereof or the interest and
principal received in respect of such obligations other than any payable by or
on behalf of Holders.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The
Trustee shall deliver or pay to the Company from time to time upon the request
of the Company any U.S. Government Obligations or money held by it as provided
in Sections&nbsp;8.01, 8.03 or 8.04 hereof which, in the opinion of a
nationally recognized firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, are then
in excess of the amount thereof which then would have been required to be
deposited for the purpose for which such U.S. Government Obligations or money
were deposited or received. This provision shall not authorize the sale by the
Trustee of any U.S. Government Obligations held under this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.03 <I>Legal Defeasance</I> <I>.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The
Company shall be deemed to have been discharged from its obligations with
respect to all of the outstanding Securities of any series on the 91st day
after the date of the deposit referred to in subparagraph (a)&nbsp;hereof, and
the provisions of this Indenture, as it relates to such series of outstanding
Securities, shall no longer be in effect (and the Trustee, at the expense of
the Company, shall, upon the request of the Company, execute proper instruments
acknowledging the same), except as to:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 the rights of Holders of Securities of such series to receive, solely from
 the trust funds described in subparagraph (a)&nbsp;hereof, payments of the
 principal of or interest on the outstanding Securities of such series on the
 date such payments are due;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 the Company&#146;s obligations with respect to the Securities of such series under
 Sections&nbsp;2.04, 2.05, 2.07, 2.08 and 2.09 hereof; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 the rights, powers, trust and immunities of the Trustee hereunder and the
 duties of the Trustee under Section&nbsp;8.02 hereof and the duty of the
 Trustee to authenticate Securities of such series issued on registration of
 transfer of exchange;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2><I>provided</I> that the
following conditions shall have been satisfied:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 the Company shall have deposited, or caused to be deposited, irrevocably with
 the Trustee as trust 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 such series of Securities, cash in U.S. dollars
 and/or U.S. Government Obligations which through the payment of interest and
 principal in respect thereof, in accordance with their terms, will provide
 (and without reinvestment and assuming no tax liability will be imposed on
 such Trustee), not later than one day before the due date of any payment of
 money, an amount in cash, 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 principal of and
 interest on all the Securities of such series on the dates such payments of
 principal or interest are due to maturity or redemption;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>25</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 such deposit will not result in a breach or violation of, or constitute a
 Default under, this Indenture;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
 no Default or Event of Default with respect to such series of Securities
 shall have occurred and be continuing on the date of such deposit and
 91&nbsp;days shall have passed after the deposit has been made, and, during
 such 91&nbsp;day period, no Default specified in Section&nbsp;6.01(iv) or
 (v)&nbsp;hereof with respect to the Company occurs which is continuing at the
 end of such period;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
 the Company shall have delivered to the Trustee an Officers&#146; Certificate and
 an Opinion of Counsel to the effect that (A)&nbsp;the Company has received
 from, or there has been published by, the Internal Revenue Service a ruling,
 or (B)&nbsp;since the date of execution of this Indenture, there has been a
 change in the applicable federal income tax law, in either case to the effect
 that, and based thereon such Opinion of Counsel shall confirm that, the
 Holders of such series of Securities will not recognize income, gain or loss
 for federal income tax purposes as a result of such deposit, defeasance and
 discharge and will be subject to federal income tax on the same amount and in
 the same manner and at the same times as would have been the case if such
 deposit, defeasance and discharge had not occurred;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
 the Company shall have delivered to the Trustee an Officers&#146; Certificate
 stating that the deposit was not made by the Company with the intent of
 preferring the Holders of such series of Securities over any other creditors
 of the Company or with the intent of defeating, hindering, delaying or
 defrauding any other creditors of the Company;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
 such deposit shall not result in the trust arising from such deposit
 constituting an &#147;investment company&#148; (as defined in the Investment Company
 Act of 1940, as amended), or such trust shall be qualified under such Act or
 exempt from regulation thereunder; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
 the Company shall have delivered to the Trustee an Officers&#146; Certificate and
 an Opinion of Counsel, each stating that all conditions precedent relating to
 the defeasance contemplated by this Section&nbsp;8.03 have been complied
 with.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.04 <I>Covenant Defeasance.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
and after the 91st day after the date of the deposit referred to in
subparagraph (a) hereof, the Company may omit to comply with any term,
provision or condition set forth under Sections&nbsp;4.03(a), 4.04, and 4.05
hereof as well as any additional covenants contained in a supplemental
indenture hereto (and the failure to comply with any such provisions shall not
constitute a Default or Event of Default under Section&nbsp;6.01 hereof) and
the occurrence of any event described in clause (iii)&nbsp;of Section&nbsp;6.01
hereof shall not constitute a Default or Event of Default hereunder, with
respect to any series of Securities, <I>provided</I>
that the following conditions shall have been satisfied:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 with reference to this Section&nbsp;8.04, the Company has deposited, or
 caused to be deposited, irrevocably (except as provided in Section&nbsp;8.05
 hereof) with the Trustee as trust funds in trust, specifically pledged as
 security for, and dedicated solely to, the benefit of the Holders of such
 series of Securities, cash in U.S. dollars and/or U.S. Government Obligations
 which through the payment of principal and interest in respect thereof, in
 accordance with their terms, will provide (and without reinvestment and
 assuming no tax liability will be imposed on such Trustee), not later than
 one day before the due date of any payment of money, an amount in cash,
 sufficient, in the opinion of a nationally recognized firm of independent
 certified public accountants expressed in a written certification thereof
 delivered to the Trustee, to pay principal and interest on all the Securities
 of such series on the dates such payments of principal and interest are due
 to maturity or redemption;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>26</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 such deposit will not result in a breach or violation of, or constitute a
 Default under, this Indenture;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 no Default or Event of Default with respect to such series of Securities
 shall have occurred and be continuing on the date of such deposit and
 91&nbsp;days shall have passed after the deposit has been made, and, during
 such 91&nbsp;day period, no Default specified in Section&nbsp;6.01(iv) or
 (v)&nbsp;hereof with respect to the Company occurs which is continuing at the
 end of such period;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
 the Company shall have delivered to the Trustee an Opinion of Counsel
 confirming that Holders of such series of Securities will not recognize
 income, gain or loss for federal income tax purposes as a result of such deposit
 and 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
 deposit and defeasance had not occurred;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
 the Company shall have delivered to the Trustee an Officers&#146; Certificate
 stating the deposit was not made by the Company with the intent of preferring
 the Holders of such series of Securities over any other creditors of the
 Company or with the intent of defeating, hindering, delaying or defrauding
 any other creditors of the Company;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
 such deposit shall not result in the trust arising from such deposit
 constituting an &#147;investment company&#148; (as defined in the Investment Company
 Act of 1940, as amended), or such trust shall be qualified under such Act or
 exempt from regulation thereunder; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
 the Company shall have delivered to the Trustee an Officers&#146; Certificate and
 an Opinion of Counsel, each stating that all conditions precedent herein
 provided for relating to the defeasance contemplated by this
 Section&nbsp;8.04 have been complied with.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.05 <I>Repayment to Company.</I></FONT></P>

<P align=justify><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee and the Paying Agent shall pay to the Company upon request any money
held by them for the payment of principal or interest that remains unclaimed
for two (2) years after the date upon which such payment shall have become due.
After payment to the Company, Holders entitled to the money must look to the
Company for payment as general creditors unless an applicable abandoned property
law designates another Person.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.06 <I>Reinstatement.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee or the Paying Agent is unable to apply any money deposited with
respect to Securities of any series in accordance with Section&nbsp;8.01 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 obligations of the Company under this Indenture with
respect to the Securities of such series and under the Securities of such
series shall be revived and reinstated as though no deposit had occurred
pursuant to Section&nbsp;8.01 until such time as the Trustee or the Paying
Agent is permitted to apply all such money in accordance with
Section&nbsp;8.01; <I>provided</I> , <I>however</I> , that if the Company has made any
payment of principal of, premium, if any, or interest with respect to 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 held by the Trustee or the Paying Agent.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE IX</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>AMENDMENTS, SUPPLEMENTS AND WAIVERS</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.01 <I>Without Consent of Holders.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the consent of any Holder, the Company and the Trustee may, at any time, amend
this Indenture and the Securities to:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>27</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 cure any ambiguity, defect or inconsistency, provided that such change does
 not adversely affect the rights hereunder of any Holder in any material
 respect;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 provide for uncertificated Securities in addition to or in place of
 certificated Securities or to alter the provisions of Article&nbsp;II hereof
 (including the related definitions) in a manner that does not materially
 adversely affect any Holder;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 provide for the assumption of the Company&#146;s obligations to the Holders of
 Securities in the case of a merger, consolidation or sale or other
 disposition of assets pursuant to Article&nbsp;V hereof;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
 comply with requirements of the SEC in order to effect or maintain the qualification
 of this Indenture under the TIA, <I>provided</I>
 that such change does not adversely affect the rights hereunder of any Holder
 in any material respect;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
 add to the covenants of the Company and any other restrictions, conditions or
 provisions for the benefit of the Holders, to make the occurrence, or the
 occurrence and the continuance, of a Default under any such additional
 covenants, restrictions, conditions or provisions an Event of Default under
 this Indenture, or to surrender any right or power herein conferred upon the
 Company;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
 add to, delete from or revise the conditions, limitations, and restrictions
 on the authorized amount, terms, or purposes of issue, or authentication and
 delivery of Securities, <I>provided</I>
 that such change does not adversely affect the rights hereunder of any Holder
 in any material respect;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
 secure the Securities of any series;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)
 make appropriate provision in connection with the appointment of any
 successor Trustee; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)
 make any other change that does not adversely affect in any material respect
 the rights hereunder of any Holder.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the request of the Company accompanied by a resolution of its Board of
Directors authorizing the execution of any such amended or supplemental
Indenture, and upon receipt by the Trustee of the documents described in
Section&nbsp;7.02 hereof, the Trustee shall join with the Company in the
execution of any amended or supplemental Indenture authorized or permitted by
the terms of this Indenture and to make any further appropriate agreements and
stipulations that may be therein contained, but the Trustee shall not be
obligated to enter into such amended or supplemental Indenture that affects its
own rights, duties or immunities under this Indenture or otherwise.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.02 <I>With Consent of Holders.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided below in this Section&nbsp;9.02, this Indenture, the Securities may
be amended or supplemented, and noncompliance in any particular instance with
any provision of this Indenture or the Securities may be waived, in each case
with the written consent of the Holders of at least a majority in aggregate
principal amount of the then outstanding Securities affected thereby; <I>provided, however</I> , that any amendment to
or supplement of this Indenture or the Securities that by its terms affects the
rights of Holders of any series of then outstanding Securities but not the
others series may be effected, and any default or compliance with any provision
of this Indenture affecting the Holders of any series of then outstanding
Securities but not the other series may be waived, with the consent of at least
a majority in aggregate principal amount of the Securities of the affected
series.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the consent of each Holder of Securities that is affected thereby, an amendment
or waiver under this Section&nbsp;9.02 may not:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 reduce the aggregate principal amount of Securities of any series the Holders
 of which must consent to an amendment, supplement modification or waiver of
 any provision of this Indenture;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 reduce the rate of or extend the time for payment of interest on any series
 of Securities;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 reduce the principal of or change the stated maturity of any series of
 Securities;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>28</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
 change the date on which any Security of any of series may be subject to
 redemption, or reduce the premium payable upon the redemption or repurchase
 thereof;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
 make any Security of any series payable in currency other than that stated in
 the Security;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
 modify or change any provision of this Indenture affecting the ranking of the
 Securities of any series in a manner which adversely affects the Holders
 thereof;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
 impair the right of any Holder of Securities to institute suit for the
 enforcement of any payment in or with respect to any such series of
 Securities; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)
 make any change in the foregoing amendment and waiver provisions which
 require each Holder&#146;s consent.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
shall not be necessary for the consent of the Holders under this
Section&nbsp;9.02 to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance
thereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
an amendment or waiver under this Section&nbsp;9.02 becomes effective, the
Company shall mail to Holders affected thereby a notice briefly describing the
amendment or waiver. Any failure of the Company to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of
any such amended or supplemental indenture or waiver.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.03 <I>Compliance with Trust Indenture Act.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
amendment to this Indenture or the Securities shall be set forth in a
supplemental indenture that complies with the TIA as then in effect.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.04 <I>Revocation and Effect of Consents.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
an amendment, supplement modification or waiver becomes effective, a consent to
it by a Holder is a continuing consent by the Holder and every subsequent
Holder of a Security or portion of a Security that evidences the same debt as
the consenting Holder&#146;s Security, even if notation of the consent is not made
on any Security; <I>provided, however,</I>
that unless a record date shall have been established pursuant to
Section&nbsp;2.16 hereof, any such Holder or subsequent Holder may revoke the
consent as to its Security or portion of a Security if the Trustee receives
written notice of revocation before the date the amendment, supplement,
modification or waiver becomes effective. An amendment, supplement modification
or waiver becomes effective on receipt by the Trustee of consents from the
Holders of the requisite percentage principal amount of the outstanding
Securities, and thereafter shall bind every Holder of Securities; <I>provided, however,</I> if the amendment, supplement
modification or waiver makes a change described in any of the clauses
(i)&nbsp;through (viii)&nbsp;of Section&nbsp;9.02 hereof, the amendment,
supplement, modification or waiver shall bind only each Holder of a Security
which has consented to it and every subsequent Holder of a Security or portion
of a Security that evidences the same indebtedness as the consenting Holder&#146;s
Security.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.05 <I>Notation on or Exchange of Securities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an amendment, supplement, modification or waiver changes the terms of a
Security:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the
Trustee may require the Holder of a Security to deliver such Security to the
Trustee, the Trustee may place an appropriate notation on the Security about
the changed terms and return it to the Holder and the Trustee may place an
appropriate notation on any Security thereafter authenticated; or</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;if
the Company or the Trustee so determines, the Company in exchange for the
Security shall issue and the Trustee shall authenticate a new Security that
reflects the changed terms.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure
to make the appropriate notation or issue a new Security shall not affect the
validity and effect of such amendment, supplement or waiver.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>29</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.06 <I>Trustee to Sign Amendment, etc.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall sign any amendment authorized pursuant to this Article&nbsp;IX if
the amendment 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, the Trustee shall be provided with
and shall be fully protected in relying upon an Officers&#146; Certificate and an
Opinion of Counsel as conclusive evidence that such amendment is authorized or
permitted by this Indenture.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE X</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>CONVERSION OR EXCHANGE OF SECURITIES</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.01 <I>Provisions Relating to Conversion or
Exchange of Securities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
rights which Holders of Securities of a series will have to convert those
Securities into other securities of the Company or to exchange those Securities
for securities of other Persons or other assets, including but not limited to
the terms of the conversion or exchange and the circumstances, if any, under
which those terms will be adjusted to prevent dilution or otherwise, will be
set forth in an Indenture supplemental hereto relating to the series of
Securities. In the absence of provisions in a supplemental Indenture relating
to a series of Securities setting forth rights to convert or exchange the
Securities of that series into or for other securities or assets, Holders of the
Securities of that series will not have any such rights.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE XI</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>SINKING OR PURCHASE FUNDS</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11.01 <I>Provisions Relating to Sinking or
Purchase Funds.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
requirements that the Company make, or rights of the Company to make at its
option, payments prior to maturity of the Securities of a series which will be
used as a fund with which to redeem or to purchase Securities of that series,
including but not limited to provisions regarding the amount of the payments,
when the Company will be required, or will have the option, to make the
payments and when the payments will be applied, will be set forth in an
Indenture supplemental hereto relating to the series of Securities. In the
absence of provisions in a supplemental Indenture relating to a series of
Securities setting forth requirements that the Company make, or rights of the
Company to make at its option, payments to be used as a fund with which to
redeem or purchase Securities of the series, the Company will not be subject to
any such requirements and will not have any such rights. However, unless
otherwise specifically provided in a supplemental Indenture relating to a
series of Securities, the Company will at all times have the right to purchase
Securities from Holders in market transactions or otherwise.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE XII</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>MISCELLANEOUS</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.01 <I>Trust Indenture Act Controls.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Indenture is subject to the provisions of the TIA which are required to be part
of this Indenture, and shall, to the extent applicable, be governed by such
provisions.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.02 <I>Notices.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
notice or communication to the Company or the Trustee is duly given if in
writing and delivered in person or mailed by first-class mail to the address
set forth below:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to the Company:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>30</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
a copy to:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to the Trustee:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;__________________</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;__________________</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention:
_________</FONT></P>

<P align=justify><FONT SIZE=2>The Company or
the Trustee, by notice to the other, may designate additional or different
addresses for subsequent notices or communications.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
notice or communication to a Holder shall be mailed by first-class mail to his
address shown on the Register kept by the Registrar. Failure to mail a notice
or communication to a Holder or any defect in such notice or communication shall
not affect its sufficiency with respect to other Holders.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a notice or communication is mailed or sent in the manner provided above within
the time prescribed, it is duly given, whether or not the addressee receives
it, except that notice to the Trustee shall only be effective upon receipt
thereof by the Trustee.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
by reason of the suspension of regular mail service, or by reason of any other
cause, it is impossible to mail any notice as required by this Indenture or any
supplemental indenture, then any method of notification which is approved by
the Trustee will constitute a sufficient mailing of the notice.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company mails a notice or communication to Holders, it shall mail a copy to
the Trustee and each Agent at the same time.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.03 <I>Communication by Holders with Other
Holders.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
may communicate pursuant to Section 312(b) of the TIA with other Holders with
respect to their rights under the Securities or this Indenture. The Company,
the Trustee, the Registrar and anyone else shall have the protection of Section
312(c) of the TIA.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.04 <I>Certificate and Opinion as to
Conditions Precedent.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 an Officers&#146; Certificate (which shall include the statements set forth in
 Section 12.05 hereof) stating that, in the opinion of the signers, all
 conditions precedent and covenants, if any, provided for in this Indenture
 relating to the proposed action have been complied with;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 an Opinion of Counsel (which shall include the statements set forth in
 Section 12.05 hereof) stating that, in the opinion of such counsel, all such
 conditions precedent and covenants have been complied with; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 such other opinions and certificates as may be required by applicable
 provisions of this Indenture or an applicable supplemental indenture.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.05 <I>Statements Required in Certificate or
Opinion.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
certificate (other than certificates provided pursuant to Section&nbsp;4.04
hereof) or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>31</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 a statement that each individual signing such certificate or opinion has read
 such covenant or condition;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 a brief statement as to the nature and scope of the examination or
 investigation upon which the statements or opinions contained in such
 certificate or opinion are based;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 a statement that, in the opinion of each such person, he or she has made such
 examination or investigation as is necessary to enable him to express an
 informed opinion as to whether or not such covenant or condition has been
 complied with; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
 a statement as to whether or not, in the opinion of each such person, such
 condition or covenant has been complied with; <I>provided, however,</I> that with respect to matters of fact,
 an Opinion of Counsel may rely on an Officers&#146; Certificate or certificate of
 public officials.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.06 <I>Rules by Trustee and Agents.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may make reasonable rules for action by or for a meeting of Holders.
The Registrar or Paying Agent may make reasonable rules and set reasonable
requirements for its functions.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.07 <I>Legal Holidays.</I></FONT></P>

<P align=justify><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
&#147;<B><I>Legal Holiday</I></B>&#148; is a Saturday,
a Sunday or a day on which banking institutions in The City of New York are not
required or authorized to be open. 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. </FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.08 <I>Duplicate Originals.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties may sign any number of copies of this Indenture. One signed copy is
enough to prove this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.09 <I>Governing Law.</I></FONT></P>

<P align=justify><FONT SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Indenture, each supplemental indenture and the Securities shall be governed by,
and construed in accordance with, the laws of the State of New York.</B> </FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.10 <I>No Adverse Interpretation of Other
Agreements.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Indenture may not be used to interpret another indenture, loan or debt
agreement of the Company or any of its Subsidiaries. Any such indenture, loan
or debt agreement may not be used to interpret this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.11 <I>Successors.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
agreements of the Company under the Securities and this Indenture shall bind
their respective successors. All agreements of the Trustee in this Indenture
shall bind its successor.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.12 <I>Severability.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event any provision in the Securities or in this Indenture is invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.13 <I>Counterpart Originals.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Indenture may be signed in one or more counterparts. Each signed copy shall be
an original, but all of them together represent the same agreement.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>32</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.14 <I>Submission to Jurisdiction.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
the execution and delivery of this Indenture, the Company submits to the
nonexclusive jurisdiction of any federal or state court in the State of New
York with respect to all matters related to this Indenture, any supplemental
indenture and the Securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.15 <I>Waiver of Jury Trial.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EACH
OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE
TRANSACTION CONTEMPLATED HEREBY.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.16 <I>Force Majeure.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
no event shall the Trustee be responsible or liable for any failure or delay in
the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil
or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and
hardware) services; it being understood that the Trustee shall use reasonable
efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.17 <I>Supplemental Indentures Contract</I>
.. <I>.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any provision of a supplemental indenture to this Indenture relating to a
series of Securities is inconsistent with any provision of this Indenture, the
provisions of the supplemental indenture will control with regard to the
Securities of the series to which it relates.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.18 <I>Table of Contents, Headings, etc.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. They are not to be considered a part of this Indenture, and will in no
way modify or restrict any of the terms or provisions of this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.19 <I>When Treasury Securities Disregarded</I>
..</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
determining whether the Holders of the required principal amount of Securities
have concurred in any direction, waiver or consent, Securities owned by the
Company, or anyone under direct or indirect control or under direct or indirect
common control with the Company will be disregarded and deemed not to be
outstanding, except that for the purposes of determining whether the Trustee
will be protected in relying on any such direction, waiver or consent, only
Securities which the Trustee knows are so owned will be so disregarded.
Securities so owned which have been pledged in good faith will not be
disregarded if the pledgee establishes to the satisfaction of the Trustee the
pledgee&#146;s right to act with respect to the Securities and that the pledgee is
not the Company or a person directly or indirectly controlling or controlled
by, or under common control with, the Company. Nothing in this Section 12.19
will be construed as requiring that the Company furnish to the Trustee any
evidence of compliance with the conditions and covenants provided for in the
Indenture other than the evidence specified in this Section 12.19.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>33</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
executed, as of the day and year first above written. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
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 <P align=justify>&nbsp;</P>
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 </TR>
 <TR>
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 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align=justify><FONT SIZE=2><B>ORIENT PAPER, INC.</B></FONT></P>
 </TD>
 </TR>
 <TR>
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 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
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 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P align=justify><FONT SIZE=2>By:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
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 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>Name:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
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 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
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 <P align=justify><FONT SIZE=2>Title:</FONT></P>
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 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
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 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
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 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
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 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
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 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>By:</FONT></P>
 </TD>
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 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>Name:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
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 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>Title:</FONT></P>
 </TD>
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 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>34</FONT></P>

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</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.(7)
<SEQUENCE>5
<FILENAME>d25787_ex4-7.htm
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=CENTER><FONT SIZE=2><B>FORM OF</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>SUBORDINATED INDENTURE</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>by and between</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ORIENT PAPER, INC.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>as Issuer,</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>and</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>_____________________,</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>as Trustee</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Dated as of ______________</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>TABLE OF CONTENTS</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="90%" VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><b>Page</b></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>ARTICLE
 I&nbsp;DEFINITIONS AND INCORPORATION BY REFERENCE</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 1.01 Definitions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 1.02 Incorporation by Reference of
 Trust Indenture Act</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 1.03 Rules of Construction</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>ARTICLE
 II&nbsp;THE SECURITIES</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.01 Unlimited in Amount, Issuable
 in Series</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>6</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.02 Form and Dating</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.03 Execution and Authentication</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.04 Registrar and Paying Agent</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>9</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.05 Paying Agent to Hold Assets in
 Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>9</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.06 Holder Lists</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.07 General Provisions Relating to
 Transfer and Exchange</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.08 Book-Entry Provisions for
 Global Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.09 Replacement Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.10 Outstanding Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.11 Treasury Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.12 Temporary Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.13 Cancellation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.14 CUSIP Numbers</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.15 Defaulted Interest</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 2.16 Special Record Dates</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>ARTICLE
 III&nbsp;REDEMPTION</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 3.01 Notices to Trustee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 3.02 Selection of Securities to Be
 Redeemed</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 3.03 Notice of Redemption</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 3.04 Effect of Notice of
Redemption</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>15</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 3.05 Deposit of Redemption Price</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>15</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 3.06 Securities Redeemed in Part</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>15</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 3.07 Holder&#146;s Right to Require
 Redemption</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 3.08 Procedure for Requiring
 Redemption</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>ARTICLE
 IV&nbsp;COVENANTS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 4.01 Payment of Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 4.02 Maintenance of Office or
 Agency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 4.03 Reports</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>17</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 4.04 Compliance Certificate</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>17</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 4.05 Taxes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>17</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 4.06 Corporate Existence</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>ARTICLE
 V&nbsp;MERGER, ETC.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 5.01 When Company May Merge, etc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 5.02 Successor Corporation
 Substituted</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>ARTICLE
 VI&nbsp;DEFAULTS AND REMEDIES</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.01 Events of Default</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.02 Acceleration</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.03 Other Remedies</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.04 Waiver of Past Defaults</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.05 Control by Majority</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.06 Limitation on Suits</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.07 Rights of Holders To Receive
 Payment and to Demand Conversion</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>i</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="91%" VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><b>Page</b></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.08 Collection Suit by Trustee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.09 Trustee May File Proofs of
 Claim</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.10 Priorities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.11 Undertaking for Costs</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.12 Stay, Extension and Usury
Laws</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>23</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.13 Restoration of Positions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>23</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 6.14 Liability of Stockholders,
 Officers, Directors and Incorporators</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>23</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>ARTICLE
 VII&nbsp;TRUSTEE</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.01 Duties of Trustee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>23</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.02 Rights of Trustee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>24</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.03 Individual Rights of Trustee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>25</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.04 Money Held in Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>26</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.05 Trustee&#146;s Disclaimer</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>26</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.06 Notice of Defaults</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>26</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.07 Reports by Trustee to Holders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>26</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.08 Compensation and Indemnity</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>26</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.09 Replacement of Trustee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>27</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.10 Successor Trustee by Merger,
 Etc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>28</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.11 Eligibility; Disqualification</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>28</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 7.12 Preferential Collection of
 Claims Against the Company</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>28</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>ARTICLE
 VIII&nbsp;DISCHARGE OF INDENTURE</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 8.01 Satisfaction and Discharge of
 Indenture</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>28</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 8.02 Application of Trust Funds;
 Indemnification</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>29</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 8.03 Legal Defeasance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>30</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 8.04 Covenant Defeasance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>31</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 8.05 Repayment to Company</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 8.06 Reinstatement</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>ARTICLE
 IX&nbsp;AMENDMENTS, SUPPLEMENTS AND WAIVERS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 9.01 Without Consent of Holders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 9.02 With Consent of Holders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>33</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 9.03 Compliance with Trust
 Indenture Act</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>34</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 9.04 Revocation and Effect of
 Consents</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>34</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 9.05 Notation on or Exchange of
 Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>34</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 9.06 Trustee to Sign Amendment,
 etc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>35</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>ARTICLE X&nbsp;CONVERSION OR EXCHANGE OF SECURITIES</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 10.01 Provisions Relating to
 Conversion or Exchange of Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>35</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>ARTICLE XI
 SINKING OR PURCHASE FUNDS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 11.01 Provisions Relating to
 Sinking or Purchase Funds</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>35</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>ARTICLE XII
 SUBORDINATION</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.01 Securities Subordinated to
 Senior Indebtedness</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>35</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.02 Priority and Payment Over of
 Proceeds in Certain Events</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>36</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.03 Payments May Be Paid Prior to
 Dissolution</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>36</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.04 Rights of Holders of Senior
 Indebtedness Not to Be Impaired</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>36</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.05 Authorization to Trustee to
 Take Action to Effectuate Subordination</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>37</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.06 Distribution or Notice to
 Representative</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>37</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.07 Subrogation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>37</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.08 Obligations of Company
 Unconditional</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>38</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.09 Trustee Entitled to Assume
 Payments Not Prohibited in Absence of Notice</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>38</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 12.10 Right of Trustee to Hold
 Senior Indebtedness</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>38</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>ARTICLE XIII&nbsp;MISCELLANEOUS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.01 Trust Indenture Act Controls</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>39</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>ii</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="89%" VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><b>Page</b></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.02 Notices</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>39</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.03 Communication by Holders with
 Other Holders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>40</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.04 Certificate and Opinion as to
 Conditions Precedent</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>40</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.05 Statements Required in
 Certificate or Opinion</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>40</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.06 Rules by Trustee and Agents</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>40</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.07 Legal Holidays</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>41</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.08 Duplicate Originals</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>41</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.09 Governing Law</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>41</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.10 No Adverse Interpretation of
 Other Agreements</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>41</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.11 Successors</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>41</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.12 Severability</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>41</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.13 Counterpart Originals</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>41</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.14 Submission to Jurisdiction</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>41</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.15 Waiver of Jury Trial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>41</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.16 Force Majeure</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>42</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.16 Supplemental Indentures
 Contract</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>42</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.18 Table of Contents, Headings,
 etc</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>42</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SECTION 13.19 When Treasury Securities
 Disregarded</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>42</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>iii</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2><B>CROSS-REFERENCE TABLE*</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="7%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="58%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2><B>Trust Indenture Act Section</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2><B>Indenture Section</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>310</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(3)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(4)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(5)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.03; 7.11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>311</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>312</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>2.06</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>13.03</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>13.03</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>313</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.07</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.07; 7.08</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.07; 13.02</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(d)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.07</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>314</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(1), (2),
 (3)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>4.03;13.05</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(4)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>4.04</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>13.04</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>13.04</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)(3)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(d)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(e)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>13.05</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(f)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>315</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.01(b)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.06; 13.02</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.01(a)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(d)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>7.01(c)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(e)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>6.11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>316</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(last
 sentence)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>2.11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(1)(A)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>6.05</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(1)(B)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>6.04</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>6.07</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>9.04</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>317</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>6.08</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>6.09</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>2.04</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>318</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>13.01</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>n/a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2>13.01</FONT></P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>&#147;n/a&#148; means
not applicable.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>iv</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUBORDINATED
INDENTURE (this &#147;Indenture&#148;), dated as of ________, by and between ORIENT
PAPER, INC., a Nevada corporation (the &#147;Company&#148;), as issuer, and
______________, a ____________, as trustee (the &#147;Trustee&#148;).</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>RECITALS</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of its debentures, notes or other
evidences of indebtedness to be issued in one or more series (the
&#147;Securities&#148;), 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.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>NOW, THEREFORE, THIS INDENTURE WITNESSETH:</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
and in consideration of the premises and the purchase of the Securities by the
Holders thereof, it is mutually covenanted and agreed for the equal and ratable
benefit of the Holders of the Securities, as follows:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE I</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>DEFINITIONS AND INCORPORATION BY REFERENCE</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.01 <I>Definitions.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Affiliate&#148;
means, when used with reference to the Company or another Person, any Person
directly or indirectly controlling, controlled by, or under direct or indirect
common control with, the Company or such other Person, as the case may be. For
the purposes of this definition, &#147;control&#148; when used with respect to any specified
Person means the power to direct or cause the direction of management or
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms &#147;controlling&#148; and
&#147;controlled&#148; have meanings correlative of the foregoing.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Agent&#148;
means any Registrar, Paying Agent, authenticating agent or co-Registrar.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Balance
Sheet&#148; of a Person means a consolidated balance sheet (excluding the footnotes
thereto) of such Person prepared in accordance with GAAP.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Bankruptcy
Law&#148; means Title 11 of the U.S. Code or any similar federal or state law for
the relief of debtors.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Board
of Directors&#148; means, with respect to any Person, the Board of Directors of such
Person or any duly authorized committee of such Board of Directors.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Board
Resolution&#148; means a copy of a resolution certified by the secretary or an
assistant secretary of such Person to have been duly adopted by the Board of
Directors of such Person or any duly authorized committee thereof and to be in
full force and effect on the date of such certification, and delivered to the
Trustee.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Business
Day&#148; means a day that is not a Legal Holiday.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Company&#148;
means the party named as the Company in the first paragraph of this Indenture
until one or more successor corporations shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter means such successors.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated&#148;
or &#147;consolidated&#148; means, when used with reference to any amount, such amount
determined on a consolidated basis in accordance with GAAP, after the
elimination of intercompany items.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Corporate
Trust Office&#148; means the office of the Trustee at which at any particular time
its corporate services business shall be principally administered, which office
at the date of execution of this Indenture is located at ______________.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Custodian&#148;
means any receiver, trustee, assignee, liquidator, sequestrator or similar
official under any Bankruptcy Law.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Default&#148;
means any event which is, or after notice or lapse of time or both would be, an
Event of Default.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Depositary&#148;
means The Depository Trust Company, its nominees and their respective successors.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;DTC
Participants&#148; has the meaning specified in Section&nbsp;2.08.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;ERISA&#148;
means the Employee Retirement Income Security Act of 1974, as amended, or any
successor statute.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Event
of Default&#148; has the meaning specified in Section&nbsp;6.01.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Exchange
Act&#148; means the Securities Exchange Act of 1934, as amended, or any successor
statute.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;GAAP&#148;
means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as
have been approved by a significant segment of the accounting profession, which
are applicable from time to time.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Global
Securities&#148; means a Security issued to evidence all or a part of any series of
Securities that is executed by the Company and authenticated and delivered by
the Trustee to a depositary or pursuant to such depositary&#146;s instructions, all
in accordance with this Indenture and pursuant to Section&nbsp;2.01, which
shall be registered as to principal and interest in the name of such depositary
or its nominee.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Holder&#148;
means the Person in whose name a Security is registered on the Registrar&#146;s
books.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Indebtedness&#148;
of a Person means any indebtedness, including principal and premium,</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
in respect of borrowed money;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
evidenced by bonds, notes, debentures or similar instruments or letters of
credit or bankers&#146; acceptances (or, without double counting, reimbursement
agreements in respect thereof);</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
representing the deferred purchase price of property or services other than
trade or accounts payable arising in the ordinary course of such Person&#146;s
business;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
representing obligations, whether or not assumed, secured by Liens on property
now or hereafter owned or acquired by such Person (other than carriers&#146;,
warehousemen&#146;s, mechanics&#146;, repairmen&#146;s or other like nonconsensual statutory
Liens arising in the ordinary course of business), provided, however, that the
amount of any such Indebtedness for which recourse is limited to certain
property shall be the lower of (a)&nbsp;the amount of the obligation and
(b)&nbsp;the fair market value of the property securing such obligation;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
capitalized lease obligations; and</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
if and to the extent it would appear as a liability upon Balance Sheet of such
Person, contingent obligations with respect to the Indebtedness of another
Person, including but not limited to the obligation or liability of another
which such Person assumes, guarantees, endorses, contingently agrees to
purchase or provide funds for the payment of, or otherwise becomes contingently
liable upon; <I>provided</I> , <I>however</I> , that any Indebtedness owing by
the Company to any of its Subsidiaries or by any Subsidiary of the Company to
the Company or by any Subsidiary of the Company to any other Subsidiary of the
Company or any contingent obligation in respect thereof shall not constitute
Indebtedness.</FONT></P>

<P align=justify><FONT SIZE=2>For purposes
of this Indenture, Indebtedness shall not include</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
indebtedness that would not appear as a liability upon a Balance Sheet of such
Person;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
indebtedness that is recourse only to certain assets of such Person, if the
assets to which such indebtedness is recourse only appear on a Balance Sheet of
such Person net of such indebtedness; or</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
indebtedness or other obligations issued by any Person (or by a trust or other
entity established by such Person or any of its affiliates) which are primarily
serviced by the cash flows of a discrete pool of receivables, leases or other
financial assets which have been sold or transferred by the Company or any
Subsidiary in securitization transactions which, in accordance with GAAP, are
accounted for as sales for financial reporting purposes.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Indenture&#148;
means this Indenture, as amended, supplemented or modified from time to time.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Issue
Date&#148; means the date of original issuance of the initial Securities pursuant to
this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Legal
Holiday&#148; has the meaning specified in Section&nbsp;13.07.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lien&#148;
means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), or preference, priority or other
security agreement or preferential arrangement of any kind or nature whatsoever
(including, without limitation, any conditional sale or other title retention
agreement or any financing lease having substantially the same economic effect
as any of the foregoing).</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Obligations&#148;
means all obligations for principal, premium, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under
the documentation governing any Indebtedness.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Officer&#148;
of any Person means the Chairman of the Board, Vice Chairman, the Chief
Executive Officer, the President, any Senior Vice President, any Executive Vice
President, any Vice President, the Chief Financial Officer, the Treasurer, the
Secretary or the Controller of such Person.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Officers&#146;
Certificate&#148; means a certificate signed by two Officers or by an Officer and an
Assistant Treasurer, Assistant Secretary or Assistant Controller of any Person.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Opinion
of Counsel&#148; means a written opinion from legal counsel. The counsel may be an
employee of or counsel to the Company.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Paying
Agent&#148; has the meaning specified in Section&nbsp;2.04.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148;
means an individual, partnership, corporation, business trust, joint stock
company, trust, unincorporated association, joint venture, governmental
authority or other entity of whatever nature.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Physical
Securities&#148; means permanent certificated Securities in registered form, issued
in accordance with Section&nbsp;2.08 and the terms of any indenture
supplemental hereto.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Redemption
Date&#148; means, with respect to any Securities to be redeemed, the date fixed for
such redemption pursuant to this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Redemption
Price&#148; means the redemption price fixed in accordance with the terms of the
Securities, plus accrued and unpaid interest, if any, to the date fixed for
redemption.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Register&#148;
has the meaning specified in Section&nbsp;2.04.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Registrar&#148;
has the meaning specified in Section&nbsp;2.04.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Responsible
Officer&#148; shall mean, when used with respect to the Trustee, any officer within
the corporate trust department of the Trustee, including any vice president,
assistant vice president, assistant secretary, assistant treasurer, trust
officer or any other officer of the Trustee who customarily performs functions
similar to those performed by the Persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred
because of such person&#146;s knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;SEC&#148;
means the Securities and Exchange Commission and any government agency
succeeding to its functions.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities&#148;
means the securities authenticated and delivered under this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities
Act&#148; means the Securities Act of 1933, as amended, or any successor statute.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Senior
Indebtedness&#148; means all Indebtedness (present or future) created, incurred,
assumed or guaranteed by the Company (and all renewals, extensions or
refundings thereof), unless the instrument under which such Indebtedness is
created, incurred, assumed or guaranteed provides that such Indebtedness is not
senior or superior in right of payment to the Securities. Notwithstanding
anything to the contrary in the foregoing, Senior Indebtedness shall not
include (i) any Indebtedness of the Company to any of its Subsidiaries, (ii)
any trade payables of the Company or (iii) any liability for federal, state,
local or other taxes owed or owing by the Company.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Significant
Subsidiary&#148; means any Subsidiary that would constitute a &#147;significant
subsidiary&#148; within the meaning of Article&nbsp;1 of Regulation&nbsp;S-X of the
Securities Act as in effect on the date of this Indenture.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Subsidiary&#148;
of any Person means:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
a corporation a majority of whose capital stock with voting power, under
ordinary circumstances, to elect directors is at the time, directly or
indirectly, owned by such Person or by such Person and a subsidiary or
subsidiaries of such Person or by a subsidiary or subsidiaries of such Person; or</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
any other Person (other than a corporation) in which such Person or such Person
and a subsidiary or subsidiaries of such Person or a subsidiary or subsidiaries
of such Persons, at the time, directly or indirectly, owns at least a majority
voting interest under ordinary circumstances.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;TIA&#148;
means the Trust Indenture Act of 1939, as in effect on the date of this
Indenture; provided, however, that in the event the TIA is amended after such
date, &#147;TIA&#148; means, to the extent required by such amendment, the Trust
Indenture Act of 1939, as so amended, or any successor statute.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trustee&#148;
means the party named as such in this Indenture until a successor replaces it
and thereafter, means the successor.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;U.S.
Government Obligations&#148; means (i)&nbsp;direct obligations of the United States
of America for the payment of which the full faith and credit of the United
States of America is pledged or (ii) obligations of a person controlled or
supervised by and acting as an agency or instrumentality of the United States
of America, the payment of which is unconditionally guaranteed as a full faith
and credit obligation by the United States of America and which in either case,
are non-callable at the option of the issuer thereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.02 <I>Incorporation by Reference of Trust
Indenture Act.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture. In addition, the provisions
of Sections 310 to and including 317 of the TIA that impose duties on any
person are incorporated by reference in, and form a part of, this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following TIA terms used in this Indenture have the following meanings:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;indenture
securities&#148; means the Securities;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;indenture
security holder&#148; means a Holder;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;indenture
to be qualified&#148; means this Indenture;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;indenture
trustee&#148; or &#147;institutional trustee&#148; means the Trustee; and</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;obligor&#148;
on the Securities means the Company and any other obligor on the indenture
securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
other TIA terms used in this Indenture that are defined by the TIA, defined by
TIA reference to another statute or defined by SEC rule have the meanings
assigned to them by such definitions.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.03 <I>Rules of Construction.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
the context otherwise requires:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
a term has the meaning assigned to it;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
an accounting term not otherwise defined has the meaning assigned to it in
accordance with GAAP;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
&#148;or&#148; is not exclusive;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
&#148;including&#148; means including without limitation;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
words in the singular include the plural, and in the plural include the
singular; and</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
provisions apply to successive events and transactions.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE II</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>THE SECURITIES</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.01 <I>Unlimited in Amount, Issuable in
Series, Denomination</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate principal amount of Securities which may be authenticated and
delivered under this Indenture is unlimited. The Securities may be issued in
one or more series in denominations of $1,000 and any integral multiple
thereof. Prior to the issuance of Securities of a series, the Company and the
Trustee will execute an indenture supplemental hereto which will set forth as
to the Securities of that series, to the extent applicable:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
The title and ranking of such Securities;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
The aggregate principal amount of such Securities and any limit on such
aggregate principal amount that may be issued;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
The denomination of such Securities, if other than $1,000 and any integral
multiple thereof;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
The price (expressed as a percentage of the principal amount thereof) at which
such Securities will be issued and, if other than the principal amount thereof,
the portion of the principal amount thereof payable upon declaration of
acceleration of the maturity thereof;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
The date or dates, or the method for determining such date or dates, on which
the Securities will mature and the amounts to be paid upon maturity of the
Securities;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
The rate or rates (which may be fixed or variable), or the method by which such
rate or rates shall be determined, at which such Securities will bear interest,
if any, the date or dates, or the method for determining such date or dates,
from which any such interest will accrue, the dates on which any such interest
will be payable, the record dates for such interest payment dates, or the
method by which such dates shall be determined, the persons to whom such
interest shall be payable, and the basis upon which interest shall be
calculated, if other than that of a 360-day year of twelve 30-day months;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
The right, if any, of the Company to defer payment of interest and the maximum
length of any such deferral period;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)
The place or places where the principal of, and premium and interest, if any,
on such Securities will be payable, where such Securities may be surrendered
for registration of transfer or exchange and where notices or demands to or
upon the Company in respect of such Securities and this Indenture may be
served;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
The date or dates, if any, after which, and the price or prices at which, and
the other terms and conditions upon which such Securities may, pursuant to any
optional or mandatory redemption provisions, be redeemed, as a whole or in
part, by the Company;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)
The obligation, if any, of the Company to redeem, repay or purchase such
Securities pursuant to any sinking fund or analogous provision or at the option
of a Holder thereof, and the period or periods within which, the price or
prices at which and the other terms and conditions upon which such Securities
will be redeemed, repaid or purchased, as a whole or in part, pursuant to such
obligation;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)
The terms, if any, on which the Securities of such series are convertible into,
or exchangeable for, shares of common stock or other securities of the Company,
including any mandatory conversion or exchange provisions and any provisions
intended to prevent dilution of those conversion or exchange rights;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)
Whether such Securities will be secured or unsecured and the terms relating
thereto;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)
The restrictions, if any, on the transfer, sale or other assignment of the
Securities;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)
If other than U.S. dollars, the currency or currencies in which such Securities
are denominated and payable, which may be a foreign currency or units of two or
more foreign currencies or a composite currency or currencies, and the terms
and conditions relating thereto;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)
Whether the principal of, or premium and interest, if any, on the Securities of
the series is to be payable, at the election of the Company or a Holder
thereof, in a currency or currencies, currency unit or units or composite
currency or currencies other than that in which such Securities are denominated
or stated to be payable, the period or periods within which, and the terms and
conditions upon which, such election may be made, and the time and manner of,
and identity of the exchange rate agent with responsibility for, determining
the exchange rate between the currency or currencies, currency unit or units or
composite currency or currencies in which such Securities are denominated or
stated to be payable and the currency or currencies, currency unit or units or
composite currency or currencies in which such Securities are to be so payable;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)
Whether the amount of payments of principal of, or premium and interest, if
any, on such Securities may be determined with reference to an index, formula
or other method (which index, formula or method may, but need not be, based on
the yield on or trading price of other securities, including United States
Treasury securities, or on a currency, currencies, currency unit or units, or
composite currency or currencies) and the manner in which such amounts shall be
determined;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)
Any deletions from, modifications of or additions to the Events of Default or
covenants of the Company with respect to Securities of the series, whether or
not such Events of Default or covenants are consistent with the Events of
Default or covenants described herein;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)
Whether and under what circumstances the Company will pay any additional
amounts on such Securities in respect of any tax, assessment or governmental
charge and, if so, whether the Company will have the option to redeem such
Securities in lieu of making such payment;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)
Whether Securities of the series are to be issuable as registered securities,
bearer securities (with or without coupons) or both, any restrictions
applicable to the offer, sale or delivery of bearer securities and the terms
upon which bearer securities of the series may be exchanged for registered
securities of the series and vice versa (if permitted by applicable laws and
regulations), whether any Securities of the series are to be issuable initially
in temporary global form and whether any Securities of the series are to be
issuable in permanent global form with or without coupons and, if so, whether
beneficial owners of interests in any such permanent Global Security may
exchange such interests for Securities of such series and of like tenor or any
authorized form and denomination and the circumstances under which any such
exchanges may occur, if other than in the manner provided in the indenture,
and, if registered securities of the series are to be issuable as a Global
Security, the identity of the depositary for such series;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)
The date as of which any bearer securities of the series and any temporary
Global Security representing outstanding Securities of the series shall be
dated if other than the date of original issuance of the first Security of the
series to be issued;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)
The person to whom any interest on any registered security of the series shall
be payable, if other than the person in whose name that Security (or one or
more predecessor securities) is registered at the close of business on the
regular record date for such interest, the manner in which, or the person to
whom, any interest on any bearer security of the series shall be payable, if
otherwise than upon presentation and surrender of the coupons appertaining
thereto as they severally mature, and the extent to which, or the manner in
which, any interest payable on a temporary Global Security on an interest
payment date will be paid if other than in the manner provided in the
indenture;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
The applicability, if any, of the legal defeasance and covenant defeasance
provisions of this Indenture to the Securities of the series;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)
Whether such Securities will be issued in certificated or book entry form, and
if the Securities of such series are to be issuable in definitive form (whether
upon original issue or upon exchange of a temporary security of such series)
only upon receipt of certain certificates or other documents or satisfaction of
other conditions, then the form and/or terms of such certificates, documents or
conditions;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)
Whether the Securities will be listed for trading on an exchange and the
identity of such exchange, and whether any underwriters will act as market
makers for the Securities; and</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)
Any other terms, preferences, rights or limitations of, or restrictions on, the
Securities of such series, including any restrictions on the transfer, sale or
other assignment of the Securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.02 <I>Form and Dating.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Securities of each series will be substantially in the form established by an
indenture supplemental hereto relating to the Securities of that series. The
Securities may have notations, legends or endorsements required by law, stock
exchange rules or usage. The Company will approve the form of the Securities and
any notation, legend or endorsement thereon. Each Security will be dated as of
the date of its authentication pursuant to Section 2.03.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.03 <I>Execution and Authentication.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two
Officers shall sign the Securities for the Company by manual or facsimile
signature. If an Officer whose signature is on a Security no longer holds that
office at the time the Security is authenticated, the Security shall be valid
nevertheless.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Security shall not be valid until authenticated by the manual signature of the
Trustee. The signature shall be conclusive evidence that the Security has been
authenticated under this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall, upon a written order of the Company signed by one Officer of the
Company, authenticate for original issue Securities in aggregate principal
amount specified in such order.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may appoint an authenticating agent reasonably acceptable to the
Company to authenticate Securities. Unless limited by the terms of such appointment,
an authenticating agent may authenticate Securities whenever the Trustee may do
so. Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent has the same rights as an
Agent to deal with the Company or an Affiliate of the Company.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.04 <I>Registrar and Paying Agent.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall maintain an office or agency where Securities may be presented
for registration of transfer or for exchange (the &#147; <I><b>Registrar</b></I> &#147;) and an office or agency where Securities may be
presented for payment (the &#147; <I><b>Paying Agent</b></I>
&#147;). The Registrar shall keep a register of the Securities (the &#147; <I><b>Register</b></I> &#147;) and of their transfer and
exchange. The Company may appoint one or more co-Registrars and one or more
additional Paying Agents for the Securities. The term &#147;Paying Agent&#148; includes
any additional paying agent and the term &#147;Registrar&#148; includes any additional
registrar. The Company may change any Paying Agent or Registrar without prior notice
to any Holder.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall enter into an appropriate agency agreement with any Agent not a
party to this Indenture, which shall incorporate the terms of the TIA and
implement the terms of this Indenture that relate to such Agent. The Company
shall give prompt written notice to the Trustee of the name and address of any
Agent who is not a party to this Indenture. If the Company fails to appoint or
maintain another entity as Registrar or Paying Agent, the Trustee shall act as
such. The Company or any Affiliate of the Company may act as Paying Agent or
Registrar; <I>provided, however,</I>
that none of the Company, its Subsidiaries or the Affiliates of the foregoing
shall act (i)&nbsp;as Paying Agent in connection with redemptions, offers to
purchase, discharges and defeasance, as otherwise specified in this Indenture,
and (ii)&nbsp;as Paying Agent or Registrar if a Default or Event of Default has
occurred and is continuing.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company initially appoints The Depository Trust Company to act as Depositary
with respect to the Global Securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company hereby initially appoints the Trustee as Registrar and Paying Agent for
the Securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.05 <I>Paying Agent to Hold Assets in Trust.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
later than 11:00&nbsp;a.m. (New York City time) on each due date of the
principal and interest on any Securities, the Company shall deposit with one or
more Paying Agents money in immediately available funds sufficient to pay such
principal and interest so becoming due. The Company shall require each Paying
Agent other than the Trustee to agree in writing that the Paying Agent shall
hold in trust for the benefit of Holders or the Trustee all assets held by the
Paying Agent for the payment of principal of and interest on the Securities (whether
such money has been paid to it by the Company or any other obligor on the
Securities) and shall notify the Trustee of any failure by the Company (or any
other obligor on the Securities) in making any such payment. While any such
failure continues, the Trustee may require a Paying Agent to pay all money held
by it to the Trustee and to account for any funds disbursed. The Company at any
time may require a Paying Agent to pay all money held by it to the Trustee.
Upon payment over to the Trustee, the Paying Agent (if other than the Company
or a Subsidiary of the Company) shall have no further liability for the money
so paid over to the Trustee.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company or any Subsidiary of the Company or any Affiliate of any of them
acts as Paying Agent, it shall, prior to or on each due date of any principal
of or interest on the Securities, segregate and hold in a separate trust fund
for the benefit of the Holders a sum of money sufficient with monies held by
all other Paying Agents, to pay such principal or interest so becoming due
until such sum of money shall be paid to such Holders or otherwise disposed of
as provided in this Indenture, and will promptly notify the Trustee of its
actions or failure to act.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.06 <I>Holder Lists.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Holders and
shall otherwise comply with Section 312(a) of the TIA. If the Trustee is not
the Registrar, the Company shall furnish to the Trustee prior to or on each
interest payment date for the Securities 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 Holders relating to such
interest payment date or request, as the case may be.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.07 <I>General Provisions Relating to Transfer
and Exchange.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Securities are issuable only in registered form. A Holder may transfer a
Security only by written application to the Registrar or another transfer agent
stating the name of the proposed transferee and otherwise complying with the
terms of this Indenture. No such transfer shall be effected until, and such
transferee shall succeed to the rights of a Holder only upon, final acceptance
and registration of the transfer by the Registrar in the Register. Prior to the
registration of any transfer by a Holder as provided herein, the Company, the
Trustee, and any agent of the Company shall treat the person in whose name the
Security is registered as the owner thereof for all purposes whether or not the
Security shall be overdue, and neither the Company, the Trustee, nor any such
agent shall be affected by notice to the contrary. Furthermore, any Holder of a
Global Security shall, by acceptance of such Global Security, agree that
transfers of beneficial interests in such Global Security may be effected only
through a book-entry system maintained by the Holder of such Global Security
(or its agent) and that ownership of a beneficial interest in the Security
shall be required to be reflected in a book-entry.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
Securities are presented to the Registrar or another transfer agent with a
request to register the transfer or to exchange them for an equal principal
amount of Securities of other authorized denominations, the Registrar shall
register the transfer or make the exchange as requested if its requirements for
such transactions are met (including that such Securities are duly endorsed or
accompanied by a written instrument of transfer duly executed by the Holder
thereof or by an attorney who is authorized in writing to act on behalf of the
Holder). Subject to Section&nbsp;2.03, to permit registrations of transfers and
exchanges, the Company shall execute and the Trustee shall authenticate
Securities at the Registrar&#146;s request. No service charge shall be made for any
registration of transfer or exchange or redemption of the Securities, but the
Company may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith (other than any
such transfer taxes or other similar governmental charge payable upon exchanges
pursuant to Section&nbsp;2.12, 3.06 or 9.05 hereof).</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Registrar nor any other transfer agent nor the Company shall be required
to:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
issue, register the transfer of or exchange any Security during a period
beginning at the opening of business 15 Business Days before the day of any
selection of Securities for redemption under Section&nbsp;3.02 hereof and
ending at the close of business on the day of selection; or</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
register the transfer of or exchange any Security so selected for redemption in
whole or in part, except the unredeemed portion of any Security being redeemed
in part.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>10</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Holder of a Security agrees to indemnify the Company and the Trustee against
any liability that may result from the transfer, exchange or assignment of such
Holder&#146;s Security in violation of any provision of this Indenture and/or
applicable United States Federal or state securities law.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any
Security (including any transfers between or among DTC Participants or
beneficial owners of interests in any Global Security) other than to require
delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the terms
of, this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.08 <I>Book-Entry Provisions for Global
Securities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
The Global Securities initially shall:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
be registered in the name of the Depositary or the nominee of such Depositary;
and</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
be delivered to the Trustee as custodian for such Depositary.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members
of, or participants in, the Depositary (&#147; <I><b>DTC
Participants</b></I> &#147;) shall have no rights under this Indenture with
respect to any Global Security held on their behalf by the Depositary, or the
Trustee as its custodian, or under such Global Security, and the Depositary may
be treated by the Company, the Trustee and any agent of the Company or the
Trustee as the absolute owner of such Global Security for all purposes
whatsoever. Notwithstanding the foregoing, nothing contained herein shall
prevent the Company, the Trustee or any agent of the Company or the Trustee,
from giving effect to any written certification, proxy or other authorization
furnished by the Depositary or impair, as between the Depositary and the DTC
Participants, the operation of customary practices governing the exercise of
the rights of a Holder of any Security.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Transfers of a Global Security shall be limited to transfers of such Global
Security in whole, but not in part, to the Depositary, its successors or their
respective nominees. Beneficial owners may transfer their interests in Global
Securities in accordance with the rules and procedures of the Depositary.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
Any beneficial interest in one of the Global Securities that is transferred to
a person who takes delivery in the form of an interest in another Global
Security will, upon transfer, cease to be an interest in such Global Security
and become an interest in such other Global Security and, accordingly, will
thereafter be subject to all transfer restrictions, if any, and other
procedures applicable to beneficial interests in such other Global Security for
as long as it remains such an interest.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
The registered Holder of a Global Security may grant proxies and otherwise
authorize any Person, including DTC Participants and Persons that may hold
interests through DTC Participants, to take any action that a Holder is
entitled to take under this Indenture or the Securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
If at any time:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
the Company notifies the Trustee in writing that the Depositary is no longer
willing or able to continue to act as Depositary for the Global Securities or
the Depositary ceases to be a &#147;clearing agency&#148; registered under the Exchange
Act, and a successor depositary for the Global Securities is not appointed by
the Company within 90&nbsp;days of such notice or cessation;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>11</FONT></P>

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<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
the Company, at its option, notifies the Trustee in writing that it elects to
cause the issuance of the Securities in definitive form under this Indenture in
exchange for all or any part of the Securities represented by a Global Security
or Global Securities; or</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
an Event of Default has occurred and is continuing and the Registrar has
received a request from the Depositary,</FONT></P>

<P align=justify><FONT SIZE=2>subject
to this Section&nbsp;2.08(e), the Depositary shall surrender such Global
Security or Global Securities to the Trustee for cancellation and then the
Company shall execute, and the Trustee shall authenticate and deliver in
exchange for such Global Security or Global Securities, Physical Securities, as
applicable, in an aggregate principal amount equal to the principal amount of
such Global Security or Global Securities. Such Physical Securities shall be
registered in such names as the Depositary shall identify in writing as the
beneficial owners, or participant nominees, of the Securities represented by
such Global Security or Securities (or any nominee thereof).</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
Notwithstanding the foregoing, in connection with any transfer of a portion of
the beneficial interests in a Global Security to beneficial owners pursuant to
paragraph (e)&nbsp;of this Section&nbsp;2.08, the Registrar shall reflect on
its books and records the date and a decrease in the principal amount of such
Global Security in an amount equal to the principal amount of the beneficial
interest in such Global Security to be transferred, and the Company shall
execute, and the Trustee shall authenticate and deliver, one or more Physical
Securities of like tenor and amount.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.09 <I>Replacement Securities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a mutilated Security is surrendered to the Trustee or if the Holder of a
Security claims that the Security has been lost, destroyed or wrongfully taken,
the Company shall issue and the Trustee shall authenticate a replacement
Security if the requirements of the Trustee and the Company are met; <I>provided</I> that, if any such Security has
been called for redemption in accordance with the terms thereof, the Trustee
may pay the Redemption Price thereof on the Redemption Date without
authenticating or replacing such Security. The Trustee or the Company may, in
either case, require the Holder to provide an indemnity bond sufficient in the
judgment of each of the Trustee and the Company to protect the Company, the
Trustee or any Agent from any loss which any of them may suffer if a Security
is replaced or if the Redemption Price therefor is paid pursuant to this
Section&nbsp;2.09. The Company may charge the Holder who has lost a Security
for its expenses in replacing a Security.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
replacement Security is an obligation of the Company and shall be entitled to
the benefits of this Indenture equally and proportionately with any and all
other Securities duly issued hereunder.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.10 <I>Outstanding Securities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Securities outstanding at any time are all the Securities authenticated by the
Trustee, except for (i)&nbsp;those cancelled by it, (ii)&nbsp;those delivered
to it for cancellation and (iii)&nbsp;those described in this Section as not
outstanding.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Security is replaced pursuant to Section&nbsp;2.09 hereof, it ceases to be
outstanding and interest ceases to accrue unless the Trustee receives proof
satisfactory to it that the replaced Security is held by a <I>bona fide</I> purchaser.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
all principal of and interest on any Security are considered paid under
Section&nbsp;4.01 hereof, such Security ceases to be outstanding and interest
on it ceases to accrue.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>12</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided in Section&nbsp;2.11 hereof, a Security does not cease to be
outstanding because the Company or an Affiliate of the Company holds such
Security.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.11 <I>Treasury Securities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
determining whether the Holders of the required aggregate principal amount of
Securities of any series have concurred in any direction, waiver or consent,
Securities owned by the Company or an Affiliate of the Company shall be
considered as though they are not outstanding, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such
direction, waiver or consent, only Securities which such Trustee actually knows
are so owned shall be so disregarded.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.12 <I>Temporary Securities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
definitive Securities are ready for delivery, the Company may prepare and
execute, and the Trustee shall authenticate upon a written order of the Company
signed by one Officer of the Company, temporary Securities. Temporary
Securities shall be substantially in the form of definitive Securities but may
have variations that the Company considers appropriate for temporary
Securities. Without unreasonable delay, the Company shall prepare, and the
Trustee shall authenticate, definitive Securities in exchange for temporary Securities.
Holders of temporary Securities shall be entitled to all of the benefits of
this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.13 <I>Cancellation.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company at any time may deliver Securities to the Trustee for cancellation. The
Registrar and Paying Agent shall forward to the Trustee any Securities
surrendered to them for registration of transfer, exchange, payment or
repurchase. The Trustee shall cancel all Securities surrendered for
registration of transfer, exchange, payment, repurchase, redemption, replacement
or cancellation and shall return such cancelled Securities to the Company upon
the Company&#146;s written request (subject to the record retention requirements of
the Exchange Act). The Company may not issue new Securities to replace
Securities that it has paid or that have been delivered to the Trustee for
cancellation.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.14 <I>CUSIP Numbers.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company in issuing the Securities may use &#147;CUSIP&#148; numbers (if then generally in
use), and the Trustee shall use CUSIP numbers in notices of redemption or
exchange as a convenience to Holders; <I>provided</I>
that any such notice shall state that no representation is made as to the
correctness of such numbers either as printed on the Securities or as contained
in any such notice and that reliance may be placed only on the other
identification numbers printed on the Securities, and any such redemption shall
not be affected by any defect in or omission of such numbers. The Company shall
promptly notify the Trustee of any change in the CUSIP numbers.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.15 <I>Defaulted Interest.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company fails to make a payment of interest on Securities, it shall pay
such defaulted interest plus (to the extent lawful) any interest payable on the
defaulted interest, in any lawful manner. It may elect to pay such defaulted
interest, plus any such interest payable on it, to the Persons who are Holders
of such Securities on which the interest is due on a subsequent special record
date. The Company shall notify the Trustee in writing of the amount of
defaulted interest proposed to be paid on each such Security. The Company shall
fix any such record date and payment date for such payment. At least
15&nbsp;days before any such record date, the Company shall mail to Holders
affected thereby a notice that states the record date, interest payment date,
and amount of such interest to be paid.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>13</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.16 <I>Special Record Dates.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may, but shall not be obligated to, set a record date for the purpose
of determining the identity of Holders of Securities entitled to consent to any
supplement, amendment or waiver permitted by this Indenture. If a record date
is fixed, the Holders of Securities outstanding on such record date, and no
other Holders, shall be entitled to consent to such supplement, amendment or
waiver or revoke any consent previously given, whether or not such Holders
remain Holders after such record date. No consent shall be valid or effective
for more than 90 days after such record date unless consents from Holders of
the aggregate principal amount of Securities required hereunder for such
amendment or waiver to be effective shall have also been given and not revoked
within such 90-day period.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE III</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>REDEMPTION</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.01 <I>Notices to Trustee.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company elects to redeem any series of Securities pursuant to the optional
redemption provisions set forth in the supplemental indenture relating to such
series of Securities, it shall notify the Trustee in writing of the intended
Redemption Date, the principal amount of Securities to be redeemed and the
CUSIP numbers of the Securities to be redeemed. The Company shall give each
notice to the Trustee provided for in this Section&nbsp;3.01 at least days
fifteen (15)&nbsp;days before the giving of the notice of redemption pursuant
to Section 3.03 hereof (unless a shorter period is satisfactory to the
Trustee).</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.02 <I>Selection of Securities to Be Redeemed.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
fewer than all the Securities of any series are to be redeemed, the Trustee
shall select the Securities of such series to be redeemed from the outstanding
Securities of such series by a method that complies with the requirements of
any exchange on which the Securities are listed, or, if the Securities are not
listed on an exchange, on a pro rata basis or by lot or in accordance with any
other method the Trustee considers fair and appropriate. The Trustee will make
the selection from outstanding Securities of that series not previously called
for redemption.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
and portions thereof of any series that the Trustee selects shall be in amounts
equal to the minimum authorized denomination for Securities to be redeemed or
any integral multiple thereof. The Trustee may select for redemption portions
of the principal amount of Securities that have denominations larger than the
minimum denomination in which Securities of the applicable series may be
issued. Provisions of this Indenture that apply to Securities of any series
called for redemption also apply to portions of Securities of such series
called for redemption. The Trustee shall notify the Company promptly in writing
of the Securities or portions of Securities of any series to be called for
redemption.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.03 <I>Notice of Redemption.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
least 30&nbsp;days but not more than 60&nbsp;days before the Redemption Date,
the Company shall mail a notice of redemption by first-class mail to each
Holder whose Securities are to be redeemed in whole or in part at the address
of such Holder appearing in the Register.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
notice shall identify the principal amount and series of each Security to be
redeemed and shall state:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
the Redemption Date;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
the method being used to determine the Redemption Price;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>14</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
if fewer than all outstanding Securities are to be redeemed, the portion of the
principal amount of the Securities to be redeemed and that, after the
Redemption Date, upon surrender of such Security, a new Security in principal
amount equal to the unredeemed portion will be issued;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
the name and address of the Paying Agent;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
that Securities called for redemption must be presented and surrendered to the
Paying Agent to collect the Redemption Price plus accrued interest, if any;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
that, unless the Company defaults in payment of the Redemption Price, interest
on Securities (or the portions thereof) called for redemption ceases to accrue
interest on and after the Redemption Date, and, if applicable, those Securities
(or the portion thereof called for redemption) will cease on the Redemption
Date (or such other date as if provided in the supplemental indenture relating
to the Securities) to be convertible into, or exchangeable for, other
securities or assets;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
if applicable, the current conversion or exchange price; and</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)
the CUSIP numbers, if any, of the Securities to be redeemed.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Company&#146;s written request, the Trustee shall give the notice of redemption
in the Company&#146;s name and at its expense.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.04 <I>Effect of Notice of Redemption.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once
the notice of redemption is mailed, Securities called for redemption become
irrevocably due and payable on the Redemption Date at the Redemption Price.
Upon surrender to the Paying Agent, such Securities shall be paid at the
Redemption Price, plus accrued and unpaid interest to the Redemption Date.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
notice mailed in the manner herein provided shall be conclusively presumed to
have been duly given whether or not the Holder receives such notice. In any
case, failure to give such notice by mail or any defect in the notice to the
Holder of any Securities shall not affect the validity of the proceeding for
the redemption of Securities of any other Holder.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.05 <I>Deposit of Redemption Price.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to 11:00&nbsp;a.m., New York City time, on the Redemption Date, the Company
shall deposit with the Trustee or with the Paying Agent (or, if the Company or
an Affiliate of the Company is acting as the paying Agent, shall segregate and
hold in trust) an amount of money sufficient to pay the Redemption Price of all
Securities to be redeemed on that date, together with accrued and unpaid
interest to the Redemption Date, except for Securities or portions thereof
called for redemption which have been delivered by the Company to the Trustee
for cancellation or Securities which have been surrendered for conversion or
exchange. If any Securities called for redemption are converted or exchanged,
any money deposited with the Trustee or Paying Agent for redemption of those
Securities shall be promptly paid to the Company upon its request, or, if the
money is held in trust by the Company or a Subsidiary as Paying Agent, the
money will be discharged from the trust.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.06 <I>Securities Redeemed in Part.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
surrender of a Security that is redeemed in part, the Company shall execute and
the Trustee shall authenticate for the Holder at the expense of the Company, a
new Security equal in principal amount to the unredeemed portion of the
Security surrendered.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>15</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.07 <I>Holder&#146;s Right to Require Redemption.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of Securities of a series will have the right to require the Company to redeem
those Securities only to the extent, and only on the terms, set forth in the
supplemental indenture relating to the Securities of that series. If Holders of
Securities of a series have the right to require the Company to redeem those
Securities, unless otherwise provided in the supplemental indenture relating to
the Securities of that series, the terms of the redemption will include those
set forth in Section 3.08.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.08 <I>Procedure for Requiring Redemption.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Holder has the right to require the Company to redeem Securities, to exercise
that right, the Holder must deliver the Securities to the Paying Agent,
endorsed for transfer and with the form on the reverse side regarding the
option to require redemption completed. Delivery of Securities to the Paying
Agent as provided in this Section 3.07 will constitute an irrevocable election
to cause the specified principal amount of Securities to be redeemed. When
Securities are delivered to the Paying Agent as provided in this Section,
unless the Company fails to make the payments due as a result of the redemption
within twenty (20) days after the Securities are delivered to the Paying Agent,
interest on the Securities will cease to accrue and, if the Securities are
convertible or exchangeable, the Holder&#146;s right to convert or exchange the Securities
will terminate.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s determination of all questions regarding the validity, eligibility
(including time of receipt) and acceptance of any Security for redemption will
be final and binding.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE IV</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>COVENANTS</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.01 <I>Payment of Securities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall pay, or cause to be paid, the principal of and interest on the
Securities on the dates and in the manner provided in the Securities and the
supplemental Indenture relating to the series. Principal and interest shall be
considered paid on the date due if the Paying Agent, if other than the Company,
a Subsidiary of the Company or any Affiliate of any of them, holds as of
11:00&nbsp;a.m. (New York City time) on that date immediately available funds
designated for and sufficient to pay all principal and interest then due. If
the Company or any Subsidiary of the Company or any Affiliate of any of them
acts as Paying Agent, principal or interest shall be considered paid on the due
date if the entity acting as Paying Agent complies with the second paragraph of
Section&nbsp;2.05 hereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall pay interest on overdue principal and premium, and interest on
overdue installments of interest, to the extent lawful, at the rate per annum
specified therefor in the Securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained in this Indenture, the Company may, to the
extent it is required to do so by law, deduct or withhold income or other
similar taxes imposed by the United States of America from principal or
interest payments hereunder.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.02 <I>Maintenance of Office or Agency.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall maintain in the Borough of Manhattan, The City of New York, an
office or agency (which may be an office of the Trustee or an affiliate of the
Trustee or Registrar) where the Securities may be surrendered for registration
of transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities and this Indenture may be served. 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 fails to
maintain any such required office or agency or fails to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the Corporate Trust Office of the Trustee.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>16</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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; <I>provided, however,</I> that no such
designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency in the Borough of Manhattan, The
City of New York for such purposes. The Company shall give prompt written
notice to the Trustee of any such designation or rescission and of any change
in the location of any such other office or agency.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company hereby designates the New York office of the Trustee located at
___________________________, as one such office or agency of the Company in
accordance with Section&nbsp;2.04 hereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.03 <I>Reports.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
The Company shall deliver to the Trustee within fifteen (15)&nbsp;days after it
files them with the SEC copies of the annual reports and of the information,
documents, and other reports (or copies of such portions of any of the
foregoing as the SEC may by rules and regulations prescribe) which the Company
is required to file with the SEC pursuant to Section&nbsp;13 or 15(d) of the
Exchange Act and posting of such reports on the Company&#146;s web site shall be
deemed delivery to the Trustee; <I>provided,
however,</I> the Company shall not be required to deliver to the Trustee
any materials for which the Company has sought and received confidential
treatment by the SEC. The Company shall also comply with the other provisions
of Section 314(a) of the TIA.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Delivery of reports, information and documents to the Trustee pursuant to this
Section 4.03 is for informational purposes only and the Trustee&#146;s receipt of
such shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the
Company&#146;s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers&#146; Certificates).</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.04 <I>Compliance Certificate.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall deliver to the Trustee, within 120&nbsp;days after the end of
each fiscal year of the Company, an Officers&#146; Certificate, one of the signers
of which is the chief executive officer, vice chairman, the chief financial
officer, executive vice president or the chief accounting officer of the
Company, stating that in the course of the performance by the signers of their
duties as officers of the Company, they would normally have knowledge of any
failure by the Company to comply with all conditions, or Default by the Company
with respect to any covenants, under this Indenture, and further stating
whether or not they have knowledge of any such failure or Default and, if so,
specifying each such failure or Default, the nature and status thereof and what
action the Company is taking or proposes to take with respect thereto. For
purposes of this Section, such compliance shall be determined without regard to
any period of grace or requirement of notice provided for in this Indenture.
The certificate need not comply with Section&nbsp;13.04 hereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.05 <I>Taxes.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall pay prior to delinquency, all material taxes, assessments, and
governmental levies except as contested in good faith by appropriate
proceedings.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>17</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.06 <I>Corporate Existence.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Article&nbsp;V hereof, the Company shall do or cause to be done all things
necessary to preserve and keep in full force and effect (i)&nbsp;its corporate
existence and (ii)&nbsp;the material rights (charter and statutory), licenses
and franchises of the Company and its Subsidiaries taken as a whole; <I>provided, however,</I> that the Company shall
not be required to preserve any such right, license or franchise if the Board
of Directors determines that the preservation thereof is no longer in the best
interests of the Company, and that the loss thereof is not adverse in any
material respect to the Holders.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE V</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>MERGER, ETC.</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.01 <I>When Company May Merge, etc.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall not consolidate or merge with or into, or sell, assign, transfer,
lease, convey or otherwise dispose of all or substantially all of its assets
to, any Person <I>unless</I> :</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
the Person formed by or surviving any such consolidation or merger (if other
than the Company), or to which such sale, assignment, transfer, lease,
conveyance or other disposition shall have been made, is a corporation
organized and existing under the laws of the United States of America, any
state thereof or the District of Columbia;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
the Person formed by or surviving any such consolidation or merger (if other
than the Company), or to which such sale, assignment, transfer, lease,
conveyance or other disposition shall have been made, expressly assumes by one
or more supplemental indentures satisfactory in form to the Trustee all of the
obligations of the Company under the Securities and this Indenture;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
immediately after such transaction, and giving effect thereto, no Default or
Event of Default shall have occurred and be continuing; and</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
the Company has delivered to the Trustee an Officers&#146; Certificate and an
Opinion of Counsel, each stating that the consolidation, merger, conveyance,
transfer or lease and the supplemental indenture (or supplemental indentures
together) comply with this Article V and that all conditions precedent herein
provided relating to the transaction have been complied with.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, the Company may merge with another Person or acquire by purchase
or otherwise all or any part of the property or assets of any other corporation
or Person in a transaction in which the surviving entity is the Company.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.02 <I>Successor Corporation Substituted.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
any consolidation or merger, or any sale, assignment, transfer, lease,
conveyance or other disposition of all or substantially all the assets of the
Company in accordance with Section 5.01 hereof, the successor corporation
formed by such consolidation or into which the Company is merged or to which
such sale, assignment, transfer, lease, conveyance or other disposition is made
shall succeed to, and be substituted for, 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. In the event of any
such sale or conveyance, but not any such lease, the Company or any successor
corporation which thereafter will have become such in the manner described in
this Article&nbsp;V shall be discharged from all obligations and covenants
under the Securities and this Indenture and may be dissolved, wound up or
liquidated.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>18</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE VI</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>DEFAULTS AND REMEDIES</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.01 <I>Events of Default.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
&#147;Event of Default&#148; with respect to each series of the Securities occurs when
any of the following occurs:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
the Company defaults in the payment of the principal, premium, or sinking fund
payment, if any, of any Security of such series when it becomes due and payable
at maturity, upon acceleration, repurchase, redemption or otherwise, unless the
time for payment is extended;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
the Company defaults in the payment of interest on any Security of such series
when it becomes due and payable and such Default continues for a period of
ninety (90) days, unless the time for payment is extended;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
the Company fails to comply in any material respect with any of its other
agreements or covenants in, or provisions of, the Securities or this Indenture
and the Company and such Default continues for a period of ninety
(90)&nbsp;days after the Company receives written notice of such Default from
the Trustee, or the Company the Trustee receive written notice of such Default
from the Holders of at least 51% in aggregate principal amount of the
outstanding Securities of such series;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
the Company or a Significant Subsidiary pursuant to or within the meaning of
any Bankruptcy Law:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
commences a voluntary case or proceeding;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
consents to the entry of an order for relief against it in an involuntary case
or proceeding;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
consents to the appointment of a Custodian of it or for any substantial part of
its property; or</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
makes a general assignment for the benefit of its creditors; or</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
a court of competent jurisdiction enters an order or decree under any
applicable Bankruptcy Law that:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
is for relief against the Company or any Significant Subsidiary in an
involuntary case or proceeding against the Company or any Significant
Subsidiary;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
appoints a Custodian for the Company or any Significant Subsidiary or for any
substantial part of its property; or</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
orders the winding up or liquidation of the Company or any Significant
Subsidiary,</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
any such order or decree under this clause (3)&nbsp;remains unstayed and in
effect for ninety (90) days.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
notice of default under clause (iii)&nbsp;of this Section&nbsp;6.01 must
specify the Default, demand that it be remedied and state that the notice is a
&#147;Notice of Default.&#148;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the occurrences described in clauses (i) through (v) of this Section 6.01
will constitute an Event of Default whatever the reason for the occurrence and
whether it is voluntary or involuntary or is effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>19</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Default under clause (i), (ii) or (iii) of this Section 6.01 with regard to
Securities of a particular series will not constitute a Default with regard to
Securities of any other series except to the extent, if any, provided in the
supplemental indenture relating to the other series.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.02 <I>Acceleration.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Article XII, if an Event of Default with respect to any series of
outstanding Securities (other than an Event of Default specified in clause
(iv)&nbsp;or (v)&nbsp;of Section&nbsp;6.01 hereof) occurs and is continuing,
the Trustee or the Holders of at least 51% in aggregate principal amount of the
outstanding Securities of the applicable series, by written notice to the
Company, and to the Trustee if notice is given by such Holders, may declare due
and payable the unpaid principal amount of all Securities of such series plus
any unpaid premium or accrued and unpaid interest, if any, to the date of
payment. Upon a declaration of acceleration, such principal, premium and
accrued and unpaid interest to the date of payment shall be due and payable.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an Event of Default specified in clause (iv)&nbsp;or (v)&nbsp;of
Section&nbsp;6.01 hereof occurs, all unpaid principal, premium and accrued
interest on the Securities shall become and be immediately due and payable
without any notice, declaration or other action on the part of the Trustee or
any Holder.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Holders of a majority in aggregate principal amount of any outstanding series
of Securities by written notice to the Trustee may rescind and annul an
acceleration and its consequences if (i)&nbsp;all existing Events of Default,
other than the nonpayment of principal, premium or interest on the Securities
which have become due solely because of the acceleration, have been cured or
waived and (ii)&nbsp;the rescission would not conflict with any judgment or
decree of a court of competent jurisdiction. Such rescission or annulment will
not extend to any subsequent or other Default or impair any consequent right.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.03 <I>Other Remedies.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an Event of Default with respect to any series of outstanding Securities occurs
and is continuing, the Trustee may pursue any available remedy by proceeding at
law or in equity to collect the payment of principal of or interest on such
series of Securities or to enforce the performance of any provision of such
series of Securities or this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may maintain a proceeding even if it does not possess any of the
Securities or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Holder in exercising any right or remedy
accruing upon the 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 remedies are cumulative to the extent
permitted by law.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.04 <I>Waiver of Past Defaults.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Sections&nbsp;6.07 and 9.02 hereof, the Holders of at least a majority in
aggregate principal amount of any series of outstanding Securities by notice to
the Trustee may waive an existing Default or Event of Default except a Default
or Event of Default in the payment of the principal of or interest on such
series of Securities ( <I>provided, however,</I>
that, subject to Section&nbsp;6.07, the Holders of a majority in aggregate
principal amount of the then outstanding Securities may rescind an acceleration
and its consequences, including any related payment default that resulted from
such acceleration). When a Default or Event of Default is waived, it is deemed
cured and ceases, but no waiver will extend to any subsequent or other Default
or impair any consequent right.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>20</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.05 <I>Control by Majority.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Holders of at least a majority in aggregate principal amount of any outstanding
series of Securities 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 it. However, the Trustee may refuse to follow any direction
that (i)&nbsp;conflicts with law or this Indenture, (ii)&nbsp;the Trustee
determines may be unduly prejudicial to the rights of other Holders of
Securities of such series or (iii)&nbsp;may involve the Trustee in personal
liability. The Trustee may take any other action that it deems proper which is
not inconsistent with any such direction.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.06 <I>Limitation on Suits.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of Section&nbsp;6.07 hereof, no Holder of Securities of any
series may pursue any remedy with respect to this Indenture or the Securities
of such series <I>unless</I> :</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
the Holder gives to the Trustee written notice stating that an Event of Default
is continuing;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
the Holders of at least 25% in aggregate principal amount of such series of
Securities make a written request to the Trustee to pursue the remedy;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
such Holder or Holders offer to the Trustee indemnity satisfactory to the
Trustee against any loss, liability, cost or expense;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
the Trustee does not comply with the request within sixty (60)&nbsp;days after
receipt of the request and the offer of indemnity; and</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
during such 60-day period, the Holders of at least a majority in aggregate
principal amount of such series of Securities do not give the Trustee a
direction inconsistent with the request.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Holder may not use this Indenture to prejudice the rights of another Holder or
to obtain a preference or priority over another Holder.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.07 <I>Rights of Holders To Receive Payment
and to Demand Conversion.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision of this Indenture, subject to the provisions of Article
XII, the right of any Holder of a Security to receive payment of principal of,
premium, if any, or interest, if any, on the Security (and interest on overdue
principal and interest on overdue installments of interest, if any, as provided
in Section 4.01) on or after the respective due dates expressed or provided for
in the Security, or in the case of redemption, on or after the Redemption Date,
or in the case of conversion or exchange, to receive the security issuable upon
conversion or exchange, or to bring suit for the enforcement of any such
payment, conversion or exchange on or after such respective dates, shall not be
impaired or affected without the consent of the Holder.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>21</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.08 <I>Collection Suit by Trustee.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an Event of Default specified in Section&nbsp;6.01(i) or (ii)&nbsp;hereof
occurs and is continuing with respect to the Securities, the Trustee may
recover judgment in its own name and as trustee of an express trust against the
Company (and any other obligor on the Securities) for the whole amount of
principal, premium, if any, and accrued interest, if any, remaining unpaid on
the outstanding Securities, together with (to the extent lawful) interest on
overdue principal and interest, and such further amount as shall be sufficient
to cover the costs and, to the extent lawful, expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel and any other amounts due the Trustee under
Section&nbsp;7.08 hereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.09 <I>Trustee May File Proofs of Claim.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee and the
Holders allowed in any judicial proceeding relative to the Company (or any
other obligor upon the Securities), its creditors or its property and shall be
entitled and empowered to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute the same, and any
custodian in any such judicial proceedings is hereby authorized by each Holder
to make such payments to the Trustee and, in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section&nbsp;7.08 hereof. Nothing contained
in this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
or the rights of any Holder thereof, or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.10 <I>Priorities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee collects any amount of money with respect to the Securities
pursuant to this Article&nbsp;VI, subject to Article XI, it shall pay out the
money in the following order:</FONT></P>

<P align=justify><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(First)</I>
to the Trustee, its agents and attorneys for amounts due under
Section&nbsp;7.08 hereof, including payment of all compensation, expense and
liabilities incurred, and all advances made by the Trustee and the costs and
expenses of collection;</FONT></P>

<P align=justify><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Second)</I>
to Holders&nbsp;of Senior Indebtedness in accordance with Article XII hereof;</FONT></P>

<P align=justify><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Third)</I>
to Holders for amounts due and unpaid on the Securities for principal and
interest, if any, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Securities for principal and
interest, respectively; and</FONT></P>

<P align=justify><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Fourth)</I>
to the Company, or to such party as a court of competent jurisdiction may
direct.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee, upon prior written notice to the Company, may fix a record date and
payment date for any payment to Holders pursuant to this Section&nbsp;6.10. The
Trustee shall notify the Company in writing reasonably in advance of any such
record date and payment date.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.11 <I>Undertaking for Costs.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
any suit for the enforcement of any right or remedy under this Indenture or in
any suit against the Trustee for any action taken or omitted by it as a
Trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in
its discretion may assess reasonable costs, including reasonable attorneys&#146;
fees and expenses, against any party litigant in the suit, having due regard to
the merits and good faith of the claims or defenses made by the party litigant.
This Section&nbsp;6.11 does not apply to a suit by the Trustee, a suit by a
Holder pursuant to Section&nbsp;6.06 hereof, a suit by Holders of more than 10%
in aggregate principal amount of any outstanding series of Securities, or to
any suit instituted by any Holder for the enforcement of the payment of the
principal of, premium, if any, or interest on any Security held by that Holder
on or after the due date provided in the Security or to any suit for the
enforcement of the right to convert or exchange any Security in accordance with
the provisions of a supplemental indenture applicable to that Security.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>22</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.12 <I>Stay, Extension and Usury Laws.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company covenants (to the extent that it may lawfully do so) that it shall not
at any time insist upon, plead, or in any manner whatsoever claim and will
resist any and all efforts to be compelled to take the benefit or advantage of,
any stay, extension or usury law wherever enacted, now or at any time hereafter
in force, which would prohibit or forgive the Company from paying all or any
portion of the principal of, premium, if any, and/or interest on any of the
Securities as contemplated in this Indenture or a supplemental indenture, or
which may affect the covenants or the performance of this Indenture; and the
Company (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law, and covenants that it shall not, by
resort to any such law, hinder, delay or impede the execution of any power
herein granted to the Trustee, but shall suffer and permit the execution of
every such power as though no such law has been enacted.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.13 <I>Restoration of Positions.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a judicial proceeding by the Trustee or a Holder to enforce any right or remedy
under this Indenture or any supplemental indenture has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee or to
such Holder, then and in every such case, except as otherwise provided in the
judicial proceeding, the Company, the Trustee and the Holders will be restored
severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding had been instituted.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.14 <I>Liability of Stockholders, Officers,
Directors and Incorporators.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
stockholder, officer, director or incorporator, as such, past, present or
future, of the Company, or any of its successor corporations, will have any
personal liability in respect of the Company&#146;s obligations under this Indenture
or any Securities by reason of his or its status as such stockholder, officer,
director or incorporator; provided, however, that nothing in this Indenture or
in the Securities will prevent recourse to and enforcement of the liability of
any holder or subscriber to common stock of the Company which has not been
fully paid up.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE VII</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>TRUSTEE</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.01 <I>Duties of Trustee.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
If an Event of Default with respect to the Securities 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 circumstances in
the conduct of such person&#146;s own affairs.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Except during the continuance of an Event of Default:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
the Trustee need perform only those duties that are specifically set forth in
this Indenture or the TIA, and no implied covenants or obligations shall be
read into this Indenture against the Trustee; and</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>23</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
in the absence of bad faith on its part, the Trustee may conclusively rely, as
to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture; <I>provided,
however,</I> that 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 examine the certificates and opinions to determine
whether or not, on their face, they conform to the requirements of this
Indenture (but need not investigate or confirm the accuracy of mathematical
calculations or other facts stated therein).</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
this paragraph does not limit the effect of paragraph (b)&nbsp;of this
Section&nbsp;7.01;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
the Trustee shall not be liable for any error of judgment made in good faith by
a Trust Officer or other officer, unless it is proved that the Trustee was
negligent in ascertaining the pertinent facts; and</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
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
Section&nbsp;6.05 hereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
Whether or not therein expressly so provided, every provision of this Indenture
that in any way relates to the Trustee is subject to this Section&nbsp;7.01 and
to the provisions of the TIA.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
No provision of this Indenture shall require the Trustee to expend or risk its
own funds or incur any financial liability in the performance of any of its
duties under this Indenture or in the exercise of any of its right or power.
The Trustee may refuse to perform any duty or exercise any right or power
unless it receives indemnity satisfactory to it against any loss, liability,
cost or expense (including, without limitation, reasonable fees of counsel).</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
The Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note,
other evidence of indebtedness or other paper or document, but the Trustee, in
its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books,
records and premises of the Company, personally or by agent or attorney at the
sole cost of the Company and shall incur no liability or additional liability
of any kind by reason of such inquiry or investigation.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
The rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities
hereunder, and to each agent, custodian and other Person employed to act
hereunder.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.02 <I>Rights of Trustee.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 315(a) through (d)&nbsp;of the TIA:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
The Trustee may conclusively rely on any document believed by it to be genuine
and to have been signed or presented by the proper person. The Trustee need not
investigate any fact or matter stated in the document.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>24</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Before the Trustee acts or refrains from acting, it may require an Officers&#146;
Certificate or an Opinion of Counsel, or both. The Trustee shall not be liable
for any action it takes or omits to take in good faith in reliance on the
Officers&#146; Certificate or Opinion of Counsel.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
The Trustee may act through attorneys and agents and shall not be responsible
for the misconduct or negligence of any attorney or agent appointed with due
care.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
The Trustee shall not be liable for any action it takes or omits to take in
good faith that it believes to be authorized or within the rights or powers
conferred upon it by this Indenture, unless the Trustee&#146;s conduct constitutes
willful misconduct, negligence or bad faith.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
The Trustee may consult with counsel of its selection and the advice of such
counsel as to matters of law shall be full and complete authorization and
protection 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.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
Unless otherwise specifically provided in this Indenture, any demand, request,
direction or notice from the Company shall be sufficient if signed by an
Officer of the Company.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
The Trustee may request that the Company deliver an Officers&#146; Certificate
setting forth the names of individuals and/or titles of officers authorized at
such time to take specified actions pursuant to this Indenture, which Officers&#146;
Certificate may be signed by any person authorized to sign an Officers&#146;
Certificate, including any person specified as so authorized in any such
certificate previously delivered and not superseded.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)
The Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Indenture at the request or direction of any of the
Holders pursuant to this Indenture, unless such Holders shall have offered to
the Trustee security or indemnity satisfactory to the Trustee against the
costs, expenses and liabilities which might be incurred by it in compliance
with such request or direction.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
In no event shall the Trustee be responsible or liable for special or indirect
loss or damage of any kind whatsoever (including, but not limited to, loss of
profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)
The Trustee shall not be deemed to have notice of any Default or Event of
Default unless a Responsible Officer of the Trustee has actual knowledge
thereof or unless written notice of any event which is in fact such a default is
received by the Trustee at the Corporate Trust Office of the Trustee, and such
notice references the Securities and this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.03 <I>Individual Rights of Trustee.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee in its individual or any other capacity may become the owner or pledgee
of Securities and may otherwise deal with the Company or any Affiliate of the
Company with the same rights it would have if it were not Trustee. However, in
the event that the Trustee acquires any conflicting interest (as such term is
defined in Section&nbsp;3.10(b) of the TIA), it must eliminate such conflict
within ninety (90)&nbsp;days, apply to the SEC for permission to continue as
trustee (to the extent permitted under Section 310(b) of the TIA) or resign.
Any agent may do the same with like rights and duties. The Trustee is also
subject to Sections&nbsp;7.10 and 7.11 hereof.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>25</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.04 <I>Money Held in Trust.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money
or U.S. Government Obligations held by the Trustee in trust hereunder need not
be segregated from other funds except to the extent required by law. The
Trustee shall be under no liability for interest on any money received by it
hereunder except as otherwise agreed in writing with the Company.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.05 <I>Trustee&#146;s Disclaimer.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee (i)&nbsp;is not responsible for and makes no representation as to the
validity or adequacy of this Indenture, any supplemental indenture or the
Securities, (ii)&nbsp;will not be accountable for the Company&#146;s use of the
proceeds from the Securities, (iii)&nbsp;will not be responsible for any statement
in the Securities, this Indenture or any supplemental indenture, other than its
certificate of authentication, and (iv) will not be responsible for any
statement in any prospectus used in the sales of the Securities, other than
statements, if any, provided in writing by the Trustee for use in such a
prospectus.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.06 <I>Notice of Defaults.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Default or Event of Default with respect to the Securities occurs and is
continuing, and if it is actually known to the Trustee, the Trustee shall mail
to Holders a notice of the Default or Event of Default within ninety
(90)&nbsp;days after the occurrence thereof. Except in the case of a Default or
Event of Default in payment of any such Security, the Trustee may withhold the
notice if and so long as it in good faith determines that withholding the
notice is in the interests of the Holders.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.07 <I>Reports by Trustee to Holders.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Trustee shall transmit to Holders such reports concerning the Trustee and
its actions under this Indenture as may be required by Section&nbsp;313 of the
TIA at the times and in the manner provided by the TIA, which initially shall
be not less than every twelve (12) months, which report may be dated as of a
date up to 75&nbsp;days prior to such transmission.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A copy of each report at the time of its mailing to Holders shall be filed with
the SEC, if required, and each stock exchange, if any, on which the Securities
are listed. The Company shall promptly notify the Trustee when the Securities
become listed on any stock exchange.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.08 <I>Compensation and Indemnity.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall pay to the Trustee from time to time such compensation as shall
be agreed in writing between the Company and the Trustee for its services
hereunder. The Trustee&#146;s compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Company shall reimburse the
Trustee upon request for all reasonable disbursements, advances and expenses
incurred by it, including in particular, but without limitation, those incurred
in connection with the enforcement of any remedies hereunder. Such expenses may
include the reasonable fees and out-of-pocket expenses of the Trustee&#146;s agents
and counsel.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth in the next paragraph, the Company shall indemnify and hold
harmless the Trustee and any predecessor trustee against any and all loss,
liability, damage, claim or expense, including taxes (other than taxes based
upon, measured by or determined by the income of the Trustee) incurred by it
arising out of or in connection with the acceptance or administration of the
trust under this Indenture. The Trustee shall notify the Company promptly of
any claim of which it has received written notice for which it may seek
indemnity. The Company shall defend such claim and the Trustee shall cooperate
in such defense. The Trustee may have separate counsel and the Company shall
pay the reasonable fees and out-of-pocket expenses of such counsel.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>26</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company need not pay for any settlement made without its consent. The Company
need not reimburse any expense or indemnify against any loss, liability, cost
or expense incurred by the Trustee through its own negligence, willful
misconduct or bad faith.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
secure the Company&#146;s payment obligations in this Section&nbsp;7.08, the Trustee
shall have a lien prior to the Securities on all money or property held or
collected by the Trustee, except that held in trust to pay the principal of and
interest on particular Securities. The Trustee&#146;s right to receive payment of
any amounts due under this Section&nbsp;7.08 will not be subordinate to any
other liability or indebtedness of the Company.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s payment obligations pursuant to this Section&nbsp;7.08 shall survive
the satisfaction and discharge of this Indenture. When the Trustee incurs
expenses or renders services after an Event of Default specified in clause
(iv)&nbsp;or (v)&nbsp;of Section&nbsp;6.01 hereof occurs, the expenses and the
compensation for the services are intended to constitute expenses of
administration under any Bankruptcy Law.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purpose of this Section 7.08, &#147;Trustee&#148; will include any predecessor
Trustee, but the negligence, willful misconduct or bad faith of any Trustee
will not affect the rights of any other Trustee under this Section 7.08, except
for a successor Trustee pursuant to Section 7.10 <I>.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.09 <I>Replacement of Trustee.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
resignation or removal of the Trustee and appointment of a successor Trustee
shall become effective only upon the successor Trustee&#146;s acceptance of
appointment as provided in this Section 7.09.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may resign and be discharged from the trust hereby created with respect
to the Securities by so notifying the Company in writing. The Holders of a
majority in aggregate principal amount of the then outstanding Securities may
remove the Trustee by so notifying the Trustee and the Company in writing. The
Company must remove the Trustee if:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
the Trustee fails to comply with Section&nbsp;7.10 hereof or Section&nbsp;310
of the TIA;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
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;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
a Custodian, receiver or other public officer takes charge of the Trustee or
its property; or</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
the Trustee becomes incapable of acting.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee resigns or is removed or if a vacancy exists in the office of the
Trustee for any reason, the Company shall promptly appoint a successor Trustee
for the Securities. The Trustee shall be entitled to payment of its fees and
reimbursement of its expenses while acting as Trustee. Within one (1) year
after the successor Trustee takes office, the Holders of at least a majority in
aggregate principal amount of then outstanding Securities may appoint a
successor Trustee to replace the successor Trustee appointed by the Company.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Holder of Securities may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee if the
Trustee fails to comply with Section 7.10 hereof.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>27</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an instrument of acceptance by a successor Trustee shall not have been
delivered to the Trustee within thirty (30)&nbsp;days after the giving of such
notice of resignation or removal, the resigning or removed Trustee, as the case
may be, may petition, at the expense of the Company, any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. Thereupon the resignation or removal of
the retiring Trustee shall become effective, and the successor Trustee shall
have all the rights, powers and duties of the Trustee under this Indenture. The
Company shall mail a notice of the successor Trustee&#146;s succession to the
Holders. The retiring Trustee shall promptly transfer all property held by it
as Trustee to the successor Trustee, subject to the lien provided for in
Section&nbsp;7.08 hereof. Notwithstanding replacement of the Trustee pursuant
to this Section&nbsp;7.09, the Company&#146;s obligations under Section&nbsp;7.08
hereof shall continue for the benefit of the retiring Trustee with respect to expenses,
losses and liabilities incurred by it prior to such replacement.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.10 <I>Successor Trustee by Merger, Etc.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section&nbsp;7.09 hereof, if the Trustee consolidates with, merges or
converts into, or transfers all or substantially all of its corporate trust
business to, another corporation or national banking association, the successor
entity without any further act shall be the successor Trustee.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at the time a successor by merger, conversion or consolidation to the Trustee
succeeds to the trusts created by this Indenture any of the Securities have
been authenticated but not delivered, the successor to the Trustee may adopt
the certificate of authentication of the predecessor Trustee, and deliver the
Securities which were authenticated by the predecessor Trustee; and if at that
time any of the Securities have not been authenticated, the successor to the
Trustee may authenticate those Securities either in the name of the predecessor
or in its own name as the successor to the Trustee; and in either case the
certificates of authentication will have the full force provided in this
Indenture for certificates of authentication.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.11 <I>Eligibility; Disqualification.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall at all times satisfy the requirements of Section&nbsp;310(a)(1),
(2)&nbsp;and (5)&nbsp;of the TIA. The Trustee shall at all times have a
combined capital and surplus of at least $50 million as set forth in its most
recent published annual report of condition, which will be deemed for this
paragraph to be its combined capital and surplus. The Trustee is subject to
Section 310(b) of the TIA, including the optional provision permitted by the
second sentence of Section 310(b)(9) of the TIA.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.12 <I>Preferential Collection of Claims
Against the Company.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee is subject to Section 311(a) of the TIA, excluding any creditor
relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or
been removed shall be subject to Section 311(a) of the TIA to the extent
indicated therein.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE VIII</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>DISCHARGE OF INDENTURE</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.01 <I>Satisfaction and Discharge of
Indenture.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Indenture shall cease to be of further effect (except as to any surviving
rights of registration of transfer or exchange of Securities herein expressly
provided for), and the Trustee, at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture,
when:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>28</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
either:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
all Securities previously authenticated and delivered (other than Securities
which have been destroyed, lost or stolen and which have been replaced or paid)
have been delivered to the Trustee for cancellation; or</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
all such Securities not previously delivered to the Trustee for cancellation
have become due and payable (whether at stated maturity, early redemption or
otherwise);</FONT></P>

<P align=justify><FONT SIZE=2>and, in the
case of clause (b)&nbsp;above, the Company has deposited, or caused to be
deposited, irrevocably with the Trustee as trust 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 Securities, cash in U.S.
dollars and/or U.S. Government Obligations which through the payment of
interest and principal in respect thereof, in accordance with their terms, will
provide (and without reinvestment and assuming no tax liability will be imposed
on such Trustee), not later than one day before the due date of any payment of
money, an amount in cash, 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 principal of and interest on all the
Securities on the dates such payments of principal or interest are due to
maturity or redemption;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
the Company has paid or caused to be paid all other sums payable hereunder by
the Company with respect to the Securities; and</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
the Company has delivered to the Trustee an Officers&#146; Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture with respect
to the Securities have been complied with.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section&nbsp;7.08 hereof shall survive, and, if
money will have been deposited with the Trustee pursuant to subclause
(b)&nbsp;of clause (i)&nbsp;of this Section, the obligations of the Trustee
under Sections&nbsp;8.02 and 8.05 hereof shall survive.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.02 <I>Application of Trust Funds;
Indemnification.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Subject to the provisions of Section&nbsp;8.05 hereof, all money and U.S.
Government Obligations deposited with the Trustee pursuant to
Section&nbsp;8.01, 8.03 or 8.04 hereof and all money received by the Trustee in
respect of U.S. Government Obligations deposited with the Trustee pursuant to
Sections&nbsp;8.01, 8.03 or 8.04 hereof, shall be held in trust and applied by
it, in accordance with the provisions of the Securities and this Indenture, to
the payment, either directly or through any Paying Agent as the Trustee may
determine, to the persons entitled thereto, of the principal and interest for
whose payment such money has been deposited with or received by the Trustee.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
The Company shall pay and shall indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against U.S. Government Obligations
deposited pursuant to Sections&nbsp;8.01, 8.03 or 8.04 hereof or the interest
and principal received in respect of such obligations other than any payable by
or on behalf of Holders.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
The Trustee shall deliver or pay to the Company from time to time upon the
request of the Company any U.S. Government Obligations or money held by it as
provided in Sections&nbsp;8.01, 8.03 or 8.04 hereof which, in the opinion of a
nationally recognized firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, are then
in excess of the amount thereof which then would have been required to be
deposited for the purpose for which such U.S. Government Obligations or money
were deposited or received. This provision shall not authorize the sale by the
Trustee of any U.S. Government Obligations held under this Indenture.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>29</FONT></P>

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<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.03 <I>Legal Defeasance.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall be deemed to have been discharged from its obligations with
respect to all of the outstanding Securities of any series on the 91st day
after the date of the deposit referred to in subparagraph (a)&nbsp;hereof, and
the provisions of this Indenture, as it relates to such series of outstanding
Securities, shall no longer be in effect (and the Trustee, at the expense of
the Company, shall, upon the request of the Company, execute proper instruments
acknowledging the same), except as to:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
the rights of Holders of Securities of such series to receive, solely from the
trust funds described in subparagraph (a)&nbsp;hereof, payments of the
principal of or interest on the outstanding Securities of such series on the
date such payments are due;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
the Company&#146;s obligations with respect to the Securities of such series under
Sections&nbsp;2.04, 2.05, 2.07, 2.08 and 2.09 hereof; and</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
the rights, powers, trust and immunities of the Trustee hereunder and the
duties of the Trustee under Section&nbsp;8.02 hereof and the duty of the
Trustee to authenticate Securities of such series issued on registration of transfer
of exchange;</FONT></P>

<P align=justify><FONT SIZE=2><I>provided</I> that the
following conditions shall have been satisfied:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
the Company shall have deposited, or caused to be deposited, irrevocably with
the Trustee as trust 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 such series of Securities, cash in U.S. dollars
and/or U.S. Government Obligations which through the payment of interest and
principal in respect thereof, in accordance with their terms, will provide (and
without reinvestment and assuming no tax liability will be imposed on such
Trustee), not later than one day before the due date of any payment of money,
an amount in cash, 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 principal of and interest on all the
Securities of such series on the dates such payments of principal or interest
are due to maturity or redemption;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
such deposit will not result in a breach or violation of, or constitute a
Default under, this Indenture;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
no Default or Event of Default with respect to such series of Securities shall
have occurred and be continuing on the date of such deposit and 91&nbsp;days
shall have passed after the deposit has been made, and, during such 91&nbsp;day
period, no Default specified in Section&nbsp;6.01(iv) or (v)&nbsp;hereof with
respect to the Company occurs which is continuing at the end of such period;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
the Company shall have delivered to the Trustee an Officers&#146; Certificate and an
Opinion of Counsel to the effect that (A)&nbsp;the Company has received from, or
there has been published by, the Internal Revenue Service a ruling, or
(B)&nbsp;since the date of execution of this Indenture, there has been a change
in the applicable federal income tax law, in either case to the effect that,
and based thereon such Opinion of Counsel shall confirm that, the Holders of
such series of Securities will not recognize income, gain or loss for federal
income tax purposes as a result of such deposit, defeasance and discharge and
will be subject to federal income tax on the same amount and in the same manner
and at the same times as would have been the case if such deposit, defeasance
and discharge had not occurred;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>30</FONT></P>

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<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
the Company shall have delivered to the Trustee an Officers&#146; Certificate
stating that the deposit was not made by the Company with the intent of
preferring the Holders of such series of Securities over any other creditors of
the Company or with the intent of defeating, hindering, delaying or defrauding
any other creditors of the Company;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
such deposit shall not result in the trust arising from such deposit
constituting an &#147;investment company&#148; (as defined in the Investment Company Act
of 1940, as amended), or such trust shall be qualified under such Act or exempt
from regulation thereunder; and</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
the Company shall have delivered to the Trustee an Officers&#146; Certificate and an
Opinion of Counsel, each stating that all conditions precedent relating to the
defeasance contemplated by this Section&nbsp;8.03 have been complied with.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.04 <I>Covenant Defeasance.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
and after the 91st day after the date of the deposit referred to in
subparagraph (a) hereof, the Company may omit to comply with any term,
provision or condition set forth under Sections&nbsp;4.03(a), 4.04 and 4.05
hereof as well as any additional covenants contained in a supplemental
indenture hereto (and the failure to comply with any such provisions shall not
constitute a Default or Event of Default under Section&nbsp;6.01 hereof) and
the occurrence of any event described in clause (iii)&nbsp;of Section&nbsp;6.01
hereof shall not constitute a Default or Event of Default hereunder, with
respect to any series of Securities, <I>provided</I>
that the following conditions shall have been satisfied:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
with reference to this Section&nbsp;8.04, the Company has deposited, or caused
to be deposited, irrevocably (except as provided in Section&nbsp;8.05 hereof)
with the Trustee as trust funds in trust, specifically pledged as security for,
and dedicated solely to, the benefit of the Holders of such series of Securities,
cash in U.S. dollars and/or U.S. Government Obligations which through the
payment of principal and interest in respect thereof, in accordance with their
terms, will provide (and without reinvestment and assuming no tax liability
will be imposed on such Trustee), not later than one day before the due date of
any payment of money, an amount in cash, sufficient, in the opinion of a
nationally recognized firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, to pay
principal and interest on all the Securities of such series on the dates such
payments of principal and interest are due to maturity or redemption;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
such deposit will not result in a breach or violation of, or constitute a Default
under, this Indenture;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
no Default or Event of Default with respect to such series of Securities shall
have occurred and be continuing on the date of such deposit and 91&nbsp;days
shall have passed after the deposit has been made, and, during such 91&nbsp;day
period, no Default specified in Section&nbsp;6.01(iv) or (v)&nbsp;hereof with
respect to the Company occurs which is continuing at the end of such period;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
the Company shall have delivered to the Trustee an Opinion of Counsel
confirming that Holders of such series of Securities will not recognize income,
gain or loss for federal income tax purposes as a result of such deposit and
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
deposit and defeasance had not occurred;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
the Company shall have delivered to the Trustee an Officers&#146; Certificate
stating the deposit was not made by the Company with the intent of preferring
the Holders of such series of Securities over any other creditors of the
Company or with the intent of defeating, hindering, delaying or defrauding any
other creditors of the Company;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>31</FONT></P>

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<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
such deposit shall not result in the trust arising from such deposit
constituting an &#147;investment company&#148; (as defined in the Investment Company Act
of 1940, as amended), or such trust shall be qualified under such Act or exempt
from regulation thereunder; and</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
the Company shall have delivered to the Trustee an Officers&#146; Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the defeasance contemplated by this Section&nbsp;8.04 have been
complied with.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.05 <I>Repayment to Company.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee and the Paying Agent shall pay to the Company upon request any money
held by them for the payment of principal or interest that remains unclaimed
for two (2) years after the date upon which such payment shall have become due.
After payment to the Company, Holders entitled to the money must look to the
Company for payment as general creditors unless an applicable abandoned
property law designates another Person.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.06 <I>Reinstatement.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee or the Paying Agent is unable to apply any money deposited with
respect to Securities of any series in accordance with Section&nbsp;8.01 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 obligations of the Company under this Indenture with
respect to the Securities of such series and under the Securities of such
series shall be revived and reinstated as though no deposit had occurred
pursuant to Section&nbsp;8.01 until such time as the Trustee or the Paying
Agent is permitted to apply all such money in accordance with
Section&nbsp;8.01; <I>provided</I> , <I>however</I> , that if the Company has made any
payment of principal of, premium, if any, or interest with respect to 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 held by the Trustee or the Paying Agent.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE IX</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>AMENDMENTS, SUPPLEMENTS AND WAIVERS</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.01 <I>Without Consent of Holders.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the consent of any Holder, the Company and the Trustee may, at any time, amend
this Indenture and&nbsp;the Securities to:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
cure any ambiguity, defect or inconsistency, provided that such change does not
adversely affect the rights hereunder of any Holder in any material respect;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
provide for uncertificated Securities in addition to or in place of
certificated Securities or to alter the provisions of Article&nbsp;II hereof
(including the related definitions) in a manner that does not materially
adversely affect any Holder;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
provide for the assumption of the Company&#146;s obligations to the Holders of
Securities in the case of a merger, consolidation or sale or other disposition
of assets pursuant to Article&nbsp;V hereof;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
comply with requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the TIA, provided that such change does
not adversely affect the rights hereunder of any Holder in any material
respect;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>32</FONT></P>

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<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
add to the covenants of the Company and any other restrictions, conditions or
provisions for the benefit of the Holders, to make the occurrence, or the
occurrence and the continuance, of a Default under any such additional
covenants, restrictions, conditions or provisions an Event of Default under
this Indenture, or to surrender any right or power herein conferred upon the
Company;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
add to, delete from or revise the conditions, limitations, and restrictions on
the authorized amount, terms, or purposes of issue, or authentication and
delivery of Securities, provided that such change does not adversely affect the
rights hereunder of any Holder in any material respect;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
secure the Securities of any series;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)
make appropriate provision in connection with the appointment of any successor
Trustee; or</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
make any other change that does not adversely affect in any material respect
the rights hereunder of any Holder.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the request of the Company accompanied by a resolution of its Board of
Directors authorizing the execution of any such amended or supplemental
Indenture, and upon receipt by the Trustee of the documents described in
Section&nbsp;7.02 hereof, the Trustee shall join with the Company in the
execution of any amended or supplemental Indenture authorized or permitted by
the terms of this Indenture and to make any further appropriate agreements and
stipulations that may be therein contained, but the Trustee shall not be
obligated to enter into such amended or supplemental Indenture that affects its
own rights, duties or immunities under this Indenture or otherwise.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.02 <I>With Consent of Holders.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided below in this Section&nbsp;9.02, this Indenture, the Securities may
be amended or supplemented, and noncompliance in any particular instance with
any provision of this Indenture or the Securities may be waived, in each case
with the written consent of the Holders of at least a majority in aggregate
principal amount of the then outstanding Securities affected thereby; <I>provided, however</I> , that any amendment to
or supplement of this Indenture or the Securities that by its terms affects the
rights of Holders of any series of then outstanding Securities but not the
others series may be effected, and any default or compliance with any provision
of this Indenture affecting the Holders of any series of then outstanding
Securities but not the other series may be waived, with the consent of at least
a majority in aggregate principal amount of the Securities of the affected
series.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the consent of each Holder of Securities that is affected thereby, an amendment
or waiver under this Section&nbsp;9.02 may not:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
reduce the aggregate principal amount of Securities of any series the Holders
of which must consent to an amendment, supplement modification or waiver of any
provision of this Indenture;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
reduce the rate of or extend the time for payment of interest on any series of
Securities;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
reduce the principal of or change the stated maturity of any series of
Securities;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
change the date on which any Security of any of series may be subject to
redemption, or reduce the premium payable upon the redemption or repurchase
thereof;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
make any Security of any series payable in currency other than that stated in
the Security;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>33</FONT></P>

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<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
modify or change any provision of this Indenture affecting the ranking of the
Securities of any series in a manner which adversely affects the Holders
thereof;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
modify or make any change in Article XII which adversely affects the rights of
any Holder;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)
impair the right of any Holder of Securities to institute suit for the
enforcement of any payment in or with respect to any such series of Securities;
or</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
make any change in the foregoing amendment and waiver provisions which require
each Holder&#146;s consent.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
shall not be necessary for the consent of the Holders under this
Section&nbsp;9.02 to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance
thereof.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
an amendment or waiver under this Section&nbsp;9.02 becomes effective, the
Company shall mail to Holders affected thereby a notice briefly describing the
amendment or waiver. Any failure of the Company to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of
any such amended or supplemental indenture or waiver.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.03 <I>Compliance with Trust Indenture Act.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
amendment to this Indenture or the Securities shall be set forth in a
supplemental indenture that complies with the TIA as then in effect.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.04 <I>Revocation and Effect of Consents.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
an amendment, supplement modification or waiver becomes effective, a consent to
it by a Holder is a continuing consent by the Holder and every subsequent Holder
of a Security or portion of a Security that evidences the same debt as the
consenting Holder&#146;s Security, even if notation of the consent is not made on
any Security; <I>provided, however,</I>
that unless a record date shall have been established pursuant to Section&nbsp;2.16
hereof, any such Holder or subsequent Holder may revoke the consent as to its
Security or portion of a Security if the Trustee receives written notice of
revocation before the date the amendment, supplement, modification or waiver
becomes effective. An amendment, supplement modification or waiver becomes
effective on receipt by the Trustee of consents from the Holders of the
requisite percentage principal amount of the outstanding Securities, and
thereafter shall bind every Holder of Securities; <I>provided, however,</I> if the amendment, supplement modification
or waiver makes a change described in any of the clauses (i)&nbsp;through
(viii)&nbsp;of Section&nbsp;9.02 hereof, the amendment, supplement,
modification or waiver shall bind only each Holder of a Security which has
consented to it and every subsequent Holder of a Security or portion of a
Security that evidences the same indebtedness as the consenting Holder&#146;s
Security.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.05 <I>Notation on or Exchange of Securities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an amendment, supplement, modification or waiver changes the terms of a
Security:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
the Trustee may require the Holder of a Security to deliver such Security to
the Trustee, the Trustee may place an appropriate notation on the Security
about the changed terms and return it to the Holder and the Trustee may place
an appropriate notation on any Security thereafter authenticated; or</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>34</FONT></P>

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<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
if the Company or the Trustee so determines, the Company in exchange for the
Security shall issue and the Trustee shall authenticate a new Security that
reflects the changed terms.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure
to make the appropriate notation or issue a new Security shall not affect the
validity and effect of such amendment, supplement or waiver.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.06 <I>Trustee to Sign Amendment, etc.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall sign any amendment authorized pursuant to this Article&nbsp;IX if
the amendment 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, the Trustee shall be provided with
and shall be fully protected in relying upon an Officers&#146; Certificate and an
Opinion of Counsel as conclusive evidence that such amendment is authorized or
permitted by this Indenture.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE X</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>CONVERSION OR EXCHANGE OF SECURITIES</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.01 <I>Provisions Relating to Conversion or
Exchange of Securities.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
rights which Holders of Securities of a series will have to convert those
Securities into other securities of the Company or to exchange those Securities
for securities of other Persons or other assets, including but not limited to
the terms of the conversion or exchange and the circumstances, if any, under
which those terms will be adjusted to prevent dilution or otherwise, will be
set forth in an Indenture supplemental hereto relating to the series of
Securities. In the absence of provisions in a supplemental Indenture relating
to a series of Securities setting forth rights to convert or exchange the
Securities of that series into or for other securities or assets, Holders of
the Securities of that series will not have any such rights.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE XI</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>SINKING OR PURCHASE FUNDS</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11.01 <I>Provisions Relating to Sinking or
Purchase Funds.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
requirements that the Company make, or rights of the Company to make at its
option, payments prior to maturity of the Securities of a series which will be
used as a fund with which to redeem or to purchase Securities of that series,
including but not limited to provisions regarding the amount of the payments,
when the Company will be required, or will have the option, to make the
payments and when the payments will be applied, will be set forth in an
Indenture supplemental hereto relating to the series of Securities. In the
absence of provisions in a supplemental Indenture relating to a series of
Securities setting forth requirements that the Company make, or rights of the
Company to make at its option, payments to be used as a fund with which to
redeem or purchase Securities of the series, the Company will not be subject to
any such requirements and will not have any such rights. However, unless
otherwise specifically provided in a supplemental Indenture relating to a
series of Securities, the Company will at all times have the right to purchase
Securities from Holders in market transactions or otherwise.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE XII</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>SUBORDINATION</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.01 <I>Securities Subordinated to Senior
Indebtedness.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the provisions of Sections&nbsp;6.02 and 6.03 hereof, the Company covenants and
agrees, and the Trustee and each Holder of the Securities by his acceptance
thereof likewise covenants and agrees, that all payments of the principal of,
premium, if any, and interest on Securities issued hereunder shall be
subordinated, to the extent set forth in an indenture supplemental hereto
relating to the Securities of that series and in accordance with the provisions
of this Article&nbsp;XII, to the prior payment in full of all Obligations with
respect to Senior Indebtedness, whether outstanding at the date of this
Indenture or thereafter incurred.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>35</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.02 <I>Priority and Payment Over of Proceeds
in Certain Events.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Upon any payment or distribution of assets or securities of the Company, as the
case may be, of any kind or character, whether in cash, property or securities,
upon any dissolution or winding up or total or partial liquidation or
reorganization of the Company, whether voluntary or involuntary or in bankruptcy,
insolvency, receivership or other proceedings, all Obligations with respect to
Senior Indebtedness shall first be indefeasibly paid in full in cash, or
payment provided for in cash or cash equivalents, before the Holders or the
Trustee on behalf of the Holders shall be entitled to receive any payment of
principal of or interest on the Securities or distribution of any assets or
securities. Before any payment may be made by the Company of the principal of
or interest on the Securities pursuant to the provisions of the previous
sentence, and upon any such dissolution or winding up or liquidation or
reorganization, any payment or distribution of assets or securities of the
Company of any kind or character, whether in cash, property or securities, to
which the Holders or the Trustee on their behalf would be entitled, except for
the provisions of this Article&nbsp;XII, shall be made by the Company or by any
receiver, trustee in bankruptcy, liquidating trustee, agent or other person
making such payment or distribution, directly to the holders of the Senior
Indebtedness or their representatives to the extent necessary to pay all such
Senior Indebtedness in full after giving effect to any concurrent payment or
distribution to the holders of such Senior Indebtedness.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
contained in this Article&nbsp;XII shall limit the right of the Trustee or the
Holders of Securities to take any action to accelerate the maturity of the
Securities pursuant to Section&nbsp;6.02 or to pursue any rights or remedies
hereunder; provided that all Obligations with respect to Senior Indebtedness
then or thereafter due or declared to be due shall first be paid in full before
the Holders or the Trustee are entitled to receive any payment from the Company
of principal of or interest on the Securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
any payment or distribution of assets or securities referred to in this
Article&nbsp;XII, the Trustee and the Holders shall be entitled to rely upon
any order or decree of a court of competent jurisdiction in which such
dissolution, winding up, liquidation or reorganization proceedings are pending
and upon a certificate of the receiver, trustee in bankruptcy, liquidating
trustee, agent or other person making any such payment or distribution,
delivered to the Trustee for the purpose of ascertaining the persons entitled
to participate in such distribution, the holders of Senior Indebtedness and
other Indebtedness of the Company, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article&nbsp;XII.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.03 <I>Payments May Be Paid Prior to
Dissolution.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
contained in this Article&nbsp;XII or elsewhere in this Indenture shall prevent
the Company, except under the conditions described in Section&nbsp;12.02, from
making payments at any time for the purpose of making such payments of
principal of and interest on the Securities, or from depositing with the
Trustee any moneys for such payments. The Company shall give prompt written
notice to the Trustee of any dissolution, winding up, liquidation or
reorganization of the Company.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.04 <I>Rights of Holders of Senior
Indebtedness Not to Be Impaired.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
right of any present or future holder of any Senior Indebtedness to enforce
subordination as herein provided shall at any time in any way be prejudiced or
impaired by any act or failure to act in good faith by any such holder, or by
any noncompliance by the Company, with the terms and provisions and covenants
herein regardless of any knowledge thereof any such holder may have or
otherwise be charged with.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>36</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of this Article&nbsp;XII are intended to be for the benefit of, and
shall be enforceable directly by, the holders of the Senior Indebtedness.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.05 <I>Authorization to Trustee to Take
Action to Effectuate Subordination.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Holder of Securities by his acceptance thereof authorizes and directs the
Trustee on his behalf to take such action as may be necessary or appropriate to
effectuate, as between the holders of Senior Indebtedness and the Holders, the
subordination as provided in this Article&nbsp;XII and appoints the Trustee his
attorney-in-fact for any and all such purposes.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution
or Notice to Representative.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
a distribution is to be made or a notice given to holders or owners of Senior
Indebtedness, the distribution may be made and the notice given to their
representative.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.06 <I>Subrogation.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the payment in full of all Obligations in respect of Senior Indebtedness, the
Holders shall be subrogated to the rights of the holders of such Senior
Indebtedness to receive payments or distributions of assets of the Company to
the holders of Senior Indebtedness until the principal of, premium, if any, and
interest on the Securities shall be paid in full. For purposes of such
subrogation, no payments or distributions to the holders of the Senior
Indebtedness of any cash, property or securities to which the Holders would be
entitled except for the provisions of this Article&nbsp;XII, and no payment
over pursuant to the provisions of this Article&nbsp;XII to the holders of
Senior Indebtedness by the Holders, shall, as among the Company, its creditors
other than the holders of Senior Indebtedness and the Holders, be deemed to be
a payment or distribution by the Company to or on account of Senior
Indebtedness.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of this Article&nbsp;XII are and are intended solely for the purpose
of defining the relative rights of the Holders, on the one hand, and the
holders of Senior Indebtedness, on the other hand.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any payment or distribution to which the Holders would otherwise have been
entitled but for the provisions of this Article&nbsp;XII shall have been
applied, pursuant to the provisions of this Article&nbsp;XII, to the payment of
all amounts payable under Senior Indebtedness, then and in such case, the
Holders shall be entitled to receive from the holders of such Senior
Indebtedness at the time outstanding any payments or distributions received by
such holders of Senior Indebtedness in excess of the amount sufficient to pay
all Obligations in respect of Senior Indebtedness in full.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.07 <I>Obligations of Company Unconditional.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
contained in this Article&nbsp;XII or elsewhere in this Indenture or in any
Security is intended to or shall impair, as between the Company and the
Holders, the obligations of the Company, which are absolute and unconditional,
to pay to the Holders the principal of, premium, if any, and interest on the
Securities as and when the same shall become due and payable in accordance with
their terms or is intended to nor shall affect the relative rights of the
Holders and creditors of the Company other than the holders of Senior
Indebtedness, nor shall anything herein or therein prevent the Trustee or any
Holder from exercising all remedies otherwise permitted by applicable law upon
Default under this Indenture, subject to the rights, if any, under this
Article&nbsp;XII of the holders of such Senior Indebtedness in respect of cash,
property or securities of the Company received upon the exercise of any such
remedy.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>37</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
failure to make a payment on account of principal of, premium, if any, or
interest on the Securities by reason of any provision of this Article&nbsp;XII
shall not be construed as preventing the occurrence of an Event of Default
under Section&nbsp;6.01.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.08 <I>Trustee Entitled to Assume Payments
Not Prohibited in Absence of Notice.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall give prompt written notice to the Trustee of any fact known to
the Company which would prohibit the making of any payment to or by the Trustee
in respect of the Securities. Neither the Trustee nor the Paying Agent shall at
any time be charged with the knowledge of the existence of any facts which
would prohibit the making of any payment to or by the Trustee or the Paying
Agent, unless and until the Trustee or Paying Agent shall have received written
notice thereof from the Company or one or more holders of Senior Indebtedness
or from any representative therefor; and, prior to the receipt of any such
written notice, the Trustee or Paying Agent shall be entitled to assume
conclusively that no such facts exist. Unless at least two (2) Business Days
prior to the date on which by the terms of this Indenture any moneys are to be
deposited by the Company with the Trustee or any Paying Agent (whether or not
in trust) for any purpose (including, without limitation, the payment of the
principal of or the interest on any Security), the Trustee or Paying Agent
shall have received with respect to such moneys the notice provided for in the
preceding sentence, the Trustee or Paying Agent shall have full power and
authority to receive such moneys and to apply the same to the purpose for which
they were received and shall not be affected by any notice to the contrary
which may be received by it on or after such date. Nothing contained in this
Section&nbsp;12.09 or Section&nbsp;12.03 shall limit the right of the holders
of Senior Indebtedness to recover payments as contemplated by
Section&nbsp;12.02. The Trustee shall be entitled to rely on the delivery to it
of a written notice by a person representing himself or itself to be a holder
of such Senior Indebtedness (or a trustee on behalf of, or representative of,
such holder) to establish that such notice has been given by a holder of such
Senior Indebtedness or a trustee or representative on behalf of any such
holder. In the event that the Trustee determines in good faith that further
evidence is required with respect to the right of any person as a holder of
Senior Indebtedness to participate in any payment or distribution pursuant to
this Article&nbsp;XII, the Trustee may request such person to furnish evidence
to the reasonable satisfaction of the Trustee as to the amount of Senior
Indebtedness held by such person, the extent to which such person is entitled
to participate in such payment or distribution and any other facts pertinent to
the rights of such person under this Article&nbsp;XII, and if such evidence is
not furnished, the Trustee may defer any payment which it may be required to
make for the benefit of such person pursuant to the terms of this Indenture
pending judicial determination as to the rights of such person to receive such
payment.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall not be deemed to owe any duty to the holders of Senior
Indebtedness and shall not be liable to any such holders if the Trustee shall
in good faith mistakenly pay over or distribute to Holders of Securities or to
the Company or to any other person cash, property or securities to which any
holders of Senior Indebtedness shall be entitled by virtue of this Article XII
or otherwise. With respect to the holders of Senior Indebtedness, the Trustee
undertakes to perform or to observe only such of its covenants or obligations
as are specifically set forth in this Article&nbsp;XII and no implied covenants
or obligations with respect to holders of Senior Indebtedness shall be read
into this Indenture against the Trustee.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.09 <I>Right of Trustee to Hold Senior
Indebtedness.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee and any Agent shall be entitled to all of the rights set forth in this
Article&nbsp;XII in respect of any Senior Indebtedness at any time held by it
to the same extent as any other holder of such Senior Indebtedness, and nothing
in this Indenture shall be construed to deprive the Trustee or any Agent of any
of its rights as such holder. Nothing in this Article&nbsp;XII shall apply to
claims of, or payments to, the Trustee under or pursuant to Section&nbsp;7.07.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>38</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE XIII</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>MISCELLANEOUS</B></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.01 <I>Trust Indenture Act Controls.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Indenture is subject to the provisions of the TIA which are required to be part
of this Indenture, and shall, to the extent applicable, be governed by such
provisions.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.02 <I>Notices.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
notice or communication to the Company or the Trustee is duly given if in
writing and delivered in person or mailed by first-class mail to the address
set forth below:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to the Company:</FONT></P>

<P align=justify><FONT SIZE=2>______________________________</FONT></P>

<P align=justify><FONT SIZE=2>______________________________</FONT></P>

<P align=justify><FONT SIZE=2>______________________________&nbsp;</FONT></P>

<P align=justify><FONT SIZE=2>Attention:
_____________________</FONT></P>

<P align=justify><FONT SIZE=2>with a copy
to:</FONT></P>

<P align=justify><FONT SIZE=2>______________________________&nbsp;</FONT></P>

<P align=justify><FONT SIZE=2>______________________________&nbsp;</FONT></P>

<P align=justify><FONT SIZE=2>______________________________&nbsp;</FONT></P>

<P align=justify><FONT SIZE=2>Attention: _____________________</FONT></P>

<P align=justify><FONT SIZE=2>If to the
Trustee:</FONT></P>

<P align=justify><FONT SIZE=2>______________________________</FONT></P>

<P align=justify><FONT SIZE=2>______________________________</FONT></P>

<P align=justify><FONT SIZE=2>______________________________</FONT></P>

<P align=justify><FONT SIZE=2>Attention:
______________________</FONT></P>

<P align=justify><FONT SIZE=2>The Company or
the Trustee, by notice to the other, may designate additional or different
addresses for subsequent notices or communications.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
notice or communication to a Holder shall be mailed by first-class mail to his
address shown on the Register kept by the Registrar. Failure to mail a notice
or communication to a Holder or any defect in such notice or communication
shall not affect its sufficiency with respect to other Holders.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a notice or communication is mailed or sent in the manner provided above within
the time prescribed, it is duly given, whether or not the addressee receives
it, except that notice to the Trustee shall only be effective upon receipt
thereof by the Trustee.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
by reason of the suspension of regular mail service, or by reason of any other
cause, it is impossible to mail any notice as required by this Indenture or any
supplemental indenture, then any method of notification which is approved by
the Trustee will constitute a sufficient mailing of the notice.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>39</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company mails a notice or communication to Holders, it shall mail a copy to
the Trustee and each Agent at the same time.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.03 <I>Communication by Holders with Other
Holders.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
may communicate pursuant to Section 312(b) of the TIA with other Holders with
respect to their rights under the Securities or this Indenture. The Company,
the Trustee, the Registrar and anyone else shall have the protection of Section
312(c) of the TIA.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.04 <I>Certificate and Opinion as to
Conditions Precedent.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
an Officers&#146; Certificate (which shall include the statements set forth in
Section 13.05 hereof) stating that, in the opinion of the signers, all
conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been complied with;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
an Opinion of Counsel (which shall include the statements set forth in Section
13.05 hereof) stating that, in the opinion of such counsel, all such conditions
precedent and covenants have been complied with; and</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
such other opinions and certificates as may be required by applicable
provisions of this Indenture or an applicable supplemental indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.05 <I>Statements Required in Certificate or
Opinion.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
certificate (other than certificates provided pursuant to Section&nbsp;4.04
hereof) or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include:</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
a statement that each individual signing such certificate or opinion has read
such covenant or condition;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such
certificate or opinion are based;</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
a statement that, in the opinion of each such person, he or she has made such
examination or investigation as is necessary to enable him to express an informed
opinion as to whether or not such covenant or condition has been complied with;
and</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
a statement as to whether or not, in the opinion of each such person, such
condition or covenant has been complied with; <I>provided,
however,</I> that with respect to matters of fact, an Opinion of Counsel
may rely on an Officers&#146; Certificate or certificate of public officials.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.06 <I>Rules by Trustee and Agents.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may make reasonable rules for action by or for a meeting of Holders.
The Registrar or Paying Agent may make reasonable rules and set reasonable
requirements for its functions.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>40</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.07 <I>Legal Holidays.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
<I>&#147;<b>Legal Holiday</b></I> &#147; is a Saturday, a
Sunday or a day on which banking institutions in The City of New York are not
required or authorized to be open. 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.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.08 <I>Duplicate Originals.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties may sign any number of copies of this Indenture. One signed copy is
enough to prove this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.09 <I>Governing Law.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This
Indenture, each supplemental indenture and the Securities shall be governed by,
and construed in accordance with, the laws of the State of New York.</b></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.10 <I>No Adverse Interpretation of Other
Agreements.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Indenture may not be used to interpret another indenture, loan or debt
agreement of the Company or any of its Subsidiaries. Any such indenture, loan
or debt agreement may not be used to interpret this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.11 <I>Successors.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
agreements of the Company under the Securities and this Indenture shall bind
their respective successors. All agreements of the Trustee in this Indenture
shall bind its successor.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.12 <I>Severability.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event any provision in the Securities or in this Indenture is invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.13 <I>Counterpart Originals.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Indenture may be signed in one or more counterparts. Each signed copy shall be
an original, but all of them together represent the same agreement.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.14 <I>Submission to Jurisdiction.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
the execution and delivery of this Indenture, the Company submits to the nonexclusive
jurisdiction of any federal or state court in the State of New York with
respect to all matters related to this Indenture, any supplemental indenture
and the Securities.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.15 <I>Waiver of Jury Trial.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EACH
OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE
TRANSACTION CONTEMPLATED HEREBY.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>41</FONT></P>

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<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.16 <I>Force Majeure.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
no event shall the Trustee be responsible or liable for any failure or delay in
the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil
or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services; it being understood that the Trustee shall
use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the
circumstances.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.17 <I>Supplemental Indentures Contract..</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any provision of a supplemental indenture to this Indenture relating to a
series of Securities is inconsistent with any provision of this Indenture, the
provisions of the supplemental indenture will control with regard to the
Securities of the series to which it relates.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.18 <I>Table of Contents, Headings, etc.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. They are not to be considered a part of this Indenture, and will in no
way modify or restrict any of the terms or provisions of this Indenture.</FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.19 <I>When Treasury Securities Disregarded.</I></FONT></P>

<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
determining whether the Holders of the required principal amount of Securities
have concurred in any direction, waiver or consent, Securities owned by the
Company, or anyone under direct or indirect control or under direct or indirect
common control with the Company will be disregarded and deemed not to be
outstanding, except that for the purposes of determining whether the Trustee
will be protected in relying on any such direction, waiver or consent, only
Securities which the Trustee knows are so owned will be so disregarded.
Securities so owned which have been pledged in good faith will not be
disregarded if the pledgee establishes to the satisfaction of the Trustee the
pledgee&#146;s right to act with respect to the Securities and that the pledgee is not
the Company or a person directly or indirectly controlling or controlled by, or
under common control with, the Company. Nothing in this Section 13.19 will be
construed as requiring that the Company furnish to the Trustee any evidence of
compliance with the conditions and covenants provided for in the Indenture
other than the evidence specified in this Section 13.19.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>42</FONT></P>

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<P align=justify><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
executed, as of the day and year first above written. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
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 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2><b>ORIENT
 PAPER, INC.</b></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
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 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>By:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
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 </TD>
 <TD VALIGN=BOTTOM>
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 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>Name:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>Title:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
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 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
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 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>By:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
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 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>Name:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2>Title:</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>43</FONT></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.(1)
<SEQUENCE>6
<FILENAME>d25787_ex5-1.htm
<TEXT>
<HTML>

<HEAD>
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<BODY>




<P ALIGN=CENTER STYLE='MARGIN-TOP:8.0PT;TEXT-ALIGN:CENTER'><FONT SIZE=2><IMG SRC="img001.jpg" ALT="header"></FONT></P>

<P STYLE='MARGIN-BOTTOM:0PT;MARGIN-TOP:8PT;'><FONT SIZE=2>November 25,
2009</FONT></P>
<P STYLE='MARGIN-BOTTOM:0PT;MARGIN-TOP:8PT;'><FONT SIZE=2>Orient Paper,
Inc.<BR>
Nansan Gongli, Nanhuan Road<BR>
Xushui County, Baoding City<BR>
Hebei Province, The People&#146;s Republic of China 072550</FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP STYLE='WIDTH:5.0%;PADDING:0IN 0IN 0IN 0IN'>
  <P><FONT SIZE=1>&nbsp;</FONT></P>  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>  <P><FONT SIZE=1>&nbsp;</FONT></P>  </TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>  <P><FONT SIZE=1>&nbsp;</FONT></P>  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP STYLE='WIDTH:5.0%;PADDING:0IN 0IN 0IN 0IN'>
  <P><FONT SIZE=1>&nbsp;</FONT></P>  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>  <P><FONT SIZE=2>Re:</FONT></P>  </TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>  <P><FONT SIZE=2>Registration
  Statement on Form S-3</FONT></P>  </TD>
 </TR>
</TABLE>

<P STYLE='MARGIN-BOTTOM:0PT;MARGIN-TOP:8PT;'><FONT SIZE=2>Ladies and
Gentlemen:</FONT></P>
<P STYLE='MARGIN-BOTTOM:0PT;MARGIN-TOP:8PT;'><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have acted as counsel to Orient Paper, Inc., a Nevada corporation (the &#147;<U>Company</U>&#148;),
in connection with the registration, pursuant to a registration statement on
Form&nbsp;S-3 (the &#147;<U>Registration Statement</U>&#148;), filed by the Company with
the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) under the
Securities Act of 1933, as amended (the &#147;<U>Act</U>&#148;), relating to the offering
and sale from time to time, as set forth in the Registration Statement, the
form of prospectus contained therein (the &#147;Prospectus&#148;), and one or more
supplements to the Prospectus (each, a &#147;Prospectus Supplement&#148;), by the Company
of up to $50,000,000 aggregate initial offering price of securities consisting
of (i)&nbsp;shares of the Company&#146;s common stock, par value $0.001 per share
(the &#147;<U>Common Stock</U>&#148;), (ii)&nbsp;debt securities, in one or more series,
consisting of either senior debt securities or subordinated debt securities
(the &#147;<U>Debt Securities</U>&#148;), (iii)&nbsp;warrants (&#147;<U>Warrants</U>&#148;) to
purchase Common Stock or Debt Securities, or (iv) units consisting of Common
Stock, Debt Securities or Warrants, or any combination thereof, in one or more
series (the &#147;<U>Units</U>&#148;). The Common Stock, Debt Securities, Warrants and
Units are collectively referred to herein as the &#147;<U>Securities</U>.&#148;</FONT></P>

<P STYLE='MARGIN-BOTTOM:0PT;MARGIN-TOP:8PT;'><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have examined originals or certified copies of such corporate records of the
Company and other certificates and documents of officials of the Company,
public officials and others as we have deemed appropriate for purposes of this
letter. We have assumed the genuineness of all signatures, the legal capacity
of each natural person signing any document reviewed by us, the authority of
each person signing in a representative capacity (other than the Company) any
document reviewed by us, the authenticity of all documents submitted to us as
originals and the conformity&nbsp;to authentic original documents of all copies
submitted to us or filed with the Commission as conformed and certified or
reproduced copies. As to any facts material to our opinion, we have made no
independent investigation of such facts and have relied, to the extent that we
deem such reliance proper, upon certificates of public officials and officers
or other representatives of the Company.</FONT></P>
<P STYLE='MARGIN-BOTTOM:0PT;MARGIN-TOP:8PT;'><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the foregoing and subject to the assumptions, exceptions, qualifications
and limitations set forth herein, we are of the opinion that:</FONT></P>

<P STYLE='MARGIN-BOTTOM:0PT;MARGIN-TOP:8PT;'><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.
With respect to Securities constituting Common Stock to be sold by the Company,
when (i)&nbsp;the Company has taken all necessary action to authorize and
approve the issuance of such Common Stock, the terms of the offering thereof
and related matters and (ii)&nbsp;such Common Stock has been issued and
delivered, with certificates representing such Common Stock having been duly
executed, countersigned, registered and delivered or, if uncertificated, valid
book-entry notations therefor having been made in the share register of the
Company, in accordance with the terms of the applicable definitive purchase,
underwriting or similar agreement or, if such Common Stock is issuable upon
exchange or conversion of Securities constituting Debt Securities, or upon the
exercise of Warrants, the applicable Indenture (as defined below) or warrant
agreement therefor, against payment (or delivery) of the consideration therefor
provided for therein, such Common Stock (including any Common Stock duly issued
upon exchange or conversion of any Securities constituting Debt Securities that
is exchangeable for or convertible into Common Stock or upon exercise of
Warrants that are exercisable to purchase Common Stock) will have been duly authorized
and validly issued and will be fully paid and non-assessable.</FONT></P>
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<P ALIGN=CENTER STYLE='MARGIN-TOP:8.0PT;TEXT-ALIGN:CENTER'><FONT SIZE=2><IMG SRC="img001.jpg" ALT="header"></FONT></P>
<P STYLE='MARGIN-BOTTOM:0PT;MARGIN-TOP:8PT;'><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.
With respect to the Warrants, when (i)&nbsp;the Board has taken all necessary
corporate action to approve the creation of and the issuance and terms of the
Warrants, the terms of the offering thereof and related matters; (ii)&nbsp;the
warrant agreement or agreements relating to the Warrants have been duly
authorized and validly executed and delivered by the Company and the warrant
agent appointed by the Company; and (iii)&nbsp;the Warrants or certificates
representing the Warrants have been duly executed, countersigned, registered
and delivered in accordance with the appropriate warrant agreement or
agreements and the applicable definitive purchase, underwriting or similar
agreement approved by the Board, upon payment of the consideration therefor
provided for therein, the Warrants will be validly issued.</FONT></P>

<P STYLE='MARGIN-BOTTOM:0PT;MARGIN-TOP:8PT;'><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.
With respect to Securities constituting Debt Securities, when (i)&nbsp;the
Company has taken all necessary action to authorize and approve the issuance of
such Debt Securities, the terms of the offering thereof and related matters,
(ii)&nbsp;the applicable Indenture in substantially the form filed as an
exhibit to the Registration Statement and any supplemental indenture thereto
relating to such Debt Securities have been duly authorized, executed and
delivered by the parties thereto with the Indenture or such supplemental
indenture having been completed to include the terms of such Debt Securities,
(iii)&nbsp;the trustee under the applicable Indenture has been duly qualified
under the Trust Indenture Act of 1939, as amended (the &#147;TIA&#148;), and
(iv)&nbsp;such Debt Securities have been duly executed, authenticated, issued
and delivered in accordance with the terms of the applicable Indenture and the
applicable resolution of the Board or supplemental indenture relating to such
Debt Securities and the applicable definitive purchase, underwriting or similar
agreement, against payment (or delivery) of the consideration therefor provided
for therein, such Debt Securities will have been duly authorized by&nbsp;all
necessary corporate action on the part of the Company and will be valid and
binding obligations of the Company and will be entitled to the benefits of the
applicable Indenture.</FONT></P>
<P STYLE='MARGIN-BOTTOM:0PT;MARGIN-TOP:8PT;'><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
opinions and other matters in this letter are qualified in their entirety and
subject to the following:</FONT></P>

<P STYLE='MARGIN-BOTTOM:0PT;MARGIN-TOP:8PT;'><FONT SIZE=2>A. With
respect to the opinions above, we have assumed that, in the case of each
offering and sale of Securities, (i)&nbsp;all information contained in all
documents reviewed by us is true and correct; (ii)&nbsp;the Registration
Statement, and any amendments thereto (including post-effective amendments),
will have become effective under the Act and, if such Securities constitute
Debt Securities, the applicable Indenture will have been qualified under the
TIA and such effectiveness or qualification shall not have been terminated or
rescinded; (iii)&nbsp;a Prospectus Supplement will have been prepared and filed
with the Commission describing such Securities; (iv)&nbsp;such Securities will
have been issued and sold in compliance with&nbsp;applicable United States
federal and state securities Laws (hereinafter defined) and pursuant to and in
the manner stated in the Registration Statement and the applicable Prospectus
Supplement; (v)&nbsp;unless such Securities constitute Common Stock or Debt
Securities issuable upon exchange or conversion of Securities constituting
Common Stock, or Common Stock issuable upon exchange or conversion of
Securities constituting Debt Securities or upon exercise of Warrants, a
definitive purchase, underwriting or similar agreement with respect to the
issuance and sale of such Securities will have been duly authorized, executed
and delivered by the Company and the other parties thereto; (vi)&nbsp;the form
of indenture for senior debt securities (the &#147;<U>Senior Indenture</U>&#148;) to be
entered into between the Company and a trustee, in the form included as an
exhibit to the Registration Statement, and the form of indenture for
subordinated debt securities (the &#147;<U>Subordinated Indenture</U>,&#148; and together
with the Senior Indenture, the &#147;<U>Indentures</U>,&#148; and each, an &#147;<U>Indenture</U>&#148;)
to be entered into between the Company and a trustee, in the forms included as
exhibits to the Registration Statement, together with any supplemental
indenture relating to a series of Debt Securities to be issued under any of the
Indentures, will each be duly authorized, executed and delivered by the parties
thereto; (vii)&nbsp;at the time of the issuance of such Securities,
(a)&nbsp;the Company will validly exist and be duly qualified and in good
standing under the laws of its jurisdiction of incorporation and (b)&nbsp;the
Company will have the necessary corporate power and due authorization;
(viii)&nbsp;the terms of such Securities and of their&nbsp;issuance and sale
will have been established in conformity with and so as not to violate, or
result in a default under or breach of, the amended and restated articles of
incorporation and bylaws of the Company and any applicable law or any agreement
or instrument binding upon the Company and so as to comply with any requirement
or restriction imposed by any court or governmental or regulatory body having
jurisdiction over the Company and, if such Securities constitute Debt
Securities, in conformity with the applicable Indenture and the applicable
resolution of the Board or supplemental indenture</FONT></P>
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<P ALIGN=CENTER STYLE='MARGIN-TOP:8.0PT;TEXT-ALIGN:CENTER'><FONT SIZE=2><IMG SRC="img001.jpg" ALT="header"></FONT></P>
<P STYLE='MARGIN-BOTTOM:0PT;MARGIN-TOP:8PT;'><FONT SIZE=2>relating to
such Debt Securities; (ix)&nbsp;if such Securities constitute Common Stock,
(a)&nbsp;sufficient shares of Common Stock will be authorized for issuance
under the articles of incorporation, as amended, of the Company that have not
otherwise been issued or reserved for issuance and (b)&nbsp;the consideration
for the issuance and sale of such Common Stock established by the Board and
provided for in the applicable definitive purchase, underwriting or similar
agreement (or, if Common Stock is issuable upon exchange or conversion of
Securities constituting Debt Securities, the applicable Indenture therefor or
upon exercise of Warrants, the applicable warrant agreement) will not be less
than the par value of such Common Stock; (x)&nbsp;if such Securities constitute
Common Stock issuable upon exchange or conversion of Securities constituting
Debt Securities, the action with respect to such Debt Securities referred to in
Paragraph&nbsp;3&nbsp;above will have been taken; (xi)&nbsp;if such Securities
constitute Common Stock issuable upon exercise of Warrants, the action with
respect to such Warrants referred to in Paragraph&nbsp;2&nbsp;above will have
been taken; (xii)&nbsp;if such Securities constitute Debt Securities that are
exchangeable for or convertible into Securities constituting Common Stock, the
Company will have then taken all necessary action to authorize and approve the
issuance of such Common Stock upon exchange or conversion of such Debt
Securities, the terms of such exchange or conversion and related matters and to
reserve such Common Stock for issuance upon such exchange or conversion;
(xiii)&nbsp;if such Securities constitute Warrants that are exercisable for
Securities constituting Common Stock, the Company will have then taken all
necessary action to authorize and approve the issuance of such Common Stock
upon exercise of such Warrants, the terms of such exercise and related matters
and to reserve such Common Stock for issuance upon such exercise; and
(xiv)&nbsp;if such Securities constitute Debt Securities, the applicable
Indenture will constitute the legal, valid and binding obligation of each party
thereto other than the Company, enforceable against such party in accordance
with its terms.</FONT></P>
<P STYLE='MARGIN-BOTTOM:0PT;MARGIN-TOP:8PT;'><FONT SIZE=2>B. This letter
is limited to matters governed by Chapter 78 of the Nevada Revised Statutes
(including the statutory provisions and reported judicial decisions
interpreting such law) and by the laws of the State of New York (&#147;Laws&#148;).</FONT></P>

<P STYLE='MARGIN-BOTTOM:0PT;MARGIN-TOP:8PT;'><FONT SIZE=2>C. This letter
is limited to the matters stated herein, and no opinion is implied or may be inferred
beyond the matters expressly stated. We assume herein no obligation, and hereby
disclaim any obligation, to make any inquiry after the date hereof or to advise
you of any future changes in the foregoing or of any fact or circumstance that
may hereafter come to our attention.</FONT></P>
<P STYLE='MARGIN-BOTTOM:0PT;MARGIN-TOP:8PT;'><FONT SIZE=2>D. The matters
expressed in this letter are subject to and qualified and limited by
(i)&nbsp;applicable bankruptcy, insolvency, fraudulent transfer and conveyance,
reorganization, moratorium and similar laws affecting creditors&#146; rights and
remedies generally, (ii)&nbsp;general principles of equity, including
principles of commercial reasonableness, good faith and fair dealing
(regardless of whether enforcement is sought in a proceeding at law or in
equity), (iii)&nbsp;commercial reasonableness and unconscionability and an
implied covenant of good faith and fair dealing, (iv)&nbsp;the power of the
courts to award damages in lieu of equitable remedies, (v)&nbsp;securities Laws
and public policy underlying such Laws with respect to rights to indemnification
and contribution, and (vi)&nbsp;with respect to any Debt Securities denominated
in a currency other than United States dollars, the requirement that&nbsp;a
claim (or a foreign currency judgment in respect of such a claim) with respect
to such Securities be converted to United States dollars at a rate of exchange
prevailing on a date determined pursuant to applicable law or governmental
authority.</FONT></P>
<P STYLE='MARGIN-BOTTOM:0PT;MARGIN-TOP:8PT;'><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
express no opinions concerning (i)&nbsp;the validity or enforceability of any
provisions contained in any Indenture that purport to waive or not give effect
to rights to notices, defenses, subrogation or other rights or benefits that
cannot be effectively waived under applicable law or (ii)&nbsp;the
enforceability of indemnification provisions to the extent they purport to relate
to liabilities resulting from or based upon negligence or any violation of
federal or state securities or blue sky laws.</FONT></P>
<P STYLE='MARGIN-BOTTOM:0PT;MARGIN-TOP:8PT;'><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration
Statement and to the use of our name under the caption &#147;Legal Matters&#148; in the
Registration Statement and in the Prospectus and in any supplement thereto. In
giving this consent, we do not thereby admit that we are within the category of
persons whose consent is required under Section 7 of the Act or the rules and
regulations of the Commission promulgated thereunder.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>  <P><FONT SIZE=1>&nbsp;</FONT></P>  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>  <P><FONT SIZE=1>&nbsp;</FONT></P>  </TD>
  <TD WIDTH="45%" VALIGN=BOTTOM>  <P><FONT SIZE=1>&nbsp;</FONT></P>  </TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>  <P><FONT SIZE=1>&nbsp;</FONT></P>  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>  <P><FONT SIZE=1>&nbsp;</FONT></P>  </TD>
  <TD WIDTH="45%" VALIGN=BOTTOM>  <P><FONT SIZE=2>Very truly
  yours,</FONT></P>  </TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>  <P><FONT SIZE=1>&nbsp;</FONT></P>  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>  <P><FONT SIZE=1>&nbsp;</FONT></P>  </TD>
  <TD WIDTH="45%" VALIGN=BOTTOM>  <P><FONT SIZE=1>&nbsp;</FONT></P>  </TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>  <P><FONT SIZE=1>&nbsp;</FONT></P>  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>  <P><FONT SIZE=1>&nbsp;</FONT></P>  </TD>
  <TD WIDTH="45%" VALIGN=BOTTOM style="border-bottom:solid black 1px">  <P><FONT SIZE=2>/s/
  Sichenzia Ross Friedman Ference LLP</FONT></P>  </TD>
 </TR>

 <TR>
  <TD WIDTH="50%" VALIGN=BOTTOM>  <P><FONT SIZE=1>&nbsp;</FONT></P>  </TD>
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  <TD WIDTH="45%" VALIGN=BOTTOM>  <P><FONT SIZE=2>Sichenzia
  Ross Friedman Ference LLP</FONT></P>  </TD>
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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.(1)
<SEQUENCE>9
<FILENAME>d25787_ex23-1.htm
<TEXT>
<HTML>

<HEAD><TITLE></TITLE></HEAD>
<BODY>



<P ALIGN=RIGHT><FONT  SIZE=2><B>Exhibit 23.1</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
 <TR style="font-size:1px">
  <TD WIDTH="100%" VALIGN=TOP>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2><B>DAVIS ACCOUNTING GROUP P.C.</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2><B><I>A Certified Public
  Accounting Firm</I></B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2><B>1957 West Royal Hunte Drive, Suite 150,
  Cedar City, Utah 84720</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2><B>(435) 865-2808 &#149; FAX (435) 865-2821</B></FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


  </TD>
 </TR>
</table>

<P><FONT SIZE=2>Mr. Zhenyong
Liu, Chairman and Chief Executive Officer<BR>
Orient Paper, Inc.<BR>
Nansan Gongli, Nanhuan Rd, Xushui County, Baoding City<BR>
Hebei Province, PRC 072550</FONT></P>

<P><FONT SIZE=2>Dear Mr. Liu,</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>CONSENT
OF REGISTERED INDEPENDENT AUDITORS</B></FONT></P>

<P><FONT SIZE=2>We hereby
consent to the incorporation by reference in the Registration Statement of
Orient Paper, Inc. on Form S-3 of our report on the financial statements of the
Company as its registered independent auditors dated March 19, 2009, as of and
for the periods ended December 31, 2008, and 2007. We further consent to the
reference to us in the section on Experts.</FONT></P>

<P><FONT SIZE=2>Respectfully
submitted,</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
 <TR style="font-size:1px">
  <TD WIDTH="39%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="60%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>/s/ Davis
  Accounting Group P.C.</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Cedar City,
  Utah,</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>November 25,
  2009.</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



</BODY>

</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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