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Exhibit 4.1  




DYAX CORP.  


and  


             , as Trustee  




INDENTURE  


Dated as of                       ,        











        INDENTURE, dated as of                       ,
        , by and between DYAX CORP., a Delaware corporation, as Issuer (the "Company"), and
                        ,
a                        organized under the laws
of                        , as Trustee (the "Trustee").
 


RECITALS
OF THE COMPANY 


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


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


        NOW,
THEREFORE, THIS INDENTURE WITNESSETH: 


        Each
party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture: 


 
 

ARTICLE 1
  DEFINITIONS AND INCORPORATION BY REFERENCE    
    


        1.1    Definitions.  



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


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



        "Board of Directors" means the Board of Directors of the Company or any committee authorized to act therefor. 


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


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


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


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


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





 



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


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


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


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


        "ECU" means the European Currency Unit as determined by the Commission of the European Union. 


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



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


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


        "GAAP" means generally accepted accounting principles consistently applied as in effect in the United States from time to time. 


        "Global Security" or "Global Securities" means a Security or Securities, as the case may
be, in the form established pursuant to Section 2.2, evidencing all or part of a Series of Securities issued to the
Depositary for such Series or its nominee, registered in the name of such Depositary or nominee, and bearing the legend set forth in Section 2.15(c) (or such legend as may be specified as
contemplated by Section 2.2 for such Securities). 


        "Holder" or "Securityholder" means the Person in whose name a Security is registered on
the Registrar's books. 


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


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


        "Interest Payment Date" means the Stated Maturity of an installment of interest on Securities of any Series. 


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


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


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


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


        "Opinion of Counsel" means a written opinion from legal counsel which counsel is reasonably acceptable to the Trustee. 



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


        "Redemption Date" when used with respect to any Security of a Series to be redeemed, means the date fixed for such redemption pursuant to
this Indenture. 


        "Responsible Officer" when used with respect to the Trustee, means any officer or officers within the corporate trust department of the
Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and who are
responsible for compliance with the obligations of the Trustee as set forth in this Indenture and also means, with respect to a particular corporate trust matter or obligation required of the Trustee
as set forth in this Indenture, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 


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


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


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


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



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


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


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


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


        "Trustee" means the party named as such in this Indenture until a successor replaces it pursuant to this Indenture and thereafter means
the successor. 


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


        1.2    Other Definitions.  


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



	Term
 
	 	Defined

in Section

	"Bankruptcy Law"	 	6.1
	"Business Day"	 	10.8
	"Covenant Defeasance"	 	9.3
	"Custodian"	 	6.1
	"Event of Default"	 	6.1
	"Journal"	 	10.16
	"Judgment Currency"	 	10.17
	"Legal Defeasance"	 	9.2
	"Legal Holiday"	 	10.8
	"Market Exchange Rate"	 	10.16
	"New York Banking Day"	 	10.17
	"Paying Agent"	 	2.4
	"Registrar"	 	2.4
	"Required Currency"	 	10.17
	"Service Agent"	 	2.4






        1.3    Incorporation by Reference of Trust Indenture Act.  


        Whenever this Indenture refers to a provision of the TIA, the portion of such provision required to be incorporated herein in order for this Indenture to be
qualified under the TIA is incorporated by 


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reference
in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 


        "Commission" means the SEC. 


        "indenture securities" means the Securities. 


        "indenture securityholder" means a Securityholder. 


        "indenture to be qualified" means this Indenture. 


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


        "obligor on the indenture securities" means the Company or any other obligor on the Securities. 


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



        1.4    Rules of Construction.  


        Unless the context otherwise requires: 



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


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


        (3)   "or" is not exclusive; 


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


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


        (6)   the
words "herein", "hereof" and "hereunder" and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other
sub-division. 



 
 

ARTICLE 2
  THE SECURITIES    
    


        2.1    Issuable in Series.  


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


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           2.2    Establishment of Terms of Series of Securities.  


        At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsechtion 2.2(1)
and either as to such Securities within the Series or as to the Series generally in the case of Subsechtions 2.2(2) through 2.2(25) by a Board Resolution, a supplemental indenture or an Officers'
Certificate, in each case, pursuant to authority granted under a Board Resolution: 



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


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



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


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


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


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



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


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


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


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


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


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


        (13) the
currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, including, but not limited to, the ECU, and if such currency
of denomination is 



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a
composite currency other than the ECU, the agency or organization, if any, responsible for overseeing such composite currency; 


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


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


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


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


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


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


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



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


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


        (23) the
form and terms of any guarantee of the Securities; 


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



        (25) if
applicable, that the Securities of the Series, in whole or any specified part, shall be convertible into equity securities of the Company 




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


        2.3    Execution and Authentication.  


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



        If
an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid. A Security shall not be
valid until authenticated 


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by
the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 


        The
Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto
or Officers' Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or
its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing. Each Security shall be dated the date of its authentication unless otherwise provided by a Board
Resolution, a supplemental indenture hereto or an Officers' Certificate. 


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



        Prior
to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the Board
Resolution, supplemental indenture hereto or Officers' Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that
Series or of Securities within that Series, (b) an Officers' Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4. 


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


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


        2.4    Registrar and Paying Agent.  


        The Company shall maintain an office or agency where Securities of any Series may be presented for registration of transfer or for exchange
("Registrar"), an office or agency located in the Borough of Manhattan, City of New York, State of New York where Securities may be presented for
payment ("Paying Agent"), and an office or agency where notices and demands to or upon the Company in respect of the Securities and this Indenture may
be served ("Service Agent"). The Registrar shall keep a register of the Securities and of their transfer and exchange. The Company may have one or more
co-registrars and one or more additional paying agents. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or
agency. If at any time the Company shall fail to maintain any such required office or to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the address of the Trustee as set forth in Section 10.2. Neither the Company nor any Affiliate of the Company may act as Paying Agent. The Company may change any Paying Agent,
Registrar or co-registrar without notice to any Securityholder. 


        The
Company may also from time to time designate one or more other offices or agencies where the Securities may be presented or surrendered for any or all such purposes and may from time
to time 


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rescind
such designations. The Company shall give prompt written notice to the Trustee of such designation or rescission and of any change in the location of any such other office or agency. 



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


        2.5    Paying Agent To Hold Assets in Trust.  


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


        2.6    Securityholder Lists.  



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


        2.7    Transfer and Exchange.  



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


        Notwithstanding
any other provision of this Section 2.7, unless and until it is exchanged in whole or in part for definitive Securities, a Global Security may not be transferred
except as a whole by the Depositary to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such
nominee to a successor Depositary or a nominee of such successor Depositary. 


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        If
(i) the Depositary is at any time unwilling, unable or ineligible to continue as Depositary and a successor Depositary is not appointed by the Company within 90 days
after the date the Company is so informed in writing or becomes aware of the same, or (ii) a Default or an Event of Default has occurred and is continuing, the Company promptly will execute and
deliver to the Trustee definitive Securities, and the Trustee, upon receipt of a Company Request for the authentication and delivery of such definitive Securities (which the Company will promptly
execute and deliver to the Trustee), will authenticate and deliver definitive Securities, without charge, in an aggregate principal amount equal to the principal amount of the outstanding Global
Securities, in exchange for and upon surrender of all such Global Securities. 


        In
any exchange provided for in the preceding paragraph, the Company will execute and the Trustee will authenticate and deliver definitive Securities in the authorized denominations
provided by Section 2.3. 


        Upon
the exchange of a Global Security for definitive Securities, such Global Security shall be canceled by the Trustee. Definitive Securities issued in exchange for Global Securities
pursuant to this Section 2.7 shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or
otherwise, shall instruct the Trustee. 


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



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


        Any
exchange or transfer shall be without charge, except that the Company may require payment by the Holder of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation to a transfer or exchange, but this provision shall not apply to any exchange pursuant to Section 2.11, 3.6 or 8.5 hereof. The Trustee shall not be required to register
transfers of Securities of any Series or to exchange Securities of any Series for a period of 15 days before selection for redemption of such Securities. The Trustee shall not be required to
exchange or register transfers of Securities of any Series called or being called for redemption in whole or in part, except the unredeemed portion of such Security being redeemed in part. 


        2.8    Replacement Securities.  


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


10





 



        2.9    Outstanding Securities.  



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


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


        If
a Paying Agent holds on a Redemption Date or Maturity Date of a Series of Securities money sufficient to pay the principal of, premium, if any, and accrued interest on Securities
payable on that date and is not prohibited from paying such money to the Holders thereof pursuant to the terms of this Indenture, then on and after that date such Securities cease to be outstanding
and interest on them ceases to accrue. 


        Subject
to Section 2.10, a Security does not cease to be outstanding solely because the Company or an Affiliate holds the Security. 


        2.10    Treasury Securities.  



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


        2.11    Temporary Securities.  



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


11







  




        2.12    Cancellation.  


        The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities
surrendered to them for transfer, exchange or payment. At the direction of the Trustee, the Registrar or the Paying Agent, and no one else, shall cancel and at the written request of the Company,
shall dispose of all Securities surrendered for transfer, exchange, payment or cancellation. If the Company shall acquire any of the Securities, such acquisition shall not operate as a redemption or
satisfaction of the Indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation pursuant to this Section 2.12. 


        2.13    Payment of Interest; Defaulted Interest; Computation of Interest.  



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


        With
respect to any Holder with an aggregate principal amount of Securities of any Series in an amount in excess of $2,000,000, upon receipt by the Trustee of a written request from such
Holder, payments of interest with respect to such Securities shall be made to such Holder by wire transfer of immediately available funds. Each other Holder shall receive payments of interest by check
or by transfer to an account maintained by such Holder in the United States. 


        If
the Company defaults in a payment of interest on the Securities, it shall pay the defaulted amounts, plus any interest payable on defaulted amounts pursuant to Section 4.1
hereof, to the persons who are Securityholders on a subsequent special record date, which date shall be the fifteenth day next preceding the date fixed by the Company for the payment of defaulted
interest or the next succeeding Business Day if such date is not a Business Day. At least 15 days before the special record date, the Company shall mail or cause to be mailed to each
Securityholder, with a copy to the Trustee, a notice that states the special record date, the payment date, and the amount of defaulted interest, and interest payable on such defaulted interest, if
any, to be paid. 


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


        2.14    CUSIP Number.  


        The Company in issuing the Securities may use one or more "CUSIP" numbers, and if so, the Trustee shall use the CUSIP number(s) in notices of redemption or
exchange as a convenience to Holders, provided that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP number(s) printed in the notice or on the
Securities, and that reliance may be placed only on the other identification numbers printed on the Securities. 


        2.15    Provisions for Global Securities.  


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


        (b)   Notwithstanding
any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto, any Global Security shall be exchangeable
pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies
the Company that it is unwilling or unable to continue as 


12





 



Depositary
for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor
Depositary within 90 days after such event, (ii) the Company executes and delivers to the Trustee an Officers' Certificate to the effect that such Global Security shall be so
exchangeable or (iii) a Default or an Event of Default with respect to the Securities represented by such Global Security shall have occurred and be continuing. Any Global Security that is
exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the
principal amount of the Global Security with like tenor and terms. 


        Except
as provided in this Section 2.15(b), a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such
Depositary, by a nominee
of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary. 


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



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


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


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


        (f)    Except
as provided in Section 2.15(e), the Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding
Securities of any Series represented by a Global Security as shall be specified in a written statement of the Depositary (which may be in the form of a participants' list for such Series) with respect
to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 


        2.16    Persons Deemed Owners.  


        Prior to due presentment of a Security for registration of transfer, the Company, the Trustee, the Registrar and any agent of the Company, the Registrar or the
Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to
Section 2.13) any interest on such Security and for all other purposes whatsoever, and neither the Company, the Trustee, the Registrar nor any agent of the Company, the Registrar or the Trustee
shall be affected by notice to the contrary. 


13





 
 
 

ARTICLE 3
  REDEMPTION    
    


        3.1    Notices of Trustee.  



        The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the
Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities or the related Board Resolution, supplemental indenture
or Officers' Certificate. If a Series of Securities is redeemable and the Company elects to redeem such Securities of a Series, it shall notify the Trustee of the Redemption Date and the principal
amount of Securities to be redeemed at least 35 days (unless a shorter notice shall be satisfactory to the Trustee) but not more than 60 days before the Redemption Date. Any such notice
may be canceled at any time prior to notice of such redemption being mailed to any Holder and shall thereby be void and of no effect. 


        3.2    Selection by Trustee of Securities to Be Redeemed.  


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



        The
Trustee shall make the selection from Securities of a Series outstanding and not previously called for redemption and shall promptly notify the Company in writing of the Securities
selected for
redemption and, in the case of any Security selected for partial redemption, the principal amount thereof to be redeemed. Securities of a Series in denominations of $1,000 may be redeemed only in
whole. The Trustee may select for redemption portions of the principal of Securities of a Series that have denominations larger than $1,000. Securities of a Series and portions of them it selects
shall be in amounts of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2(10), the minimum principal denomination for each Series and
integral multiples thereof. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. 


        3.3    Notice of Redemption.  


        Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers' Certificate, at least 30 days, and
no more than 60 days, before a Redemption Date, the Company shall mail, or cause to be mailed, a notice of redemption by first-class mail to each Holder of Securities to be redeemed at his or
her last address as the same appears on the registry books maintained by the Registrar. 


        The
notice shall identify the Securities to be redeemed (including the CUSIP number(s) thereof, if any) and shall state: 



        (1)   the
Redemption Date; 


        (2)   the
redemption price; 


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


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



14





 




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


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



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




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


        3.4    Effect of Notice of Redemption.  



        Once the notice of redemption described in Section 3.3 is mailed, Securities of a Series called for redemption become due and payable on the Redemption
Date and at the redemption price, plus interest, if any, accrued to (but not including) the Redemption Date. Upon surrender to the Trustee or Paying Agent, such Securities of a Series shall be paid at
the redemption price, plus accrued interest, if any, to (but not including) the Redemption Date, provided that if the Redemption Date is after a regular
interest payment record date and on or prior to the next Interest Payment Date, the accrued interest shall be payable to the Holder of the redeemed Securities registered on the relevant record date,
as specified by the Company in the notice to the Trustee pursuant to Section 3.1 hereof. 


        3.5    Deposit of Redemption Price.  


        On or prior to the Redemption Date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any,
on all Securities to be redeemed on that date other than Securities or portions thereof called for redemption on that date which have been delivered by the Company to the Trustee for cancellation. 


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


        3.6    Securities Redeemed in Part.  


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


15





 


 
 

ARTICLE 4
  COVENANTS    
    


        4.1    Payment of Securities.  


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


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


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


        4.2    SEC Reports.  



        The Company will deliver to the Trustee and the Holders of Securities within 15 days after the filing of the same with the SEC, copies of the quarterly and
annual report and of the information documents and other reports, if any, which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. Notwithstanding
that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company will file with the SEC, to the extent permitted, and provide the
Trustee, Holders of each Series of Securities and prospective holders of each Series of Securities with such quarterly and annual reports and such information, documents and other reports specified in
Section 13 and 15(d) of the Exchange Act. The Company will also comply with the other provisions of TIA Section 314(a). 


        4.3    Waiver of Stay, Extension or Usury Laws.  


        The Company covenants (to the extent that it may lawfully do so) that they will not at any time insist upon, or plead (as a defense or otherwise) or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension law, usury law or other law which would prohibit or forgive the Company from paying all or any portion of the principal of,
premium, if any, and/or interest on the Securities as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this
Indenture; and (to the extent that they may lawfully do so) the Company hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 


        4.4    Compliance Certificate.  


        (a)   The
Company shall deliver to the Trustee, within 90 days after the end of each fiscal year of the Company, an Officers' Certificate which complies with TIA
Section 314(a)(4) stating that a review of the activities of the Company and its Subsidiaries during such fiscal year has been made under the supervision of the signing Officers with a view to
determining whether each has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of
his or her knowledge each has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms,
provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action each
is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal
of or interest or premium, if any, on the Securities is 


16





 

prohibited
or if such event has occurred, a description of the event and what action each is taking or proposes to take with respect thereto. 


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


        4.5    Payment of Taxes and Other Claims.  


        The Company shall pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (i) all taxes, assessments and governmental
charges (including withholding taxes and any penalties, interest and additions to taxes) levied or imposed upon it or any of its Significant Subsidiaries or properties of it or any of its Significant
Subsidiaries and (ii) all lawful claims for labor, materials and supplies that, if unpaid, might by law become a Lien upon the property of it or any of its Significant Subsidiaries;  provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or
claim if the amount, applicability or validity thereof is being contested in good faith by appropriate proceedings and an adequate reserve has been established therefor to the extent required by GAAP. 


        4.6    Corporate Existence.  


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


        4.7    Maintenance of Properties.  


        The Company will cause all properties used or useful in the conduct of its business or the business of any Subsidiary to be maintained and kept in good condition,
repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment
of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided,
however, that nothing in this Section 4.7 shall prevent the Company from discontinuing the operation or maintenance of any of such properties if such discontinuance is,
in the judgment of the Company, desirable in the conduct of its business or the business of any Subsidiary and not disadvantageous in any material respect to the Holders. 


17






  



 
 

ARTICLE 5
  SUCCESSOR CORPORATION    
    


        5.1    Limitation on Consolidation, Merger and Sale of Assets.  


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


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


        5.2    Successor Person Substituted.  


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


18





 


 
 

ARTICLE 6
  DEFAULTS AND REMEDIES    
    


        6.1    Events of Default.  



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



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


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


        (3)   the
Company defaults in the observance or performance of any other covenant in the Securities of a Series or this Indenture for 45 days after written notice from
the Trustee or the Holders of not less than 25% in the aggregate principal amount of the Securities of such Series then outstanding; 


        (4)   there
is a default or are defaults under one or more agreements, instruments, mortgages, bonds, debentures or other evidences of Indebtedness under which the Company or
any Significant Subsidiary of the Company then has outstanding Indebtedness in excess of $[10] million, individually or in the aggregate, and either (a) such
Indebtedness is already due and payable in full or (b) such default or defaults have resulted in the acceleration of the maturity of such Indebtedness; 


        (5)   a
court of competent jurisdiction enters a final judgment or judgments which can no longer be appealed for the payment of money in excess of
$[10] million (not covered by insurance) against the Company or any Significant Subsidiary and such judgment remains undischarged for a period of 60 consecutive days during
which a stay of enforcement of such judgment shall not be in effect; 


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



        (A)  commences
a voluntary case, 


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


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


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


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




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



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



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


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




19





 






        (8)   any
other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers'
Certificate, in accordance with Section 2.2(18). 




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



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


        6.2    Acceleration.  


        If an Event of Default with respect to Securities of any Series at the time outstanding (other than an Event of Default arising under Section 6.1(6) or
(7)) occurs and is continuing, the Trustee by written notice to the Company, or the Holders of not less than 25% in aggregate principal amount of the Securities of that Series then outstanding may by
written notice to the Company and the Trustee declare that the entire principal amount of all the Securities of that Series then outstanding plus accrued and unpaid interest to the date of
acceleration are immediately due and payable, in which case such amounts shall become immediately due and payable; provided,  however, that after such
acceleration but before a judgment or decree based on such acceleration is obtained by the Trustee, the Holders of a majority
in aggregate principal amount of the outstanding Securities of that Series may rescind and annul such acceleration and its consequences if (i) all existing Events of Default, other than
the nonpayment of accelerated principal, premium, if any, or interest that has become due solely because of the acceleration, have been cured or waived, (ii) to the extent the payment of such
interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid and (iii) if the
rescission would not conflict with any judgment or decree. No such rescission shall affect any subsequent Default or impair any right consequent thereto. In case an Event of Default specified in
Section 6.1(6) or (7) with respect to the Company occurs, such principal, premium, if any, and interest amount with respect to all of the Securities of that Series shall be due and
payable immediately without any declaration or other act on the part of the Trustee or the Holders of the Securities of that Series. 


        6.3    Other Remedies.  



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


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


        6.4    Waiver of Past Defaults and Events of Default.  


        Subject to Sections 6.2, 6.7 and 8.2 hereof, the Holders of a majority in principal amount of the Securities of any Series then outstanding have the right to
waive any existing Default or Event of Default with respect to such Series or compliance with any provision of this Indenture (with respect to such Series) or the Securities of such Series. Upon any
such waiver, such Default with respect to such Series shall cease to exist, and any Event of Default with respect to such Series arising therefrom shall 


20





 



be
deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 


        6.5    Control by Majority.  



        The Holders of a majority in principal amount of the Securities of any Series then outstanding may direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee by this Indenture with respect to such Series. The Trustee, however, may refuse to follow any
direction that conflicts with law or this Indenture or that the Trustee determines may be unduly prejudicial to the rights of another Securityholder or that may involve the Trustee in personal
liability; provided that the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 


        6.6    Limitation on Suits.  



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



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


        (2)   the
Holders of at least 25% in aggregate principal amount of the Securities of such Series then outstanding make a written request to the Trustee to pursue the remedy; 



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


        (4)   the
Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and 


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




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


        6.7    Rights of Holders To Receive Payment.  


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


        6.8    Collection Suit by Trustee.  


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


21





 



        6.9    Trustee May File Proofs of Claim.  



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


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


        6.10    Priorities.  


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


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


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


        THIRD:
to the Company. 


        The
Trustee may fix a record date and payment date for any payment to Securityholders pursuant to this Section 6.10. 


        6.11    Undertaking for Costs.  


        In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a
court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including
reasonable attorneys' fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does
not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7 hereof or a suit by Holders of more than 10% in principal amount of the Securities of a Series then outstanding. 


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ARTICLE 7
  TRUSTEE    
    


        7.1    Duties of Trustee.  


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


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



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


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




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



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



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


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




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


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


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



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


        7.2    Rights of Trustee.  


        (a)   Subject
to Section 7.1 hereof: 



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



23





 

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


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


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


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


        (6)   The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Holders
pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which may be incurred
therein or thereby. 


        (7)   The
Trustee shall not be deemed to have knowledge of any fact or matter unless such fact or matter is known to a Responsible Officer of the Trustee. 




        7.3    Individual Rights of Trustee.  


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


        7.4    Trustee's Disclaimer.  


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


        7.5    Notice of Default.  


        If a Default or an Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to the Trustee, the Trustee shall
mail to each Securityholder of the Securities of that Series notice of the Default or the Event of Default, as the case may be, within 30 days after it occurs. Except in the case of a Default
or an Event of Default in payment of the principal of, or premium, if any, or interest on any Security of any Series, the Trustee may withhold the notice if and so long as the Board of Directors of
the Trustee, the executive committee or any trust committee of such board and/or its Responsible Officers in good faith determine(s) that withholding the notice is in the interests of the
Securityholders of that Series. 


        7.6    Reports by Trustee to Holders.  


        If and to the extent required by the TIA, within 60 days after May 15 of each year, commencing the May 15 following the date of this
Indenture, the Trustee shall mail to each Securityholder a brief 


24





 



report
dated as of such May 15 that complies with TIA Section 313(a). The Trustee also shall comply with TIA Sections 313(b) and 313(c). 


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


        7.7    Compensation and Indemnity.  


        The Company shall pay to the Trustee from time to time reasonable compensation for its services. The Trustee's compensation shall not be limited by any provision
of law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable disbursements, expenses and advances incurred or made by it in
connection with its duties under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee's agents and counsel. 



        The
Company shall indemnify the Trustee for, and hold it harmless against, any and all loss or liability incurred by it in connection with the acceptance or performance of its duties
under this Indenture including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties
hereunder. The Trustee shall notify the Company promptly of any claim asserted against the Trustee for which it may seek indemnity. However, the failure by the Trustee to so notify the Company shall
not relieve the Company of its obligations. Notwithstanding the foregoing, the Company need not reimburse the Trustee for any expense or indemnify it against any loss or liability incurred by the
Trustee through its negligence or bad faith. 


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


        When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(6) or (7) hereof occurs, the expenses and the compensation for the
services are intended to constitute expenses of administration under any Bankruptcy Law. 



        For
purposes of this Section 7.7, the term "Trustee" shall include any trustee appointed pursuant to Article 9. 


        7.8    Replacement of Trustee.  


        The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company in writing at least 90 days in advance of such
resignation. 


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



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


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



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


        (4)   the
Trustee otherwise becomes incapable of acting. 



25





 





        If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee with respect to any Series of Securities for any reason, the Company shall promptly notify each
Holder of such event and shall promptly appoint a successor Trustee. 



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


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



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


        7.9    Successor Trustee by Consolidation, Merger or Conversion.  


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


        7.10    Eligibility; Disqualification.  


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


        7.11    Preferential Collection of Claims Against Company.  



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


        7.12    Paying Agents.  


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



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


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



26





 

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



 
 

ARTICLE 8
  AMENDMENTS, SUPPLEMENTS AND WAIVERS    
    


        8.1    Without Consent of Holders.  


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



        (1)   to
comply with Section 5.1 hereof; 


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


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


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



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


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




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


        8.2    With Consent of Holders.  


        (a)   The
Company, when authorized by a Board Resolution, and the Trustee may amend or supplement this Indenture or the Securities of one or more Series with the written
consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Securities of such Series affected by such amendment or supplement without notice to any
Securityholder. The Holders of not less than a majority in aggregate principal amount of the outstanding Securities of each such Series affected by such amendment or supplement may waive compliance in
a particular instance by the Company with any provision of this Indenture or the Securities of such Series without notice to any Securityholder. Subject to Section 8.4, without the consent of
each Securityholder affected, however, an amendment, supplement or waiver, including a waiver pursuant to Section 6.4, may not: 



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


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


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


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



27





 




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


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


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


        (8)   make
any changes in Sections 6.4 or 6.7 hereof or this Section 8.2, except to increase any percentage of Securities the Holders of which must consent to any
matter; or; or 


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




        (b)   Upon
the request of the Company, accompanied by a Board Resolution authorizing the execution of any such supplemental indenture, and upon the receipt by the Trustee of
evidence reasonably satisfactory to the Trustee of the consent of the Securityholders as aforesaid and upon receipt by the Trustee of the documents described in Section 8.6 hereof, the Trustee
shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee's own rights, duties or immunities under this Indenture, in which
case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 


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



        8.3    Compliance with Trust Indenture Act.  


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


        8.4    Revocation and Effect of Consents.  


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


        The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement, or waiver which record date
shall be at least 30 days prior to the first solicitation of such consent. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such
record date (or their duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement, or waiver or to revoke any consent previously given, whether or not
such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date without the applicable amendment, supplement
or waiver becoming effective. 


        After
an amendment, supplement, waiver or other action becomes effective, it shall bind every Securityholder, unless it makes a change described in any of clauses (1) through
(9) of Section 8.2 hereof. In that case the amendment, supplement, waiver or other action shall bind each Holder of a 


28





 



Security
who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder's Security; provided  that any such waiver shall not
impair or affect the right of any Holder to receive payment of principal of and interest and premium (if any) on a Security, on or after the
respective due dates expressed in such Security, or to bring suit for the enforcement of any such payment on or after such respective dates without the consent of such Holder. 


        8.5    Notation on or Exchange of Securities.  



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


        8.6    Trustee to Sign Amendments, Etc.  



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


29






  



 
 

ARTICLE 9
  DISCHARGE OF INDENTURE; DEFEASANCE    
    


        9.1    Discharge of Indenture.  


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


        After
such delivery the Trustee upon request shall acknowledge in writing the discharge of the Company's obligations under the Securities of such Series and this Indenture except for
those surviving obligations specified below. 


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


        9.2    Legal Defeasance.  


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


        9.3    Covenant Defeasance.  


        At the option of the Company, pursuant to a Board Resolution, the Company shall be released from its obligations under Sections 4.2 through 4.7 hereof, inclusive,
and Section 5.1 hereof, with respect to the outstanding Securities of any Series, on and after the date the conditions set forth in Section 9.4 hereof are satisfied (hereinafter,
"Covenant Defeasance"). For this purpose, such Covenant Defeasance means that the Company may omit to comply with and shall have no liability in respect
of any term, condition or limitation set forth in any such specified section or portion thereof, whether directly or indirectly by reason of any reference elsewhere herein to any such specified
Section or portion thereof or by reason of any reference in any such specified section or portion thereof to any other provision herein or in any other document, but the remainder of this Indenture
and the Securities of any Series shall be unaffected thereby. 


30





 



        9.4    Conditions to Legal Defeasance or Covenant Defeasance.  


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



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


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



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


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


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


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


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



31





 




same
manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 


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



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


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




        9.5    Deposited Money and U.S. and Foreign Government Obligations to be Held in Trust; Other Miscellaneous Provisions.  



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


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


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


        9.6    Reinstatement.  


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


32





 

        9.7    Moneys Held by Paying Agent.  


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


        9.8    Moneys Held by Trustee.  


        Any moneys deposited with the Trustee or any Paying Agent or then held by the Company in trust for the payment of the principal of, or premium, if any, or
interest on any Security that are not applied but remain unclaimed by the Holder of such Security for two years after the date upon which the principal of, or premium, if any, or interest on such
Security shall have respectively become due and payable shall be repaid to the Company upon Company Request, or if such moneys are then held by the Company in trust, such moneys shall be released from
such trust; and the Holder of such Security entitled to receive such payment shall thereafter, as an unsecured general creditor, look only to the Company for the payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided, however, that the Trustee or any such Paying Agent,
before being required to make any such repayment, may, at the expense of the Company, either mail to each Securityholder affected, at the address shown in the register of the Securities maintained by
the Registrar or cause to be published once a week for two successive weeks, in a newspaper published in the English language, customarily published each Business Day and of general circulation in the
City of New York, New York, a notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such mailing or
publication, any unclaimed balance of such moneys then remaining will be repaid to the Company. After payment to the Company or the release of any money held in trust by the Company, Securityholders
entitled to the
money must look only to the Company for payment as general creditors unless applicable abandoned property law designates another person. 


 
 

ARTICLE 10
  MISCELLANEOUS    
    


        10.1    Trust Indenture Act Controls.  



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


        10.2    Notices. 



        Any
notice or communication shall be given in writing and delivered in person, sent by facsimile, delivered by commercial courier service or mailed by first-class mail, postage prepaid,
addressed as follows: 




If
to the Company: 


Dyax
Corp.

300 Technology Square

Cambridge, Massachusetts 02139

Attention: Chief Financial Officer 




33





 





Copy
to: 


Palmer &
Dodge LLP

111 Huntington Avenue

Boston, Massachusetts 02199

Attention: Nathaniel S. Gardiner, Esq. 


If
to the Trustee: 























        The
Company or the Trustee by written notice to the other may designate additional or different addresses for subsequent notices or communications. Any notice or communication to the
Company or the Trustee shall be deemed to have been given or made as of the date so delivered if personally delivered; when answered back, if telexed; when receipt is acknowledged, if telecopied; and
five (5) calendar days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually
received by the addressee). 


        Any
notice or communication mailed to a Securityholder shall be mailed to him by first-class mail, postage prepaid, at his address shown on the register kept by the Registrar. In
addition, notices or communications to Securityholders shall be given by release made to Reuters Economic Services and Bloomberg Business News. 



        Failure
to mail a notice or communication to a Securityholder or any defect in it shall not affect its sufficiency with respect to other Securityholders. If a notice or communication to
a Securityholder is mailed in the manner provided above, it shall be deemed duly given five (5) calendar days after mailing, whether or not the addressee receives it. 


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



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


        10.3    Communications by Holders with Other Holders.  


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



        10.4    Certificate and Opinion as to Conditions Precedent.  


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



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



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



34





 





        10.5    Statement Required in Certificate and Opinion.  



        Each certificate and opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 



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


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


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


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




        10.6    Rules by Trustee and Agents.  


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


        10.7    Business Days; Legal Holidays.  


        A "Business Day" is a day that is not a Legal Holiday. A "Legal
Holiday" is a Saturday, a Sunday, a federally recognized holiday or a day on which banking institutions are not required to be open in the State of New York or the Commonwealth
of Kentucky. 


        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. 


        10.8    Governing Law.  


        THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND
PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE SECURITIES. 


        10.9    No Adverse Interpretation of Other Agreements.  


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


        10.10    No Recourse Against Others.  



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


35





 



        10.11    Successors and Assigns.  



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


        10.12    Multiple Counterparts.  


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


        10.13    Table of Contents, Headings, Etc.  


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


        10.14    Separabilty.  


        Each provision of this Indenture shall be considered separable and if for any reason any provision which is not essential to the effectuation of the basic purpose
of this Indenture or the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 


        10.15    Securities in a Foreign Currency or in ECU.  


        Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers' Certificate delivered pursuant to Section 2.2 of this
Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of
Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or
currency other than Dollars (including ECU), then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that amount
of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For purposes of this Section 10.16, "Market Exchange
Rate" shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York;  provided, however, in the
case of ECUs, Market Exchange Rate shall mean the rate of exchange determined by the Commission of the European Union (or any
successor thereto) as published in the Official Journal of the European Union (such publication or any successor publication, the "Journal"). If such
Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole discretion and without liability on its part, such quotation of the Federal
Reserve Bank of New York or, in the case of ECUs, the rate of exchange as published in the Journal, as of the most recent available date, or quotations or, in the case of ECUs, rates of exchange from
one or more major banks in The City of New York or in the country of issue of the currency in question or, in the case of ECUs, in Luxembourg or such other quotations or, in the case of ECUs, rates of
exchange as the Trustee, upon consultation with the Company, shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of
Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. 


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


36





 



        10.16    Judgment Currency.  


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



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


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



	 	 	DYAX CORP.
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

[Name of Trustee]
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:




37






  



 
 

TABLE OF CONTENTS    
    



	 
	 	 
	 	Page

	ARTICLE 1	 	DEFINITIONS AND INCORPORATION BY REFERENCE	 	1
	 	1.1	 	Definitions	 	1
	 	1.2	 	Other Definitions	 	4
	 	1.3	 	Incorporation by Reference of Trust Indenture Act	 	4
	 	1.4	 	Rules of Construction	 	5
	ARTICLE 2	 	THE SECURITIES	 	5
	 	2.1	 	Issuable in Series	 	5
	 	2.2	 	Establishment of Terms of Series of Securities	 	6
	 	2.3	 	Execution and Authentication	 	7
	 	2.4	 	Registrar and Paying Agent	 	8
	 	2.5	 	Paying Agent To Hold Assets in Trust	 	9
	 	2.6	 	Securityholder Lists	 	9
	 	2.7	 	Transfer and Exchange	 	9
	 	2.8	 	Replacement Securities	 	10
	 	2.9	 	Outstanding Securities	 	11
	 	2.10	 	Treasury Securities	 	11
	 	2.11	 	Temporary Securities	 	11
	 	2.12	 	Cancellation	 	12
	 	2.13	 	Payment of Interest; Defaulted Interest; Computation of Interest	 	12
	 	2.14	 	CUSIP Number	 	12
	 	2.15	 	Provisions for Global Securities	 	12
	 	2.16	 	Persons Deemed Owners	 	13
	ARTICLE 3	 	REDEMPTION	 	14
	 	3.1	 	Notices of Trustee	 	14
	 	3.2	 	Selection by Trustee of Securities to Be Redeemed	 	14
	 	3.3	 	Notice of Redemption	 	14
	 	3.4	 	Effect of Notice of Redemption	 	15
	 	3.5	 	Deposit of Redemption Price	 	15
	 	3.6	 	Securities Redeemed in Part	 	15
	ARTICLE 4	 	COVENANTS	 	16
	 	4.1	 	Payment of Securities	 	16
	 	4.2	 	SEC Reports	 	16
	 	4.3	 	Waiver of Stay, Extension or Usury Laws	 	16
	 	4.4	 	Compliance Certificate	 	16
	 	4.5	 	Payment of Taxes and Other Claims	 	17
	 	4.6	 	Corporate Existence	 	17
	 	4.7	 	Maintenance of Properties	 	17
	ARTICLE 5	 	SUCCESSOR CORPORATION	 	18
	 	5.1	 	Limitation on Consolidation, Merger and Sale of Assets	 	18
	 	5.2	 	Successor Person Substituted	 	18
	ARTICLE 6	 	DEFAULTS AND REMEDIES	 	19
	 	6.1	 	Events of Default	 	19
	 	6.2	 	Acceleration	 	20
	 	6.3	 	Other Remedies	 	20
	 	6.4	 	Waiver of Past Defaults and Events of Default	 	20
	 	6.5	 	Control by Majority	 	21
	 	6.6	 	Limitation on Suits	 	21
	 	6.7	 	Rights of Holders To Receive Payment	 	21
	 	 	 	 	 






i





 

	TABLE OF CONTENTS
 (Continued)


	 	 

	 	

6.8	
 	

Collection Suit by Trustee	
 	

21
	 	6.9	 	Trustee May File Proofs of Claim	 	22
	 	6.10	 	Priorities	 	22
	 	6.11	 	Undertaking for Costs	 	22
	ARTICLE 7	 	TRUSTEE	 	23
	 	7.1	 	Duties of Trustee	 	23
	 	7.2	 	Rights of Trustee	 	23
	 	7.3	 	Individual Rights of Trustee	 	24
	 	7.4	 	Trustee's Disclaimer	 	24
	 	7.5	 	Notice of Default	 	24
	 	7.6	 	Reports by Trustee to Holders	 	24
	 	7.7	 	Compensation and Indemnity	 	25
	 	7.8	 	Replacement of Trustee	 	25
	 	7.9	 	Successor Trustee by Consolidation, Merger or Conversion	 	26
	 	7.10	 	Eligibility; Disqualification	 	26
	 	7.11	 	Preferential Collection of Claims Against Company	 	26
	 	7.12	 	Paying Agents	 	26
	ARTICLE 8	 	AMENDMENTS, SUPPLEMENTS AND WAIVERS	 	27
	 	8.1	 	Without Consent of Holders	 	27
	 	8.2	 	With Consent of Holders	 	27
	 	8.3	 	Compliance with Trust Indenture Act	 	28
	 	8.4	 	Revocation and Effect of Consents	 	28
	 	8.5	 	Notation on or Exchange of Securities	 	29
	 	8.6	 	Trustee to Sign Amendments, Etc	 	29
	ARTICLE 9	 	DISCHARGE OF INDENTURE; DEFEASANCE	 	30
	 	9.1	 	Discharge of Indenture	 	30
	 	9.2	 	Legal Defeasance	 	30
	 	9.3	 	Covenant Defeasance	 	30
	 	9.4	 	Conditions to Legal Defeasance or Covenant Defeasance	 	31
	 	9.5	 	Deposited Money and U.S. and Foreign Government Obligations to be Held in Trust; Other Miscellaneous Provisions	 	32
	 	9.6	 	Reinstatement	 	32
	 	9.7	 	Moneys Held by Paying Agent	 	33
	 	9.8	 	Moneys Held by Trustee	 	33
	ARTICLE 10	 	MISCELLANEOUS	 	33
	 	10.1	 	Trust Indenture Act Controls	 	33
	 	10.2	 	Notices	 	33
	 	10.3	 	Communications by Holders with Other Holders	 	34
	 	10.4	 	Certificate and Opinion as to Conditions Precedent	 	34
	 	10.5	 	Statement Required in Certificate and Opinion	 	35
	 	10.6	 	Rules by Trustee and Agents	 	35
	 	10.7	 	Business Days; Legal Holidays	 	35
	 	10.8	 	Governing Law	 	35
	 	10.9	 	No Adverse Interpretation of Other Agreements	 	35
	 	10.10	 	No Recourse Against Others	 	35
	 	10.11	 	Successors and Assigns	 	36
	 	10.12	 	Multiple Counterparts	 	36
	 	10.13	 	Table of Contents, Headings, Etc	 	36
	 	10.14	 	Separabilty	 	36
	 	10.15	 	Securities in a Foreign Currency or in ECU	 	36
	 	10.16	 	Judgment Currency	 	37




ii






   TABLE OF CONTENTS
  (continued) 


CROSS-REFERENCE TABLE  



	TIA SECTION
 
	 	INDENTURE SECTION

	310(a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	N/A
	(a)(4)	 	N/A
	(a)(5)	 	7.10
	(b)	 	7.8; 7.10; 10.2
	(b)(1)	 	7.10
	(b)(9)	 	7.10
	(c)	 	N/A
	311(a)	 	7.11
	(b)	 	7.11
	(c)	 	N/A
	312(a)	 	2.6
	(b)	 	10.3
	(c)	 	10.3
	313(a)	 	7.6
	(b)(1)	 	7.6
	(b)(2)	 	7.6
	(c)	 	7.6; 10.2
	(d)	 	7.6
	314(a)	 	4.2; 4.4; 10.2
	(b)	 	N/A
	(c)(1)	 	10.4; 10.5
	(c)(2)	 	10.4; 10.5
	(c)(3)	 	N/A
	(d)	 	N/A
	(e)	 	10.5
	(f)	 	N/A
	315(a)	 	7.1, 7.2
	(b)	 	7.5; 10.2
	(c)	 	7.1
	(d)	 	6.5; 7.1; 7.2
	(e)	 	6.11
	316(a)(last sentence)	 	2.10
	(a)(1)(A)	 	6.5
	(a)(1)(B)	 	6.4
	(a)(2)	 	8.2
	(b)	 	6.7
	(c)	 	8.4
	317(a)(1)	 	6.8
	(a)(2)	 	6.9
	(b)	 	2.5; 7.12
	318(a)	 	10.1







N/A
means not applicable 


	Note:
	This
Cross-Reference Table shall not, for any purpose, be deemed to be a part of the Indenture. Main 617.239.0100 Fax 617.227.4420 www.palmerdodge.com 


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INDENTURE


ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE

ARTICLE 2 THE SECURITIES


ARTICLE 3 REDEMPTION

ARTICLE 4 COVENANTS


ARTICLE 5 SUCCESSOR CORPORATION

ARTICLE 6 DEFAULTS AND REMEDIES


ARTICLE 7 TRUSTEE

ARTICLE 8 AMENDMENTS, SUPPLEMENTS AND WAIVERS



ARTICLE 9 DISCHARGE OF INDENTURE; DEFEASANCE

ARTICLE 10 MISCELLANEOUS


TABLE OF CONTENTS